COMPANY BRIEFS

Friday 9th June 2000

The Wel Energy Trust has bought the 5% of Wel Energy it doesn't already own for $18 million.

The Securities Commission is calling for submissions on a suggestion it should have the power to give binding rulings on securities law. This would extend its power to grant exemptions or suspend prospectuses and investment statements.

Waste Management has announced its joint venture with Living Earth Company had bought Living Earth's Auckland operations for an undisclosed sum. The venture, which was awarded a $17 contract with Wellington City, would not disclose the sum paid for the operations.

Ryman Healthcare's bottom-line profit increased from $6.19 million to $12.5 million from its March 1999 to March 2000 annual results.

The Stock Exchange said it was reviewing sharebrokers' internal rules on taking orders from company insiders, following this week's release of the Securities Commission report on trading in Fletcher Challenge shares last December by former chairman Kerry Hoggard.

Taranaki Regional Council will prosecute Fletcher Challenge Energy for three oil spills from its Pohokura well. About 55 litres of oil was spilt but Fletcher Energy has already cleaned up the two kilometres of coastline affected.

AMP rubbished Australian press reports suggesting it was reviewing its banking arm. It said it was committed to banking, which it saw as an integral part of its strategy.

Advantage Group replaced Colonial in the Stock Exchange's NZSE-40 indices following Colonial's takeover by Commonwealth Bank of Australia, which triggered another rise in the Advantage share price.

Standard & Poor's has lifted Comalco's credit rating to AA/A1+ following the acquisition of minority shareholdings by minerals giant Rio Tinto.

Fisher & Paykel revealed it had commissioned Deutsche Bank in March to undertake a strategic review of the group's strategy and structure. F&P is under pressure to spin out its fast-growing healthcare division.

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