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The political comments that cost Stobo his FMA chairmanship
Hamish McNicol
Tue, 05 May 2026
Mon 04 May 2026 10:49:19pm
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Mon 04 May 2026 10:49:19pm
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Quick Takes
Peter Jessup to leave NZX board for ASX role
Sydney-based Peter Jessup will retire as a director at the NZX in November, the stock exchange operator said on Tuesday.
Jessup has been a director for four years, having earlier been appointed to the NZX Technology Committee. He informed the board of is decision on Monday night after taking on a job at the ASX. The role is not in management or involved in any strategic business decisions, the NZX noted.
NZX chair John McMahon said Jessup had made a positive contribution.
“Peter has been a highly valued member of the NZX Board, bringing more than 35 years’ specialist financial markets technology and capital markets expertise to the table. His skills and knowledge in trading, surveillance, clearing, depository and settlement systems have been vital to ensuring NZX continues to maintain and invest in the right people, processes and technology fundamental to the effective running of markets.”
Jessup will remain a director until November 30.
Synlait gets debt covenant waivers
Bank lenders to milk processor Synlait have agreed to waive two covenants on its debt as the company faces “a number of headwinds outside of its control”.
In a brief statement to the NZX, Synlait said it had asked its banking syndicate to waive the quarterly minimum earnings before interest, tax, depreciation and amortisation threshold for the period ending April 30, as well as the interest cover ratio for April 30.
Synlait’s interest cover covenant was waived for the January 31 reporting date, while the minimum ebitda event of review threshold was waived for the half year to January and amended for the two subsequent periods.
After completing the sale of its North Island assets on April 1, Synlait’s bank debt reduced to $200m from $400m.
The banking syndicate comprises ANZ, China Construction Bank, Bank of China, Rabobank, Industrial & Commercial Bank of China, Bank of Communications and Bank of East Asia.
KiwiRail pinged $400k for ferry grounding, lack of training
The Wellington District Court on Monday fined KiwiRail $375,000 for failures leading up to the grounding of the Aratere in June 2024, during a freight sailing between Picton and Wellington. The court added another $25,000 at sentencing, after Maritime NZ prosecuted the rail and ferry operator for breaches under the Health and Safety at Work Act 2015.
The maritime safety regulator took a year to bring charges, after which KiwiRail pleaded guilty to charges under sections 48 and 36 of the Act.
Maritime NZ director Kirstie Hewlett said their investigation had found failures in KiwiRail's change-management processes and controls, with a clear knowledge gap about how to work critical steering functions.
There were 39 crew members and eight passengers on board when it ran aground at Titoki Bay in Picton Harbour on June 21. The ferry was refloated the following evening with no injuries.
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Mon 04 May 2026 10:48:51pm
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