2007 delivered far-reaching work: A resilient economy combined with nationwide demand for better and smarter infrastructure saw corporate activity surge. The Government introduced a range of NEW and far-reaching REGULATORY initiatives. Australian interest in New Zealand’s assets continued and activity on the NZX was steady.

Chapman Tripp thrives on working through and solving the commercial, policy and legal issues that inevitably accompany ‘moments of change’. 2007 delivered plenty of those. There was no shortage of opportunities to apply the firm’s talent for deals and appetite for solutions. We pursued these with vigour.

Last year we advised on more than 89 publicly announced M&A deals, valued in excess of NZ$27 billion. We assisted clients with some of Australasia’s top deals, including advising: Stephen Tindall on the hotly contested ownership issues surrounding The Warehouse; HSBC on the sale of its AMP-originated residential mortgage book to Kiwibank; prospective bidders on the Auckland International Airport, the Yellow Pages Group and CanWest MediaWorks offers; and Coles Group (as NZ counsel) on the AU$20 billion takeover offer by Wesfarmers. We also advised on the largest Australian and New Zealand capital raisings respectively – Fisher Funds on the NZ$103 million initial public offering (IPO) and listing of Marlin Global; and as NZ counsel on the AU$2.7 billion IPO and listing of Boart Longyear.

There were significant challenges in the investment sector last year, where the sudden collapse of a number of prominent finance houses precipitated a crisis in both confidence and liquidity. Our restructuring and insolvency group took instructions from the receivers on a number of these high profile receiverships: Bridgecorp; Capital + Merchant; and Property Finance Group, as well as acting on New Zealand’s first voluntary administration.

While those events dented New Zealanders’ confidence in some institutions, the savings sector continued to grow. The KiwiSaver regime began and gained significant momentum. We advised two of the six government-appointed default providers.  New portfolio investment entity (PIE) and fair dividend rate (FDR) tax reforms meant that many financial services companies converted existing investment products to take advantage of new favourable terms.

Big changes occurred in telecommunications. We worked with Telecom as it progressed a three-way operational separation. Our role included helping with drafting and negotiating the undertakings that will form the basis of Telecom’s separation commitments, and advising on the many and complex governance and implementation matters necessary to achieve the project’s objectives.

We also helped Telecom finalise one of the largest single tenancy transactions in New Zealand, and AMP Property Portfolio on the acquisition of a half share in Botany Town Centre, Lynn Mall and Manukau Supa Centa – one of the largest commercial property transactions in 2007.

The energy sector came under intense pressure. Sustainability became a new focal point, with bold political objectives being set while demands for increased generation continued to grow. We were active in assisting Meridian and other clients in their renewable energy generation initiatives. We also worked with Meridian and South Canterbury Irrigation Trust on an irrigation scheme to irrigate 40,000 hectares in South Canterbury.

The Government set some very ambitious targets for emissions reductions, including a 50% reduction in transport emissions by 2040, and an energy portfolio made up of 90% renewables by 2025. The decision to launch a comprehensive Emissions Trading Scheme (ETS) has focused many minds on both the complexities and implications of carbon neutrality.

In a day-long symposium on climate change, we brought together US strategist and international carbon market negotiator Terry Tamminen, the Prime Minister, Hon David Parker (Minister for Climate Change and Energy), Hon Dr Nick Smith (National’s Spokesperson for the Environment), and many leading CEOs and strategic thinkers to discuss the tension points of the proposed scheme and how to resolve them. We continue to be heavily engaged in this important policy area.

We advised NZX on securities law, market infrastructure and regulatory policy for the establishment of the new “TZ1” carbon credits market. We were involved in the development of new limited partnership legislation, supplying the independent expert to Parliament’s Commerce Committee. We advised Te Puni Kokiri in preparing legislation to restructure the Maori Trustee and establish Maori Business Aoteoroa New Zealand, a new independent body to further Maori economic development. Currently, we’re advising Transit New Zealand and Land Transport New Zealand on their merger to form the New Zealand Transport Agency – aimed at creating greater efficiencies in the land transport sector.

In a high profile and novel public law case, we successfully represented Diagnostic Medlab in its challenge to a NZ$560 million pathology contract set aside on the basis of an unfair tender process. We also successfully defended Westpac against claims for damages by former partners of a law firm who were suing the bank for terminating their professional relationship.

Internally, the refurbishment of our Auckland office last year completed three years of premises projects. We now have market-leading work environments, with a focus on sustainability.

We have also continued to foster our culture of excellence, with the appointment of three new partners, two consultants, seven principals and six senior solicitors. These appointments strengthen our resources in critical areas such as corporate, property, environment & resource management, and tax law. We have also expanded our Christchurch office, welcoming a new partner and a principal, further strengthening our litigation and corporate teams in our 10th year of service to the South Island.

We consulted global legal leader Mary Cranston on ways to reinvent the workplace for women, and committed to strategies that will help all top talent looking for flexibility and advancement.

2007 was another busy and productive year, and this review offers an opportunity to highlight some of our clients’ notable achievements in that time. Like all the projects we work on, these were moments of change we are proud to be associated with. They demonstrate why we believe we’ve earned our position as the country’s leading full service firm.

Thank you to all those who brought us instructions last year and who trusted us to find solutions. If you have a challenge that demands a high calibre response, we once again invite you to bring it on…

 

 

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