Listed infrastructure company Infratil is to dual list on the Australian stock exchange, positioning itself to appeal to a wider range of institutional investors with an eye to raising capital in the future, according to brokers.
Liquidators have "relinquished" more than 20 claims by people with disputed contracts with Signature Homes Otago, whose parent company Murwil Construction Ltd was placed in voluntary liquidation a year ago and owes $1.3 million to 160 unsecured, mainly Otago businesses.
Stalled economic recovery from renewed weakness in manufacturing, construction, and investment intentions is being reported by the New Zealand Institute of Economic Research, for the quarter to June.
Dunedin biotechnology company Pacific Edge is seeking to raise $3.5 million to $5 million from shareholders to target the marketing of its two cancer test products into the United States and Europe.
When Dunedin ground lease rents come up for review, especially in the general harbour area with its commercial or industrial zoning, much of the land remains historically held by Port Otago.
Ground lease land rental charges around Dunedin have escalated by as much as 300% in recent years, at a time when some industrial land sales have ranged from $250 per sq metre to an eye-watering $800 per sq m.
Marac Finance's $70 million cash purchase of vehicle financier GMAC New Zealand Ltd is a step towards its goal of becoming a partner in a new South Island-based "Heartland" bank.
South Canterbury Finance's preference shares - issued at $1 almost four years ago to raise $100 million - have continued to slide and hit an all-time low of 10c yesterday.
Southland will become the beneficiary of $A7 million ($NZ8.5 million) raised by coal seam gas explorer L&M Energy (LME), which will be used to boost exploration in the area.
Sharemarkets in the United States and United Kingdom hit year lows during trading yesterday, but it appears the release of masses of US economic data later this week will test the limits of investor confidence.
Oceana Gold Corp has increased its exploration budget at Reefton by almost 60% to $US4.4 million ($NZ6.2 million) as it seeks to add a second underground operation to its open pit operations on the West Coast.
Guinness Peat Group's New Zealand-based director, Tony Gibbs, a stalwart for almost 20 years, has been dumped by the board for speaking out against a demerger proposal.
The Government yesterday moved swiftly to seize control of millionaire South Island financier Allan Hubbard's affairs.
The multibillion-dollar global investment fund of Cambridge, Massachusetts-based Harvard University is poised to buy the Big Sky Dairy Farm, near Patearoa, for $NZ28 million.
Since the Big Sky "super farm" in Central Otago went into receivership in 2007, its control has been mired in bitter litigation and complex court proceedings between founder Ewan Carr, of Patearoa, and his Auckland-based former business partner Rodney Humphries.
All eligible South Canterbury Finance depositors remain covered by the Crown retail deposit guarantee scheme, but the cover comes at a cost as the finance company's credit rating falls.
Harvard University's global endowment fund distributed funds of $US1.7 billion ($NZ2.3 billion) during the 2009 financial year, contributing more than one-third of the university's operating budget.
Guinness Peat Group director Tony Gibbs yesterday told board members who supported the proposed spin-off and float of $NZ580 million of Australian assets that the plan should be abandoned because shareholders do not support the de-merger.
Dual-listed L&M Energy shares are expected to remain in a trading halt until next week, when it announces an update on capital-raising.
Preference shares in South Canterbury Finance, issued at $1 four years ago, took another knock yesterday, plunging from their previous record low of 20c earlier in the week to 15c, albeit on light volumes.
