Monday February 16
THL sells Euro business in $58.3m deal
Listed tourism company Tourism Holdings has landed a deal for its struggling UK & Ireland business assets, announcing a conditional sale to Portugal-headquartered Indie Campers at net asset value plus goodwill of $58.3 million.
THL last August said it was actively exploring divesting that business and reallocating funds to markets where it saw "better returns on effort and investment", having announced a $25.8m after tax loss on the back of impairments of $54.5m in its 2025 financial year.
On Monday, THL said it had reached a deal with Indie Campers. The timing of the sale means THL's second-half underlying ebit will be down by $1.1m, reflecting the loss of the UK & Ireland's high-season earnings period during Q4.
THL boss Grant Webster said: “While we continue to believe in the long-term potential of the business, the market has not delivered the scale required to achieve our original aspirations."
Santana Minerals seeks more capital
Gold explorer Santana Minerals has placed its shares on trading halt ahead of a proposed capital raise.
The Australian Financial Review reported on Monday the dual-listed company was seeking A$120m at A90c a share.
The company gave no details in its trading halt application, but said it wanted the halt “for the purposes of considering and executing a proposed capital raising”.
An announcement is expected by close of play on Tuesday.
Santana is seeking fast-track consent to mine for gold at its Bendigo-Ophir project in Central Otago. The fast-track panel is due to give its decision on October 29.
The company’s shares closed at $1.15 on Friday, A98c on the ASX.
Electronic card spending falls in January
Consumers remain cautious to spend amid a patchy economic recovery, just as the central bank is widely tipped to hold the cash rate steady.
Statistics NZ data today showed spending using debit, credit, and charge cards fell in January, when compared with December, with core retail spending down 0.9%.
There were broad declines across different categories, including hospitality, household durables, and consumables, along with fuel. Spending on motor vehicles and apparel increased.
The data highlights a patchy recovery this year, with expectations that the RBNZ is done and dusted with official cash rate cuts, amid higher inflation. The Monetary Policy Committee releases its latest decision on Wednesday afternoon.
The NZ Institute of Economic Research’s shadow board today suggested the RBNZ hold the OCR at 2.25%.
“Shadow board members agreed that New Zealand’s economic recovery is starting to gain traction, but there remains a considerable degree of spare capacity in the economy.”
Conferences chip in almost $1b, business events industry says
A report commissioned by Business Events Industry Aotearoa valued the country’s conference sector at $925 million last year. That, it said, was despite a "softer" year and a fluid domestic economy.
The report, produced by Shane Vuletich of Fresh Info, showed international conference delegates also spent more on average per day than tourists, at an average daily spend of $645 – compared with the $417 average of other international visitors.
Multi-day conferences generated about 1.5 million visitor nights, with $412m being spent on delegate fees, $433m in event expenditure, and $80m in companion spending.
Overall international spend was almost double that of domestic delegates, at $3726 versus $2118. BEIA chief executive Lisa Hopkins said the opening of Auckland's International Convention Centre would increase the country's hosting capabilities and, with Tākina in Wellington and Te Pae in Christchurch, formed a "connected national network" allowing NZ to compete internationally.
Tuesday February 17
Ruminant Biotech launches multi-million-dollar research project
Ruminant Biotech has launched a C$7.6m ($9.24m) research project to further validate its technology.
The Kiwi agtech company is developing a slow release bolus for cattle that can reduce methane emissions by more than 70% for up to six months.
The Canadian research programme – underpinned by a C$2.8m grant form the Government of Alberta – marks the company’s first international expansion beyond Australasia.
The research will generate the data needed to secure product registration and commercialisation in Canada, and establish the regulatory and data platform required to expand into the US, Brazil, and the EU.
To oversee the project, and support a broader Canadian and US expansion, Ruminant Biotech will establish a North American base in Calgary.
In November, Ruminant Biotech raised $17m in a Series A funding round to support a commercial launch this year, which was co-led by existing investors Rosrain Investments and US VC Cultivate Ventures.
Sanford Havelock workers to strike
Shellfish processing workers at Sanford’s Havelock, Marlborough, site will strike tomorrow morning for 24 hours after negotiations for a fair collective agreement have failed.
Members of workers rights group E tū have been in talks with Sanford since June 2025, but those talks have reached an impasse.
E tū said the company has pushed for significant clawbacks while offering a pay rise that would leave workers worse off in real terms.
"Sanford is seeking to cut long service leave entitlements, remove some workers from coverage of the collective agreement altogether, and reduce conditions that have been in place for years. At the same time, the company’s pay offer sits below inflation, meaning workers would effectively be taking a pay cut during a cost-of-living crisis."
E tū confirmed the site has about 90 workers and two-thirds are members.
Sanford managing director David Mair declined to comment and said he hadn't seen the strike notice but has a team that deals with negotiations.
Wednesday February 18
Whole milk powder records fourth consecutive price rise
Global dairy prices have made further gains at the latest overnight auction – adding to confidence about earnings at the farm gate this year. Key export commodity whole milk powder rose 2.5% to US$3706 per metric tonne, the fourth consecutive increase after weakness at the end of 2025. Most other commodities on offer last night recorded price gains, aside from cheddar cheese, which fell 1%. Notably, butter increased by just over 10%. Before Christmas, dairy giant Fonterra updated its forecast Farmgate Milk Price for the 2025/26 season. The co-op adjusted the forecast range from $9-$10 per kg of milk solids to $8.50-$9.50. At the time, chief executive Miles Hurrell said stronger overseas milk production put downward pressure on global commodity prices. Meanwhile, Fonterra is due to hold a special shareholder meeting tomorrow to vote on the capital return from the sale of Mainland Group to Lactalis. The capital return requires at least 75% approval of the votes cast.
Naomi Ballantyne succeeds Michael Stiassny as Tower chair
The founder of insurance company Partners Life, which was sold to Japanese life insurance giant Dai-ichi for $980 million in 2022, has been appointed chair of listed insurer Tower. Tower said its board had elected Naomi Ballantyne its new chair on Wednesday, following the retirement of Michael Stiassny at the company's annual general meeting. Ballantyne has more than four decades of experience in insurance, and Tower described Partners Life as one of the country's most successful life insurers. She joined Tower's board last May. She said today it was an honour to be elected chair of "a company with strong momentum, a clear purpose, and a talented team focused on delivering for customers across New Zealand and the Pacific. It’s been a pleasure serving on the board with Michael Stiassny. During his tenure, Tower has strengthened its balance sheet, sharpened its strategic focus, and made major advances in digital and operational capability."
Thursday February 19
Scales lifts guidance and appoints new CFO
Scales Corporation has increased its forecast underlying net profit after tax attributable to shareholders to between $61 million and $62m, up from between $54m and $59m. The diversified agri-business is scheduled to report annual earnings on February 25. Scales has also reported long-time chief financial officer Steve Kennelly will become company secretary in May. Kathmandu CFO Ben Washington will step into the CFO role from June. Washington was deputy CFO for KMD Brands before being appointed as Kathmandu CFO in January. Before KMD Brands, he spent nearly seven years with PwC. Scales managing director Andy Borland said Kennelly had served as CFO since 2011 and had contributed significantly to the company’s financial leadership and strategic development. "The board and executive team thank him for his commitment and are pleased that he will continue to support the company in a governance capacity.”
Vital says it will reinvest $97.9m of asset sales into pipeline
Private hospital and aged care investor Vital Healthcare says it completed 23,500 square metres of new or extended leasing during the six months to December, with occupancy now at 99%. The company, which in December brought its management function in-house at a cost of $177 million, pushed adjusted funds from operations up 19.4% to $39.9m for the half-year. It will distribute 4.875 cents per unit to shareholders and is forecasting a full-year distribution of 9.75cpu. Chief executive Chris Adams said stage one of the company's A$49.6m ($58.5m) Coomera development had been approved, bringing its development pipeline to $257.9m across four projects. It achieved "practical completion" of its expansion at Boulcott Hospital in Lower Hutt, Wellington's Wakefield Hospital and Endoscopy Auckland during the period. Adams said it would also reinvest $97.9m received from the disposal of Toronto Private Hospital in New South Wales and its 50% stake in Kawarau Park, Queenstown.
Profits up 9.3% for owner of Bunnings and Kmart
ASX-listed retail group Wesfarmers, which owns the Bunnings and Kmart brands in New Zealand, has reported a 9.3% increase in net profit to A$1.6b ($1.9b) for the six months to the end of December. The result followed a 3.1% increase in revenue to A$24.2b. Chief executive Rob Scott said the result reflected “productivity initiatives” which had enabled the company to navigate challenging market conditions. Some of the improvements came from the implementation of AI, through AI assistants for team members, merchandising efficiency and efficiencies in supply chain, marketing and the contact centre. Earnings at Bunnings, which has over 40 stores in New Zealand, were up by 5% to A$1.4b, while earnings at Kmart grew 6.1% to A$683m. Wesfarmers operates 27 Kmarts in New Zealand. Wesfarmers announced an interim ordinary dividend of A$1.02, up from A95 cents in the same period the previous year.
Critical minerals sector gets $80m boost from Government
The Government is putting aside $80 million from its Regional Infrastructure Fund to develop and process domestic critical mineral resources. Foreign Affairs Minister and NZ First leader Winston Peters said by backing the extraction and processing of its own critical minerals, New Zealand was sending a message to the world that it was serious about contributing to the critical minerals market. Resources Minister Shane Jones said the $80m package would help New Zealand turn its resources into more jobs, investment and long-term value for communities. Miners, including Westland Mineral Sands, have welcomed the announcement. Its managing director Ray Mudgway said the commitment reflected the scale of global demand and New Zealand’s opportunity to be a credible and reliable contributor to the market. “Global demand for critical minerals is rising rapidly. New Zealand has the resources and the expertise to contribute responsibly and credibly to secure allied supply chains,” he said.
Friday February 20
Pacific Edge shares go into trading halt as crucial meeting held
NZX and ASX-listed cancer diagnostics company Pacific Edge has been granted a halt in trading of its shares while an expert panel in the US considers coverage for some of its CXbladder tests, which were included in the American Urological Association microhaematuria guideline.
Novitas, the firm’s Medicare Administrative Contractor is holding a Contract Advisory Committee meeting with urologists at midday Friday NZ time, when the company’s shares would normally be trading.
The public meeting will discuss the use of urine-based biomarkers in patients that present with microhematuria. Because the meetings are generally held ahead of developing new or substantially revised medical policy as a draft Local Coverage Determination, the content of the meeting could indicate whether the MAC will develop a draft LCD to support Medicare reimbursement of Cxbladder tests.
Pacific Edge plans to release a statement about the CAC meeting before the market opens on Monday.
Property flipper’s real estate firm enters liquidation
Rickhil Prakash’s real estate firm has been placed into liquidation. The High Court appointed liquidators from PwC to HRE 2021 Ltd on Wednesday, following an application from Inland Revenue for unmet tax obligations.
Prakash is one of the country’s most prolific property flippers but has fallen foul of the tax department in recent years over unpaid tax. HRE is the fourth company connected to him that has been tipped into liquidation by the IRD since 2023.
The three other companies collectively owe the tax department $13.7m, most of which relates to unpaid GST.
The first liquidators’ report on HRE will be released in late March, providing an initial snapshot of how much the company owes to creditors.
Prakash had his assets frozen by liquidators last year as they initiated proceedings against him and five other entities. It comes as liquidators found properties were transferred just prior to liquidation, and potential breaches of directors’ duties. Prakash was approached for comment.
NZ signs up to international declaration on critical minerals
New Zealand has endorsed a declaration supporting the work of the International Energy Agency (IEA) on critical minerals security. Energy Minister Simon Watts has been at the IEA ministerial meeting in Paris this week and said the declaration recognised critical minerals were essential to the transition to clean energy.
“Today’s declaration recognises the strategic importance of these minerals for energy security and calls for timely, focused action – from short-term preparedness to accelerating strategic projects that diversify refining and processing,” Watts said.
He said New Zealand was well-positioned to become a credible and reliable contributor to international supply chains as global demand grew.
Minerals such as antimony, lithium, rare earth elements, and vanadium were all vital to global clean technology systems.
Infrawork Holdings sold to ASX-listed PeopleIN for $56m
The owners of New Zealand’s largest immigration and skilled contract labour group, Infrawork Holdings, are in for a big payday following its $56 million sale to ASX-listed workforce solutions company PeopleIN.
The deal is comprised of an upfront cash payment of $24m, and a further up to $32m paid over three years subject to performance-based earnout targets.
The Australian parent of Infrawork exited the company in a management buy-out in 2011 and the largest shareholder is Christchurch accountant Robert Young, who used to be its general manager finance. Other shareholders include Andrew Christie,Terri-leigh Crittenden and Russell Foster.
Infrawork CEO Oscar Dunn, who retains his job, said the deal was the largest of its kind in the New Zealand recruitment sector. It involves PeopleIN buying skilled labour contract business, Extrastaff, immigration service Visahub, and Sky Bourne International, a Manila-based employment agency with overseas employment administration accreditation.
