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Craigs Investment Partners is acquiring Dunedin-based financial planning and wealth management company Polson Higgs Wealth Management for an undisclosed sum.
Polson Higgs has a presence in both Dunedin and Christchurch, employing eight people.
Craigs chief executive Simon Tong, in a statement, said it was attracted to Phwealth’s philosophy.
“Expanding into adjacent financial planning services to grow our wealth management offering is an important part of Craigs’ strategy and we are excited about the capability Phwealth adds to our wider team.”
Phwealth boss Rhodes Donald said the future development of its businesses needed this shift. "We couldn’t have asked for a better fit.”
Following the transaction, Phwealth will continue to operate its business alongside Craigs’ nationwide advisory network.
The deal will see Craigs grow to over 200 advisers across 23 locations, with total funds under management of $35b.
Contact Energy has bought the remaining 25% of King Country Energy it did not already own, paying $47 million to vendor King Country Trust through the issue of shares at $9.42 a share.
King Country Energy has five hydropower stations, four in the King Country and one in Horowhenua, with a total capacity of 53MW.
In a statement to the NZX, Contact chief financial officer and King Country Energy board chair Matt Forbes said purchased assets supported its North Island renewable generation and contributed to geographic resilience.
“Purchasing the remaining shares in King Country Energy builds on our Contact31+ strategy to lead New Zealand’s renewable energy future,” he said.
New Zealand King Salmon has provided a big boost to its earnings guidance following the end of the summer farming period.
The NZX-listed fishing company increased its pro‑forma earnings, before, interest, tax, depreciation, and amortisation (ebitda) to between $19 million and $27m, compared with the previous guidance range pro-forma ebitda between $9m and $15m.
The company's pro-forma ebit was expected to range between $10m and $18m, up from between a $3m to loss to a $3m profit.
NZKS chief executive Carl Carrington, said the revised guidance follows the completion of the summer farming period, which is historically the most challenging period for forecasting fish performance.
"Mortality levels over summer have been lower than forecast and feed‑out rates have remained strong which has resulted in the company having more fish to sell, and an overall improvement in fish size and quality.”
NZKS is scheduled to report interim earnings in late May.
