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

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news