\u201cNew Zealand dairy is still in demand, which is good and bad for them. It\u2019s an input cost for the consumer business, but generally good for farmers and their cooperative members.\u201d<\/p>\n
Infratil continued its solid run since mid-June, gaining 1.77% to $7.67. The infrastructure investor traded at under $10 as recently as April.<\/p>\n
Takeovers, small caps<\/p>\n
AdvertisementAdvertise with NZME.<\/a><\/p>\n Metro Performance Glass shares fell 20% to 4 cents after the glass supplier unveiled its plan<\/a> to shore up its finances and secure new banking facilities.<\/p>\n The company has agreed a deal with Amari Metals for the latter to take a 51% stake in the company following its proposed recapitalisation.<\/p>\n The equity raise combines an $8.9m pro-rata rights offer with an additional placement to Amari Metals of up to $15m. Both tranches are priced at 3 cents per share (cps). <\/p>\n Metroglass said an independent report by Grant Samuel concluded there were \u201cno viable alternatives\u201d.<\/p>\n Also on the takeover front, Vital\u2019s board urged investors<\/a> to accept Tait Communication\u2019s takeover offer, warning the deal could collapse if the 90% minimum acceptance condition is not met before the mid-September deadline.<\/p>\n In June, Tait Communications, a Christchurch-based critical communications systems provider, made a formal offer to purchase NZX-listed Vital for 45cps.<\/p>\n On Friday, the board reiterated its unanimous recommendation, urging shareholders to accept \u201cwithout delay\u201d.<\/p>\n Vital shares fell 3.3% to 44c, having traded above the offer price towards the end of last week.<\/p>\n AdvertisementAdvertise with NZME.<\/a><\/p>\n Eroad continued its run from last week, rising 7.18% to $2.09 on Monday.<\/p>\n