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‘It was like sprinting a marathon’: Pacific Edge CEO
Fiona Rotherham
Mon, 08 Jun 2026
Mon 08 Jun 2026 01:40:15am
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Mon 08 Jun 2026 01:40:15am
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Justin Birch to leave ArborGen
ArborGen's vice-president of product development Patrick Cumbie will take on the role of interim chief executive after CEO Justin Birch announced his resignation today. Birch has been the CEO of the NZX-listed forestry genetics company for three years. In a statement the company said Birch had played an important role in strengthening its Brazil operations as well as navigating the challenges of the US market. The departure comes on the heels of an annual performance which saw a net loss after tax of $7.5 million, described as a "material improvement" on the prior year's $21.5m loss. That was despite an 8% increase in year-on-year revenue to $68.2m. Cumbie, described as a "seasoned forestry executive", has been with ArborGen since 2010.
Ryman calls on retail shareholders in $100m bond offer
Ryman Healthcare is launching a $100m retail bond offer to help pay down bank debt.
The six-year secured bonds will be issued at $1 each and will have an indicative margin range of between 1.8% and 1.9% a year over the swap rate, subject to a minimum rate of 5.6%. The issue margin and interest rate will be set following a bookbuild process.
The company will have the ability to accept up to $50m in oversubscriptions.
Ryman said the purpose of the offer is to diversify its funding sources and maturity dates, and the net proceeds would be used to repay a portion of its bank debt.
The offer closes on June 11, with the bonds to be issued on June 22. They will mature on June 22, 2032.
ANZ Bank, Craigs Investment Partners, Forsyth Barr and Westpac NZ are the joint lead managers of the bond offer.
Headwinds return for Steel & Tube
NZX-listed metal distributor and processor Steel & Tube says the war in the Middle East has hurt demand.
In an update this morning, the company said it was seeing early signs of recovery during the March quarter, but the conflict has introduced renewed uncertainty.
“Trading conditions remain variable and demand for steel has softened as headwinds return,” it said.
STU did not quantify the challenges but reiterated that trading throughout the rest of 2026 would be “variable”.
It also extended its banking facility with ANZ for another year, until September 2027, which it said would give it “headroom” and “operational flexibility”. Amended covenants have been agreed upon and are aligned with expected performance.
The directors are satisfied STU’s financing position remains sound, the company said.
STU’s slipped deeper into the red in the six months ended December, with the company taking on more more debt to fund its operations due to a drop in operating cash flow.
Synlait ‘on track’ to refinance bank debt
Milk processor Synlait has agreed new loan terms for its $130 million debt to shareholder Bright Dairy as negotiations on refinancing bank debt continue.
In a statement to the NZX, Synlait said the new Bright Dairy loan was required by its bank lenders, whose loans are due for refinancing by June 30.
Synlait said it was “progressing discussions with existing and new lenders” about refinancing the bank debt and was “on track” to complete a deal before the loans mature.
As of January 31 Synlait’s bank debt totalled $374m.
The Bright Dairy loan had been due for repayment on July 12. Synlait said the new terms were similar, the main difference being a two-year term instead of one-year with a one-year extension option.
Synlait also provided a trading update for January 1 to April 30, which produced a net loss of $12m and net assets at balance date of $720.8m.
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Mon 08 Jun 2026 01:39:29am
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