Week in review

Friday 20th February 2004

Vero Insurance sought leave to appeal the New South Wales Supreme Court's decision in the Killorgan directors' indemnity case. At stake is a $A10.9m payment the court ordered Vero to make to Baycorp Advantage.

Nuplex Industries bought resins technology from Rhodia Australia for an undisclosed sum. It said the technology would augment its own know-how to enable it to be a full service provider.

Receivers Ferrier Hodgson put the 33,000ha Huaguang Forests estate on the East Coast up for sale. The current harvest of 380,000sq m is expected to rise to more than 700,000sq m within 10 years.

PrefSure Life, which recently bought British insurer Lumley Life's operations in Australia and New Zealand, will cease writing New Zealand business and close its Auckland office. It is talking to "a number of parties" interested in buying the local business.

The Securities Commission sent a report on corporate governance principles to Commerce Minister Lianne Dalziel for approval. The code is not legally binding but offenders will be "named and shamed." On the web: www.sec-com.govt.nz

New Zealand Oil & Gas said the Ocean Bounty rig would begin exploration drilling at the Kapuni and Pukeko prospects offshore Taranaki next month. It is selling its minority stake in the Ngatoro joint venture to Greymouth Petroleum for $8.3 million.

The Securities Commission is investigating trading in New Zealand Oil & Gas shares in the lead-up to the announcement last month that the Kupe oilfield would be developed.

Fisher & Paykel Appliances will distribute Whirlpool appliances in New Zealand, ending a longstanding "exclusive dealer" arrangement with retailers. Analysts said there would be little financial impact.

Vending Technologies signed a conditional agreement to buy "a substantial vending business" in Dallas, Texas. It has an annual revenue of $26m.

Fletcher Challenge Forests spent $1m for a 20% interest in Danish wood furniture maker Zenia House. It said the two would promote radiata pine clearwood for European furniture uses.

Provenco said it had won a "significant" contract, worth about $21m, to supply and install outdoor payment terminals to Malaysian oil company Petronas Dagangan's service station network.

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