In case you missed it: News bites for the week.
Marsden Point.
A decision on developing a biorefinery at Marsden Point has been pushed back to 2026 as landowner Channel Infrastructure stressed the project remained conditional and “highly complex”.
In a statement to the NZX, Channel Infrastructure said the development consortium – engineering consultancy Seadra, Qantas, Renova, Kent, and ANZ – had completed an initial front end engineering and design study.
“The consortium’s work is now focused on completing the plant configuration for the Marsden Point site and updating the FEED study, commercial contracts with suppliers … and customers, confirming consenting requirements for site lease with Channel, plant build and operation of the biorefinery, and completion of financing arrangements,” the company said.
When Channel announced the project last September, a final investment decision was due in the second half of this year.
The project proposes to buy decommissioned crude oil refinery plant and lease 18 to 20 hectares of land from Channel.
IkeGPS has competed an A$18 million ($19.6m) fully underwritten placement with “strong over-demand from existing investors" as well as "multiple new long-only ASX institutional investors”.
The NZX and ASX-listed company, which announced the capital raise on July 10, said this morning that new shares under the placement would be issued at a price of A$0.81 or NZ$0.88 each.
Proceeds from the raise will be used to fund new product development to “maintain and extend IKE’s market leadership”, to accelerate sales and marketing efforts, and to provide balance sheet flexibility to execute on potential strategic bolt-on acquisition opportunities and general working capital.
Takutai Tarsh Kemp.
The company said it would develop two important new next-generation subscription product modules in collaboration with its extended customer council, which are intended to "extend Ike’s value in how utilities and communications companies capture, digitise, and manage their distribution networks".
Prime Minister Christopher Luxon announced the Tāmaki-Makaurau by-election will be held on September 6. The by-election follows the death of Te Pāti Māori MP Takutai Tarsh Kemp. The by-election writ day will be July 30 and the deadline for candidate nominations is midday on August 5. Former Newshub broadcaster Oriini Kaipara has been chosen as Te Pāti Māori’s candidate, while sitting MP Peeni Henare is Labour’s candidate.
Infrastructure investor Infratil will be added to Australia’s benchmark S&P/ASX 200 index on July 23. The announcement was made to the ASX platform late on Tuesday. Infratil replaces Western Australian gold miner Spartan Resources following its takeover by Ramelius Resources. Infratil was added to the ASX 300 index in a quarterly rebalance in September 2024 and the MSCI Global Standard Index in November 2024, the latter as a replacement for Spark NZ.
Global dairy prices have made gains at the latest overnight auction, with key export commodity whole milk powder up 1.7% to US$3928 per metric tonne. The broader GDT index also increased after four consecutive declines. Overall, dairy prices are still at strong levels and are reflected in a solid payout forecast to farmers. In late May, dairy giant Fonterra announced an opening forecast Farmgate Milk Price for the 2025/26 season of $10 per kg of milk solids, driven by stable market demand. ASB senior economist Mark Smith said there were positive signs for another strong year for dairy incomes. He said the agricultural sector provided crucial support to the economy and currency.
A combined 3300 anaesthetists and ophthalmologists will head to New Zealand for their respective conferences next year, following a decision to allow advertising of medicines at medical conferences and trade shows. Regulation Minister David Seymour welcomed the bookings, which he said would jointly inject about $5 million into the local economy. Seymour said a previous prohibition on advertising, included in the Medicines Act 1981 to avoid pharmaceutical companies circumventing formal medicine approvals, was "overly cautious". The legislative reform to allow medicines yet to be approved by MedSafe to be advertised at medical conferences will be included in the Medicines Amendment Bill, expected to become law by the end of this year.
Auckland Airport.
The Ministry of Business Innovation and Employment is not considering a law change after canvassing views on the effectiveness of economic regulation of airport services in New Zealand. A disclosure from NZX-listed Auckland Airport this morning advised of the decision and said the company considered the MBIE process complete. However, it also noted that it was understood the Commerce Commission would be considering airports’ disclosure requirements under the current information disclosure regulation, following its comments in the final report on Auckland Airport’s Price Setting Event 4, which was released at the end of March. MBIE began consultation in April, in a move supported by the Board of Airline Representatives (Barnz), which has been battling against rising charges to airlines at Auckland Airport. The airport said MBIE would publish public versions of the submissions received and proactively release MBIE’s advice on this matter in the coming weeks.
The rate of monthly food price inflation more than doubled in June. Data from Stats NZ showed that food prices jumped 1.2% last month, following a 0.4% rise in May, due to higher prices for vegetables and typical groceries. On an annual basis, food prices were up by 4.6% in the year ended June, driven by higher prices for dairy and meat products. Milk, butter, and cheese have seen respective price increases of 14.3%, 46.5%, and 30% in the past year. “Butter prices are nearly $5 more expensive than 10 years ago, an increase of over 120%,” Stats NZ spokesperson Nicola Growden said. The Food Price Index is a key component of the Consumer Price Index, which is currently sitting at 2.6%. This is at the top end of the Reserve Bank’s 1%-to-3% target range for inflation. Last week, the RBNZ held the official cash rate steady at 3.25% but suggested it was open to easing if inflation remained under control.
Cxbladder tests.
NZX-listed cancer diagnostic company Pacific Edge has opened a $5 million share purchase plan after raising $16.1m in a placement to some investors in June. That placement is conditional on shareholder approval at the annual shareholders’ meeting on August 6. Eligible shareholders can apply for up to $50,000 of new shares at 10 cents per share, the same price as in the share placement. As with the earlier raise, the company says it will accept oversubscriptions. The SPP closes on July 31. The cash will provide working capital for the next year without Medicare coverage in the US, and without further cuts, while pursuing re-coverage of reimbursement. It will also fund faster adoption of its Triage Cxbladder tests, which were included in the American Urological Association microhematuria guideline in February, generating more clinical evidence of its tests, as well as developing in vitro diagnostic kits to support entry into international markets in a decentralised deployment model.
The Warehouse Group has appointed Stefan Knight as its next chief financial officer.
Knight, who will start in the position on August 11, joins the NZX-listed retailer from Spark, where he has been for the past 15 years and held the position of finance director since 2019.
The Warehouse Group has also appointed Silv Roest to chief legal and corporate affairs officer, effective from the start of August.
Roest joined the retailer in July last year as general counsel and company secretary, and has previously held positions at Spark and Russell McVeagh.
She will lead the group’s legal, compliance, and corporate affairs functions, and will retain the role of company secretary.
In May, it was announced Warehouse CFO Mark Stirton would step into the role of CEO, taking over from interim CEO John Journee in August.
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