Lochinver call chills M&A deals, rugby club's 'expertise' fails, education provider's numbers don't add up

In NBR Print today: The government veto of the Lochinver Station sale to Chinese interests could have ramifications for Australian investment here, a Sydney-based merger and acquisition specialist says.  Australian investors may be put off New Zealand in the short term from investing time and money on due diligence, while other foreign investors may look for buying opportunities in Australia instead, PPB Advisory partner Greg Quinn tells Calida Smylie.

A lease agreement between an Auckland rugby club and the Ministry of Education over a proposed primary school will end in 2019, despite the club seeking a court order it should last until at least 2039. A judge says College Rifles Rugby & Sports Club’s interpretation of the multi-million dollar -contract between the parties is “inconceivable,” despite its bevy of professional expertise, including NBR Rich Lister and Barfoot & Thomspon co-owner Peter Thompson. Hamish McNicol reports.

Education provider Intueri Education Group [NZX:IQE] has been careful in describing its domestic underperformance but there are issues warranting external investigation, writes Tim Hunter.

The patchwork of tax reforms now being sewn together could represent over-reach by officials, tax practitioners tell Rob Hosking in part two of his series. Although some aspects of the changes, such as the “Netflix Tax” on online services are seen as natural extensions of the current regime, there are warnings the “brightline test” for property demonstrates a major shift in thinking, less for its substance than for what it might mean in the future. 

Sky Network Television [NZX: SKT] is racing against the clock to release new upgraded services to try to combat new media competition.  The lifeline it has with premium live sport coverage appears to be starting to wear thin, says Shoeshine. But Sky is far from a spent force and is banking on a major upgrade of its services to enhance its proposition. The question Shoeshine asks is has Sky left its run too late.

The US Federal Reserve’s “no change” decision late last week has triggered another week of sharemarket gyrations, reports Nevil Gibson. The Fed’s highlighting of weakness in the global economy and list of other concerns just added to the excuses to sell. Of course, the low prices draw in other investors, who take a more sanguine view of the prospects for US economy and others that are recovering, such as Europe and Japan.

TradeMe [NZX: TME] spawned both their fortunes but venture capitalist Phil McCaw and entrepreneur Sam Morgan are divided on the value of taxpayers’ now $150 million involvement in the NZ Venture Investment Fund. Mr Morgan has described the VIF as a waste of money, while Mr McCaw says without the VIF there would be no venture capital sector. Tim Hunter reports.

At a time Kiwis are increasingly concerned about house prices and rising unemployment, notes Matthew Hooton in his Weekly Hit column, John Key has bizarrely chosen to fixate on procuring pandas for Wellington Zoo. It’s another indication that Mr Key has lost interest in being prime minister of New Zealand, he argues; another example of how he prefers pandering to public sentiment over grappling with serious policy issues. Indeed, the PM may well have just coined a new idiom, whereby a politician who is past their use-by-date will be described as having “cuddled the panda.”

NBR Special report: Spotlight on Wellington

All this and more in today's NBR Print Edition. Out now.