Monday August 4
Pacific Edge raises $4.7m from retail shareholders
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.
Tuesday August 5
Queenstown council CEO Mike Theelen steps down
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.
Wednesday August 6
CEO announced for Ferry Holdings
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.
Thursday August 7
Santana Minerals shares in trading halt pending capital raise
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.
PFI bumps up cash dividend on tenant’s $5m surrender fee
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.
Trans-Tasman prime ministers to meet in Queenstown
Australian Prime Minister Anthony Albanese will arrive in Queenstown on Saturday for the annual Australia New Zealand leaders’ meeting. Prime Minister Christopher Luxon said in today’s uncertain world the trans-Tasman relationship was the bedrock for both countries. “Australia is our only ally and a vital economic partner. With two-way trade of $32 billion I look forward to discussing what more we can do as we tackle economic challenges on both sides of the Tasman.” Aside from bilateral talks between the two leaders, they will also hold a business roundtable with the Australia New Zealand Leadership Forum. Albanese leaves Queenstown on Sunday.
Christchurch man pleads guilty to Ponzi scheme charges
A Christchurch man has pleaded guilty to charges related to running a $4.1 million Ponzi scheme that affected more than 60 investors.
The Serious Fraud Office (SFO) in 2023 filed 115 charges of obtaining by deception against Alex (Thomas Alexander) Tuira and his wife, Aroha, who own Ngākau Aroha Investments Ltd and Power to Me Aotearoa Tapui Ltd.
The SFO said the pair claimed to be experienced investors who managed funds, offering financial advice and financial literacy training through their companies.
However, it was alleged that between 2014 and 2021, the defendants exploited their clients’ trust to obtain funds, which were not invested legitimately but instead used to pay other investors in a Ponzi-type scheme or used for personal and business expenses.
The pair initially pleaded not guilty, but in the High Court today, Alex Tuira changed his plea to guilty on two charges, ahead of his trial commencing.
Aroha has pleaded not guilty, and her trial is due to start on August 11.
Medicinal cannabis company Rua Bioscience secures $1.2m
NZX-listed Rua Bioscience has secured $1.2 million in new funding through a combination of equity from several key shareholders and existing lending instruments. The board has today agreed to issue up to 16 million new shares at 3 cents per share, for a total value of $480,000, under the medicinal cannabis company’s existing placement capacity. In June, the board approved a $2m debt facility to provide additional working capital to purchase stock to meet significant sales growth. The new funds will also be used to accelerate sales in its key markets of Germany, Australia, New Zealand and the UK. Rua’s shares last traded at 4.5 cents. In a July 9 market update, it said it had participated in several key European industry conferences where there was global momentum for medicinal cannabis. The prior month, it settled legal proceedings against Cann Group over a cancelled supply contract, with the cultivator agreeing to supply Rua as and when needed.
Aussie's CBN acquires Folio broker operations
Australia's Community Broker Network has officially entered the New Zealand market through the acquisition of Folio’s broker operations, for an undisclosed sum.
CBN is Australia's largest general insurance authorised broker network, and part of the Steadfast Group. CBN has more than 900 people across the Tasman that provide business and insurance advice, while Folio is a technology-led insurance platform that supports brokers with digital tools.
Under the terms of the agreement, Folio will retain its platform and technology operations under the Folio brand name. The broker network will now operate as CBN NZ. Financial terms of the deal have not been disclosed for commercial reasons.
Folio co-founder and head of technology Roneel Kumar said CBN’s scale and experience made them an ideal partner for his company’s next phase.
Community Broker Network chief executive Richard Crawford said Folio had built a strong network of brokers, supported by technology, in New Zealand.
Friday August 8
T&G returns to profit
Horticulture company T&G Global has returned to profitability, and reported interim results for the six months through to the end of June.
Revenue increased to $920.6 million, up from $820.1m the previous year, while the company recorded a net profit after tax of $1.7m compared with a loss of $18.6m the year prior.
T&G Global chair Benedikt Mangold said: “Our first six months’ performance is the result of increased revenue from T&G’s strategy and investments, strong execution, and an absolute focus on productivity, efficiencies, and cost control across the whole business. It is a key step in delivering sustained and profitable growth, and we look forward to building upon this.”
New electorate boundaries confirmed by Representation Commission
The Representation Commission has confirmed the number of general electorates in the North Island will decrease from 49 to 48. The change happens in Wellington, where Ohariu, Mana, and Otaki all disappear. Instead, they are reconfigured into two electorates named Kapiti and Kenepuru. Both Wellington Central and Rongotai move north and west respectively and are renamed Wellington North and Wellington Bays. There are also boundary adjustments in parts of Auckland, Tauranga, Rotorua, and Napier, as well as in Christchurch. The new electorate boundaries and names will be used for next year’s general election. But, if any by-elections are held before then, they will be based on the existing electorate boundaries.
NZ Merino announces next chair
NZ Merino has selected the next chair, to take over next year.
Independent director John Penno will step into the role as NZ Merino chair, after Kate Mitchell steps down.
Mitchell, who is up for re-election in November, only plans to serve one year before retiring at the 2026 AGM.
Penno was managing director and CEO of Synlait Milk from 2006 through to mid-2018.
He has been a director of NZ Merino since 2020.
