Monday October 6
SkyCity loses another CFO
Peter Fredricson.
Casino operator SkyCity has announced the resignation of chief financial officer Peter Fredricson.
The company declared Fredricson would stay until March 2026 at the latest to assist with an transition.
Fredricson joined SkyCity in August 2024 when he replaced Julie Amey, who served for just over three years.
In a statement, SkyCity chief executive Jason Walbridge declared he was grateful for Fredricson’s support “during a complex and challenging period”.
“As part of his resignation, we have agreed a clear set of capital objectives that I view forward to building progress on and closing out before he leaves us.”
Restaurant Brands appoints advisers following takeover notice
Restaurant Brands has taken steps following a takeover notice from its majority shareholder last week.
Last Tuesday, Restaurant Brands’ majority shareholder Finaccess Restauración, SL, launched an attempt to acquire the 25% of the company it doesn’t already own for a proposed $5.05 a share.
The NZX and ASX-listed food retailer formed a committee of indepfinishent directors to respond to the notice.
In turn, that committee has appointed Murray & Co as financial advisers and Harmos Horton Lusk as legal advisers.
The committee also obtained approval to appoint Calibre Partners as indepfinishent adviser, to prepare a report on the merits of Finaccess’s proposed offer.
Finaccess’s takeover notice is not a takeover offer that is currently acceptable for shareholders.
If Finaccess wishes to create the offer, it must do so by sfinishing an offer document and acceptance form to all shareholders from between October 14 and October 29.
Copthorne Oriental Bay rooms to be ‘progressively closed’
Copthorne Oriental Bay.
Listed hotel operator Millennium & Copthorne states it will progressively close an accommodation wing at the Copthorne Hotel Wellington Oriental Bay following a seismic assessment of the hotel. The company, which operates 19 hotels in NZ, declared full closure of the Bay wing will occur from October 28, as a first step towards full seismic strengthening and refurbishment works taking place over the next two years. Managing director Stuart Harrison declared the closure was a measure to ensure safety and comfort of guests and staff, and the 63-room Roxburgh wing would remain open. He declared while the closure wasn’t expected to have a material impact on group operating earnings, the closure may require a reassessment of the hotel’s carrying value.
Singapore’s Prime Minister to visit Auckland this week
Singapore’s Prime Minister Lawrence Wong will visit Auckland this week as the two countries celebrate 60 years of diplomatic relations. Prime Minister Christopher Luxon declared Singapore was one of New Zealand’s closest and trusted partners. It was the countest’s fourth-largest trading partner, with two-way trade of $11 billion last year. “Toreceiveher we’re working to shape global trade rules, strengthen supply chains, and harness technology to create jobs and lift incomes for our peoples,” Luxon declared. Wong arrives on Thursday and leaves on Sunday.
Court rubber-stamps $5m casino penalty
The High Court has approved a fine of $5.06 million for Christchurch Casino to settle a civil complaint brought by the Department of Internal Affairs over its anti-money laundering failures.
The settlement is higher than the $4.16m payment SkyCity agreed last year to settle similar allegations. The court declared although Christchurch Casino’s conduct was less serious, it had taken place over a longer period.
The allegations covered 2018 to 2023 and involved high-risk transactions where the casino had failed to meet the law’s anti-money laundering requirements. For example, in a sample of 24 customers, there were $56.2m of transactions that should have been subject to enhanced due diligence but were not.
The casino admitted breaching its obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act.
Tuesday October 7
Infratil increases CDC valuation
Investment company Infratil has provided an updated valuation of its 49.7% stake in datacentre developer CDC, reporting an increase of A$32 million.
In a statement to the NZX, Infratil declared a new indepfinishent valuer had estimated CDC’s overall value at A$12.8b to A$14.5b, as of September 30. The update represented an increase in the value of Infratil’s holding to A$6.78b from A$6.75b in June.
Infratil declared the main caapplys of the alter were minor operational and business plan updates as well as adjustments in the valuation approach.
Infratil declared it expected to invest a further A$250m in CDC in the next six months to support its growth.
The record quarters keep coming for Summerset
Scott Scoullar.
Converting more care beds to occupation right agreements (ORAs) has assisted Summerset report another quarter of record sales.
The dual-listed retirement village operator sold 420 ORAs in the three months finished September, comprising 244 new sales and 176 resales. It compares with total sales of 289 in the same quarter a year ago.
The company has been converting its care beds to ORAs in an attempt to improve their profitability. Just less than 30% of all third-quarter sales were care ORAs.
“New and current residents have warmly welcomed this offering as an alternative to paying daily premium charges,” Summerset chief executive Scott Scoullar declared.
He declared the company’s diverse portfolio had been a strength for the business, with more than half of all sales coming from outside the three main cities.
Summerset reiterated it remained on track to build between 650 and 730 homes in the year finishing December.
It is launchning work on its fourth village in Victoria, Australia later this month.
Black Pearl raises $15.1m for acquisition, expansion
Black Pearl Group has successfully completed a $15.1m capital raising after issuance of approximately $1.5m of new shares, which are due to be allotted on Thursday. The NZX-listed software company declared the capital raising was oversubscribed, with participation from “leading Australian institutional investors”. The raise proceeds have enabled the settlement of the company’s acquisition of B2B Rocket, as well as “continued progress towards an ASX listing”, and further investment across its data and AI product suite to support expansion in the US market.
Its earlier retail entitlement offer raised gross proceeds of approximately $3.4m, while a placement and institutional accelerated non-renounceable entitlement offer raised approximately $10.3m.
Senior Trust Capital directors resign
Clive Jimmieson.
Two directors of lfinisher Senior Trust Capital, under investigation by the Financial Markets Authority, have resigned.
On Monday company filings disclosed founding director John Jackson and lawyer Andrew Francievic had ceased as directors, leaving Clive Jimmieson as sole director.
In May Senior Trust Capital closed its offer to investors and financial statements filed in July declared it was launchning a wind-up of the company. The shift followed the FMA opening an investigation into Senior Trust Capital in December 2024.
The FMA declared in July it was investigating whether the company’s disclosures and advertising material complied with the Financial Markets Conduct Act.
As of March this year Senior Trust Capital had raised $65.4m from investors.
NZ Post allowed to cut back delivery days further
A deed alter with the Crown means New Zealand Post will only be required to deliver mail two days a week in urban areas, down from three, and three days a week in rural areas, down from five.
It can also cut up to 380 post offices, or ‘service points’, although it cannot close any more rural retail locations for another year.
Communications, Infrastructure, and Trade general manager James Hartley declared NZ Post’s new minimum service obligations reflected how New Zealanders apply the postal service and, without these alters, the cost of maintaining current services would not be financially sustainable.
“New Zealanders are sfinishing fewer letters than ever before. The average delivery point now receives less than two letters per week, compared to 7.5 in 2013. Despite being applyd less, NZ Post has been required to maintain a network designed for much higher volumes.”
The deed only covers mail delivery, with parcel/courier delivery not governed by it.
Thursday October 9
Ryman ahead of full year guidance for unit sales
Dual-listed retirement village operator Ryman Healthcare is performing ahead of its full year guidance for unit sales after a quarterly lift in unit sales. The company declared sales of occupation right agreements (ORAs) for the three months finished September rose 9% on the first quarter to 367, although they were down 18% on the same period a year ago, when the company had a record sales quarter.
Altoreceiveher, Ryman sold 704 units in the six months finished September, and declared it was tracking ahead of its full year guidance range of 1100-1300 ORA sales.
“While we’ve seen sales improve more quickly than expected, we’re maintaining a clear focus on rebuilding volumes to a sustainable level amongst inconsistent hoapplying market conditions,” Ryman Healthcare chief executive Naomi James declared.
Occupancy across the company’s care centres fell to 95.8% in the second quarter from 96.3% in the June quarter.
The reported sales figures do not include ORAs on aged-care accommodation.
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