The voluntary administrators of Cannasouth have been granted more time by the court to consider best options for the troubled medicinal cannabis company.
Administrators Ben Francis and Garry Whimp of Blacklock Rose succeeded in an application to delay until June 14 assessing the best options for the NZX-listed company which couldn't get shareholder and noteholder agreement on funding options to keep it solvent. A watershed meeting where a decision would be made on its future has to be held five working days after that deadline.
Francis said it was a complicated company and the adminstrators were making good progress on assessing the three options; to put it into liquidation, try to sell it, or get agreement on a funding deal.
Cannasouth had gone into a trading halt before the administrators were appointed after a dispute over its planned capital raise. The company made an $8.8 million loss and needs a cash injection to continue as a going concern.
Horticulture New Zealand chief executive Nadine Tunley has resigned from her position.
Tunley, who was appointed in mid-2021, will depart at the end of August.
“I love the job and the team and working with dedicated and passionate growers. But the role is bigger than the time I can commit to it moving forward. I want to restore my work-life balance and explore new opportunities," she said.
HortNZ board chair Barry O’Neil said the board had accepted the resignation and recognised the role had required 150% of Tunley.
“While the timing of a valued CEO’s departure is never ideal, the board and Nadine feel it is important that with a new commodity levy proposal about to be voted on, HortNZ is able to recruit a replacement CEO that can lead the organisation and deliver the strategic outcomes for the next six years, with the full energy required," O’Neil said.
Recruitment for a new chief executive is under way.
The Government is clarifying the definition of a “minor variation” and introducing the concept of “minor customisations” to the Building Act to help reduce delays and costs to building and renovation.
Building and Construction Minister Chris Penk said it took 569 days on average to build a house after it received a building consent.
“Unclear and inflexible regulations add unnecessary time and delays to the build process,” Penk said.
He said even minor changes to a plan, such as swapping out building products in the event of a shortage, required a completely new building consent.
“Building consent authorities will still need to assess building work to ensure it complies with the building code, but Kiwis won’t be need to submit a new consent for minor product or design changes,” Penk said.