Solid Energy chair Palmer to step down as sale looms 22 Jun 2012
- NZ regulators starts money laundering monitoring this month Business
- Solid Energy leaves Mataura briquette plant with GTL Business
- NZ dollar falls as drought throws handbrake on growth Business
- Growth continues despite drought News
- NZ economy grows at half expected pace in 1Q on drought Business
- Diligent makes mistake recognising revenue early Business
- Bettle quits Diligent board as Dominion Finance trial looms Business
- NZ dollar drops as US signals end to QE, GDP looms Business
- MARKET CLOSE: NZX 50 falls, led by Sky TV on football rival Business
- Wynyard shares to list near bottom of range, at $1.15 Business
Solid Energy chair Palmer to step down this year to smooth partial privatisation
By Paul McBeth
June 22 (BusinessDesk) - State-owned coal miner Solid Energy’s chairman John Palmer will step down this year to help smooth the transition away from full Crown ownership.
The sale of up to 49 percent of the mining company will an intense process, and Palmer's personal situation means he won't be able to continue when his term ends next year, he said in a statement.
"This will create a heavy workload for the board and the chairman," he said. "It is preferable to allow a new chair to get well-established as soon as possible to provide continuity and lead the company through this period."
The government plans to kick off its partial privatisation programme in the third quarter of this year, where it will sell down minority stakes in MightyRiverPower, Genesis Energy, Meridian Energy, Solid Energy and Air New Zealand in a bid to net as much as $7 billion.
The Mixed Ownership Model Bill passed committee stage in Parliament yesterday, and is expected to pass into law when the House next sits on Tuesday.
Palmer said he strongly supports the sale, and earlier this year told Parliament's commerce committee the coal miner's capital needs and risk profile were quite different from the electricity companies.
He joined the board of Solid Energy in November 2006, and was appointed chairman two months later. Palmer is also the chairman of Air New Zealand and Rabobank New Zealand and a director of AMP.
Solid Energy made a profit of $70.3 million in the six months ended Dec. 31 on revenue of $537.6 million. It's forecast to lift sales to $1.16 billion and profit to $170.9 million by 2016 with a growing but still minor contribution from wood pellets, biodiesel and briquettes, according to an assessment by brokerage Forsyth Barr.
19 Jun 2013 News
New Zealand Government Hon Chris TremainMinister of Internal Affairs 19 June 2013 Package of reforms planned for Class... more
19 Jun 2013 Business News
Article - BusinessDesk Dairy product prices halt slide in GDT auction, rise 1.1% June 19 (BusinessDesk) - Prices of dairy ... more
19 Jun 2013 Business News
Article - BusinessDesk AMP Capital NZ lifts FY fee income by 34% on Axa inflows, stronger markets June 18 (BusinessDesk)... more
19 Jun 2013 Entertainment
NZ Music Commission Outward Sound Recipients Round 2 2013 Outward Sound is pleased to announce the 2nd round of grant recipients for... more
19 Jun 2013 Property
Call to ban foreign buyers or impose tax on top of property sale price. Australians are contributing to New Zealand's skyrocketing... more
18 Jun 2013 Migration
David Blaker says the predicted 'extra million' residents by 2030 is highly exaggerated. Debate over Auckland's future has presented... more
19 Jun 2013 Travel & Tourism
Air New Zealand’s Premium Economy Class has taken top honours overnight at the prestigious 2013 Skytrax World... more
Travelers Down Under Have More Freedom to Explore the South Pacific with the Air New Zealand Explorer Pass
18 Jun 2013 Travel & Tourism
19 Jun 2013 Rugby
British and Irish Lions wing more
14 Jun 2013 Opinion
Column - Gordon Campbell Gordon Campbell on why everyone has a stake in surveillance reduction In a week dominated by... more
12 Jun 2013 Column
Before I became Editor for NZNewsUK, I had the fantastic opportunity as the Location Coordinator for the Hollywood Blockbuster movie,... more
16 Jun 2013 People
The composer who wrote music for the royal wedding has written a lullaby for the Duke and Duchess of Cambridge's baby, to be sung by... more
19 Jun 2013 Recruitment
A variety of factors mean Auckland and Christchurch will be the hubs of economic growth over the next few years