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

 


Aorere invests in Chatham Rock Phosphate

Aorere invests in Chatham Rock Phosphate


Aorere Resources will invest $500,000 in Chatham Rock Phosphate, independent chairman Dene Biddlecombe announced today.

“The independent directors think the shares represent outstanding value.”

Mr Biddlecombe said the terms of the private placement – one of a number CRP is currently undertaking – will be confirmed in the next few days.

“CRP is making strong progress with its Marine Consent application and we remain very confident the company will be granted its environmental permit by the end of the year.

We are familiar with the quality of the scientific research and level of consultation undertaken by the CRP team and we believe none of the submissions made have raised any deal breakers.

Mr Biddlecombe said Aorere’s investment would be made from some of the proceeds of the recent shareholder rights issue.

“We think it’s the best investment we can make for our shareholders and are delighted it will enable Aorere to build up its holding.”

Mr Biddlecombe said he was unimpressed by the uninformed and premature report issued by staff of the Environmental Protection Authority earlier this week.

“A cursory look shows it is riddled with mistakes and fails to even consider much of the information received more recently. Had this information been assessed it would have addressed many of the issues raised by the report’s authors.

“It’s a big concern such a report was issued at this time, given it has only confused interested parties, the Decision Making Committee and investors. The EPA should look carefully at its processes in the light of the – hopefully short-term - damage its actions have caused to CRP’s share price.”

ends


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news