Latest news with #NZWindfarms
NZ Herald
7 days ago
- Business
- NZ Herald
High volumes of Infratil lift market after ASX 200 inclusion
'It's not so much a surprise that it's been added, but the timing is,' Goodson said. Across the main board, excluding funds, gainers outnumbered decliners by 43 to 38. Spark NZ continued its steady recovery, rising 1.93% to $2.64. In March, the telco traded below $2, a month after it reported a 78% fall in net profit for the first half of the financial year. Goodson said there was no clear source of Spark's improved share price performance. 'You have to go back three or four weeks now for very vague Australian media pre-speculation that private equity might've had takeover interest in it. There hasn't been any noise around that since then.' Mercury Energy shares lost 1.05% to $6.12 after it gave the market a quarterly operational update, which Goodson said was 'pretty solid'. 'All the wailing and gnashing of teeth about wholesale electricity prices is going to have to be put on hold for another winter, I think.' Forsyth Barr analysts Andy Bowley and Hugh Lockwood released an investor note on Wednesday in which they lifted their net profit expectations for Port of Tauranga by 3% because of a 'favourable pricing backdrop'. In a separate note, analysts at Forsyth Barr initiated full coverage of Tower with an outperform rating and a 12-month price target of $2. Port of Tauranga fell 0.7% to $7.05 while Tower gained 2.48% to $1.65. Property management firm Asset Plus lifted 5.13% to 20.5c on low volumes after it told the market it secured a new long-term lease at its 6-8 Munroe Lane development. It signed a 10-year agreement with a tenant to occupy about 1400sq m of Level 6. The agreement lifts the property's committed occupancy from 65% to 74%. Late in the day, NZ Windfarms announced it received final approval from the High Court for its scheme of arrangement with Meridian Energy, paving the way for Meridian to acquire the remaining shares it does not already own. Meridian ended the day 0.52% at 5.77 while NZ Windfarms lifted 2.04% to 25c. 'We're about to lose another company from the exchange,' Goodson said.
Scoop
24-06-2025
- Business
- Scoop
NZ Windfarms Shareholders Approve Meridian Acquisition
The proposed scheme of arrangement (the Scheme), under which Meridian Energy Limited (Meridian) will, subject to the satisfaction of certain conditions, acquire 100% of NZ Windfarms Limited (NZX: NWF) ('NZ Windfarms'), has today been approved by NZ Windfarms shareholders at a Scheme Meeting. The resolution to approve the Scheme was passed by the requisite majorities of shareholders – namely 75% or more of the votes cast in each interest class and more than 50% of the total number of NZ Windfarms shares on issue were voted in favour of the Scheme. Details of the total number of votes cast are set out in the market announcement released today by NZ Windfarms. The final steps in the Scheme process are now underway, including an application to the High Court for final orders. The Scheme remains subject to final orders being granted by the High Court and satisfaction (or waiver) of other customary implementation conditions. The final hearing at the High Court in Auckland is currently scheduled for 16 July 2025. 'We're delighted to have the support of NZ Windfarms' shareholders and now look forward to the outcome of the High Court process. If approved, this transaction will reward NZ Windfarms' shareholders for the value created to date, while also enabling more efficient financing of the Te Rere Hau repowering project,' says Meridian's General Manager Strategy and Portfolio Rory Blundell. The Te Rere Hau repowering project involves the design, construction and operation of up to 39 new turbines with generation capacity of up to 170MW. It will be New Zealand's first wind farm repowering project and has the potential to generate seven times the annual renewable energy production of the current turbines.
