Vital shares up on new takeover offer
Shares in NZX-listed telco infrastructure company Vital have jumped 27% on news Christchurch-based Tait International will make an offer to acquire the company at 45 cents a share.
Vital went into a trading halt yesterday at 27.5c a share after it received communication from a "credible third
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Vital enlists Cameron Partners, Harmos Horton Lusk on takeover
NZX-listed telco infrastructure company Vital has appointed advisers ahead of a possible formal takeover offer from Christchurch-based Tait International. Last month, Tait said it intended to make a full takeover offer for Vital at 45 cents a share. That offer would be payable in cash and subject to
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Christchurch community have their say on council's new alcohol policy draft
Council staff confirmed the draft LAP would not affect the remote sale of alcohol. Photo: 123RF Wayne Hawker tearfully recounted losing his former son-in-law to alcohol abuse while calling on the Christchurch City Council to clamp down on liquor sales in the city. The Christchurch man recalled his family's pain during a hearing on the council's draft local alcohol policy (LAP). The council had proposed ending alcohol sales at off-licence premises - such as bottle shops and supermarkets - at 9pm, as well as introducing a moratorium on new bottle stores in deprived areas and restricting their proximity to schools and addiction services. Current trading hours in the city were 7am to 11pm. Hawker was among the 415 people, businesses and organisations who made submissions on the council's proposal. On Wednesday, he told councillors he lost his former son-in-law to alcohol abuse and easy access to alcohol destroyed lives. "Our daughter... lost someone she thought was her soulmate. Our three grandchildren... 12, 10 and 8 at the time, lost their father. It can be squarely blamed on alcohol," he said. He urged city councillors to further restrict liquor sales, saying supermarkets did not need to sell alcohol as early as 7am. During the hearing, councillors heard varying views from community board members, alcohol harm advocates, business leaders and members of the public. Alcohol Healthwatch executive director Andrew Galloway commended the council on its draft LAP, but called for restricting premises to 9am opening and rules which prevented new stores from clustering in the same areas. Waitai Coastal-Burwood-Linwood Community Board chair Paul McMahon supported the proposals, but urged councillors to further restrict new bottle shops in high deprivation areas to prevent them from becoming "stacked up on the edges" nearby. He also asked councillors to consider restricting alcohol deliveries via apps like Uber Eats. Council staff confirmed the draft LAP would not affect the remote sale of alcohol. Hospitality New Zealand central South Island regional manager Nikki Rodgers said the organisation supported the council's draft LAP. "We particularly appreciate the clarity around off-licence provisions, acknowledging the freeze on new licences, while still allowing new renewals and licences upon change of ownership. This provides essential certainty for existing operators and future investors," she said. Deputy mayor Pauline Cotter asked Rodgers what she thought about McMahon's proposal for greater restrictions in high deprivation areas. Rodgers said it would be hard to put such a restriction in place, given potential population growth. Foodstuffs South Island head of retail Kent Mahon said nine of the company's 18 Christchurch supermarkets would be affected by the 9pm closing time. The changes might lead to stores closing at 9pm, he said. If those stores were to remain open after 9pm, customers might be confused by the rules, leading to staff being abused as a result, Mahon said. "A customer loads up their shop, there's a bottle of wine in there at 9 or 8.58pm, and they can't process that whole transaction through," he said. "We all read the media, and there is abuse towards staff in our stores. Those staff would need to manage that inconsistent messaging." Councillor Sara Templeton. Photo: screenshot / Stuff Councillor Sara Templeton said apart from the potential for conflict for supermarket staff, it did not sound like the changes would have much effect on the stores. Some Super Liquor operators also addressed their concerns with the LAP. Super Liquor Ilam and Hornby co-owner John Symon told councillors he would willingly support closing stores at 9pm, so long as the council put those same restrictions on alcohol deliveries. "It seems ludicrous that on a remote licence you can supply alcohol up to 11 o'clock at night," he said. He supported the idea of preventing new outlets from opening in high deprivation areas, so long as it applied to supermarkets, and said he supported the idea of a 500-metre buffer zone around those areas. Super Liquor Holdings' national operations manager Greg Hoar said delivery drivers should be restricted from delivering alcohol at the same time stores were shut. The company did not agree with restricting new outlets based on deprivation, Hoar said. He described the approach as "one-sided", since the LAP would not put the same restrictions on on-licence premises or new supermarkets. "You have to be 18 to enter into an off-licence premises or with a legal guardian, yet you can walk past outlets or through a liquor section of a supermarket without being questioned," Hoar said. "We have clean sites with no branding of beers, RTD and wines on our buildings, yet I can walk past an on-licence premises and see people smoking and drinking outside with happy hour signs, or waltz into a supermarket." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
National Business Review
6 hours ago
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Serko upgraded to ‘outperform' by Forsyth Barr
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