A16 BUSINESSDAY Wednesday, November 17, 2010
THE PRESS, Christchurch
Fears pollen spreading disease Rakaia Fund
Andrea Fox
Biosecurity Minister David
Carter expects kiwifruit
industry leaders to put a
‘‘substantial’’ plan before him
today to contain the bacterial
infection ravaging some Bay
of Plenty orchards, amid new
fears the disease could be
spread by pollen.
Carter expected the meeting would include an industry
request for government funds
to support the action plan.
‘‘But what I will be interested
in is what tactics, what
orchard management, what
processes they recommend
will successfully contain this
disease.’’
It has been 12 days since
PSA symptoms were noticed
on leaves in a Te Puke
orchard. The number of orchards confirmed infected remains unchanged from Monday
at
13,
with
16
quarantined.
But the Agriculture Ministry yesterday advised the
grower-owned industry that
preliminary tests found some
pollen had tested positive for
PSA. Most pollination of
flowering female kiwifruit
plants is done by bees, but
some growers collect pollen
and sprayg or dust it on
flowers. Most of this pollen is
from New Zealand orchards,
but small quantities are
imported from Chile, and
some from China for testing
purposes.
The ministry said no
Chinese pollen has been
applied in New Zealand. Some
Chilean pollen was applied to
Bay of Plenty kiwifruit crops
this year.
MAF said some growers
reported that their vines
showed PSA symptoms before
the imported pollen was
applied and its staff are
investigating those reports.
Meanwhile, pollen imports
were being stopped and
existing stocks held. No
information was available in
international scientific literature that linked PSA spread to
pollen, MAF response manager David Yard said. Local
and imported pollen was
being tested for PSA.
Carter said he may not be
able to give industry leaders
answers today. The action
plan may have to go before
Cabinet on Monday, he said.
Up until now the industry
has been disease-free. Kiwifruit growers did not insure
against disease because the
cost had previously outweighed the risk, Kiwifruit
Growers Inc president Peter
Ombler said.
makes first
investment
Marta Steeman
Telltale spots: PSA is a bacterial disease that affects kiwifruit, detected in Te Puke when brown leave spots were discovered on some plants.
■ SWIFTPOINT
Funds transfer bleeds
Firm looks overseas to boost mouse sales Bridgecorp Aust unit
‘‘unique wireless mouse
product that can be used on
the laptop itself and is proven
to be 30-40 per cent more
accurate than a touchpad.’’
Recognition included a
series of United States
awards, including an editor’s
choice by magazine Computer
Shopper, an innovations
award by Consumer
Electronics Society, and a
‘‘what’s best for 2010 award
from Popular Science
magazine’’, Hunter said.
The mouse was sold on
Swiftpoint’s website and via
the retailer Amazon.
The mouse is
manufactured in Thailand
with product development in
Christchurch by a staff of
three and a number of
contractors. The firm has
received millions in backing
from investors, including
venture capital fund
Endeavour Capital.
Tim Hunter
The last-minute transfer of
millions in cash from Australia to New Zealand has contributed to big losses for investors in an Australian arm
of Bridgecorp.
Bridgecorp Finance receivers told debenture investors this month they will
get just A5.6c (NZ7.1c) in the
dollar after the firm’s highrisk property lending, par-
ticularly to projects by former
Australian test cricketer
Craig McDermott, proved unrecoverable. Bridgecorp Finance owes debenture investors A$19.5m (NZ$24.8m).
Among concerns raised by
receiver Brian Silvia was the
transfer of A$3.7m from the
firm’s bank account in the
month before its receivership
in 2007, to its NZ parent,
although its accounts showed
the cash was still in Australia.
Cuningham Taylor is pleased to announce the
following appointments:
EARTHQUAKE
PUBLIC MEETING
Hamish Taylor
Earthquake and
Insurance Goods
Partner
Hamish is the 4th generation of the
Taylor family to join the partnership.
He has considerable corporate and
commercial experience gained in
Auckland and London which includes
real property, commercial contracts,
joint ventures, and trusts.
Join Amy Adams MP, the EQC and relevant
agencies for a public meeting to discuss the
earthquake recovery
WHEN: 6pm Friday 19th November
TO BE SOLD BY AUCTION
FRIDAY 1pm
WHERE: Halswell Baptist Church Auditorium,
Korina Stronach
6 Balcairn Street
This is an opportunity to discuss any concerns and ask
questions you may have with the Earthquake Commission.
Korina practises in the areas of:
property, commercial and company
matters, family trusts and estate
planning.
3291612AA
Amy Adams
M P F O R S E LW Y N
For more information contact
Amy’s office: 03 344 0418
or email
[email protected]
www.amyadams.co.nz
www.national.org.nz
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Mini mouse: Swiftpoint is seeking
new retail outlets for its mouse.
Christchurch information
technology firm Swiftpoint
says it hopes recognition from
overseas will boost sales of its
wireless computer mouse
product.
Swiftpoint marketing
manager Georgina Hunter
said sales of the mouse now
numbered in the thousands.
The company was hunting for
new retail outlets around the
globe.
The company says it is a
A new private equity fund,
Rakaia Fund, run by Christchurch firm Murray Capital
has made its first investment
in a company in which its
chairman is a substantial
shareholder.
Several
months
ago,
investment bank Murray and
Co’s subsidiary Murray Capital raised $15 million from 38
investors to invest in three to
five prime mid-sized companies needing capital for
restructuring and growth.
The fund’s investment
guidelines permitted it to
invest up to one third of the
fund in one company.
Its first investment is in
stainless steel manufacturer
Mercer Group in which
Christchurch businessman
Humphry Rolleston owns a
substantial stake. He is also
chairman of Murray and Co.
Mercer Group designs,
makes and distributes stainless steel products for the
industrial, dairy, commercial,
food processing, healthcare
and residential buildings
industries.
It announced yesterday a
capital raising of $9m including a rights issue of 4.6 new
shares for every one held at a
price of 5 cents.
Murray Capital Rakaia
Fund Limited Partnership
along with Asset Management, a company owned by
Rolleston, would underwrite
the rights issue.
Mercer would also issue
the Rakaia Fund warrants
that would entitle the fund to
buy shares in Mercer at 5c a
share to take the fund’s
investment in Mercer up to
$5m.
The underwriting by the
Rakaia Fund and Asset Management will require share-
holder approval because Rolleston is involved with the
fund, Asset Management and
Mercer Group.
Mercer is in breach of its
banking
covenants
and
requires an injection of
capital. The shares have not
traded for several months.
Murray and Co managing
director Justin Murray said
Mercer group was the type of
investment the fund had been
seeking.
‘‘It’s an established medium-sized New Zealand business and that’s what we were
always seeking.’’
A key part of the fund’s
strategy was to identify businesses which were in some
way destabilised by market
conditions and required balance sheet restructuring and
recapitalisation.
Mercer was a classic
opportunity for the fund. It
had been working on it for
five months, including three
months of detailed due diligence.
Rolleston was demonstrating his commitment to Mercer, in which he and his
interests have about 18 per
cent, by taking up his shares
in and underwriting the issue,
Murray said.
Rolleston chairs the investment committee of the Rakaia
Fund but Murray said for this
investment it was chaired by
Alan Isaac, a former chairman of KPMG New Zealand.
The fund may not have
been able to access the opportunity but for Rolleston’s
relationship with Mercer.
With a restructured balance sheet Mercer had a
bright future and was the type
of company fundamental to
the New Zealand economy
and that was part of what the
fund like about the investment, he said.
88 Montreal St Phone 365 1357
Phone: 03-379 2605, Fax: 03-379-3544
Level 2, York House, 67 Worcester Boulevard,
PO Box 1003, Christchurch 8140
fto aster way
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