Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Rangatira names Veal as CEO; likely to up Magritek stake

Rangatira names Phil Veal as CEO, says likely to up Magritek investment

By Jonathan Underhill

Aug. 4 (BusinessDesk) - Rangatira, the Wellington-based investment group, named Phil Veal as chief executive and told shareholders magnetic resonance imaging firm Magritek is probably performing well enough to trigger a further investment.

Veal, whose roles include chairman of Kea, the networking company for New Zealanders set up by Warehouse Group founder Stephen Tindall, will start with Rangatira in September. He replaces Ian Frame, who stepped down in June after an 11-year tenure.

Veal takes over an investment company with some $180 million of assets ranging from Polynesian Spa to the Rainbow's End Theme Park and Tuatara Brewing Co. The company took a 12 percent stake in Magritek, which makes magnetic resonance imaging and nuclear magnetic resonance devices, a year ago. At its annual meeting in Wellington today chairman David Pilkington said the business is on track to meet certain milestones including a sales target that would trigger Rangatira lifting its holding to 18 percent.

Magritek's technology itself not only works very well, but its competitors are struggling to emulate it," Pilkington told BusinessDesk after the meeting. Rangatira had split up its investment because Magritek was effectively a start-up and the investment company wanted to ensure it would meet its targets.

He told the meeting that Rangatira's portfolio of listed investments is currently under review. Modest gains from shares had been affected by its weighting to the Australian market and the effect of a high kiwi dollar.

Shareholders at the meeting approved all resolutions including the company's plan to buy back up to 600,000 of its class A shares, amounting to 9.7 percent of those on issue, and 600,000, or about 5.2 percent, of the B shares, which are held by charitable trusts including Outward Bound New Zealand and various JR McKenzie trusts.

The Class A shares last traded at $8.60 on the Unlisted platform and the Class B shares were at $8.50.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news