NZX50 lifts 0.5%, Metroglass cracks and Eroad climbs
Infratil continued its solid run since mid-June, gaining 1.77% to $7.67. The infrastructure investor traded at under $10 as recently as April.
Takeovers, small caps
Metro Performance Glass shares fell 20% to 4 cents after the glass supplier unveiled its plan to shore up its finances and secure new banking facilities.
The company has agreed a deal with Amari Metals for the latter to take a 51% stake in the company following its proposed recapitalisation.
The equity raise combines an $8.9m pro-rata rights offer with an additional placement to Amari Metals of up to $15m. Both tranches are priced at 3 cents per share (cps).
Metroglass said an independent report by Grant Samuel concluded there were 'no viable alternatives'.
Also on the takeover front, Vital's board urged investors to accept Tait Communication's takeover offer, warning the deal could collapse if the 90% minimum acceptance condition is not met before the mid-September deadline.
In June, Tait Communications, a Christchurch-based critical communications systems provider, made a formal offer to purchase NZX-listed Vital for 45cps.
On Friday, the board reiterated its unanimous recommendation, urging shareholders to accept 'without delay'.
Vital shares fell 3.3% to 44c, having traded above the offer price towards the end of last week.
Eroad continued its run from last week, rising 7.18% to $2.09 on Monday.
The share price for telematics and fleet management rose to a three-year high after the Government announced it would transition the light vehicle fleet to road user charges.
Earnings season
Robertshawe noted that due to continuous disclosure requirements, companies had already confessed their sins in June and July.
Subsequently, he said markets were unlikely to be too surprised by earnings reports.
'People will be looking for the quality of results. Are there abnormals? Are there provision releases? Are there one-off sale processes? That will be the key.
'And then obviously the reporting on trading since the balance date, and what does trading look like for the first half of the 2026 financial year?
Vista Group, which reports its half-year results on Thursday, would be the most interesting stock to watch this week, he said.
'They hinted at a slight slowdown in uptake and migration to their new product, but it feels almost like they don't have the resources to go faster, as they've tried to hit free cash flow break-even.
'There could be an interesting announcement where they say they're going to push the company back into short-term cash flow deficits because they want to accelerate the growth to the new revenue model.'
Vista traded flat at $3.50 on volumes worth nearly $1.5m.
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NZ Herald
8 hours ago
- NZ Herald
NZX50 lifts 0.5%, Metroglass cracks and Eroad climbs
'New Zealand dairy is still in demand, which is good and bad for them. It's an input cost for the consumer business, but generally good for farmers and their cooperative members.' Infratil continued its solid run since mid-June, gaining 1.77% to $7.67. The infrastructure investor traded at under $10 as recently as April. Takeovers, small caps Metro Performance Glass shares fell 20% to 4 cents after the glass supplier unveiled its plan to shore up its finances and secure new banking facilities. The company has agreed a deal with Amari Metals for the latter to take a 51% stake in the company following its proposed recapitalisation. The equity raise combines an $8.9m pro-rata rights offer with an additional placement to Amari Metals of up to $15m. Both tranches are priced at 3 cents per share (cps). Metroglass said an independent report by Grant Samuel concluded there were 'no viable alternatives'. Also on the takeover front, Vital's board urged investors to accept Tait Communication's takeover offer, warning the deal could collapse if the 90% minimum acceptance condition is not met before the mid-September deadline. In June, Tait Communications, a Christchurch-based critical communications systems provider, made a formal offer to purchase NZX-listed Vital for 45cps. On Friday, the board reiterated its unanimous recommendation, urging shareholders to accept 'without delay'. Vital shares fell 3.3% to 44c, having traded above the offer price towards the end of last week. Eroad continued its run from last week, rising 7.18% to $2.09 on Monday. The share price for telematics and fleet management rose to a three-year high after the Government announced it would transition the light vehicle fleet to road user charges. Earnings season Robertshawe noted that due to continuous disclosure requirements, companies had already confessed their sins in June and July. Subsequently, he said markets were unlikely to be too surprised by earnings reports. 'People will be looking for the quality of results. Are there abnormals? Are there provision releases? Are there one-off sale processes? That will be the key. 'And then obviously the reporting on trading since the balance date, and what does trading look like for the first half of the 2026 financial year? Vista Group, which reports its half-year results on Thursday, would be the most interesting stock to watch this week, he said. 'They hinted at a slight slowdown in uptake and migration to their new product, but it feels almost like they don't have the resources to go faster, as they've tried to hit free cash flow break-even. 'There could be an interesting announcement where they say they're going to push the company back into short-term cash flow deficits because they want to accelerate the growth to the new revenue model.' Vista traded flat at $3.50 on volumes worth nearly $1.5m.
RNZ News
15 hours ago
- RNZ News
Meet the Tuiras: How NBA legend Michael Jordan was unknowingly used by a couple as part of a $4m Ponzi scheme
Thomas Alexander Kokouri Tuira, known as Alex. Photo: LINKEDIN For more than seven years the Tuiras purported to operate an investment business out of Christchurch, raising more than $4m from investors hoping for high returns. However, none of the money was being invested and instead went to fund the couple's lifestyle and repay other investors. National Crime Correspondent Sam Sherwood reports. Inside Thomas and Aroha Tuira's home potential investors would be treated to tales of high-net-worth investors that were in his "proximity". Not one to shy away from a name drop, he'd say he was personally connected to the likes of NBA legend Michael Jordan and speaker and philanthropist Tony Robbins. The pitches were successful. One former All Black invested money believing his funds were being used to build a sports stadium commissioned by Jordan, while others thought their money was going towards housing projects, a dental firm and education. Between May 2014 and May 2021, the couple's company Ngākau Aroha Investments Limited, received more than $4 million from 61 investors who were promised returns. However, the reality of the situation was far from perception. Thomas, who is known as Alex, had no personal connection with Jordan or Robbins, and the Tuira's did not invest any of the funds, instead using it to fund their lifestyle and repay other investors. The couple's Ponzi scheme would eventually come crashing down after repeated requests from investors for the withdrawal of their funds and in late 2021 the Serious Fraud Office came knocking on their door. Last week Alex Tuira pleaded guilty to two representative charges of obtaining $4m by deception. On Monday, Aroha also pleaded guilty to the same charges. Court documents obtained by RNZ reveal the full story behind the couple's criminal enterprise. Alex Tuira claimed he was personally connected to former NBA player Michael Jordan. Photo: AFP or licensors According to court documents neither Alex, nor his wife Aroha, have any formal qualifications or any experience in financial management, investment services or investing. The couple are Jehovah's witnesses and of Māori descent. They were closely associated with members of their respective communities in Christchurch. In 2019, Ngākau Aroha Investments Limited (NAIL) was incorporated with Alex listed as the director. In May 2019, Aroha was added as a director. The couple each held a 40 percent shareholding in NAIL, with the remaining 20 percent split between their three daughters. NAIL's main source of income was via investors, although it was also hired by a small number of entities. Alex gave introductory seminars to encourage Māori to become debt-free and was also hired to provide "governance mastery" and business advisory services. Alex's financial literacy seminars were pitched at a "basic level" and were modelled on seminars he had attended by other public figures such as Robbins and American businessman and author Robert Kiyosaki. Court documents say the couple "purported to operate an investment business out of Christchurch", offering investment opportunities, financial advice, and financial literacy training. "Mr and Mrs Tuira presented a facade that they were successful and well-connected businesspeople who had the ability to invest funds and generate high returns. In reality, the defendants did not operate an investment business and did not invest any of the funds." The couple's "fraudulent stratagem" involved a "continuous course of deceptive conduct". "As at the date of the first investment, the defendants' accounts were overdrawn. From the outset of the scheme, they relied on investor funds as their primary source of income." Alex was described as the "architect" of the fraudulent operation and "face of the purported business". "He pitched investment opportunities to new investors to encourage them to come on board. He was the primary presenter and outlined to potential investors his personal 'proximity' to wealthy and successful individuals and access to opportunities to generate high investment returns." Aroha was the "primary source of contact" for investors once they had been "recruited". "In addition to communicating about investments, Mrs Tuira regularly communicated with investors on a personal level to generate love and trust. Mrs Tuira also attended all the pitch meetings with investors, often prompting Mr Tuira to say certain things, and signed the various agreements alongside Mr Tuira." The couple took advantage of relationships they had developed in the Māori and Jehovah's Witness communities. "Their modus operandi involved presenting as a strong, loving whānau who embraced the principles and values of these communities. They welcomed investors, as friends and whānau, into their home." The couple have pleaded guilty to two representative charges of obtaining by deception. Photo: RNZ / Nate McKinnon The Tuiras would arrange in-person meetings with prospective investors, often at their home. The presentation would often be accompanied by a PowerPoint which included "high-level information" about their values and connections with "wealthy and successful people" including Jordan and others. "Mr Tuira showed pictures of himself with Tony Robbins and Robert Kiyosaki and described them as personal mentors. In reality, the photos were taken when Mr Tuira attended large seminars presented by them." On several occasions, he told investors Indian billionaire Sanjiv Saddy was going to invest a billion dollars into the couple and their businesses. "While Mr Saddy is a wealthy businessman based in India and was introduced to Mr Tuira on one occasion ... he never invested in NAIL or any other business associated to the Tuira family," court documents state. Many of the investors had "limited experience" with investing. "As such, they rarely sought detail from Mr Tuira of how funds were to be invested and were satisfied by confirmation that the funds would be invested. Mr and Mrs Tuira used the promise of guaranteed high returns to encourage investment." Alex would also mention specific investment opportunities to lure them in such as former All Black Joe Moody who believed his funds were being used to build a sports stadium commissioned by Jordan. Other investors believed their money was going towards things such as housing projects, a dental firm and education. The couple would often pitch investments as "time-sensitive" and only available to certain people. In a text to a couple in June 2019, Alex said he wanted to "propose an opportunity" where he could do a 50 percent return in 16 months "plus bonuses". "Everything is in contract form as appropriate. It is time sensitive and exclusive." In November 2018 he told another investor that as they were part of the "small immediate proximity" he wanted to keep them updated with opportunities. "Right now we have our best investment deal on the table which is 6 months with a 15% Return on Investment. However because this deal is so awesome we only have a small window of opportunity to take it. So for this particular deal all paperwork would need to be complete by 4pm tomorrow. There is absolutely no obligation to take this offer, it is simply out of courtesy and love for you both that we are sharing this Arohapumau Aroha & Alex xoxo." The summary of facts says despite the couple representing to investors that NAIL was an investment business, at no stage during the period of offending, were genuine investments made. Rather, the funds were used in two ways - paid to other investors as purported returns on investments, and transferred into accounts operated by the couple and used to fund their families' day-to-day expenses. "NAIL was effectively insolvent from 2017 onwards." Between May 2014 and May 2021 the couple and or NAIL received $4.7m. Of that, $4m was from investors. From that money $1.4m was payment to investors, more than $500,000 went on travel, $478,000 on personal expenditure and $270,000 on rent. Other expenses included contractors, finance, consultants and vehicle expenses. The couple took several steps to disguise their offending, such as providing false information to their accountants and setting up a new company in 2019 called Power to Me Aotearoa Tapui limited (Power to Me) and telling investors that their outstanding returns were connected to shareholdings in a "successful and promising business". In April 2019, the couple's former accountant emailed the couple expressing concerns about the viability of their "business activities". "This is of particular concern when looking at your investors and their returns, which appear to be funded (along with principal payments) by new investors. As we mentioned to you, while we realise this is not your intention, this could be perceived from an outside party (including your investors) to be a 'Ponzi Scheme' which is for all intents and purposes an illegal activity." The summary of facts says the couple told their former accountant and his colleagues that Power to Me was a "genuine business venture" and that money was being invested into it. "In reality, Mr and Mrs Tuira were not conducting any genuine business activities and their only source of income was funds obtained from investors." By mid-2021, the couple were receiving a large number of requests from investors for the withdrawal of funds. The couple tried to get new investments, but were unable to meet all of the requests. About the same time they created a spreadsheet named "here is the reality of our money 2021". The spreadsheet had three tabs - investments received, investments made, and summary. According to the pair's calculations they owed $7.9m to investors and creditors such as Finance Now, Q Card, Westpac and ANZ. Investors were given an array of explanations by the couple in their attempts to delay repaying them money including illness, delays with clearing funds and legal problems. "These successful delay tactics meant the defendants were able to continue their offending over a number of years and assisted them in identifying further investors and soliciting further investments." In November 2021, the Serious Fraud Office announced they were investigating the couple following continued failures by the couple to respond to request funds to be withdrawn. In an email sent to some investors shortly after, seen by RNZ, Alex wrote that "for a variety of reasons" the expected returns on their shareholding "had not been realised to date". "That under performance will be reflected in the value of your shareholdings. "That has caused disquiet and lead to what are in our opinion unjustified aspirations against our good names and a complaint to the Serious Fraud Office" (sic). He said all such claims were denied. "We are taking legal advice concerning initiating defamation proceedings. "Although we have received a number of messages of support, others apparently regarded their share purchases as some form of personal guarantee of return (which was never the case) and the situation has deteriorated to a point where we no longer feel able to continue to work with some people." The SFO's investigation would reveal the couple obtained by deception $3.9m from 55 investors including former Ngāi Tahu chairperson Sir Mark Solomon. In May 2023 the SFO announced it had charged the couple . The couple were due to go to trial last week. However, Alex pleaded guilty to his charges before it began and then on Monday Aroha did the same. The pair are due to be sentenced in November. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
1News
a day ago
- 1News
Matakana imitation scam store rebrands as Australian boutique
The scammers who hijacked the identity of a Matakana business to run an imitation online clothing store have quickly changed their outfit following media exposure — this time rebranding as an Australian boutique. The original site, Matakana Boutique, copied the name of the legitimate accommodation and catering business owned by Amy and Simon Hope in the north Auckland town. First registered in April, the scam website aggressively marketed itself on social media claiming to be a New Zealand-based clothing retailer. Earlier this week, Amy Hope told 1News she was receiving multiple calls a day from women chasing up late packages, asking for refunds, and complaining about poor-quality clothing they believed were purchased from her business. "It's soul-destroying," she said, describing the emotional toll of being wrongly associated with the scam. ADVERTISEMENT Within 24 hours of that coverage, the domain stopped displaying the fake store, and by Friday evening it was redirecting to Canberra Muse, which billed itself as "brand built in and for" the Australian capital city. The Canberra Muse website uses the same layout, pricing, and stock clothing images as its predecessor, only its name, location and branding have changed. Domain registration data showed it was purchased on August 8 and is hosted overseas. Its ownership details were not readily accessible. Speaking to 1News today, Hope said the website changing was a "great result" for her business. "It's still getting redirected, but hopefully that website will just go soon." How to spot a fake e-store The Commerce Commission has previously urged consumers to take extra care when shopping online, especially when dealing with unfamiliar websites. ADVERTISEMENT Before making a purchase, the commission recommended researching the business by checking independent reviews and feedback on external platforms. "Don't rely solely on testimonials displayed on the company's own website," a spokesperson said. "These can be selectively curated or even fabricated." Consumers were also encouraged to look for clear and accessible contact details, such as a local address and phone number. "Legitimate online businesses typically provide transparent information about delivery, returns, and payment security," the commission said. Red flags included vague or missing contact information, overly positive reviews with no detail, and websites that mimicked the branding of known businesses. "Taking a few minutes to verify a site before you buy can save you from being misled or losing money," the commission added.
