A high-profile legal claim – brought by well-known environmental activist Mike Smith, alleging industries owed an obligation to him and the public to cease interfering with the climate – has been dropped against NZX-listed Channel Infrastructure.
Channel, formerly Refining NZ, was one of seven defendants in the claim alongside Z Energy, dairy cooperative Fonterra, and gentailer Genesis Energy.
The Supreme Court earlier this year allowed Smith's claim to go ahead but, today, Channel said the claim had been discontinued against it, on the basis neither party would seek an order for costs.
“With the Marsden Point refinery now permanently decommissioned, Channel Infrastructure is now a provider of resilient infrastructure that supports New Zealand’s fuel security,” the company said. “The proceedings insofar as they relate to Channel Infrastructure are now at an end.”
Eroad has attracted investment from New York-based hedge fund Ampfield Management, reaching beyond the 5% substantial holding threshold.
A disclosure relating to the NZX-listed telematics company was published this morning showing Ampfield held 5.47% of Eroad’s stock on May 16, amounting to 10,116,191 shares.
Ampfield has acquired 1,069,153 shares in eight on-market transactions since May 7, paying $919,544. The final buy of 944,429 shares pushed it over the mandatory disclosure threshold.
Ampfield was founded by Emerson Moore and its head of research is Jens Joller – both former Apax Partners executives.
Its website says it generally invests in companies “which can grow rapidly by reinvesting profits" and "partner with management teams who are focused on increasing the per-share intrinsic value of their enterprises...”
According to WhaleWisdom’s analysis of its SEC 13F filings, it has stakes in LGI Homes, TransDigm Group, Five Below, Churchill Capital and Ross Stores.
The Coalition Government has announced a $63.6 million boost for Coastguard New Zealand and Surf Life Saving New Zealand over the next four years.
In a pre-budget announcement Transport Minister Simeon Brown and Associate Transport Minister Matt Doocey said the coastguard would get $19.5m and surf life savers $44.1m.
They said some of the money was coming from reprioritising spending in the transport budget, while the rest was new spending allocated in this month’s Budget.
“New Zealand has a tragically high drowning toll, and this Government is committed to investing in these frontline organisations so they continue their work saving hundreds of lives each year and ensuring thousands of people return home safe after a day at the beach or on the water,” Doocey said.
The two ministers said costs were rising and the extra money would cover operational expenses for both organisations, as well as rescue equipment, facilities and maintenance.