In a surprise move yesterday, the Canada Pension Plan Investment Board (CPP) - making a 40% partial takeover offer for Auckland International Airport (AIA) - set aside an equally surprising move by the Government the previous day to effectively block the offer.
Listed Pyne Gould Corp - underpinned by finance division Marac Finance - has delivered a 23% increase in its half-year after-tax profits to a backdrop of 24 months of turmoil in the finance sector.
Companies are being hammered by shareholders, as one of the most volatile reporting seasons in years gets under way, despite businesses booking positive results and strong forward guidance.
Fletcher Building's shares were surprisingly punished by investors yesterday despite the multi-division global company booking increased revenue and after-tax profits of 19% and 22% respectively for the half-year to December, in the face of already challenging markets.
Bright retailing results from Australia for Pumpkin Patch are expected to be overshadowed by weak US and UK results, resulting in a forecast of after-tax profit down almost 20%.
Moving company Allied Pickfords in New Zealand has given assurances it is ‘‘business as usual'' despite its parent company, Sirva, filing for chapter 11 bankruptcy in the United States in order to restructure the indebted global entity.
Dual-listed Glass Earth Gold - which has just raised a further $6.3 million for exploration in Canada - is spending more than $1 million accelerating further geological ground sampling around its Otago tenements.
Christchurch City Holdings Ltd has incrementally increased its majority shareholding in listed Lyttelton Port Company (LPC) to 75.01% - with Port Otago still holding a takeoverblocking 15.47% stake - but potentially leaving the port company open to a merger or amalgamation.
Listed Dairy Equity Ltd is seeking a High Court order to allow it to return $20 million to shareholders in the wake of its failed bid to be the first company to offer dairy-related stock to general investors.
