In case you missed it: News bites for the week.
Recruitment company Accordant has announced a heavily discounted rights issue seeking to raise at least $5 million.
The Financial Markets Authority has cancelled the licence of an Auckland mortgage advisory firm after an investigation found its director altered important documents.
Legislation is being introduced to Parliament today to reduce the minimum housing capacity required for Auckland Council’s Plan Change 120.
National law firm Duncan Cotterill has acquired Blenheim-based Radich Law.
The move will see Miriam Radich join as a partner, while Peter Radich joins as a consultant.
Duncan Cotterill had the most partners of any firm in New Zealand as at the end of June, 2025, according to data obtained for NBR’s The Lawyers series. The firm then had 55 partners, alongside a further 142 lawyers. It has offices in Auckland, Wellington, Nelson, Christchurch, and Queenstown.
Duncan Cotterill chair Brian Nathan said Radich Law helped the firm build its network of regional offices.
“Clients in Blenheim will enjoy continuity in their relationships with Peter and Miriam Radich and their team, now supported by the depth and breadth of Duncan Cotterill’s national capabilities.”
Peter and Miriam, meanwhile, said in a statement that the move marked a new chapter for the firm.
“We remain the same people our clients know and rely on, now backed by the resources and specialist expertise of a national firm.”
Genesis Energy has appointed Emma Oettli as chief financial officer, two days after announcing the resignation of incumbent Julie Amey.
In a statement to the NZX, Genesis said Oettli was currently its general manager of portfolio management and had previously held senior finance roles with Genesis and the banking sector.
“Emma has had a very successful career and brings a real depth of knowledge of both the sector and Genesis,” said chief executive Malcolm Johns.
“Emma is well placed to lead delivery of our capital programme and performance uplift programme.”
Oettli takes up her new role on April 15, after Amey’s departure on April 10.
The HVDC station at Oteranga Bay.
Kiwi company Dexibit, which provides big data analytics to visitor attractions globally, has been acquired by Accesso Technology Group for US$12.1 million ($21m). The deal with the AIM-listed technology solutions provider to the leisure and attractions sector involved an initial payment of US$7.1m, with a further US$5m payable over three years, subject to performance conditions. Dexibit will form a new product, Accesso Intelligence, which will connect all client data from ticketing and food to visitor reviews. The Kiwi platform has 40 customers across more than 75 venues, with annual recurring revenue of US$1.4m. Dexibit was set up in Auckland in 2015 by CEO Angie Judge, her husband Justin Kearney and Jeff Feldman who later sold out. Judge and Kearney owned 41% of the company between them while Icehouse Ventures held 22% and the government-backed Aspire Fund had a 6.9% stake. Judge said "together we can build something genuinely transformative for the industry".
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Jeremy Lightfoot.
Current Department of Corrections chief executive Jeremy Lightfoot has been appointed chief executive of the new Ministry for Cities, Environment, Regions and Transport. The ministry is expected to be up and running on July 1, with Parliament’s Environment Select Committee hearing submissions this week on the Environment (Disestablishment of Ministry for the Environment) Amendment Bill. Public Service Commissioner Sir Brian Roche said Lightfoot was an impressive, experienced leader with a reputation for delivery. “He understands how to get policy, funding and delivery working in step and has worked closely with councils, Māori and communities, experience that matters for the challenges the Ministry has been established to address,” Roche said. Lightfoot will begin his new job on April 27.
The voluntary administrators of Helius Therapeutics, backed by NBR Rich Lister Guy Haddleton, have been granted leave by the High Court to delay the crucial watershed meeting for the medicinal cannabis company for three months. Daniel Stoneman and Neale Jackson of Calibre Partners were appointed voluntary administrators in early March after the latest casualty in the struggling sector had a sustained period of trading losses due to high operating costs and a challenging regulatory environment. Administrators have to hold a second watershed meeting of creditors within 25 working days of being appointed to decide the insolvent company’s fate, but Stoneman said they asked for more time to realise the assets. They’re in negotiations with several parties under a “short process” to buy the company although stock with a fixed shelf life is being sold separately. Stoneman said he couldn’t comment yet on how much Helius owed. The administration didn't impact its clinic business, CannaPlus.
Stuart Drummond Transport logging truck.
Milk processor Synlait has completed the $307 million sale of its North Island assets to US-based multinational Abbott. In a statement to the NZX, Synlait said it had received $283.1m of the proceeds, and the remainder would be paid progressively “subject to no post-completion claims arising”. The assets include the Pokeno processing plant, as well as a blending and canning facility and a warehouse in Auckland, both leased. The company said $200m of the money would be used to repay debt, reducing committed bank facilities to $200m from $400m. “All remaining facilities mature on 30 June 2026 (excluding the NZ$15 million overdraft facility, which is an on-demand facility), and a refinancing process is currently underway,” it said. Although the debt had been reduced, Synlait said its costs had been affected by manufacturing challenges and there was “further work to do”. As well as bank debt, Synlait owes $130m to its controlling shareholder Bright Dairy, maturing on July 12.
Most of the Government’s fiscal indicators continue to be stronger than forecast in the December half-year economic and fiscal update. In the financial statements for the eight months to the end of February, the operating balance before gains and losses excluding ACC (Obegalx) recorded a deficit of $7.2 billion, $2.1b smaller than forecast. The operating balance recorded a surplus of $1b, compared with an expected deficit of $1.4b. Net core Crown debt was lower at $188.3b or 42.3% of GDP. Tax revenue was slightly lower than forecast but spending of $95.2b was $1.4b below forecast. The Crown’s net worth of $180.4b was also higher than expected.
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