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2018 News

News

4 December 2018

PPEV_Direct Capital invests in Exact Radiology

Direct Capital is pleased to announce its investment into Exact Radiology, a diagnostic imaging business operating and servicing a network of 13 radiology clinics in South East Queensland, Australia.

28 September 2018

Cavalier Wool Holdings Investment Realised

Pohutukawa II today announced that it had completed the sale of its shareholding in Cavalier Wool Holdings, alongside a sell-down by Direct Capital IV, ACC and Cavalier Corporation, and partial sell-down by Lempriere Australia. 

20 September 2018

Hiway Group Limited Investment Realised

Pohutukawa II today announced that it had completed the sale of its shareholding in Hiway Group (HGL) alongside Direct Capital IV. 

2017 News

News


31 October 2017  

Pohutukawa V  - Investment News

Our investment manager Direct Capital has announced a third investment for Direct Capital V. 

Direct Capital has supported the management buyout of Marvel Packers (Marvel) by the current managing director.  Marvel is a well-established manufacturer of potato based products, specialising in the production of frozen french fries.  Marvel manufactures potato based products from its manufacturing facility in Victoria, Australia. 


1 September 2017  

Pohutukawa V  - Investment News

Our investment manager Direct Capital has confirmed two investments for Direct Capital V. 

AS Colour Holdings Limited  - Direct Capital V acquired a minority cornerstone shareholding in AS Colour from founder and Managing Director Lawrence Railton, who retains a majority stake. 

Complectus Limited  - To effect a recapitalisation of Complectus, Direct Capital V has invested into the group via a convertible loan facility.  Complectus represents the Perpetual Guardian group of companies


25 August 2017  

Pohutukawa II  - Sale of Energyworks

Our investment manager Direct Capital has advised that on the 21st August 2107, Dallas Chadwick, the former managing director of Energyworks announced he had purchased 100% of Energyworks from Direct Capital IV, Pohutukawa II and three current or former executives of the company.  

2016 News

News


7 December 2016

New Fund - Pohutukawa V for Wholesale Investors

Direct Capital, our Investment Manager, is embarking on the raising of up to $325m of capital for a new Institutional Fund, called Direct Capital V (DC V).  As part of this capital raise, we have been offered the opportunity to invest up to $50m-$60m of Committed Capital alongside Institutions via a new fund to be called Pohutukawa Private Equity V Ltd (PPE V). 


23 September 2016

New Zealand King Salmon IPO Confirmed

Following a successful bookbuild process, the world’s largest aquaculture producer of King salmon today (23 September) lodged its Product Disclosure Statement (“PDS”) for an initial public offer of 69.2 million ordinary shares (the “Offer”).  


29 August 2016

New Zealand King Salmon intention to IPO

New Zealand King Salmon Investments Limited today confirmed its intention to undertake an initial public offering of shares in New Zealand and a listing on the NZX Main Board and ASX. 


1 April 2016

New Zealand Pharmaceuticals Secures New Investment

Direct Capital, through its Direct Capital III and Pohutukawa I funds, today announced that it has completed the sale of its shareholding in New Zealand Pharmaceuticals (NZP).


 15 March 2016

Scales Corporation - Direct Capital Sells 15.38% stake to China Resources

China Resources has acquired 21,500,000 shares in Scales (representing 15.38% of the total shares in Scales) from Direct Capital Investments Limited. This included Pohutukawa II's  remaining 2.8% shareholding.


26 January 2016

New Zealand King Salmon -  High quality Marlborough salmon sought after by Japanese consumers


 

2015 News

News


11 December 2015

 Scales Corporation Upgrades 2015 Earnigs Guidance, Lifts Dividend

The directors of Scales Corporation Limited (NZX:SCL) have raised EBITDA guidance, for the twelve months months to 31 December 2015, to between $60 million and $63 million, an increase over the prospectus forecast EBITDA ($41.2 million) of between 45 per cent and 53 per cent.


8 December 2015

 Scales Opens New Auckland Coldstore

Scales Corporation Limited has today celebrated the opening of its subsidiary Polarcold’s 11,800 sq.m. coldstore facility on Ports of Auckland's South Auckland Freight Hub.


20 November 2015

Wool scour merger heads to court after regulator tick

The Commerce Commission’s decision to allow the merger of New Zealand’s remaining two wool scourers was extremely finely balanced.

Last week, it approved the merger of Cavalier Wool Holdings and New Zealand Wool Services International’s wool scouring business.

However, the merger has been temporarily stayed by the High Court and Cavalier’s arch-rival in carpet manufacturing, Godfrey Hirst, is appealing the decision.


11 November 2015

 Direct Capital Sells Transaction Services Group Shareholding

Direct Capital has announced completion of the sale of its shareholding in Transaction Services Group.


28 September 2015

Scales Corporation Interim Report


1 September 2015

 Douglas Pharmaceuticals strikes deal with Vital Foods to acquire its Phloe® digestive health business


9 June 2015

Scales Corporation

2015 Annual Shareholders’ Meeting presentation


16 February 2015

 Ōra King Salmon Rated Best Choice by Monterey Bay Aquarium’s Seafood Watch

Monterey, California: Premium New Zealand Ōra King salmon has been recognized as one of the world’s most sustainable.

 Following a year-long assessment process, a report released today (Feb. 16) by Monterey Bay Aquarium’s globally respected consumer guide Seafood Watch® has rated New Zealand’s marine-farmed salmon, including Ōra King salmon, as “Green”, meaning it is a “Best Choice” for consumers.

The ratings are a strong endorsement of New Zealand King salmon’s sustainability credentials.

Please read the full article.

2014 News

News


12 December 2014

PF Olsen signs MOU in the presence of Chinese President Xi Jinping and NZ Prime Minister John Key

Please read the article here.


23 October 2014

Direct Capital Wins NZVCA Deal of the Year Award

Please read the article here.


23 October 2014

Ross George Recognised as Champion of Private Business Growth

Please read the article here.


21 October 2014

Cavalier Wool Holdings

Media release

New Zealand's Wool Scours to Merge

In a joint release, Cavalier Wool Holdings (CWH) and New Zealand Wool Services International (NWSI) today announced that they have signed an agreement to merge the scouring assets of the two organisations.

Please read the full announcement here.


1 October 2014

Scales Corporation

Scales interim report for the six months ended 30 June 2014 can be viewed here.


11 September 2014

Transaction Services - DebitSuccess expands into the US

Kiwi e-commerce firm Debitsuccess is expanding its payment solutions operation into the US, the company has announced.

The international growth comes as the Auckland-based business prepares to celebrate its 20 year anniversary, and caps off a busy 12 months for the company which acquired UK direct billing providers Harlands and DFC.

Please read the full article here.


25 July 2014

 Media release       

Scales Corporation lists on the NZX Main Board

Shares in leading New Zealand agribusiness group, Scales Corporation, began trading on the NZX Main Board today following the successful IPO that raised $149 million through the sale of new and existing shares.

The stock in the horticulture, storage and logistics and food ingredients business had been issued at $1.60 valuing Scales at $224 million.

 Please read the full Scales announcement here.


4 July 2014

Media release                                                                                                       

Scales Corporation IPO bookbuild completed with strong investor demand

A stake in New Zealand’s primary sector will cost investors $1.60 a share following a successful bookbuild process by Christchurch-based agribusiness Scales Corporation.  The final Offer size has been set at 93 million ordinary shares (being $149 million) and includes $30 million of new capital to provide flexibility for the future expansion of its business.

Please read the full Scales announcement here.


20 June 2014

Media release                                                                                                        

SCALES PROSPECTUS REGISTERED

An investment in New Zealand’s primary industry

 Investors will soon be able to own a stake in Scales - a large, diverse and growing New Zealand agribusiness group.  

 Christchurch-based Scales Corporation Limited today registered a prospectus for the initial public offering of ordinary shares in the company.  The investment statement for the IPO will be available at www.scalescorporation.co.nz

The IPO comprises an offer of up to 100.8 million ordinary shares.  The offer will raise up to $30 million of new capital which will provide Scales with flexibility for the future expansion of its business.  As part of the IPO, majority shareholder Direct Capital Investments Limited will sell down from its current 84 per cent shareholding, but together with its co-investors the New Zealand Superannuation Fund and ACC, will retain a cornerstone shareholding of 20% to 30% in Scales following the IPO. 

 An indicative price range has been set at $1.60 to $1.85 per share.

Please read the full Scales announcement here.


3 June 2014

MEDIA STATEMENT

From Scales Corporation Limited

 SCALES SIGNALS INTENTION TO LIST

The directors of Christchurch-based Scales Corporation have announced the company is considering an initial public offering and a listing on the NZX Main Board.

Please read the full Scales announcement here.


1 May 2014

MEDIA STATEMENT

From Scales Corporation Limited

There has been market speculation that Christchurch-based Scales Corporation Limited is considering an initial public offering of shares to the public.

While the Scales board regularly reviews whether or not a listing on NZX would be beneficial we aren’t in a position to confirm anything at this time. There is currently no prospectus on issue and no monies are being sought from the public.

 No further comment can be made at this stage but we will continue to keep our shareholders informed of any relevant developments.

 Jon Mayson, Chairman

Please read the full Scales announcement here.


30 April 2014

Scales Group

Further to the news item of 12 March 2014 (Demerger of Scales) Scales Corporation Limited (Scales) has now completed the demerger of its investment and property assets. The demerger was achieved through a High Court approved scheme of arrangement.  All Scales shareholders now have an equal number of shares in the operating company - Scales Corporation Limited and in the investment and property company - George H Investments Limited.  From 1 May 2014, the two companies will be operated independently with separate corporate governance processes.

In conjunction with the demerger, on 20 May 2014 Scales will be making a return of capital to Scales' shareholders of $0.27 per share.  This represents a 13% return on invested capital in Scales Corporation Limited. For Pohutukawa II shareholders this means a return of capital of just over $1 million, or 1.25 cps.


17 April 2014

New Zealand King Salmon Supreme Court ruling means yes to 150 green jobs

The Supreme Court of New Zealand has given the green light for three out of four new salmon farms in Marlborough. The new farms represent the first new space to be allocated for salmon for over twenty years.

New Zealand King Salmon CEO Grant Rosewarne says having a final decision is a relief to staff and management despite the disappointment over losing one of the farms. He says "We are pleased to finally have some certainty after three years of legal process. The decision enables us to bring economic benefits to the region while operating in an environmentally sustainable manner.” 

Please read the full NZKS announcement here.


14 April 2014

Transaction Services acquires UK direct-debit company Harlands Group

New Zealand-based e-commerce Company continues its stellar growth

Transaction Services Group (TSG), Australasia's leading payment solution provider comprising Debitsuccess, FFA Paysmart and DFC, announced today that it has acquired United Kingdom based direct debit billing provider Harlands Group (www.harlandsgroup.co.uk), further expanding the company's international operations.

Please read the TSG announcement here.


21 March 2014

Strategic alliance between Augusta Capital & Bayleys

Augusta Capital issued an announcement to the  NZX on Friday 21 March 2014.

Augusta Capital has acquired the property syndication and funds management business of KCL Property Ltd. Augusta has simultaneously purchased the property syndication business of Bayley Corporation Ltd (Investment Property Titles Ltd).  A strategic alliance between Augusta and Bayleys will see Bayleys provide property and facilities management services to the property portfolio. Augusta in conjunction with Bayleys will look to offer a range of new property funds to the market on a 50:50 joint venture co-branded basis, leveraging Bayleys nationwide network of 70 branches and 1,300 personnel.

 The full NZX announcement can be read here.


12 March 2014

Demerger of Scales Group

A demerger proposal has been presented to Scales Shareholders. The proposal involves the demerger of George H Invesments Ltd from Scales Corporation Ltd, essentially separating out the core operating divisions from the investment assets.

The Chairman's letter contained in the Information Memorandum dated 4 February 2014 states -

"The rationalisation and simplification of Scales Corporation Ltd's operating activities in this way is viewed as an important precursor should Scales Corporation Ltd decide in the future to seek a stock market listing on NZX or an alternative exchange."

Scales Corporation’s shareholders on the Record Date (28 March 2014) will  receive a cash distribution (by way of return of capital) of 27 cents per existing share,plus one share in George H Invesments Ltd for every share held in Scales.

A special shareholders meeting was held on 20 February 2014 where shareholders voted in favour of the demerger proposal.

A High Court decision for the approval of the scheme of arrangement for the proposal is expected 13 March 2014.

The targeted completion date for the demerger is 31 March 2014 but this isdependent on the IRD binding ruling which Scales has applied for. The ruling seeks to confirm that the proposed distribution will not taxble as a dividend in the hands of Scale's shareholders.

You can read the full Information Memorandum here.


Direct Capital & Pohutukawa II invests in Energyworks Limited 10 February 2014

Direct Capital IV together with Pohutukawa Private Equity II has announced the completion of an investment in Taranaki-based, Energyworks Limited, New Zealand’s leading provider of mechanical services to the onshore oil and gas, power generation and petrochemical industry.

Direct Capital IV and Pohutukawa II have acquired a 70% shareholding in the company. Pohutukawa II’s shareholding is 16.7%.

Please read the Energyworks announcement.

2013 News

News


Debitsuccess acquires UK direct-debit company DFC

2 December 2013

E-commerce company Debitsuccess announced today that it has acquired UK-based direct debit billing provider DFC (www.debitfinance.co.uk) in an ambitious move that will significantly expand the company’s international operations capability. 

Please read the full press release here.


Expansion Planned at NZ Pharmaceuticals

28 July 2013

As part of the $15 million programme, NZP is doubling the capacity of its storage and distribution facilities and building new GMP (Good Manufacturing Practice) finishing areas to meet the increasingly stringent international regulatory requirements demanded in the manufacture of Bile Acids.

Please read the full press release here.


Scales Corporation - Mr Apple acquires 50% stake in Fern Ridge Produce

21 January 2013

New Zealand’s largest apple exporter Mr Apple, a wholly owned subsidiary of Scales Corporation has bought a 50% shareholding in apple exporter Fern Ridge Produce, a joint venture involving about one third of the NZ apple crop. 

Please read the full press release here.


MEDIA RELEASE NZ AUSTRALIA

AUCKLAND, 2 December 2013

Debitsuccess acquires UK direct-debit company DFC

Antipodean expansion a “significant step” for NZ-based e-commerce company

E-commerce company Debitsuccess announced today that it has acquired UK-based direct debit billing provider DFC (www.debitfinance.co.uk) in an ambitious move that will significantly expand the company’s international operations capability.

Debitsuccess’ CEO, Craig Marshall, said the acquisition is the culmination of a year of strategically planned growth for the company.

“This acquisition will see our capacity for targeting international business increase exponentially and give us a foothold into a region of the world where we are seeing an increasing demand for our kind of service.” he says.  

With a 38-year history in the UK, DFC is a prominent direct debit service provider that enjoys an exemplary reputation within its industry. DFC operates in a similar market space to Debitsuccess, providing billing services to more than 250,000 customers in the leisure sector in the UK, as well as utilities, publishers and telecommunications providers. The company’s head office and call centre are based in the town of Milton Keynes, near London.

DFC CEO, Lynn Young is also delighted with the acquisition, and thinks that DFC will benefit greatly from the new partnership; “This new association with Debitsuccess will add further value to our operations - firstly through sales and contact centre strategy and, secondly, through support at a governance and executive level.”

“DFC is a strong, growing, profitable business, and it is an extremely good fit both culturally and operationally,” says Marshall.

“Moving forward our respective development teams will work together for cross-pollination of technology, strategy and business intelligence to help increase growth and profitability across the entire company.”

Marshall says Debitsuccess is also in final stage discussions with several companies in Asia and the USA regarding the provision of e-commerce services for the growing number of online businesses in these countries.

“We believe that our unique service model for the management of recurring payments adds value to any business or industry entering the ‘subscription economy’ and successfully translates into many countries or territories,” he says.  

Marshall explains that the last 12 months have been unprecedented in terms of significant forward steps for Debitsuccess, which has seen the company register its highest ever number of new accounts in one calendar year, and relocate its operations centre to a larger, more prominent office location in the Akoranga Business Park on Auckland’s north shore.

“We have secured new business in Australia and New Zealand from several high profile new clients. Plus, in October, we recorded the highest ever single month of revenue in the 20 year history of the business,” says Marshall.   

Debitsuccess’ growth and progress is also demonstrated by its steady rise up the annual TIN100 list of New Zealand’s best performing high-tech companies, ranking in the top 40 for the first time in 2013. This year Debitsuccess also achieved Level 1 PCI DSS compliance accreditation for the third year running.

“It has been another very positive year for Debitsuccess. We set some ambitious targets and have strengthened our infrastructure to meet our projected growth, which has included increasing our 80-seat call centre to a 150-seat capacity,” says Marshall.

“The challenge for the future will continue to be our clear focus around delivering the highest quality of service to our clients and their customers as the company evolves and expands.” 

For more information, visit www.debitsuccess.com.

For more information, contact:
Brendan Boughen
PR Manager, Debitsuccess
Mobile: 021 238 6440
Email: Brendan.B@debitsuccess.com

28 July 2013

Since being established in the Manawatu 42 years ago, NZP now exports products to over 50 countries worldwide.

Operations Director, Ed Teece, explains that its core business remains the supply of pharmaceutical intermediates and active ingredients to the global pharmaceutical industry. These products are used in the formulation of drug products (medicines) used in the treatment of a range of conditions including liver and kidney disorders.

“Over the years we’ve specialised in this niche area and cultivated a team with an international reputation as high quality bile acid and carbohydrate experts,” Ed Teece says.

“We remain one of the two global leaders in the manufacture of bile acids and derivatives.”

As part of the $15 million programme, NZP is doubling the capacity of its storage and distribution facilities and building new GMP (Good Manufacturing Practice) finishing areas to meet the increasingly stringent international regulatory requirements demanded in the manufacture of Bile Acids.

In the last 10 years NZP has also diversified. Its subsidiary company, JTB (Just the Berries) extracts anti-oxidants from blackcurrants used in health supplements and nutraceuticals.

In 2009 NZP purchased Dextra Laboratories in Reading, England, a company that specialises in carbohydrate chemistry. The research and development carried out by Dextra is focused on supporting the development of new chemical entities for the pharmaceutical industry and is also being used to further strengthen the bile acids R&D capabilities at NZP.

NZP’s impressive history and achievements were presented to the British High Commissioner, Vicki Treadell, when she visited the headquarters last Friday, July 19.

NZP’s Executive Director, Dr Barry Old, presented an overview of the company, its history and milestones and Ed Teece provided Mrs Treadell with a tour of the existing facilities and where the major new developments are taking place. During the tour Mrs Treadell was introduced to a number of staff including four UK scientists who have been seconded to Palmerston North from the company’s Reading (Dextra) site.

NZP also presented a submission to the British High Commissioner seeking assistance to obtain British Government funding and research and development grants to support activities at NZP’s Reading facility.

NZP employs around 150 staff across its two sites, and exports several hundred tonnes of product a year at a value of many millions of dollars.

Ed Teece also commented that NZP’s future objectives have moved in the past 2-3 years to a more specialised strategy focussed on new bile acid development, increased use of carbohydrates through Dextra, its British subsidiary, and continuing clinical trials in partnership with the US National Institute of Health for ManNAc, a carbohydrate product showing great potential in the treatment of certain kidney disorders.

“The market continues to focus heavily on investigating new treatments for rare and often untreatable conditions. NZP can play a role by providing some of the ingredients,” said Dr Selwyn Yorke (Business Development Manager).

“It gives us great satisfaction in knowing that NZP is providing treatment for a number of rare medical conditions.”

For further information contact:

Dr Selwyn Yorke (Business Development Manager) - selwyn.yorke@nzp.co.nz

Jim Beaumont (Business Development Director) - jim.beaumont@dextrauk.com

 

 

2012 News


NZ King Salmon four new salmon farms for the Marlborough Sounds 
20 December 2012

The Environmental Protection Authority has approved four new salmon farms for the Marlborough Sounds in a draft decision announced today.

Read more


Board’s decision represents “missed opportunity for community”: New Zealand King Salmon
20 December 2012

The draft decision released today by the EPA’s Board of Inquiry represents a missed opportunity for Marlborough, Nelson, New Zealand and the company NZ King Salmon CEO Grant Rosewarne says.

“All could have benefited so much more had we been granted additional space.” - Mr Rosewarne says the company believes commerce and conservation can live together and that the Sounds can easily support what the company had planned.

Read more


Hiway Group Limited acquires SAT CIVIL 
7 November 2012

Hiway Group, through its Hiway Stabilizers Australia Pty Limited subsidiary, today announced that it had completed the 100% acquisition of SAT Civil Constructions Pty Limited, Queensland’s leading provider of specialist road stabilisation services.

Read more


Ben Powles, General Manager at Fishpond speaks to Andrew Patterson from Interest.co.nz
4/07/2012

To see the interview via Youtube follow this link http://www.youtube.com/watch?v=JfTqvT-X3Js

Fishpond and Facebook have plenty in common; apart from both starting with the letter F. Both sites began life in bedrooms, were started around the same time by young entrepeneurs in their early twenties with no specific background in business and both quickly enjoyed phenomenal growth using the power of the net and feedback from users to spearhead their future direction.

Read more


The New Zealand Farmers Weekly - Scales Corporation 100 years celebration.
16/07/2012

The last few years have been volatile and extremely challenging, but Scales Corporation goes into its centenary celebrations this weekend in as strong a position as it has even been. Except perhaps for a brief period after the Great War when the then chairman accused his own company of profiteering.

Read more


Pohutukawa I - New Zealand Pharmaceuticals - breakthrough trialled in US 
12/07/2012

A type of carbohydrate sugar known as ManNAc has been manufactured by New Zealand Pharmaceuticals since 2003. The sugar is one that is important to the human body, however it is one that can be difficult for the body to produce naturally.

NZ Pharmaceuticals hold certain Intellectual Property rights to the molecule, which is an intermediate product used in the manufacture of many different drugs and medications.

Read more


Sale of shareholding in GoBus Holdings Limited
4 May 2012

Direct Capital, through its Direct Capital III and Pohutukawa funds, today announced that it had completed the sale of its shareholding in GoBus Holdings Limited, New Zealand’s third largest public transport operator, as part of a recapitalization plan to continue the company’s impressive growth.

20 December 2012

Marlborough Sounds Fish Farms Approved

www.stuff.co.nz/business/farming/8103738/Marlborough-Sounds-fish-farms-approved 

The Environmental Protection Authority has approved four new salmon farms for the Marlborough Sounds in a draft decision announced today.

The authority's board of inquiry sat for nine weeks in Blenheim, hearing about 1200 submissions on NZ King Salmon's proposal to set up nine new salmon farms in areas of the Marlborough Sounds where marine farming is banned under the Marlborough District Council's resource management plans.

The board's draft report ruled that farms at Papatua, Ngamahau, Waitata and Richmond were allowed, and farms at five other places were declined.

The draft decision and report can be found here.

The resource consents cover the four sites for a 35-year term.

The draft report and decision is now open for comment by New Zealand King Salmon, all submitters, the Minister of Conservation, the Minister for the Environment and Marlborough District Council.

They can comment on minor and technical aspects of the report only, not on the Board of Inquiry's decision or its reasons for that decision, until February 8.

The board will consider the comments and provide its final report and decision by February 22.

Marlborough Mayor Alistair Sowman said the council needed to understand why the board had gone against the long-established Marlborough position that activity in the Sounds should be clearly separated with one area for industry, another for recreation.

Sowman said the council itself never had a fully developed position on the King Salmon application because, as the local authority, it never had the opportunity to consider the merits of the proposal through its existing processes.

The council has stated only that it did not believe that its resource management plan should be set aside, he said.

The district council would also have to consider the decision's precedent-setting implications for future aquaculture activity in the Marlborough Sounds.

"However, before we make any detailed comment about the planning issues within this report, we will need to study it and fully consider the implications for the Marlborough Sounds." 

With the draft decision released, the council would work with King Salmon to progress its plans, he said.

"We look forward to engaging with the company - particularly to hear more about its plans for job expansion within Marlborough." 

A salmon processing plant in Picton would be the ideal outcome now that the company had the go-ahead to expand.

"I believe King Salmon is acutely aware that they have a big public relations challenge ahead with a significant portion of the Marlborough community.

"But I am sure that the company will put time and effort into building bridges here and the council will be very open to working with King Salmon," he said.

- The Marlborough Express

New Zealand King Salmon Media release                                                     

20 December, 2012

Board’s decision represents “missed opportunity for community”: New Zealand King Salmon

The draft decision released today by the EPA’s Board of Inquiry represents a missed opportunity for Marlborough, Nelson, New Zealand and the company NZ King Salmon CEO Grant Rosewarne says.

“All could have benefited so much more had we been granted additional space.”

Mr Rosewarne says the company believes commerce and conservation can live together and that the Sounds can easily support what the company had planned.

“But too often in New Zealand commerce is pitted against conservation in an adversarial way that prevents regions achieving benefits from their natural advantages. As a nation we must find a way to view development as not being contrary to environmental objectives.”

“While the Board has granted us some space to grow we are mindful that the farms must come with consent conditions which make them practical to operate.  We will need more time to assess the resource consent conditions.” 

Mr Rosewarne believes the region will miss out on downstream economic growth and local businesses will be denied capital development works as well as ongoing business.

“New Zealand depends on sustainable primary production to support a standard of living and a way of life we all enjoy. But Australia has recently granted almost 200 per cent more space for salmon farming than we have received at about one fifth of our cost.  How does New Zealand industry compete with these realities?

“We have missed an opportunity to bring more than 370 new jobs to the Top of the South and support local businesses across a wide range of categories.

“As a company we had extremely good growth prospects but will now have to review our strategy.  Our next move is to carefully examine the draft decision. We are able to comment on minor or technical aspects of the report before the Board’s final decision is issued in February.

“We acknowledge the community's voice during the process. We will continue to work hard to show them they can be proud of our wonderful world-class King salmon product in the same way that Marlborough is proud of  the region’s renowned Sauvignon Blanc,” Mr Rosewarne says.

“King salmon, sustainably grown at home and in balance with the environment, is a success story for New Zealand and Marlborough. We produce a world class product sought after by some of the top chefs in the world and supply the New Zealand market with valued Omega-3s.

“We look forward to utilising the four farms we have been granted to help meet demand.

“Businesses that support the local community, the health of the nation and economic growth need to be fostered and celebrated.”

About New Zealand King Salmon

New Zealand King Salmon (NZKS) sustainably farms King salmon from five sea farms in the cool, deep waters of the South Island’s Marlborough Sounds.  NZKS invests heavily in research and development and is recognised worldwide for its best in class King salmon farming practises. It is firmly committed to the sustainability and viability of a renewable resource with its success centred on maintaining the purity of the waters in which the salmon are farmed. King salmon has a high natural content of healthy long-chain Omega-3 oils important for life and good health and which can help to maintain a healthy heart.

 NZ King Salmon:

  • Is NZ’s largest fin fish aquaculture producer employing more than 440 skilled workers in New Zealand and a further 10 in Australia, the US and Japan.
  • Currently produces up to 7,500 metric tonnes of King salmon annually accounting for 70 per cent of New Zealand’s salmon production.
  • Total sales on domestic and exports markets are NZ$115 million p.a.
  • Is the world’s biggest farmer and supplier of the King salmon variety with 55 per cent of the global market and earns around NZ$50 million a year in foreign exchange.
  • Has clear market advantages including great tasting salmon from a sustainable, disease-free, chemical-free, clean growing environment, fresh-to-market distribution, vertical integration and supply chain product traceability.

NZKS brands Regal and Southern Ocean are available nationwide from supermarkets (NZ only), fish suppliers and good delicatessens. For recipes and serving suggestions visit www.regalsalmon.co.nz. The company also produces premium Ora King salmon exclusively for the food service trade. For more on Ora King visit www.oraking.co.nz. For more information about NZ King Salmon visit www.kingsalmon.co.nz.

Issued for New Zealand King Salmon by Pead PR


Contact:

Grant Rosewarne, CEO, NZ King Salmon, 
Tel: 027-246 0980,
email: Grant.Rosewarne@kingsalmon.co.nz

Deborah Pead, Pead PR, 
Mob: 021 612 919, 
email: deborah@peadpr.co.nz

7 November 2012

Hiway Group Limited acquires SAT CIVIL

Hiway Group, through its Hiway Stabilizers Australia Pty Limited subsidiary, today announced that it had completed the 100% acquisition of SAT Civil Constructions Pty Limited, Queensland’s leading provider of specialist road stabilisation services.

Hiway Group has built its operations in Queensland, Australia through its initial presence with the geotechnical division in northern Queensland, to now include road stabilisation in South East Queensland and other adjacent areas.

SAT Civil Constructions (SAT CC) was started by Jan Weinert and Veronica Cooper in 1997 and has since grown to be one of the larger stabilising businesses in Australia, based in Queensland. SAT CC has provided customers with cost saving alternative construction methods and technology that has established them as leaders in this field and a major stabilising service provider in the Queensland flood recovery rebuild. SAT CC is a specialised subcontractor concentrating on road recycling, in the areas of Hot In Place Asphalt Recycling (HIPAR), Cold In-situ Stabilisation of pavements and Dry Matting (rectification of Bleeding Seals).

Both Hiway and SAT CC have similar business values, ethics and culture. Both entities are known for their personal touch when dealing with employees, customers and suppliers and are also highly recognized for their knowhow and quality workmanship. SAT CC’s role as a specialist subcontractor to a broad range of principal contractors is in line with the Hiway Group’s model & philosophy. The fusion of these two companies can only enhance their commitment to their customers and broaden their innovative edge.

“I am confident that our customers and staff will see that our commitment to quality and service will continue under the ownership of Hiway” commented Jan Weinert, General Manager of SAT CC.

Jan Weinert will remain as general manager for SAT CC and Veronica Cooper will continue in her operations role.

“Hiway’s acquisition of SAT CC is a natural progression for our operations in Queensland with the history of SAT CC and its development which is very similar to Hiway’s. This expansion will offer further positive opportunities for our staff and customers” says John Boocock Managing Director of Hiway Group Limited.

Contacts

John Boocock, Managing Director, Hiway Group +64 21 941 034

Jan Weinert, General Manager, SAT Civil +61 417783 995

About Hiway Group

Hiway Group has a long and successful history dating back to its establishment in 1982. The company has led the way in introducing innovational cost effective alternative methods, international accepted modern techniques and specialist equipment in stabilizing and ground improvements associated with road construction and civil works. Hiway Group operates through two main operating companies, Hiway Stabilizers deploying a number of specialist technologies including foam bitumen recycling, pavement recycling, aggregate modification, sub grade stabilization, and fill conditioning and Hiway Geo technical which include technologies like deep soil mixing, shot rods, super nailing, rope access work, slope reinforcement and stabilization The company also offers a number of environmental contracting services including solidification of contaminated soil, recycling ,mass instu stabilization and site remediation.

24/07/2012

Ben Powles, General Manager at Fishpond speaks to Andrew Patterson from Interest.co.nz

To see the interview via Youtube follow this link http://www.youtube.com/watch?v=JfTqvT-X3Js

Fishpond and Facebook have plenty in common; apart from both starting with the letter F.

Both sites began life in bedrooms, were started around the same time by young entrepeneurs in their early twenties with no specific background in business and both quickly enjoyed phenomenal growth using the power of the net and feedback from users to spearhead their future direction.

In the case of Daniel Robertson, CEO and founder of Fishpond, his studies in electrical engineering offer a clue as to the logic he applied in building his online business.

Starting out as an online book retailer with humble beginnings in a spare bedroom, which rapidly consumed his whole house and eventually his first warehouse, the business has achieved success in a way that Telecoms disastrous foray into online retailing, Ferrit.co.nz, failed to do a few years back.

Rapid growth

Seven years on, Fishpond has now graduated to its fourth warehouse, all three thousand square metres of it, conveniently located just a stone’s throw from Auckland International Airport thereby ensuring an efficient turnaround of both the delivery goods from more than 300 suppliers and the despatch of orders to its customers.

The numbers are as impressive as they are scary for traditional retailers. Fishpond sells something on its website, on average, every 7 seconds, adds a new customer every 51 seconds and has 5.3 page views per second – and manages all of that with just 65 staff.

While books remain the mainstay of the business at around 70%, its merchandise mix is rapidly evolving to include fragrances and perfumes, toiletries, DVDs, toys, clothing and even printer cartridges. There are plans later this year for shoes, e-books and digital music to also be added into the mix.

In fact, Fishpond currently boasts a total of 7 million different product offerings with plans to increase this to more than 10 million over the next 12 months.

Business model

The success of the business model is based on the fact that not all of those items are actually contained in the company’s warehouse as it also acts as a reseller on behalf of other businesses, but more about that later.

Ben Powles, General Manager at Fishpond says the company’s phenomenal growth has been driven by three key attributes.

“Firstly, and most importantly, having the best price, secondly having the best selection and finally delivering all orders free of charge.”

Clearly the strategy has worked with Fishpond now laying claim to being Australasia’s biggest online retailer in Australia and NZ; it even says so on its business cards.

Surprisingly, sales to customers across the ditch now account for 80% of the company’s revenue which becomes obvious as you observe its delivery conveyer with Australia Post bags everywhere being rapidly filled with customer orders ready for twice daily despatch across the Tasman.

“Australia has been growing much faster for us than NZ since we began targeting that market in 2007. The Aussies seem to be more comfortable buying a variety of merchandise online and we even have the time zone working in our favour.”

Pricing strategy

Fishpond’s clever pricing mode, where stock on hand is regularly repriced to reflect the current exchange rate, provides an extra bonus for savvy online shoppers.

“If the kiwi dollar strengthens then customers are able to get the benefit of that straight away which means they don’t have to wait until the currency gets to a certain point before they decide to start shopping.”

The strategy offers some insights into how Fishpond manages to compete against the likes of Amazon in the book space, which is one of the more common questions it regularly gets asked.

The answer is both smart business practice and reassuring for online shoppers.

Every purchase is automatically checked against Amazon from the outset which means customers are guaranteed both the lowest price in addition to freight free delivery.

“We guarantee to beat Amazon everytime and unlike other retailers who say find a better price and we guarantee to beat it by a certain percentage we simply give customers the assurance that we’ve already gone out and done that for them each time they place an order.”

It’s another example of how online e-tailers such as Fishpond are redefining the retail landscape by not only being able to avoid expensive shop fronts and having to employ front line sales staff but also being able to provide price guarantees which customers obviously value during these tough economic times.

Customer interface

Managing the customer interface is another area where the company is able to save money in order to keep its prices low.

“We don’t operate a call centre which means all our customer enquiries are conducted by email. Effectively we empower customers to manage their orders themselves so if a delivery doesn’t turn up, which does happen from time to time, then they’re able to simply reorder the goods or we offer them a full refund.”

Like everything else online, Fishpond is continuously evolving as a business according to the demands of its customers.

Staff and culture

“We tell our staff that if you don’t like continuous change and process improvement then we’re probably not the sort of place that you want to be working.

But in saying that, we do invest significantly in our staff and setting up the right culture is important.

As an example, they came up with our nine company values themselves. We didn’t specify a number; they just decided there were nine.”

All staff also complete Fishpond’s yearlong School of Fish programme, a 12 month orientation exercise that exposes them to each of the different aspects of the business.
Embracing new age work practices, not all staff are actually located on site with many virtual workers choosing to operate from home – some out of necessity.

Fishpond has staff working from home both here and overseas in countries as diverse as Russia, Indonesia, India and even Belarus.

Staying connected to the customer will often reveal business opportunities, including the company’s latest foray into the second hand market.

New opportunities

Smart Sell involves customers packaging up unwanted low value items around the house and sending them in for resale or having them collected by Fishpond.

“The whole listing process for selling low value second hand goods online is quite clunky and we thought we could do a better job by managing the pricing process for customers which involves a lot less hassle.”

“So for example, if a book is sent to us in near new condition then we’ll list it just below the price for a brand new copy and when it sells we lodge the funds directly to their account so the hassle factor is virtually nil.”

“From a buyers point of view it gives us a lot more product on the site which obviously further increases our online traffic and our Google search rankings.”

The same model is also made available for businesses.

“We can list, market and distribute the product for them into Australia. They can set the prices but suddenly they can have a fully functioning distribution channel that’s already set up and running for them. There’s no upfront cost and we simply charge a 17% commission.”

Future

For those considering entering the online space Ben Powles has some useful advice.

“Really understand your market. Don’t think you automatically know what your customers want. Test that as much as you can.”

“Our philosophy has been to get the product or idea launched, then wait for the feedback. If you’re not embarrassed by your first prototype you’ve launched too late.

Don’t think you have to get it perfect before you launch something.”

As for marketing, like many other online businesses the traditional marketing mix doesn’t apply.

“We don’t advertise in the traditional sense, everything is done online.”

So what could Fishpond look like five years from now?

“We’ll continue to be based here in NZ, we’ll be operating in more countries, building innovative IP and technology and just being a really great place for people to shop online.”

Traditional brick and mortar retailers should beware - Fishpond may well turn into a shark.

16/07/2012

The New Zealand Farmers Weekly - Scales Corporation 100 years celebration

Used to beating off adversity

Alan Emerson

The last few years have been volatile and extremely challenging, but Scales Corporation goes into its centenary celebrations this weekend in as strong a position as it has even been. Except perhaps for a brief period after the Great War when the then chairman accused his own company of profiteering.

About 400 people will be at a dinner in Christchurch celebrating the achievements of a business which began as a protest by sheep farmers in the late 1800s against the freight costs imposed on them by shipping companies to carry wool to the United Kingdom. In 1898, they engaged a Wellington auctioneer and trader, George Herbert Scales, to organise a competing service for them.

In 1912, the business was incorporated as Geo H Scales Ltd, a shipping company, and only sheep farmers were allowed to be shareholders. Scales died in 1928, but the business lived on, and some of his descendants will be at the dinner.

Shipping was the sole business for a long time and a milestone was being appointed as shipping agents for the Soviet Union in 1941.

Geo H Scales Ltd still exists but is more of an honorary entity these days, with the shipping business operated as part of Scales Logistics. "We send out 11,000 twenty-foot equivalent containers a year, and if George Scales had thought we'd be doing that, he'd know we were a big part of the shipping scene,'' says managing director Andy Borland.

Now it also has bigger businesses - including apple growing, packing and exporting through the Mr Apple subsidiary, and the Meateor pet food manufacturing operations, which supplies frozen ingredients to end product manufacturers in the US and Thailand. It is also a substantial land owner.

Scales' first move into other business was the 1983 acquisition of the Polarcold Stores, which has grown across several parts of the country to be a major part of its operations. Scales stores its own apples and petfood but most of the coldstore space is for use by external clients, storing dairy, meat, vegetable and fruit products.

It also leases out industrial sites adjoining its big storage assets in Dunedin and Hawke's Bay - both former freezing works sites. Borland envisages the sale of some industrial land, leaving Scales with the big stores, to fund further investment in the primary sector activities.

Along the way, Scales withstood a takeover bid from Brierley Investments in 1971. Timaru accountant the late Alan Hubbard, who is believed to have been a shareholder since the 1950s, played a major role in seeing Brierley off. From then on Scales became a Hubbard interest more and more, eventually being about 79% owned by his South Canterbury Finance (SCF).

Scales got into financial strife in the late 1980s, after the big market crash of that era, and again in the late 1990s, coinciding with the centenary of the very start of the Scales business.

Hubbard ensured it survived those scares but another decade on and greater challenges loomed ahead.

A global financial crisis, a high currency impacting on export returns, SCF being put into receivership, and the Christchurch earthquakes damaging the head office and important cold storage assets.

Those elements were the backdrop to Scales Corporation in centenary year 2012, but Borland, who joined as chief executive in 2007, says that right now the business is in a "pretty good spot''.

Ownership is at the core of that. The SCF receivers sold the controlling shareholding in Scales to Auckland-based Direct Capital in 2011 and a rights issue completed in May has increased its shareholding to 83%. About 460 shareholders own the balance.

Borland had made due diligence presentations to about a half dozen potential buyers and welcomed the Direct Capital involvement. For a start, it was a New Zealand owner.

He ticks off the new positives:

  • A rock-solid cornerstone shareholder.
  • A very clear strategy of diversification within the primary sector.
  • An improving balance sheet.
  • Bringing proven people into governance roles. Jon Mayson, who as chief executive turned Port of Tauranga into the success it is today, is the new independent chairman, and also chairman of Polarcold. Melbourne-based Tim Goodacre, former chief executive of Zespri, is now chairman of Mr Apple.

Borland adds these factors to the group's existing strengths, including what he calls a passionate and experienced workforce.

He has a cheerful sense of optimism, despite saying that "nothing is easy when the currency goes through the rise it has''.

A special challenge is in Europe, the biggest market for Scales' biggest business, Mr Apple. The European economy is poor, and the kiwi dollar is at record levels against the euro, but, helpfully, the in-market prices are actually very good this year.

Operating excellence is a key focus. A new defect sorter at the Waipawa packhouse in Hawke's Bay allows Mr Apple to directly bag 4.5 million apples a season for a European client. Their next step is to supply directly to the supermarket shelf, avoiding expensive repackaging in Europe.

Another efficiency example is Meateor running its own logistics right to the nearest coldstore to the offshore manufacturing site. "It means we can control the quality of the logistics right through,'' Borland says. "You can diversify a commodity by offering more services and options.''

There are challenges ahead, notably to make apple exporting more profitable.

Scales is one of the producers registered to export to the newly-opened Australian market, but getting established there means taking on a very rigorous and expensive testing regime.

And more specifically, the group has taken a 10% shareholding in fellow apple exporter Turners & Growers as a pathway to greater industry collaboration to lower costs and improve returns. T&G is completing its own industry review, but Borland says its initial reaction to his suggestions has been positive.

Scales also has to bed down a permanent home for its small head office team and the shipping business crew.

They are in their second temporary offices, after the central Christchurch base was damaged in the February 2011 earthquake. The building has been demolished, but Borland says insurance cover will allow building of a substantial replacement office block, most of which will be able to be leased out to other tenants. That will be a year or two away and it is likely that a third lot of temporary offices, this time back in the city centre, will be taken up in the meantime.

NZ firm's breakthrough trialled in US

12/07/2012

A type of carbohydrate sugar known as ManNAc has been manufactured by New Zealand Pharmaceuticals since 2003.

The sugar is one that is important to the human body, however it is one that can be difficult for the body to produce naturally.

NZ Pharmaceuticals hold certain Intellectual Property rights to the molecule, which is an intermediate product used in the manufacture of many different drugs and medications.

The pharmaceutical company has been working with crown research institute Industrial Research Limited, to conduct research and development and manufacture the product which it exports to a number of drug companies. 

NZ Pharmaceuticals business development manager Selwyn Yorke said recent overseas research showed people with the rare disease Hereditary Inclusion Body Myopathy lack an enzyme to produce Sialic Acid, of which ManNAc is a natural precursor.

Hereditary Inclusion Body Myopathy is a muscle-wasting disorder which usually starts around the age of 20-30 years.

Patients are usually confined to a wheelchair by the time they are in their 30s.

A partnership between NZ Pharmaceuticals and the US National Institutes of Health will see ManNAc produced into a therapeutic treatment that is hoped to reduce or halt the progression of the disease.

ManNAc is one of the first molecules to enter development in the Therapeutics for Rare and Neglected Diseases program run by the National Human Genome Research Institute.

Pre-clinical tests have already been promising with test results in mice showing major improvements in the production of sialic acid.

ManNAc given to mice for several days lead to increased sialylation in kidney tissue and limb muscles.

An application to begin a phase one clinical trial will be filed later this month with the American Food and Drug Administration.

Yorke said the trials would hopefully begin in the US in several months.

"From there, if it is successful we hope it will go to a phase two trial."

Yorke said it would be a long road until the drug was potentially considered safe and effective for use, but the opportunity was "invaluable" for them.

"It would be worth millions of dollars, and we would hope help many thousands of people."