In case you missed it: News bites for the week.
Cancer diagnostics company Pacific Edge has raised $4.7 million from an offer to retail shareholders under a share purchase plan at 10c a share.
The capital adds to $16.1m from a share placement in June. Both share issues are effectively conditional on shareholder approval at the company’s annual meeting on August 6.
The share subscriptions represent a successful offer by Pacific Edge, which had sought $15m from the placement and $5m from the SPP.
The money raised is aimed at providing cash support for the company’s operations for at least 12 months as it seeks approval for Medicare funding of its Cxbladder diagnostics technology in the US.
Queenstown Lakes District Council chief executive Mike Theelen will step down from the role in February next year. Theelen, who has completed two five-year terms in the role, announced today that he won't seek reappointment. Mayor Glyn Lewers said Theelen had led the QLDC through "challenging times" during his tenure, most recently helping secure its partnership with the central Government in one of the country's first regional deals. The council has, however, recently copped public criticism for granting Theelen a 15% pay rise in the wake of one of the highest rates increases in the region's history at an average 15.8%. Council satisfaction rankings, also at 15%, are at their lowest ebb in history. Lewers, who is seeking re-election in the coming local elections against another five candidates, said the recruitment process for a new CEO was under way.
Sandip Ranchhod.
Sandip Ranchhod has been named the chief executive of Ferry Holdings, and will start in the role from September 22. Ranchhod is a strategic infrastructure leader with over 25 years' experience in public sector projects, with the past six spent as City Rail Link's commercial general manager, where he led the delivery of counterparty contracts for New Zealand’s first underground metro rail development. “Leading the transition of Ferry Holdings from the establishment phase through to the delivery of the two new ferries and supporting port infrastructure is an exciting opportunity for me,” Ranchhod said. “I am looking forward to leading my new team, and our key partners, to deliver this project of national significance.” Chair Chris Mackenzie thanked Paul Silk, who had been appointed interim CEO earlier this year. Ferry Holdings is the new Crown company tasked with acquiring Cook Strait ferries and developing the corresponding port infrastructure.
Otago gold prospector Santana Minerals has requested a trading halt on its shares as it prepares a capital raise. In a brief statement to the ASX, Santana said it was considering a placement of shares and required a trading halt until Monday at the latest. In its latest cashflow report, Santana said it had cash of A$50.5 million ($55.3m) as of June 30, representing 10 quarters of funding at its current cash burn rate. Santana has sought fast-track resource consent for its proposed gold mine near Tarras in Central Otago.
Simon Woodhams.
An early exit from their 7,200 sqm Harris Road, East Tamaki warehouse will cost GrainCorp Foods a surrender fee of $5 million, payable to landlord Property for Industry. The lease, which was due to expire in November 2028 with a five-year right of renewal, has now been cancelled effective August 11. PFI chief executive Simon Woodhams said the fee, which factored in remaining contract rent and an allowance for removal and demolition of GrainCorp's plant and equipment, would result in an after-tax benefit to PFI's adjusted funds from operations of about $3.5m. NZX-listed PFI also expected to pay a dividend for the 2026 financial year of at least 8.9 cents per share, at the top end of its guidance range, he said. The buildings on the 2.6-hectare site will be demolished. Woodhams said the company would redevelop the site, with plans for a 14,500sqm industrial facility, at a cost of $45m. PFI's results are due to be released on Aug 25.
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