close
MENU
Quick Takes
10 mins to read

Quick Takes of the Week to July 4

In case you missed it: News bites for the week.

NBR Staff Fri, 04 Jul 2025
Monday June 30
Financial adviser admits $1.7m theft in a ‘special relationship’

Former financial and insurance adviser Murray McClune has pleaded guilty to two charges of theft by a person in a special relationship, under the Crimes Act 1961, after utilising client funds of up to $1.7 million for his own purposes. The Financial Markets Authority charges that McClune, who has worked in the insurance industry since the late 1960s, procured the investment from two elderly clients between 2016 and 2022 – on the basis that he would invest the funds on their behalf. The FMA charges, filed last September, are that McClune concealed his unauthorised dealings by issuing falsified statements to the clients. That was until his offending was detected when he was unable to repay the funds on demand. The case is being treated as a Crown prosecution after McClune initially elected trial by jury prior to entering a guilty plea. Theft by a person in a special relationship carries a maximum penalty of seven years’ imprisonment.


Tuesday July 1 
Kennards buys National Mini Storage

Australian family-owned and operated Kennards Self Storage has acquired privately-owned storage operator National Mini Storage, which has 13 operating centres across Auckland. The price of the deal, run by KPMG, was not disclosed.
“We are delighted to have been successful in the acquisition of the National Mini Storage portfolio. It is an iconic Auckland brand and exceptionally well located and developed portfolio,” Kennards CEO Sam Kennard said. “The strong locations have been very well developed to provide customers a superior experience, setting a high water-mark for quality and service.”                       National Mini Storage was started in 1991, with the first facility developed on land acquired in Penrose.
Kennards first entered the New Zealand storage market in 2007 with a portfolio acquisition across the North Island. On completion of this deal, Kennards will have a portfolio of 126 operating locations and market value of over $4 billion. There will be 24 New Zealand locations, representing 18% of the company’s rentable area.

Liquidations up 27%, more than 750 building firms fall over

Business defaults were up by 14% and company liquidations up 27% year on year to June 30, according to credit bureau Centrix.
Managing director Keith McLaughlin said the difficult trading conditions had been acute in the building sector, with more than 750 building firms moving into liquidation over the past 12 months.
That had come on the back of increased enforcement activity by the IRD, with the worst-hit businesses over the year in the construction, property, hospitality, and road freight sectors.
There were also nearly 15,000 accounts reported in financial hardship, an increase of 300 from the previous month, he said. Those cases had shown a steady increase since November 2022, with numbers now 14.4% higher than a year ago. He said almost half of those, about 46%, were due to difficulties with mortgage payments, which have increased by 19%.

Delegat confirms new chief executive

Murray Annabell.

Delegat has promoted its chief financial officer into the top position.
The NZX-listed wine company reported Murray Annabell would take over as chief executive effective immediately.
In October last year, Delegat's managing director Steven Carden resigned after three years with the company.
Annabell, who has been with the business for 18 years, became acting CEO at the end of January.
Delegat chair and NBR Rich Lister Jim Delegat said: “After an external search, we are thrilled Murray has accepted the chief executive officer position. Murray’s extensive knowledge of our business and the global wine industry, combined with his proven leadership, are critical to the company’s continued success at this important time.”
Delegat group financial controller Riki Maden will step into the role of acting CFO while the company looks for a permanent replacement.

More stand-alone houses consented in year ended May: Stats NZ

Building consents continue to lag previous years, with 33,530 new properties consented over the year ended May, down 3.8% on the previous year.
Statistics NZ economic indicators spokesperson Michelle Feyen said that was well down on the record of 51,015 in the year ended May 2022.
“While consent numbers fell sharply after that peak, they have levelled out over the past year.”
The numbers were mixed, with 17,852 multi-unit homes consented in the latest period, down 8.6% compared with the year ended May 2024. There were 15,678 stand-alone houses consented, up 2.4% on last year.
On a monthly basis, 3151 new homes were consented in May, down 0.8% compared with May last year.
Economists widely expect the Reserve Bank to cut the official cash rate again by 25 basis points to 3% this month, to help reignite the economy after last year's recession.

Jarden Securities reports profit up 26%
Jarden Securities, the investment banking and institutional trading arm of Jarden Group, has reported a net profit of $12.6 million for the year to March.
The result was up 26% on the previous year, not including the contribution from the retail wealth management business sold in April 2024.
Fee and commission revenue rose to $59.8m from $50.8m a year earlier.
Of that, broking and foreign exchange income was flat on $38.7m, while investment banking income rose to $15.9m from $3.4m.
Expenses included management and service fees paid to related companies of $65.7m, up from $49.6m the previous year.
Tougher sentences for shoplifters

The coalition Government is introducing tougher sentences for shoplifting.
The maximum penalty for stealing goods worth $2000 or less will be one year in jail and, for higher amounts, the maximum penalty will be seven years in jail.
A new aggravated theft offence will also be introduced for when the value of goods stolen is less than $2000 but the theft is carried out in a manner that is offensive, threatening, insulting, or disorderly.
“Public confidence in our justice system is undermined if people can steal with apparent impunity. It’s disheartening, and our Government will not sit by while shoplifters rob businesses of their livelihoods,” Justice Minister Paul Goldsmith said.


Wednesday July 2
Dairy prices dive at fortnightly auction

Dairy prices declined sharply at the latest overnight auction. Key export commodity whole milk powder slipped 5.1% to US$3859 per metric tonne. The overall GDT index fell 4.1% to an average price of US$4274 per metric tonne. It marked the fourth consecutive decline at the dairy auction following recent gains. 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. Chief executive Miles Hurrell said it was committed to delivering strong shareholder returns through earnings and the farmgate price. “Looking at the season ahead, we expect this demand to continue for now, but we acknowledge the ongoing geopolitical uncertainty and the potential for a wider series of outcomes across the season.”

Anna Scott.

Smart chief executive quits

The chief executive of the NZX's funds management business, Smart, has quit after two years in the role. The NZX said on Wednesday that Anna Scott had resigned to lead the New Zealand office of a global financial services group from October 1. "NZX thanks Ms Scott for her contribution and wishes her well for the future in her new role," a statement said. Scott joined the NZX in September 2023, having previously held roles at Hobson Wealth and JPMorgan. During her tenure at the NZX, the funds management business was rebranded from Smartshares to Smart. Smart's funds under management grew 27% to $13.5 billion during 2024.

New director appointed to KiwiRail board

HW Richardson Group director Scott O’Donnell has been appointed to the KiwiRail board. Rail Minister Winston Peters said Richardson Group owned 46 companies across six sectors, including road freight. O’Donnell, KiwiRail chair Sue Tindal and the Treasury had established a conflict-of-interest management plan which would be reviewed and monitored. Given the company’s road freight business was largely south of Oamaru, O’Donnell would recuse himself from any KiwiRail activities in this part of New Zealand. “Mr O’Donnell has resigned as chair of HW Richardson-owned Dynes Transport but remains on its board, noting this company is receiving government co-investment for a rail siding into a new Mosgiel road and rail freight hub,” Peters said.

TruScreen in trading halt

TruScreen device.

NZX regulatory arm NZ RegCo put TruScreen Group's shares into a trading halt just after 10am on Wednesday. It said it applied the halt while it talked with the company about the capital raise that was first announced on May 29. On that date, the dual-listed Kiwi cervical cancer screening company opened a $3 million capital raise at 2.2 cents a share, six months after its board warned it might not survive without raising cash. On June 3, it reported it had commitments from new and existing investors for an initial placement of 107 million shares, meaning it had raised $2,354,750 before costs. The company said about 80.9 million of the shares would be issued under its existing 15% placement capacity, with the balance subject to shareholder approval at a July 11 meeting. The company last traded at 2c. The trading halt will remain in place until the earlier of an announcement from TruScreen on its capital raise, or the market opening on Friday.


Thursday July 3

ASB North Wharf.

ASB extends North Wharf lease to 2034

ASB Bank has extended its lease for a further nine years at ASB North Wharf in Auckland’s Wynyard Quarter precinct. The seven-level North Wharf office development was built in 2013 by NZX-listed property group Kiwi Property specifically for ASB and has 21,621 sqm of lettable space. The building is valued at $212 million. Kiwi Property chief executive Clive Mackenzie said the lease extension was a significant result, reflecting the quality of the North Wharf building. It was also an example of Kiwi Property’s strong tenant relationships and provided long-term certainty of tenure at the property, he said. The lease extension is subject to approval by the Overseas Investment Office.

Government deficit slightly lower than forecast

The financial statements for the 11 months to the end of May show the Government’s books in slightly better shape than forecast in the Budget. The operating balance before gains and losses excluding ACC (Obegalx) recorded a deficit of $7.9 billion, $200 million smaller than forecast. Even with the ACC revenue and expenses included, the Obegal deficit was still $200m smaller than forecast at $12.3b. Core Crown tax revenue was $600m higher than expected, while spending was up $300m. Net core Crown debt was $180.3b (41.8% of GDP), largely in line with forecasts. But the largely better results were partially offset by weaker returns from State-owned Enterprises.

Dairy drags commodity index lower in June

Commodity prices fell in June because of weaker dairy prices. Overall, the ANZ World Commodity Price Index fell 2.3% last month. Global shipping prices trended higher, while exporters expect costs to ease over the coming months because of weaker global demand. Dairy prices fell 3.7% last month, with key export commodity whole milk powder down 5.2%, while skim milk powder fell 1.1%. ANZ chief economist Sharon Zollner said the volatile global trading environment made buyers cautious, while demand pressures were mixed. She said sentiment was high in New Zealand with another strong dairy payout forecast, while production could rise in the new season. Elsewhere, the meat and fibre index increased in June because of strong demand in North America and Europe. Wool prices also gained, but the horticulture index dropped 6.9%. The forestry index fell for a fourth consecutive month, while aluminium prices rose steadily to finish 3.1% higher than May.


Friday July 4
Skellerup reaffirms guidance after US tariff announcements

NZX-listed agricultural and industrial product maker Skellerup has reaffirmed its full-year profit guidance after recent tariff developments in the United States. The company generates 35% of its sales from the US, and about 85% of this revenue comes from products manufactured at its own and partner facilities in New Zealand, China and Vietnam. Earlier this week, the US reached a trade deal with Vietnam which will impose a 20% tariff on all Vietnamese imports. Skellerup chief executive Graham Leaming said recent announcements appeared to give greater certainty about the tariffs that would apply to its products. “If the maximum 20% tariff on Vietnam, the 30% base tariff on China, and 10% tariff on NZ hold, we expect to offset the impact on future earnings with sales growth, pricing, costing and manufacturing initiatives.” The company reiterated that it expected to report a net profit of between $52m and $56m for the 12 months ended June when it published its results next month.

Government to invest in specialised king salmon feed

The Government will commit $455,000 toward developing specialised feed for salmon farmers who breed king salmon. The money for the project, led by aquafeed company Skretting, will come from the Primary Sector Growth Fund, set up to support high-impact projects expected to boost productivity, innovation, and export growth. Agriculture, Trade and Investment Minister Todd McClay said feed was the biggest cost for salmon farmers. "This is part of our plan to grow aquaculture into a $3 billion industry. With the launch of Invest New Zealand this month [a new foreign investment agency], we’re also making it easier for world-leading innovators like Skretting to invest and grow here.” In March, NZX-listed fishing company King Salmon inked a deal which would see the Government invest $11.7 million in salmon farming initiatives under the Sustainable Food and Fibre Futures fund across five years.

AFT founders’ family interests snap up more shares

The family trust of AFT Pharmaceuticals founders and NBR Rich Listers Hartley and Marree Atkinson has purchased another $200,000 shares in the dual-listed pharmaceutical company. According to a disclosure notice lodged on the NZX, the Atkinson family trust spent $566,000 purchasing the shares at an average price of $2.83 per share between June 30 and July 2. The shares are currently trading at $2.84, having rallied from $2.51 per share since June 24. Prior to the latest purchases, the Atkinson family trust and related companies held a 69.5% stake in the company, now valued at $207 million. The pharma company is targeting $300 million in turnover by the close of the 2027 financial year, after producing record revenue of $208m for FY25. In a June quarter investor update, Atkinson said the company had launched sales in July of its patented intravenous pain relief medicine, Maxigesic IV (marketed as Combogesic) in Canada, which is continuing to grapple with a severe opioid crisis.

NBR Staff Fri, 04 Jul 2025
Contact the Writer: editor@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined
Quick Takes of the Week to July 4
Quick Takes,
109797
false