KEY POINTS:
Brokers have been given the word that the long-awaited Pike River float will finally be ready to roll next week. Despite long delays getting to market there's still some air of expectation about this IPO - which is tipped to be looking for about $60 million to help fund the $174 million development of a coal mine northeast of Greymouth.
On the other hand, there have been some suggestions that broker interest is a bit flat after the long wait. It is almost a year since majority owners NZ Oil & Gas started talking about the float being imminent.
And actually, if you do some serious digging (so to speak), there are articles dating back to 2001 which mention plans for a public listing.
Some corporate governance issues, including the departure of three directors, caused some of the delays last year. But already this year there seem to have been delays, with offer documents tipped to arrive in February and then in the first week of March.
Never mind. The prospectus is about to be unleashed and given the dearth of imminent listings on the NZX so far this year, it is sure to be looked at very closely by investors on the hunt for new opportunities.
Let's hope it's a strong float because that's always good for the market.
There had been hopes that this year would be a big one for IPOs but nearly a third of the way in, it's all looking pretty quiet
There's Pike, software company Xero and hopefully engineering firm Opus later in the year.
Word is that the corporate lawyers are still pretty busy so hopefully there's more action bubbling away below the surface.
NZ Oil & Gas closed at 87c yesterday, down 1c.
Bubbling away
On that subterranean note, it looks like the market will get a highly anticipated update about Contact Energy's geothermal prospects next week with a series of broker briefings planned.
Speculation has been running hot about the company's geothermal plans in the new carbon-conscious world.
Both Contact and Mighty River own undeveloped land in the hot zone around Rotorua and Taupo and word (coming largely from Might River sources thus far) is that the prospects for development are looking extremely good.
A combination of the tax-friendly environment for renewables and new technology has had some analysts picking Contact may have as much as seven times as much geothermal capacity than was originally thought. Contact shares have eased back from last week's record high of $9.13 and closed at $8.98 yesterday.
Grape expectations
Another reason (or at least partial reason) for the surge in Delegat's share price earlier this month emerged this week. Delegat's shares copped a price inquiry from the NZX after spiking 26c on March 9.
At the time Delegat's pointed to a positive research note from Goldman Sachs JBWere, which featured in Stock Takes last week.
But a substantial security notice from Fisher Funds this week, showing it has increased its stake from 7.57 per cent to 8.67 per cent, probably accounts for some of the buying interest
The SSH notice indicates the fund has been a buyer of Delegat's off and on since July, when it made its last disclosure.
But clearly it's been some recent buying that tipped it over a 1 percentage point stake increase, which requires the disclosure.
When Fisher Funds likes a stock, it really likes it. It now holds strategically significant positions in a number of the market's sexiest growth companies.
A wrap of their latest SSH notices shows that, as well as Delegat's, they hold an 11.73 per cent stake in Mainfreight, 9.92 per cent in Rakon, 10.43 in Pumpkin Patch and a 19.39 per cent stake of childcare provider Kidicorp.
Delegat's shares closed at $2.60 yesterday.
Red shed slide
Shares in The Warehouse have continued their slide this week as the market awaits news from the Commerce Commission on the eligibility of two prospective bidders - Woolworths and Foodstuffs - to take it over. The twice-delayed announcement is now scheduled for Friday March 30, although there's no guarantees it won't be delayed again.
A summer buying frenzy, prompted by the news that both Foodstuffs and Woolies had lodged applications with the commission, sent the shares as high as $7.30.
But as the hedge funds have piled in, there have been plenty of other institutions and retail investors prepared to take the money and run.
Let's not forget that Red Shed shares were trading at just $3.50 in June last year before all the takeover excitement began.
At this stage, investing on the basis of an all-out bidding war is not for the faint hearted.
There are three possible outcomes to the commission's investigation and only one - a green light for both companies - is any good for The Warehouse share price.
Approval for just one would also leave the takeover scenario unresolved as the loser assessed its legal options.
There's a general consensus that Foodstuffs will have the toughest time convincing the commission because it is perceived to have a dominant position at the wholesale end of the market.
And the worst-case scenario - neither getting the go-ahead - can't be ruled out. That could result in a dramatic share price drop. The Warehouse shares closed at $6.74 yesterday, down 1c for the day.
Holding the line
Vector shares have probably benefited from the traditional flight to infrastructure that comes with a rockier trading environment. But strong buying has seen the stock overshoot its real value as far as First NZ Capital is concerned.
Hitting $2.89 this week, the stock was at its highest price since November 2005.
Some other analysts are giving the share price a bit more leeway.
Macquarie has a target price of $3.10. Citigroup and ABN Amro have targets of $3.05 and $3.07 respectively.
Vector shares closed at $2.88 yesterday.
Who will be the boss?
High-profile fund manager Simon Botherway and the rest of his team at Brook Asset Management are looking for a boss. Well, sort of - the company is definitely on the hunt for a managing director to run the show. Botherway - who will still be executive chairman - and the other senior staff want to stick with the investment side of the game. But as things grow they need someone to develop the business so are creating the new position, Botherway says.
The company is expecting a boost from the Kiwi Saver scheme and is also in the process of setting up shop in Australia so they can offer clients better opportunities for investing in the ASX.
There are concerns about the shrinking pool of opportunities on the NZX, Botherway says. So it is important to develop an Australasian outlook.
So who's looking after the shop?
Okay, we all know that life is supposed to be a bit groovy and laid back in the fashion industry, but really, Hallenstein Glassons failure to get its half yearly result out yesterday - apparently because they couldn't get a quorum of directors to sign it off - is not a good look.
The excuse we got was that they were all overseas, but why did Hallensteins apparently find that out only yesterday when it tried to assemble its directors? The result had been eagerly awaited by the market - not just because it was a rare piece of corporate news in what has been a pretty quiet week.
The company warned in January that its six month profit could be 10 per cent down on the previous corresponding period. The results will now be announced on Monday. Hallensteins Glassons shares closed unchanged at $5.15.