Takeovers Panel clears Grenon of code breach
The decision, released today, also reveals Grenon decided to buy shares in the company after speaking with Caniwi Capital founder Troy Bowker.
Grenon
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NZ Herald
15 hours ago
- NZ Herald
SkyCity's planned $250m-plus windfall: Assets for sale, $240m capital raise to yield $490m?
SkyCity is not talking of selling any of its three hotels in Auckland, where it has more than 900 rooms. If the carpark lease deal is successful, it would be the company's second attempt at the move. It failed on the original early 2019 $220m deal with Macquarie when the October 2019 fire meant those car parks couldn't be sold. SkyCity returned $204m to Macquarie on that botched deal. Today, Walbridge was upbeat about a second buyer emerging. 'We have had a process under way for a couple of months,' he said of the hunt for an operator. The underground carpark at SkyCity. Photo / Janna Dixon 'We're actively looking to sell a concession for the car parks. It's just over 3000 car parks. It would be all the Auckland car parks. 'We're selling the right for someone to operate them and receive the cashflows for 25 years.' SkyCity anticipated 'a tremendous amount of value in those car parks'. The property at 99 Albert St, which SkyCity plans to sell. It is valued at $54m. Photo / NZME Plans to sell its headquarters at 99 Albert St are well-advanced on the building Auckland Council has a $54m rating valuation on. 'It's one of the many buildings we own here in Auckland. We've had to go through and look at assets and decide what's most important and if there are certain things that don't need to be part of our business. We can use that money to pay debt.' Active marketing was yet to occur but scaffolding had covered the block lately. 'We've been getting it ready for sale. We've been re-cladding the exterior, replacing tiles with the latest cladding.' The new five-star Horizon by SkyCity Hotel on Nelson St. SkyCity had filed its $330m case against Fletcher Building and the Fletcher Construction Company. Action could begin in the next few weeks. 'We filed our claim in June and it's now in the hands of the courts. 'We're working through that process at the moment. There's court appearances in the coming months and into next year.' The economic downturn had hit SkyCity here and in Australia. On average, people are spending $5 less per visit. 'In the FY25 results, we've talked about ebitda [earnings before interest, taxes, depreciation and amortisation] per visitation going from $27 to $22 year on year across Australia and New Zealand,' Walbridge said. 'We've got millions of people visiting annually. When they come to see us, they come with less of a budget to stay in a hotel, eat in a restaurant or play on our gaming floors.' The company plans to raise a further $240m of equity from the market via issuing new shares. S&P Global said it had revised its outlook for the company to negative 'to reflect our view that despite the equity-raising, the timing and extent of a material earnings recovery remains uncertain'. That may cause key credit measures to remain outside expectations for the BBB- rating for an extended period, it said. The company has total net debt of $756m, up on last year's $663m. Revenue fell 5% from $870m to $825m, although reported profit after tax turned around from 2024's $143m loss to a $29.2m profit this year. Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
RNZ News
18 hours ago
- RNZ News
Steven Joyce appointed to Foodstuffs North Island board
Steven Joyce. Photo: RNZ / Rebekah Parsons-King Former National cabinet minister Steven Joyce has been appointed to the Foodstuffs North Island company board. Foodstuffs confirmed on Wednesday that Joyce would join the board of directors from 25 August. Joyce was recently voted in as chair of NZME , which owns the New Zealand Herald . The 62-year-old retired from politics in 2018, and has since been advising organisations on business strategy and reputation management. Foodstuffs North Island chair Dean Waddell welcomed the appointment, and said Joyce's experience would be invaluable to the co-operative. "Steven's combination of commercial expertise, governance experience, and understanding of New Zealand's economic and infrastructure challenges will be a tremendous asset to our board. He knows what it takes to lead through change, and he shares our commitment to helping New Zealanders get more out of life," he said in a statement. Waddell said the appointment came at a pivotal time for Foodstuffs and the industry. "The grocery sector is operating in a newly regulated environment, and we've committed from the outset to making regulation work well for customers, suppliers, and retailers alike. We have a broad programme of work underway to strengthen competition, improve efficiency, and be able to be lower cost and compete to deliver great outcomes for New Zealanders. "Steven's deep experience in infrastructure, regulation, and large-scale business transformation will be a real asset as we deliver on that programme and position the co-op for the future, embracing new technologies, driving innovation and finding new ways to deliver even more value to New Zealanders in the years ahead." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
3 days ago
- NZ Herald
Construction sector activity at six-year low, 16,000 jobs lost in past two years alone
But by June this year, that had fallen by 16,000 jobs to 294,000. Construction activity is at a six-year low. Source / NZ Building Construction Sector report 'Job losses during a recession are understandable, but the construction sector is labour-intensive. 'When the recovery comes, labour shortages will become an issue,' the economists wrote. Shamubeel Eaqub, one of the economists who wrote the new report. Photo / NZME Around 100,000 jobs in the sector are related to industries that are highly reliant on trade: architecture, engineering, fabricated metals manufacturing such as roofing, wood products, electronic and electrical equipment in cables, lighting and appliances, and quarrying. Less reliant industries include legal, accounting and banking. They benefit from the construction sector but have a diversified mix of customers. The construction sector downturn had been sharp in the past six years, with falling revenues and rising defaults, the report said. Construction sector employment has dropped in recent times, as shown in this graphic from Stats NZ that appears in a new report on the sector. 'The current downturn has been very challenging for some businesses. Credit defaults in the construction sector increased by 14% annually, and company liquidations have increased by 48%, according to credit bureau Centrix,' the report said. Despite an increase in financial stress and business closures, the number of construction enterprises has only fallen by about 1000 to 81,000. There are 294,000 directly employed in the sector but a further 247,000 work for suppliers. The sector had annual revenues of $94 billion in 2025. Revenue has fallen from last year because of a broader economic slowdown. This has affected workers, owners and suppliers. The construction sector relies on many suppliers, with $65b in annual payments. The number of people pursuing construction-related vocational training has slowed in recent years because of changes in economic conditions, changes in policy settings and increased migration of New Zealanders to Australia. After rising strongly for 12 years, the residential construction sector is suffering a downward correction. Photo / Fiona Goodall 'While we don't have up-to-date statistics, earlier experiences of high migration to Australia show that we may lose up to 8000 construction workers to Australia a year,' the report said. The sector loses 8% of working days to injuries, roughly twice the rate for all industries. There is an increasing trend in the severity of injuries, even though the number of injuries is reducing. Fewer but more severe injuries means longer away from work, the economists noted. 'This has serious business implications, with the injury-related lost hours alone equivalent to $2.2b of wages and profits per year.' WorkSafe has also reported an average of 10 fatalities a year in the sector in the five years to 2024, which has extremely high social and economic costs, they wrote. NZ Chinese Building Industry Association president Frank Xu acknowledged the downturn. But he said he is seeing signs of a change and momentum returning. Building and Construction Industry Training Organisation director Greg Durkin welcomed the report. It broadened understanding of how economic conditions affect the sector, he said. Anne Gibson has been the Herald's property editor for 25 years, written books and covered property extensively here and overseas.
