Prominent figures of the finance world assembled in Auckland last week for the annual Institute of Finance Professionals in NZ (Infinz) awards. The Herald profiles the winners of this year’s awards, which aim to raise standards and reward innovation in the industry.
Here are the 15 award winners
Winner: Auckland International Airport $1.4b placement and retail offer
Joint lead managers: Jarden, Macquarie Capital (NZ)
Auckland International Airport (AIA) may hold a special attraction for investors, being that global rarity, a listed airport, but the company’s $1.4 billion capital raising last year did not lack challenges for the organising brokers.
New Zealand’s second-largest ever secondary capital raising was held in a tough global economy, recalls Henry Chung, managing director of Jarden Investment Banking, joint lead manager with receiving for the placement and retail offer.
The equity market transaction of the year is awarded to both the client and adviser as nominated by the industry and determined by an expert judging panel. The judging criteria include the extent to which the transaction meets the needs of both the client and investors, and the extent to which it develops the capital markets.
Launched in September last year, the equity raise was to help AIA pay for its $6.6b multi-year development plan, including a $2.2b upgrade of its domestic terminal.
It comprised an underwritten institutional placement of $1.2b of new shares and a non-underwritten retail offer to raise up to $200 million.
The placement was at an issue of $6.95 per share, which represented a 7.8% discount to the last closing price of $7.54 before the equity raise.
The $200m retail offer was oversubscribed by more than 10%. As part of the retail offer, existing “Mum and Dad” AIA shareholders were able to subscribe for up to $150,000 worth of shares at the same price as the placement.
Judges noted the organising brokers managed to achieve placement coverage before the ASX opening, “which was impressive given the raising was unsounded”.
Chung says that means the organising brokers had no contact with any potential investors before the public announcement of the equity raise.
The economy wasn’t the only challenge.
“If you were an investor looking to acquire AIA in a meaningful way, you had two options last year – one, participate in this equity raise, or, if you sat out of it, there was the potential for a second bite at buying shares in the Auckland Council sell-out.
“It was a challenge to manage how to get through that to make sure you do have sufficient investor interest.”
Three months later, Auckland Council sold its remaining 9.71% stake in AIA for around $1.3 billion.
Chung says the transaction met the award criteria by “being fair to all of the existing AIA shareholder base by giving them the option to participate, and then allowing existing shareholders to … acquire more shares than their pro-rata.”
It met the third leg of the criteria, benefiting the capital markets, by bringing in new investors.
The judges said: “Importantly, priority was given to existing shareholders and reputable long-term investors when allocating the placement.
“Retail investors were treated fairly, with all applicants receiving 100% of their application, or more than 100% of their pro-rata.”
Chung says in a large capital raise, there’s a fear that non-shareholders will be prioritised over existing shareholders.
“Our key objective [from the AIA board] was to ensure existing shareholders were treated fairly. So if you owned 1% as an institutional shareholder or even as a retailer of a small size and you wanted 1% of that $1.2 billion placement, then we guaranteed that allocation if you bid for it.”
Winner: Tourism Holdings
Winner: Tourism Holdings $475m debt syndication
Arrangers: Westpac NZ, ANZ NZ
Joint arrangers: ASB, Royal Bank of Canada
As a contender for an award recognising corporate treasury practice improvement in an “ever-changing” sector environment, Tourism Holdings knew more than many about the need to be nimble in times of upheaval.
With Covid lockdowns and border closures literally taking its wheels from under it, the NZX and ASX-listed international provider and builder of rental campervans and motorhomes has ever since been adapting to the new tourism environment and the post-pandemic economy.
Part of that adaptation was to merge in December 2022 with listed Australian company Apollo Tourism and Leisure, a major acquisition project requiring the “strategic shift in relation to balance sheet and treasury management”, Infinz judges noted.
Tourism Holdings and its bankers also picked up the Public Debt of the Year award for a $475 million debt syndication, which provided more funding from more diverse funders, lowered funding costs and reduced financing complexity.
Also importantly, said the judges, the deal offered increased flexibility in cross-border financing.
For THL group treasurer Bruce Macdonald, the merger created “a great opportunity” but also duplication at multiple levels from the marriage of two similar-sized organisations.
“Everything was duplicated, and of course you had to create one finance team. There was a huge amount of change going on. The board was clear that we now had the opportunity to say, ‘how do we want to do things? How do we want to fund this group?’
“[We said] let’s start with a clean sheet of paper and let’s do it properly. The ‘excellence in treasury’ side of it was how we manage transactional banking, how we manage cash, how we manage all of our relationships.
“It was huge. It’s taken a couple of years, but now everything’s very much integrated. We’ve really improved cash management. We set about steadily, one step at a time, rebuilding the balance sheet so that the funding and the capital structure looks the way we thought would best serve us for the next few years.”
Macdonald says the amount of cash carried on the balance sheet has been much reduced “because we use it a lot more efficiently”.
The Treasury Excellence award was for the corporate treasury team, which showed improvement or adaption of its own practices “within the ever-changing external marketplace and the environment the business operates in”.
The Public Trust Debt Deal of the Year recognised a client and banking arrangers/underwriters involved in a debt transaction of more than $100m, other than bond deals.
Judges considered how THL’s objectives were met, the deal’s complexity and innovation, and the transaction’s importance to the wider economy.
The New Zealand arrangers were Westpac and ANZ, and joint arrangers ASB and the Royal Bank of Canada (RBC).
Macdonald said it was unusual for a Canadian bank to be part of a New Zealand syndicate. RBC already supported THL’s Canadian operations.
Winner: Miles Hurrell, CEO Fonterra
Fonterra chief executive Miles Hurrell vied with seven other CEOs and their companies to take this award for demonstrated sustainable and impactful leadership over at least the previous five years.
Appointed in 2018 after the big farmer-owned dairy co-operative had announced two years of disastrous financial results, Hurrell “stood out” from 15 other contenders who satisfied the qualifying criteria, of which seven had achieved positive or marginal total shareholder returns, judges said.
Their scrutiny covered key financial performance metrics and critical elements that delivered sustained performance over time.
These included qualities of leadership, building company culture and strong engagement with staff, customers and the community.
Judges praised Hurrell for the turnaround in performance of Fonterra under his leadership, which had seen the world’s biggest dairy exporting business simplified, de-levered and its overall profitability rise.
Since Fonterra’s 2018 reset, which saw it adopt a “back to basics” strategy and begin to divest global assets, its debt levels have halved and its earnings per share have increased.
The improvement has allowed the manufacturing exporter in the 2024 financial year to pay the second-largest annual dividend in its history of 55 cents per share, including a 15-cent special dividend.
“We’ve been on a journey for sort of the last four or five years and getting the business into good shape,” Hurrell told the Herald after the 2024 financial results.
“When you get your balance sheet under control, that gives you the option and it gives you the flexibility.“
In 2024, Fonterra reported earnings before interest and depreciation (ebit) from continuing operations of $1.56 billion, down 11% from the previous year. Net profit after tax from continuing operations was $1.17b. Earnings per share were 70 cents. Sales revenue for the year neared $23b.
The judges said recent cost-out initiatives and a streamlining of priorities by Fonterra were delivering positive results. A significant strategic change and asset sales had resulted in meaningful debt reduction, while the company had made significant returns to shareholders as it reshaped the business.
“Our winner is recognised for their transparent, accountable and performance-driven leadership style. They are credited with bringing stability and a culture of accountability to the business during a period of significant change. Close engagement with a diverse range of key stakeholders has been essential to ensure alignment and trust.”
Winner: Mark Tume
The number of people who can understand a portfolio of complicated and nuanced Māori-owned assets is quite limited, says veteran director and business leader Mark Tume.
There are three levels of Māori-owned asset governance, says the director of Precinct Properties, ANZ Bank New Zealand, Booster Financial Services and chair of Te Atiawa Iwi Holdings, Bluecurrent NZ and Bluecurrent Australia.
“There’s the SME level, there are trusts and incorporations which are essentially land-owning trusts and incorporations, and then at the big end of town you’ve got the post-settlement entities which have been through the Waitangi Tribunal process … in my experience these entities can own everything from equities, global equities to Māori-owned land and everything in between.
“The funding of those assets can fall into different buckets, and understanding that end-to-end is actually really difficult. It waxes and wanes and shifts underneath you. It takes a long time to understand. You’re trying to knit that together with doing securities, borrowing from banks and raising equity in some way.”
Tume says more Māori are needed to “get in there with their sleeves rolled up”.
The importance of the award, he says, is “not about picking some bloke out of the crowd and saying you’re the winner this year” – it was about raising the profile of the finance sector among Māori and Pasifika.
Judges said from the former Infratil chair’s early career in financial markets to taking on prominent governance roles in public and private organisations, Tume had been “a trailblazer” for Māori in the finance sector.
He was the first Māori to be Guardian of the NZ Superfund and chaired Ngāi Tahu Holdings among his many achievements.
Tume was also recognised for his role in growing the Māori economy through his role at Te Tumu Paeroa, the Māori Trust Office, and earlier at Lake Taupō Funds management. As chair, he saw the sale of Māori-owned IT business BlinkPay to BNZ.
Tume’s iwi affiliations are Ngāti Tūwharetoa and Ngāti Maru Ki Taranaki.
Winner: Management buyout of NPD Retail
Lead Financial Advisor: PwC NZ
This transaction, praised by judges for successfully meeting the vendors’ objectives amid substantial challenges, marked a significant transition for independent fuel retailer NPD and its shareholders, says PwC partner Craig Armitage.
The project saw Nasdaq-listed global investment firm Carlyle, and amicaa, an Australian private credit manager, provide a $140 million debt financing package to NPD to finance a management buyout of the 55-year-old family-owned business.
Founded by the Milne family in Nelson in 1969, NPD has a network of 109 fuel sites across New Zealand, owns and manages a fuel transportation fleet and provides fuel cards to a large number of customers.
The bilateral loan from Carlyle and amicaa enabled NPD chief executive and 10% shareholder Barry Sheridan, who had worked with the family for three decades, to lead a management buyout of 100% of NPD.
Armitage says importantly, NPD continued to be Nelson family-owned and operated, maintaining the family values that had been integral to its operations.
“The transaction ensured a 100% share transfer, providing outgoing founding family shareholders with a meaningful wealth diversification event amidst the sector’s evolving landscape”, he says.
“The successful collaboration among key stakeholders, including NPD management, vendors, financiers and their advisors, was facilitated by PwC’s expert guidance. Their involvement was instrumental in ensuring the transaction proceeded smoothly, aligning the management’s interests with the company’s overarching objectives.
“Overall, the execution of the buyout reflects a significant milestone for the shareholders while positioning NPD for continued success and leadership in its industry. The transaction supports the company’s goals and preserves its strong foundation, emphasising its commitment to family values, to delivering value to New Zealand consumers and its strategic growth.”
The award recognises the corporate advisor for the best merger, acquisition or divestment transaction as nominated by the industry and determined by an expert judging panel.
Eligible transactions relate to New Zealand-headquartered corporates or New Zealand assets or businesses. Judging criteria includes the success of the transaction in meeting the strategic and financial goals of the corporate concerned.
Judges said they were particularly impressed by the acquiring team’s ability to meet the vendors’ objectives while facing a series of substantial challenges.
“Over a four-year advisory process, the team developed an innovative sale structure, resulting in a significant increase in value,” they said.
“Key challenges addressed included the supply chain, the vendors’ non-price objectives, securing suitable finance and coordinating solutions among a range of interested stakeholders.”
The loan, arranged by funds managed by Carlyle’s Global Credit business and its Australia and New Zealand joint venture partner Amicaa, will be used to refinance existing debt, fund growth and pay for transaction fees and expenses. The loan included sustainability-linked incentives to support NPD in meeting Scope 3 emissions targets.
Winner: Fisher & Paykel Healthcare
As “an absolute market mover”, Fisher & Paykel Healthcare’s investor relations performance quality is paramount and the company has for years excelled, says Craigs Investment Partners senior analyst Mohandeep Singh, calling the win “well deserved”.
“The New Zealand investment community needs to keep its finger on the pulse of what’s going on with our largest listed company, which makes up almost 17% of the NZX 50 index. If the share price moves, it moves the index in a big way. F&PH has for many years been really, really good at consistently updating the market on where things are at and being quite clear about what are the knowns and the unknowns that make up the guidance they provide.”
Singh says a strength of F&PH is providing the market with long-term and growth aspirations and updates, “which gives you a line in the sand for where the business is trying to head in the future”.
“They’re very timely and clear about where things are heading at any point in time. For investors and analysts, there’s no ambiguity in terms of what F&PH is telling you.”
Other equity analysts within full-service sharebroking firms and larger New Zealand-based fund managers apparently agreed, voting F&PH into the top spot in this award category.
Infinz says the nomination reflected F&PH’s “proactive and engaging approach to investor communication”, demonstrated through thoughtful introductions to the company and its facilities, and consistent, transparent and candid communication.
“The levels, helpfulness and consistency of disclosure, and timeliness of responses were also noted.”
Craigs’ Singh says in these unpredictable, uncertain times, timely and clear advice from companies is more important than ever.
“Then we can judge them on outcomes. It’s very difficult to do if companies never set an expectation in the first place. Things change within businesses and industries – we’re seeing that all over the world now. If you can get some timely and clear updates from corporates, it goes a long way to helping us make informed investment decisions.
“F&PH have a long track record of being very good at that.”
Winner: Freedom Group Holdings capital raise
Lead financial adviser: Northington Partners
“Innovative financial engineering” was required for this category’s winning transaction, which evolved from a simple capital raise into a structured transaction that established a new funding and development vehicle, say the judges.
Staging the transaction secured Freedom Lifestyle Villages’ immediate capital requirements, while the joint venture arrangements were conditional on OIO approval and agreeing on the terms of a development and asset management agreement.
Independent investment bank Northington Partners advised Freedom on a major strategic investment by Singapore-based property developer Assetz ANZ, part of AGP Sustainable Real Assets group.
The initial transaction involved two key components – AGP acquiring a 24.9% stake in Freedom for $40 million and investing an initial $40m into a joint venture alongside Freedom.
Founded 10 years ago, Freedom houses more than 1000 residents in five villages across the country, including Papamoa, the Waikato, Rotorua and the Christchurch area.
The joint venture was to fund an accelerated programme of new village developments throughout New Zealand, starting with sites in Ashburton and Masterton, said Northington. The joint venture partners were committed to doubling the number of villages in the medium term, they said. That growth would be supported by a funding commitment from both parties and would leverage AGP’s expertise in sustainable infrastructure and capital management.
To meet the criteria for this award, either the target or the acquirer had to have a capitalisation of under $250m. The award recognises both the transacting entity and the lead financial adviser. The judging panel scrutinised the success of the transaction in meeting the strategic and financial goals established by the corporate, the complexity of the transaction and the challenges overcome.
Northington said Freedom’s purpose-driven approach to retirement living aligned seamlessly with AGP’s values, making the strategic investment a natural fit.
Winner: QuayStreet Asset Management
Just four “very capable and passionate people” make up the team at QuayStreet Asset Management, says the firm’s head of international equities, Stefan Stevanovic.
“It’s a lean and nimble environment ... delivering for clients is deeply, deeply embedded in what we call the QuayStreet DNA,” says Stevanovic, an original team member of the former Craigs Investment Partners firm, which was sold to NZX subsidiary Smartshares in 2022.
Judges say they chose this year’s winner “due to not only its strong performance track record, but also the passionate, thoughtful and risk-controlled approach exemplified by the investment team”.
Stevanovic believes the judges saw that at QuayStreet, the level of service to clients is “paramount”.
“When they say our ‘thoughtful approach’ in terms of our investment process, what they mean is everything we do is in relation to our objectives, which is either to deliver excess returns above the benchmark or meet the expectations of our investors.
“So when we take a risk, we observe that risk through the lens of our investors, which is to avoid a permanent loss of capital. The second component is delivering what we say we are going to deliver. That responsibility is really what motivates the team to perform. A lot of time is spent in designing and constructing portfolios to try to optimise our likelihood of achieving those objectives.
“Ultimately, our focus is on beating the benchmarks. Every decision we make is in relation to that.”
QuayStreet has 12 managed funds in its care.
The award is determined by considering both historical and investment performance and qualitative factors.
The managers’ investment performance is analysed on a risk-adjusted basis and after fees, while qualitative factors include the strength of the team, investment process, portfolio management, risk controls and fees.
Finalists are determined through an initial quantitative analysis of past performance undertaken by Melville Jessup Weaver, and shortlisted managers are interviewed by an expert panel, with an assessment based on qualitative criteria.
Michelle Embling
New Fellow Embling has for 14 years been chair of the External Reporting Board, which is responsible for establishing New Zealand’s financial and non-financial reporting strategy and building trust in financial markets. An Infinz awards judge, she is on the board of the Centre for Sustainable Finance.
Embling’s past roles include co-chair of Champions for Change, deputy chair of Global Women, and deputy chair of the University of Auckland business school’s advisory board. She has served as the New Zealand member on the nominations committee for Chartered Accountants Australia and New Zealand.
Simon Allen
A long contributor to financial markets, Allen founded BZW in 1988. It became ABN Amro 10 years later, and Allen was chief executive until 2009. He was the inaugural chair of NZX Ltd. Since leaving investment banking, he was the inaugural chair of the Financial Markets Authority, Auckland Council Investments and Crown Fibre Holdings – now National Infrastructure Funding and Financing.
Allen serves on the boards of Ampol and IAG in Australia and is chair of IAG NZ. He is a Chartered Fellow of Infinz and a current Infinz awards judge in the leadership category.
Winner: Summerset Group Holdings
Judges say they were presented with evidence and “robust” discussion on how Summerset was applying an ESG framework across many parts of its business to contribute towards a more sustainable and better future for staff and residents.
“It was evident that the practical application of ESG is embedded at leadership level and the ESG culture is being applied across the organisation, with the journey starting in 2018,” they say.
“The measuring of targets, renewing targets and extending those to stretch targets is not just ambition, it is understood by Summerset as an opportunity.
“The reduction in carbon emissions, including waste diversion targets, [is] imperative for the organisation as one of Aotearoa New Zealand’s top home builders.”
The award recognises an organisation from within the Infinz ecosystem which has proactively cultivated a focus on encouraging and nurturing diversity, mental health and working conditions of staff and suppliers, along with sustainability within the organisation and the wider ecosystem.
Winners: Philip Barry and Tom Stannard – “Scale efficiency gains in utilities? The case of electricity distribution in New Zealand”
And
Rui Ma, Ben R. Marshall, Nhut H. Nguyen and Nuttawat Visaltanachoti – “What influences New Zealand stock returns?”
The first paper about utilities is authored by Philip Barry of corporate finance and economics consultancy TDB and Tom Stannard of the University of Otago. Judges said it was a useful analysis of industry dynamics in the New Zealand utilities sector, with insights that had potential application more broadly for companies and policymakers.
The second paper’s authors are Rui Ma, Ben R. Marshall, Nhut H. Nguyen and Nuttawat Visaltanachoti of Massey University.
Judges said their paper provided a concise but comprehensive and rigorous treatment of New Zealand stockmarket relationships that had long been assumed, or suspected, but not necessarily quantified. They believed the paper would be of potential use to practitioners entrusted with asset allocation decisions or cost of capital estimations.
Winner: ChargeNet debt facility
Borrower: ChargeNet NZ
Lender: BNZ
The BNZ’s approach to funding the growth of the nationwide EV charging network impressed judges, who noted its support for a clean-tech growth customer through consideration and evaluation of economic value drivers.
The bank had considered value drivers such as brand, network effects, payment functionality and location against a backdrop of assumptions regarding EV take-up and Government policy, they said.
The award recognises all debt transactions of between $10 million and $100m, other than bond issues.
Judging criteria include the degree to which the client’s objectives are met, the complexity of the deal, innovation and the importance of the transaction to the wider economy and impact on society more broadly.
Winner: Contact Energy’s NZ$250m Green Capital Bond Offer
Issuer: Contact Energy
Arranger and joint lead manager: Forsyth Barr
Joint lead managers: BNZ, Craigs Investment Partners
Judges recognised this issue for the speed of the transaction, which supported Contact Energy’s proposed acquisition of smaller NZX-listed company Manawa Energy, and for Contact’s continual growth in renewable electricity generation.
(Contact and Manawa entered an agreement for Contact to acquire all Manawa’s shares in September last year; the Commerce Commission cleared the deal this month.)
Proceeds of Contact’s offer last year of unsecured subordinated green capital bonds to institutional investors and New Zealand retail investors will be used by the energy company for financing and refinancing of renewable generation and other eligible green assets in accordance with the terms of Contact’s Sustainable Finance Framework.
Judges said the 50% equity credit scheme provided Contact with an efficient cost of capital and signalled to the market its commitment to an investment grade issuer rating. The green label and NZDX listing were also positive features, they said.
The award winner was nominated by the industry and determined by a panel of judges. The judging criteria include the extent to which the issue meets the needs of both the issuer and investors and the extent to which it develops the capital markets.
Winner: Fonterra Co-operative – mobile sharetrading solution launched on the Sharesies platform
The custom-built mobile-first application represents “a quantum shift” in functionality and utility for farmer shareholders of New Zealand’s biggest business and for the dairy exporter itself, say the judges.
The application incorporates several innovative features, including solutions for oversight and trading access for multiple common shareholder numbers, reflecting the complexity of milk supplier ownership structures via a single login.
Sharesies, an online investment platform, simultaneously developed a dashboard for Fonterra itself to monitor the performance of the two mandated market-makers so the dairy co-operative can monitor compliance with the participation and spread requirements on a real-time basis.
The award recognises an organisation from within the Infinz ecosystem that has introduced new or enhanced services that create value for customers and the wider economy through positive customer, market, economic and/or societal outcomes.
Barclay has been one of New Zealand's most respected deal-makers.