21 Jul 2015

Business Briefs

2:41 pm on 21 July 2015

A round-up from Radio New Zealand's business reporters - Chatham Rock's stock exchange bid continues, South Island-based firms remain resilient and GeoOp sees increase in licensed users.

Chatham Rock's stock exchange bid to continue

A plan to seek a backdoor listing of Chatham Rock Phosphate on Toronto's stock exchange will continue, despite a hitch.

One of Chatham's shareholders, Aorere Resources, wants to buy the Canadian listed Antipodes Gold, which in will then buy Chatham Rock, effectively listing it in Toronto.

But Aorere's plans to buy joint-venture assets held by Antipodes as part of the deal have been upset by Newmont Mining, which exercised its pre-emptive rights to buy the Hauraki and Waihi West mineral property assets.

Nevertheless, Chatham Rock and Antipodes continue to discuss the possibility of a back door listing.

Chatham Rock has said the listing will put it in a much stronger position to raise the cash it needs to resubmit its consent to mine the Chatham Rise.

South Island-based firms resilient

A recent survey has found South Island-based firms remain resilient despite signs of a slowing economy.

The Deloitte South Island Index, which tracks the change in market value of 31 listed firms including Ryman Healthcare, Meridian Energy and Ebos Group, edged up 1.1 percent in the three months to June.

Meridian Energy and Ryman Healthcare led the improvement, while Ebos declined.

Lower dairy prices knocked Synlait, while a takeover bid helped retailer Kathmandu.

GeoOp sees increase in licensed users

GeoOp says it has seen a 67 percent increase in the number of licensed users.

The software company says it had more than 19,000 licensed users at the end of June, compared with just over 11,000 the year earlier.

It says the increase has seen annualised revenue rise by 72 percent to $1.4 million.

The company says it has also been applying to move from the stock exchange's alternate market to the main board.