NZ stocks: Mooring Systems debuts on NZSE

By ELLEN READ markets writer

First up this week is today's graduation of Mooring Systems to the main New Zealand Stock Exchange market from the new capital market.

The company's key transaction - a requirement for the move - was to buy Mooring International's assets for $3.6 million.

On a bigger scale, the independent valuation report on takeover target Bendon is due early this week.

Pacific Retail Group, 73 per cent owned by a subsidiary of Eric Watson's Cullen Investments, has launched a 100 per cent takeover bid for Bendon Group at $1.90 a share.

Bendon managing director Hugo Venter, in association with AMP, had offered $38.5 million for a management buyout of Bendon Group's operating subsidiary.

A response from Bendon's independent directors, a further move from Mr Venter and action from an unidentified third party which has completed due diligence on Bendon are likely to be revealed this week.

Cinema and property company Force Corp said last week that it was extending the closing date on its rights issue to this Friday.

The rights issue of 31 million mandatory convertible notes, issued at $1 each, is being held to finance a recapitalisation of the company, which has lost money on its joint-venture cinema operation in Argentina.

Brewing company DB holds its annual meeting in Auckland tomorrow.

While the meeting is a formality, given that Singapore-based Asia Pacific Breweries owns 76 per cent of the company, shareholders will be looking for indications of how it is performing as a slimmed-down brewer after shedding its wine and liquor distribution operations.

Shareholders should be reasonably happy with the company's share price, which has risen about 20 per cent since this time last year.

Speculation of a full takeover by APB surfaces from time to time, but APB said late last year that it had no plans to approach minority shareholders with an offer.

But it did say it was prepared to consider the possibilities if there were willing sellers at attractive prices.

Also tomorrow, The Warehouse will release its sales figures for the six months to the end of January.