With the ultra-fast broadband (UFB) rollout completed, Chorus is in transition from being “the great network builder to becoming the great network operator”. Chorus said it will move rapidly to retire the copper network by 2030, reducing operating expenditure by about $50m a year.
Chorus will also look to recycle 4000km of large copper cabling over three to seven years, with estimated proceeds of $30m-$50m. Chorus confirmed operating earnings (ebitda) of $700m-$720m, gross capital expenditure of $440m-$440m and a dividend of 57.5c a share.
Greg Main, Jarden Wealth Management adviser, said Chorus went through the capital expenditure phase (building the UFB network) and it can now leverage that asset. “I guess Chorus is noticing the competition threat of satellite and fixed wireless.”
Fisher & Paykel Healthcare added 37c to $38.42; Meridian Energy gained 14c or 2.25% or 1.77% to $6.35; Ebos Group was up 50c to $38.50; Gentrack climbed a further 20c to $14.25; Auckland International Airport increased 29c or 3.74% to $8.05; and Mainfreight collected 85c to $74.10.
Manawa Energy was up 10c or 1.92% to $5.30, Third Age Health increased 8c or 3.54% to $2.34; Green Cross Health improved 4c or 4.82% to 87c; Colonial Motor Co added 20c or 3.03% to $6.81; and Move Logistics gained 1.5c or 7.14% to 22.5c.
Asset Plus, up 2.5c or 10.2% to 27c, is paying a special dividend of 5c a share on December 18 following the sale of 35 Graham St in Auckland. Asset Plus said there are currently no strategic opportunities of sufficient scale that would be compelling for shareholders compared with a partial return of capital.
Summerset was down 14c to $12.69; Spark declined 7c or 2.39% to $2.86; a2 Milk shed 11c or 1.73% to $6.25; Restaurant Brands eased 8c or 2.24% to $3.48; Tourism Holdings decreased 6c or 2.93% to $1.99; and Vulcan Steel fell 42c or 4.99% to $8.
In the property sector, Investore was down 4c or 3.3% to $1.16, and Argosy declined 3.5c or 3.2% to $1.06.
Other decliners were NZME down 3c or 2.78% to $1.05; Allied Farmers easing 3c or 3.75% to 77c; Bremworth decreasing 2c or 5% to 38c; Oceania Healthcare falling 4c or 5.06% to 75c; Santana Minerals shedding 3.5c or 5.93% to 55.5c; and TradeWindow down 1.5c or 6.38% to 22c.
Being AI went into a trading halt while the NZX discussed the group’s sale of Being Consultants as announced in the half-year financial results on Friday. Being reported revenue of $21.45m and a net loss of $35.62m. Being last traded at 36.5c after reaching 74c on September 30.
At the end of September, Being had $4.5m in cash, negative working capital of $10m and net liabilities of $31.3m.
Announcing its result, Being AI said “due to headwinds and increasing strategic focus” the group has agreed to return Being Consultants to 2384 Limited Partnership (LP) in return for cancelling LP’s “contingent consideration” with a fair value adjustment of $32.13m.
According to the Companies Register, 2384 LP is owned by Being group chief executive David McDonald. Being chairman Sean Joyce resigned on October 23 and a week later two more directors stepped down.
Goodman Property Trust, up 1c to $2.09, had its investment grade credit rating of BBB/stable reaffirmed by S&P Global Ratings.
Kiwi Property, down 1c to 93c, has launched a $100m, five-and-a-half-year green bond with the ability to accept up to $25m in oversubscriptions.
Booster Innovation Fund, down 0.009c to $1.46, has invested $100,000 in Christchurch-based software as a service firm OrbViz, established in 2021. Booster has now invested in 35 early-stage companies.
