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Monday December 8
DGL company secretary quits as in-house legal function closes
One of the joint company secretaries of ASX-listed chemicals and logistics company DGL has quit.
The ASX suspended trading in DGL shares in October after a delay in the company lodging audited financial statements for the year to June 30. DGL has since disclosed it discovered an internal fraud it did not tell its auditor about, while keeping the fraudster employed and, at last month's annual general meeting, 78.18% of shareholders voted against DGL’s remuneration report.
Then, on Friday, the company announced Hanna Posa had resigned as one of its joint company secretaries, effective December 5. That was following the closure of the company's internal legal department, DGL said.
"DGL would like to thank Hanna for her significant contribution to the company as company secretary and wish her well for the future."
Andrew Draffin will continue as the sole company secretary.
Tuesday December 9
Airwallex valuation rises 30% with latest US$330m capital raise
Australia-based financial services startup Airwallex has raised another US$330 million in a Series G round, boosting its valuation to US$8 billion.
The company, which was cofounded by New Zealand citizen and NBR Rich Lister Lucy Liu, has seen its valuation increase by around 30% since its US$300m Series F just six months ago. Assuming Liu has a 6% shareholding in Airwallex, her stake would be worth around $830m at the latest valuation.
The AFR is reporting the latest raise is the second-largest venture capital funding round in Australian history.
It was led by Addition and included money from T. Rowe Price, Activant, Lingotto, TIAA Ventures, Robinhood Ventures and Australian firms Square Peg Capital and Airtree Ventures.
The company has said it will establish a second global headquarters, in San Francisco, and will deploy more than US$1b between 2026 and 2029 to "scale its US operations, attract top talent, and expand its physical and brand footprint".
US-based Eroad director Cameron Kinloch resigns
United States-based Eroad director Cameron Kinloch has notified the company of her resignation, effective from March 2, as it shifts its growth focus back to Australasia.
A senior adviser at venture investment company Norwest, Kinloch was appointed to the board in March 2024 as the company pushed hard into the North American enterprise software market for transportation providers.
In an NZX filing today she said it had been a privilege to bring her North American and SaaS growth experience to Eroad, as well as employ her background as a financial and governance leader.
"As the Board continues to refine its strategic priorities, I believe this is an appropriate time for transition," she said. "I remain fully supportive of Eroad and its management team and will assist with a smooth transition."
The board has started a search for a director with skills aligned to Eroad's strategic focus.
On Kinloch's departure Eroad's board will consist of five directors, including four independents.
Tower pinged $7m after misleading customers about discounts
Listed insurance company Tower has been ordered to pay a $7 million penalty for misleading representations that resulted in more than $11m in overcharges to customers.
Civil proceedings were actioned by the Financial Markets Authority at the High Court in Auckland after Tower self-reported the issue to the FMA in March 2021.
Tower admits it breached section 22 of the Financial Markets Conduct Act by misleading customers in its invoices about its multi-policy discount offer since September 2016, resulting in the overcharges, until February this year.
The breach affected about 61,000 customers, or about 90,200 policies. Tower has since repaid more than $11.7m.
Last month, Tower reported record annual results after fewer extreme weather events and a rise in customer numbers. Its net profit in the year to September was $83.7m, up from $74.3m the previous year.
Dutch pension fund buys NZ forestry assets
Two New Zealand forestry assets are changing hands, with Australia-based fund manager New Forests selling to APG Asset Management, Europe’s largest pension fund.
New Forests is selling its 38% interest in softwood log producer Taieri Forests and the sale also includes 100% of Otago Estate Ltd, which holds more than 20,000 hectares in Otago-Southland.
The assets were held in New Forest’s A$700m ($802m) Australia New Zealand Forest Fund #2, which is being wound up after 10 years.
New Forests managing director David Shelton said the fund delivered double-digit returns to investors over 10 years, and demonstrated “long-term sustainability outcomes”.
Wednesday December 10
Parliament passes RMA transition legislation
Legislation extending the duration of thousands of existing resource consents has passed its third reading under urgency in Parliament today. The Resource Management (Duration of Consents) Amendment Bill automatically extends existing or expired consents to the end of 2027, allowing those operations to continue lawfully while the new Planning Bill and Natural Environment Bill bed in once they have become law. RMA Reform Minister Chris Bishop said with the new planning system progressing through Parliament it would not have been fair to force people into costly replacement consent processes under the old system. “This Bill give immediate, practical relief and ensures no one is disadvantaged during the transition,” Bishop said.
Quantum tech platform may be next off the block
Science, Innovation and Technology Minister Dr Shane Reti has allocated $1.35 million towards exploring a national quantum technologies platform. The New Zealand Institute for Advanced Technology will do the discovery work over the next six months, looking at New Zealand’s quantum tech capabilities and international opportunities for commercialisation.
Quantum technologies research explores how particles behave at the smallest scales and underpins breakthroughs in computing, secure communications and sensing and measurement.
The new institute, which will fund research under a hub and spoke model rather than do research itself, has already invested into a future materials and magnet technologies research platform hosted by Paihau-Robinson Research Institute and in an artificial intelligence research platform.
Thursday December 11
Councils outline increased spending on water infrastructure
Simon Watts.
Local Government Minister Simon Watts says all councils have now had their water service delivery plans assessed. Watts said 44 councils had chosen to deliver water services through a separate council-controlled water organisation (CCO), while 23 councils had chosen to keep water services in-house. “These numbers mean that 76% of New Zealand’s population will have water services delivered through a CCO model. This collaboration between councils offers significant assistance in addressing affordability challenges,” he said. Watts said councils would now spend $9 billion more on water infrastructure over the next 10 years than outlined in their long-term plans. “The $47.9b total estimated investment across all plans show councils recognise that after decades of underinvestment, water projects can’t wait any longer.” He said under new funding and financing mechanisms those costs would be spread across the useful life of the assets.
Intelligent Monitoring snaps up Tyco and Red Wolf for $45m
The Australian Intelligent Monitoring Group says it's entered into an agreement to acquire fire protection services company Tyco NZ and security provider Red Wolf from Johnson Control Luxembourg European Finance. It will pay $45 million in cash for the two firms, with the acquisition expected to generate pro forma revenue of $89.5m, with earnings before interest, tax, depreciation and amortisation of $10.9m to September 2026. Tyco has 12 national branches and employs 300 staff, while Red Wolf has a "strong presence" at national government level, the company said. The deal, subject to adjustments for working capital, cash and debt, is not expected to be finalised before February 28 next year.
Kiwi Property CFO resigns
NZX-listed Kiwi Property said its chief financial officer Steve Penney has resigned.
Kiwi Property CEO Clive Mackenzie said: “I would sincerely like to thank Steve for his contributions to the company over nearly five years, including three years as chief financial officer. Steve has been instrumental in the strategic and operational transformation of the business. Steve’s commitment to fostering a culture of high performance has driven improvements in our business, and I wish him the very best for the future.”
Penney will remain with the company until early 2026, and Kiwi Property will provide the market with a further update on this role in the coming months.
Friday December 12
Auditor disclaims opinion on value of New Talisman gold mine
Auditor Baker Tilly has disclaimed its conclusions on the half-year accounts of mining minnow New Talisman Gold Mines, saying there wasn’t enough evidence to support the value of its mine asset.
NZX-listed New Talisman has been working the Talisman permit in the Coromandel for more than 20 years, but the project is not yet in production.
Financial statements for the six months to September 30, published on Friday, reported a net loss of $1.1m and no operating revenue.
The company is raising capital through a private placement, closing on Friday, to fund the business in the short term pending a larger capital raise in February 2026.
New Talisman has suspended mining operations until it has raised more cash.
The accounts valued New Talisman’s mine assets at $14.6m, representing the bulk of its $17.1m of total assets.
Comvita’s lenders allow it some breathing room
NZX-listed honey company Comvita has reached agreement with its lending syndicate to let it recapitalise the business sustainably, and is planning a capital raise.
Lenders have granted an extension on the maturities of the company’s expiring banking facilities, currently due in January and March, through to April 30, 2026, and granted further covenant waivers for the March 31, 2026 testing date.
Comvita said new capital of at least $25 million is required to position the company appropriately. "Comvita is in constructive, but early, dialogue with several parties, as to their support for the company and the role they can play in any capital raise. This includes investors with no current shareholding who have indicated a material interest in participating, as well as existing shareholders who have indicated they wish to increase their holdings. At this stage, no binding commitments or arrangements have been agreed," it said.
Manufacturers and retailers record growth in November
The economy is ending the year with momentum as two sets of data reveal growth.
Importantly, the BNZ-BusinessNZ Performance of Manufacturing Index rose 0.2 points to 51.4 in November, compared with the month before. A reading above 50 indicates expansion.
Four of the five key sub-indexes were in expansion last month, led by production, employment, and new orders, while deliveries fell into contraction for the first time since June.
The proportion of negative comments from manufacturers fell because of a lift in demand driven by seasonal Christmas activity, improving economic conditions, and rising customer confidence.
Meanwhile, Statistics NZ data today showed gains in retail spending using debit, credit, and charge cards last month.
Overall, spending in retail industries increased 1.2%, or $86 million, in November when compared with October. Broad spending growth was recorded across all categories, including household durables and consumables, hospitality, and clothing.
Govt launches Kiwi Space Activator funding pilot for NZ projects
The Government has launched a $1.8 million pilot programme to support New Zealand space companies in developing technology that could ultimately form part of a national space mission.
The New Zealand Space Agency will administer the 'The Kiwi Space Activator' programme, which will have two rounds of funding. Up to $600,000 will be offered for each successful project, with a total of $1.8m available over two years. The pilot will support a minimum of three projects.
Space Minister Judith Collins said round one projects need to have technology "that can be tested on a rocket, satellite, or high-altitude platform within 18 to 24 months”.
Projects need to address challenges identified by government agencies, such as maritime security, space situational awareness, biosecurity, and ecosystem health.
Round one applicants must contribute at least 30 of project cash costs, while in-kind and cash co-funding will be accepted for round two.
Applications are open and close on March 1, 2026.
