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Clothing and outdoor equipment retailer Kathmandu is hoping to raise up to $457 million in an initial public offering being launched in New Zealand and Australia.

The company was offering a total of 197.4 million shares to investors representing 99 per cent of the issued capital of Kathmandu.65 to A$1.

The indicative price range for the offer per share was $A1.01 to $2.90 and in New Zealand at $2.32.7m to A$374.

The gross proceeds from the offer were expected to be in the range of A$277.6m and $457.9m and in New Zealand between $338.

The offer would open on October 27 and close on November 6, before being listed on the New Zealand Exchange and Australian Securities Exchange on November 18.2m.

Kathmandu was founded in Christchurch in the 1987 by Jan Cameron, who sold the company to existing owners Goldman Sachs JBWere and Australia’s Quadrant Private Equity in 2006.

Kathmandu was founded in Christchurch in the 1987 by Jan Cameron, who sold the company to existing owners Goldman Sachs JBWere and Australia’s Quadrant Private Equity in 2006.

The company has also announced big expansion plans.

The IPO would be the first in New Zealand since Farming Systems Uruguay floated in December 2007.

It had already opened three and a further three were expected to open before Christmas.

Kathmandu chief executive Peter Halkett said Kathmandu planned to open 12 new stores in Australia and New Zealand this financial year.

Kathmandu chairman James Strong said the company had undergone a transformation over the past three and a half years, opening more than 30 new stores.

Halkett said Kathmandu has identified 70 locations in Australia and New Zealand to assess for suitable store sites (including the 12 new stores).

”We believe a dual listing will provide Kathmandu with growth flexibility, and give investors the opportunity to own shares in a very well recognised retail brand which resonates with customers’ aspirations of travel and adventure,” Strong said.

He said the dual stock exchange listing was the next logical step for Kathmandu’s growth plans.

On completion of the IPO, current owners Goldman Sachs JBWere Principal Investment Area and Quadrant Private Equity would hold, in aggregate, between 0 per cent and 15 per cent of the listed company, with Kathmandu management to own approximately 1.

Proceeds of the offer would be used by Kathmandu to acquire all the shares in Milford Group Holdings Limited, the entity that currently owns the Kathmandu business, and reduce existing debt levels and pay the fees and expenses of the offer.

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Air New Zealand says it’s cutting its cheapest domestic airfares by up to 23 percent and simplifying fare structures to two options from three.

Starting Monday, airfares will be cut by 10 percent on average to help boostdomestic travel, the government controlled airline said this afternoon.

Air New Zealand’s current three fare structures are being reduced to two – Smart Saver fares and Flexi Plus fares.

“New Flexi Plus fares will start at substantially lower levels than existing Fully Flexi levels, with reductions averaging 32 percent,” Air New Zealand said. .”

The new fare type will provide two free 25kg checked bags and the ability to change flights at the airport on the day of travel for free to any available seat.

“For example, the lead-in price for a Flexi Plus fare on Auckland – Wellington will be $199, 38 percent lower than the old price of $319.

The airline’s short haul group general manager, Bruce Parton, said greater flexibility would benefit business flyers.

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“Cheaper Smart Saver airfares, will stimulate travel, growing the market and adding more tourists into regional New Zealand with flow on benefits to accommodation and attractions as the market recovers from recessionary impacts,” Parton added

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The number of unemployed has jumped by 10,000 in the last quarter – but the rate of growth has slowed dramatically meaning good news for the economy and the Government.

“I believe what we’re seeing is a result of employers’ confidence rising, seasonal work kicking in and this Government’s unrelenting focus on supporting jobseekers,” said Social Welfare Minister Paula Bennett.

She released the benefit numbers for the September quarter, which show 60,660 people receiving the Unemployment Benefit around the country. .

That is up from the 50,855 on the dole in the last official quarterly results, and is an increase of 19 percent. Back in March dole queues lengthened by 22 percent and then 37 percent in July.

Compare that 19 percent quarterly increase with those earlier in the year when the recession was in full grip on the economy.

And if you look at the monthly figures, the growth rate between August and September has dropped back considerably – up just three percent. We will continue to work on growing the economy and creating jobs,” said Ms Bennett.

“It’s always pleasing to see fewer people needing a benefit – but this doesn’t mean we’re out of the woods yet.

The Minister has today also launched the Ministry of Social Development’s 2009/10 Auckland Regional Plan, which focuses on employment.

“I’m cautiously optimistic about today’s benefit statistics,” she said. They set out each region’s specific needs and how the Ministry will respond to them.

The plan is one of 11 to be rolled out across New Zealand over the next month.

“This has been a tough year for so many families, particularly in Auckland.

“This has been a tough year for so many families, particularly in Auckland.

“Since Job Ops was set up nine weeks ago, 307 work opportunities have been listed by Auckland employers. The Ministry will continue to work with employers and industries to understand their changing needs,” she said. I’d encourage more Auckland employers to step up – I want to see more of them offering employment opportunities for our under 24s,” Bennett said. Right now there are 131 positions available.

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The other major areas being highlighted in the Auckland Regional Plan include helping young people thrive, keeping children safe and achieving this through value for money

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Former MP Taito Phillip Field has apologised for the actions that led to his conviction on bribery and corruption charges, although he says his conscience is clear. .

Field told the predominantly Pacific island audience he was saying sorry to the people of Mangere, and all of New Zealand, for allowing the outcome to occur, Radio New Zealand reported.

He spoke publicly tonight, for the first time since his conviction, at a community meeting in Mangere.

Field said many things needed to be exposed, including flaws in the law.

He said that while his conscience was clear he would accept whatever sentenced he receives on Tuesday and did not believe the matter should end there.

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The charges against him arose from his dealings with overstayers, most of them Thai nationals, who worked on his houses while he helped them with their immigration problems

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A TradeMe user has been convicted and fined for selling electrical plug adaptors on the internet auction website.

Palmerston North’s Leigh Joe, 24, admitted breaching the electricity regulations by continuing to sell electrical products without first establishing their safety.

Energy Safety, part of the Ministry of Economic Development, brought Joe to the attention of TradeMe in June 2008.

She was fined $500 plus $280 costs in the Palmerston North District Court yesterday.

She was banned from the auction site when she was again found to be listing the adaptors, believed to come from China.

She was warned to stop selling appliances with non-approved plug adaptors.

“This is the first prosecution Energy Safety has taken against an online trader and is pleased with the result.

“These products are considered high risk, presenting a hazard to anyone who uses them,” Energy Safety said today.

“This was not a small scale trader, they were supplying significant numbers of products. We want on-line traders to realise that the same rules apply to them as everyone else selling electrical products,” said Richard Lamb, energy safety compliance officer.”

In the last 12 months Energy Safety has warned more than 50 TradeMe members, resulting in the removal of significant numbers of potentially unsafe electrical appliances from the market. The conviction and fine sends a message to on-line traders that they have the same responsibilities as everyone else who supplies electrical products.

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Prince Harry has received a 9 million pound (NZ$21.49 million) birthday present from his late mother, Princess Diana.

The party-loving prince, who is third in line to the throne, inherited the money from his mother’s estate as he turned 25 on Tuesday.The Princess of Wales left an estate worth £21 million (NZ$49m)when she died in a Paris car crash in 1997.While the prince will not be able to access the full amount until he turns 30, he will start receiving an estimated £300,000 ($703,000) worth of annual interest payments from the lump sum.5 million (NZ$15m) was set aside for for each of her two sons, but the amount grew over the years as it earned substantial interest.About £6.

The quarter-century mark marks a coming of age for the flame-haired prince, whopossesses both his mother’s sense of adventure and her common touch.

British media ran a flood of pictures, showing Harry’s steady progression from a toddler in short pants to an earnest soldier in combat gear.

The younger son of Diana and Prince Charles spent his birthday continuing his pilot training in the Royal Air Force, but he was hardly out of the spotlight.

Other sympathetic images included the 12-year-old boy who walked behind his mother’s coffin to Westminster Abbey and the confident 24-year-old who spoke movingly at a memorial service in 2007 about “the best mother in the world. At each step – with his easy smile and approachable ways – he reminded many of Diana. She was our guardian, friend and protector.”

“When she was alive, we completely took for granted her unrivaled love of life, laughter, fun and folly. She never once allowed her unfaltering love for us to go unspoken or undemonstrated,” he said. She never once allowed her unfaltering love for us to go unspoken or undemonstrated,” he said.

Patrick Jephson, who was involved with Diana’s finances when he worked as her private secretary, said the princess’ money was “very prudently” invested and that Harry will also have access to some of the considerable wealth generated by the Duchy of Cornwall, which is under Prince Charles’ control.Diana’s estate was comprised mostly of her divorce settlement from Charles.

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Four prisoners attempted a daring escape from Wellington Prison in Miramar earlier today, but their freedom didn’t last long.

Police spokesperson Sergeant Wade Jennings said three of the prisoners were recaptured by prison wardens during the escape attempt, which happened just after 10am when the quartet tried to scale a wall.

The fourth, a 19-year-old, was captured by police about an hour later, Mr Jennings said. .

There was no threat to residents or the public, he said, and police were working with prison officials to decide if charges would be laid against the prisoners.

“Public safety is the department’s absolute priority and we are treating this breach of security very seriously.

“Three other prisoners, who had also climbed on to the roof, were favourably contained by staff and did not escape,” Ms Donaldson said.”

Ms Donaldson said the full details of the escape were not yet known, and might not be known until a review had been completed. Until our review is completed I am unable to provide further detail.

“One escape is one too many and we will be examining closely to see what exactly occurred.

“Because Wellington Prison accommodates prisoners who have been assessed as a minimal risk to the public, the level of physical security is low,” the website says.”

According to the Department of Corrections website, Wellington Prison houses up to 140 prisoners classified as minimum to low-medium risk, as well as 41 custodial staff.

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It has a single point of entry, called the gatehouse

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A jealous lover was today jailed for a claw hammer attack on a man who he believed to be his ex-girlfriend’s new partner.

Trevor William Grindrod, 34, was sentenced at the High Court in Wellington to seven years and nine months imprisonment.

Justice Warwick Gendall said that six weeks after Grindrod split with his girlfriend, he visited her house uninvited and saw her with a workmate, “you thought, in a mildly amorous situation”.

“This was an unprovoked, prolonged, gratuitous attack with a lethal weapon,” Justice Gendall said. .”

Crown prosecutor Kate Feltham said Grindrod walked from Wainuiomata to the workmate’s Lower Hutt house, “picking up” the hammer on the way.

“You were fortunate you did not kill the complainant.

He smashed his way into the property through a window, broke through the bedroom door and began hitting the man in the head and body with the hammer, adding punches and kicks.

Grindrod told police he was trying to kill the man and was initially charged with attempted murder.

The attack spilled into the bathroom where Grindrod ripped a vanity from the wall and attempted to beat his victim with it.

His victim suffered numerous injuries including a broken nose, but after months of physiotherapy escaped long term physical damage.

This was later reduced to injuring with intent to cause grievous bodily harm.

“You are a violent man with a low anger threshold and when slighted by others, or you think you are, you attack.

Justice Gendall noted Grindrod had 20 previous convictions, four of which were for assault and included two attacks on children between late 2007 and early 2008.”

He said Grindrod had attended an anger management course, “but it appears to have had little effect.”

He said Grindrod had attended an anger management course, “but it appears to have had little effect.

Grindrod was also sentenced to five years for aggravated burglary and two years for grievous damage, to be served concurrently, and ordered to pay $3269 in reparation for property damage on his release. A further nine months was added in light of his previous convictions.

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Justice Gendall said Grindrod was fortunate the crown had not sought a minimum jail period

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Prime Minister John Key says a review of New Zealand’s intelligence services is part of an overall efficiency drive that involves all Government departments. .

The identity of the owner of the notebook has not been revealed but RNZ reported the person was a high level public servant.

The review of the way the Security Intelligence Service (SIS) and the Government Communications Security Bureau (GCSB) work was revealed in a notebook found by a Radio New Zealand (RNZ) reporter.

“It’s very high level.

Mr Key confirmed the review was being carried out by former foreign affairs secretary Simon Murdoch.

The notes set out options for the way the security services operated and one was a merger, RNZ reported. He will report back to me, it’s too early to tell whether there will be any changes,” Mr Key said.

Asked whether that concerned him, Mr Key replied: “It does in that this is a very serious area.

The notebook was found in a Wellington street by reporter Julian Robins…

“We’ll ask some questions, but people do make mistakes.it sounds like human error, it’s dropped out of a jacket pocket or someone left it behind.

He said he would give it back to its owner.”

Robins said the notebook contained information across a range of issues, not just the review of the security intelligence services.

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Police and Child Youth and Family officials will be warned to not prosecute parents for lightly smacking their children.

Prime Minister John Key told the Sunday Star-Times in Sydney yesterday he was planning to introduce “increased safeguards” to prevent parents who gave their children “minor” or “inconsequential” smacks from being either investigated or prosecuted.6 million New Zealanders who voted (a 54 percent turnout), 88 percent said smacking children should not be a criminal offence.

Key’s move is designed to appease the “Vote No” campaigners, who were yesterday celebrating an overwhelming win in the citizens-initiated referendum asking: “Should a smack as part of good parental correction be a criminal offence in New Zealand?”

Of the more than 1.

“What I am wanting to ensure,” Key said, “is that parents have a level of comfort that the police and Child Youth and Family follow the intent of parliament, and that they can feel comfortable that in bringing up their children they are not going to be dragged before the courts for a minor or inconsequential smack. The “Yes” campaign attracted 12 percent of the vote.

Given the referendum results, campaigners are baying for the law to be changed back or at least amended, allowing parents to use an open hand to smack their children on the bottom or hand.”

Key said that although police had statutory independence from the government, cabinet had some options to direct them, which would be outlined tomorrow. He has repeatedly said he does not believe police are prosecuting parents unnecessarily and that he remained comfortable the law was working. . Key said that report would also show a similar result.

Four police reports had said the law change in 2007 has had “minimal impact on police activity” and another was due for release early this week.

Family First, which led the “Vote No” campaign, said the result was clear-cut and justified changing the law “so that good parents are not treated as breaking the law for light smacking”.

Sending the issue back to parliament would consume the country at a time when there were bigger issues to deal with, he said.

“The 87. It also wants the government to establish a Royal Commission into child abuse to identify and target the real causes.

“They are simply Kiwis who want to tackle the tougher issues of family breakdown, drug and alcohol abuse, mental illness, violence in our media, poverty and stress, and weak family ties.6% of New Zealanders who voted no are not people who are demanding the right to assault and beat children,” says Bob McCoskrie, national director of Family First.”