8 May 2015

Business Briefs

2:41 pm on 8 May 2015

A round-up from Radio New Zealand's business reporter; SeaDragon gets new chair, NZF head towards voluntary administration, and ultra-fast broadband network 40 percent complete.

SeaDragon gets new chair

Fish oil firm SeaDragon has appointed Colin Groves to chair the board, after last week's surprise resignation of the company's long-serving chief executive.

Ross Keeley, who has led SeaDragon for 11 years, said he would step down as soon as the board was able to find a new chair to replace Doug Wilson.

Colin Groves is the director of mergers and acquisitions at the processing and packaging firm, Tetra Laval, and has also held roles at Informix Software, and the US healthcare giant, Johnson & Johnson.

He is a chartered accountant and also the chair of MEA Mobile and the Agri Group of Companies.

NZF head into voluntary administration

Financial services shell company NZF is to be placed into voluntary administration after plans to buy the Christchurch high-tech company Inventory Technologies failed.

NZF was planning to transform itself through the deal, which would have resulted in a backdoor listing of Inventory Technologies.

Since the deal collapsed, the board has looked at options to speed up the distribution of funds to investors.

It said it was now in talks with an independent firm to start the process of voluntary administration within the next two weeks.

Ultra fast broadband ramps up

Chorus says the roll-out of its ultra fast broadband network is now 40 percent completed.

The lines company says as of 31 March it had rolled out the UFB fibre network past 333,000 premises, giving 439,000 users an opportunity to connect.

Chorus says broadband connections rose 1 percent, or by 11,000 lines to almost 1.2 million, in the three months to the end of March.