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

 

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news