Biz briefs: NZX watchdog's new chairman
The New Zealand Markets Disciplinary Tribunal has appointed Vero Insurance director and Bell Gully partner David Flacks as chairman.
Flacks' previous roles include general counsel and company secretary for Carter Holt Harvey and a member of the market surveillance panel for the NZX.
Flacks said his primary goal was to uphold the independence of the tribunal from the NZX while maintaining a "comfortable, but not too comfortable" relationship with it.
Previous chairman Derek Johnston retired after three years in the seat and a decade with the tribunal.
Gentrack price at top end
The float of software company Gentrack has been priced at $2.40 a share, close to the top of the expected price range of $2-$2.50.
The price values Gentrack at $174.5 million and was set after a bookbuild involving institutional investors. The share offer opens to retail investors on June 9.
Gentrack's initial public offer will raise $36m from the issue of new shares, with the money going to pay off debt, while its existing shareholders will sell down their holdings for $63m.
Gentrack chairman John Clifford said the company was "heartened by the keen interest from institutional investors in New Zealand and Australia, as well as strong retail interest".
Shares in Gentrack, which markets software to help manage electricity utilities and airports, are expected to start trading on the NZX Main Board and ASX on June 25.
Lumley takeover approved
IAG's takeover of smaller competitor Lumley General Insurance in New Zealand has been approved by the Reserve Bank.
The Reserve Bank said today that it was satisfied Lumley would continue to meet the licensing criteria under the Insurance (Prudential Supervision) Act if the takeover went ahead.
The Commerce Commission this month approved the takeover, which will expand IAG's market share from existing brands State, AMI and NZI.