News } TBK Capital

Before the Gold Rush

As we all creep, or jump, out of lockdown - to some extent based upon our business but largely upon our attitude - it’s indeed a pleasure to see a new feeling of confidence that accompanies the onset of summer.

I was lying in a burned out basement
With the full moon in my eyes
I was hoping for replacement
When the sun burst through the sky

Neil Young – After the Gold Rush

As we all creep, or jump, out of lockdown - to some extent based upon our business but largely upon our attitude - it’s indeed a pleasure to see a new feeling of confidence that accompanies the onset of summer.

This confidence was confirmed by a visit on Sunday to the Mt Wellington commercial and industrial park - to get a minor part for a clothes drier from Mitre10 - the road to which was like a traffic jam and when there almost impossible to find a car park.  

So for the many of us that feel that relief to get out, it was comforting to see the latest economic snapshot from OECD opens with the statement “Economic growth should reach 4.7% in 2021, reflecting the bounce-back from the disruption caused by the pandemic but will slow to 3.9% in 2022 and 2.5% in 2023 as macroeconomic policies tighten and capacity constraints are alleviated only gradually after the border begins to re-open in early 2022”.

It will be interesting to see if the Labour Government’s policies of instigating lockdown, and its actions during it, will have any effect on its popularity. National’s opposition under Judith Collins has been weak, but in my view will improve greatly with the rise of Christopher Luxon in the Polls. And clearly most opponents of Labour were not that keen about David Seymour and/or ACT.

Jacinda Ardern, by contrast, is beginning to attract criticism for second-guessing Covid19 on the conservative side. She rejected the notion that parts of the country out of Auckland could move to level 1, the suggestion Auckland could leave level 4 early, and the idea the Auckland boundary could be dropped. 33 % of New Zealand's population lives in Auckland, and this is projected to increase to 39% by 2043

Accordingly the appointment of Cristopher Luxon, who’s now seen as a new John Key, will I believe result in the changes National supporters have been seeking. A matter confirmed by this article in the Herald.

“No one really regrets cracking the whip on Covid restrictions: the likely unnecessary lockdowns of early 2021 and Wellington level 2 restrictions of June didn't shake confidence in the Government.

“By contrast, National still regrets comments made by former leader Todd Muller about eventually opening the border to China. Likewise, the party copped flak for its vociferous support of the transtasman bubble, which some have blamed for the latest outbreak (likely, incorrectly - given the bubble was suspended on July 22).”

I was also delighted to receive comments about Luxon in another of Chris Lee’s excellent “Taking Stock” newsletters, parts of which by permission I quote as follows. He opens by saying 

“May I politely suggest you have far better skills and standards than most. You are in a different league from any of your predecessors”.

Then later adds “You may potentially be the only Prime Minister in my lifetime whose business background implies the level of skill, wisdom, and energy that could add details to my on-liners, delete those with which you disagree, and add those I have overlooked.

You will produce a costed, credible financial budget, a time budget and a resource budget that would spell out priorities and would attract a commitment to get the plan executed.
The goal must be to create a New Zealand that has higher sustainable living standards for all those who want higher standards and that is inclusive of all demographics and cultures”.
This feeling of confidence has been reflected in the resumption of requests for both equity and debt funding we’re now receiving at TBK Capital.

These requests include finance for developments, one of which is large, and would have institutional appeal. I’ve been thinking we should wait until business commences in the New Year to offer participation in the funding of that – for both investors and lenders. But if it’s of interest email me for details

Meanwhile here’s an update on other Offers we have out in the market.


vWork is a job scheduling and management software business which is now expanding its customer base. A recent addition to the Offers we have available, this business has already seen a 27% revenue growth this year in Australia through new customer acquisition.

With revenues of $3 million and exceptionally low revenue churn, it is achieving growth through acquisition and expansion within its existing customer base, which includes such names as Noel Leeming and New World for grocery home delivery.

The business also has a strong base of B2B customers in transport and delivery, agriculture and infrastructure. Recent wins include agriculture giant Nutrien, global tire company GRI, and building products company Dindas.

Led here by Roy Moody (former Phitek CEO) and joined by two other former Phitek senior executives, vWork has customers in 8 countries and plans for revenues of $25 million by 2025.

The new capital being raised via TBK Capital will be focused on increasing its sales force and marketing activity. And working on the success vWork has demonstrated in Australia, they will also be making this Offer available there via our friends Wholesale investor.


In the past few days, Pictor received the data from the first of its COVID-19 clinical trial sites – Boca Bio in Florida.  The accuracy achieved in diagnosing positive samples was incredibly accurate.  100% sensitivity was achieved, that is the Pictor test was able to detect positive samples in 100% of the banked samples that were tested. 

This amazing result reflects the power of the Pictor multiplex platform which is able in one test to detect both Spike Protein and Nucleocapsid Protein antibodies. 

As previously advised this Offer was to close in New Zealand at the end November. So far subscriptions have reached $3.75 million. However the directors have agreed to keep the Offer open at a modest increase in the share price from $1.25 to $1.50. To ease the ability to invest they are allowing payments to be spread over 6 months.

Meanwhile the Offer also remains open in Australia.


Subscribers to my Opportunities newsletter will have recently received the invitation to invest in a company that intends to list on The Australian Stock Exchange. You can read an update on that Offer here.

They’ve now received sufficient interest in this to close the New Zealand Offer and make it available to Australian investors.

So if you’d like to know more, or invest in the business, please reply to this email with your phone number.


I’ve previewed this in a previous newsletter, a New Zealand owned company owns 100% of the intellectual property and the rights to commercialise a new form of urban mass transport with a global market. It arrived here via the “inventor” having moved to New Zealand.

Stake holders have so far committed US$1.55 million to develop the project and now wish to raise up to $1 million that will enable the opening of an office in the U.S. which will raise the next level of US$5 million.

The investment is in the form of an interest bearing convertible note, the terms of which include the choice of receiving shares in the New Zealand parent company.

Please email me for further information.

Any reference above to investment is not an offer of financial products that requires disclosure under the Financial Markets Conduct Act 2013 (Act) and is available only to wholesale investors as defined by that Act. It is intended for distribution only to selected people to whom, under the relevant laws, it can be lawfully distributed. It cannot be distributed in any other jurisdiction, or to any other people. It is not an offer or solicitations in any jurisdiction in which such offers or solicitations are not authorised, or in which the person making such offers or solicitations are not qualified to do so, or to any person to whom it is unlawful to make such offers or solicitations. Any representation to the contrary would be unlawful. No action has been taken by any person that would permit a public offering in any jurisdiction where action for that purpose would be required.


John Paine B.Sc., Dip BIA
TBK Capital Limited
Level 10, 120 Albert Street
Auckland 1010, New Zealand
Phone +64 9 307 3257
Mobile +64 21 902 901

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