A meeting was held in Auckland where Hanover Investors met with representatives from Allied Farmers for making the decision on their wealth and income.
There were around 1000 investors who attended the meeting. Hanover investors have agreed to this deal.
As the decision made, the Allied Farmers will take over Hanover's assets by converting Hanover and United investors' debentures to shares. By this Hanover investors would own about 97 percent shares of Allied Farmers. Allied Farmers shareholders are in favor of the tie-up.
House prices recorded an increase of 6 per cent on annual basis according to the latest data provided by industry watchdog. The housing price index revealed by the Real Estate Institute claims
0.2 per cent rise in November to stand at 3283 points.
House prices recorded an increase of 4.1 per cent in last three months up to November thanks to revival in demand and soft interest rates by lenders. Prices were at peak in November 2007 owing to property boom across the world markets and currently stand just 2.9 per cent below the peak level.
The rising trend in the property continues with every passing day as the property value surged 4.1 per cent from April according to the figures released by Quotable Value. However, this level is still below the 5.9 per cent level recorded in 2006 when the property market was on its peak.
The Auckland District Court has fined $500,000 to Telecom New Zealand for infringing the Fair Trading Act to woo customers.
The latest verdict is being seen a warning for other operators who have been placing misleading advertisements about their offerings despite the Commerce Commission's repeated warnings against such exercises.
Telecom has been found guilty to 17 charges including one related to advertising of Xtra's Go Large broadband plan in 2006 in which the firm claimed "unlimited data usage and all the internet you can handle".
The first ever type 1 diabetes patient in New Zealand to have been injected with pig cells in the newest round of Xenotransplant clinical trials has been, as per reports, successfully able to cut down on his daily dose of insulin. On October 6, in Auckland's Middlemore Hospital, the 48 year old had undergone a treatment option wherein insulin producing cells from a piglet's pancreas were injected into his abdomen, a process which is reportedly working wonders.
Privately owned Greymouth Petroleum has been looking for opportunities to expand its presence in the Auckland residential gas and electricity market. The firm, already possessing gas fields in Taranaki, is said to have found more gas reserves at the onshore fields that prompted it to come up with new plants for Auckland.
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