Will Transpacific’s sins come back to haunt Auckland?

This week has seen a string of stories about TPI – more financial worries and dodgy accounting.   Their new bailout owner is tightening the screws on Terry Peabody to ensure that what little money might be left in the company can’t be paid out as unwarranted dividends.  They have been forced to write down last years profits by 10% as they were including ‘irregular’ items.  Shares re-open on the AU stock market on Monday and could either rally as investors convince themselves that there will be a new bubble to hang on to, or could just plummet down to zero as everyone cuts their losses.  

I hope that those Auckland City counsellors and officers who assured us of Transpacific’s financial stability are prepared to resign if they should be proved to be wrong.

Transpacific tarts itself up for the market

TheAge12:00am 16 Jul 2009Transpacific has given its new cornerstone investor and banking syndicate final say over future dividend payments.

Transpacific bows to pressure on dividends

BrisTimes12:00am 16 Jul 2009TERRY PEABODY’S Transpacific has given its new cornerstone investor and banking syndicate final say over future dividend payments after agreeing to undisclosed “restrictions”.

‘Irregular items’ cast shadow over Transpacific capital-raising plan

TheAge12:00am 09 Jul 2009Transpacific Industries’ $800 million capital raising has been thrown into question after the debt-laden company was forced to write down full-year earnings by 10 per cent.

Profit set to fall, Transpacific warns

BrisTimes12:00am 08 Jul 2009Waste manager says operating earnings in 2009 likely to be down by 9 per cent after a 25 per cent second-half fall.

Transpacific in $800m bail-out

TheAge12:00am 10 Jun 2009Queensland waste management mogul Terry Peabody forced to relinquish grip on Transpacific Industries after agreeing to diluted stake in return for $800 million bail-out.