360 Capital Group (TGP); Asia Pacific Data Centre Group (AJD); NextDC Limited (NXT):
Data storage operator NextDC has sweetened its offer for Asia Pacific Data Centres, hoping a knockout bid will end a rival proposal from property fund manager 360 Capital. The tussle for control of the boutique facilities fund took another turn on Monday when its sole tenant, NextDC, lifted its existing cash offer – at $1.85¢ per share – to $1.87¢ As well, NextDC, led by Craig Scroggie, has dropped its previous acceptance threshold of just above 50 per cent, making its latest offer unconditional. The latest offer values APDC at a little above $215 million. It closed 4¢ higher at $1.88 on Monday. ‘‘We believe that we are the logical owner of the APDC data centres in the current circumstances,’’ NextDC chief executive Mr Scroggie said.
Australia and New Zealand Banking Group (ANZ); National Australia Bank Limited (NAB):
The Finance Sector Union is bracing for the possibility of significant job losses at ANZ as the bank’s chief executive Shayne Elliott moves to reassure staff about his dramatic restructure of the business. Mr Elliott sent out a manifesto to staff on Monday calling for a more ‘‘agile’’ workplace and a revolution of outdated work practices and on Tuesday will reinforce that the bank’s focus is on retail customers in Australia and New Zealand and institutional customers across Asia. The ANZ CEO, whose strategy has included withdrawing from Asia and selling its wealth management business, has previously said the future of the bank will be smaller both in terms of branches and people, Product sales will form a smaller part of the remuneration equation for NAB’s frontline staff when a new incentive plan is rolled out from October 1, well ahead of the deadlines for reform recommended by the Sedgwick review. The changes will see more than 700 NAB staff, including branch managers, assistant branch managers and call centre managers, move from their existing incentive programs which rely on product sales hard on the heels of a similar move at ANZ earlier this year.
BHP Billiton Limited (BHP):
Resource stocks lit a fire under the ASX for most of Monday thanks to a surge in Chinese iron ore futures, driving a voracious appetite for BHP Billiton in particular, though investors sold off banks in the late afternoon after market chatter around RBA rates direction. In addition to the broad-based buying in material and mining shares, a firming oil price flirted near the $US50-a-barrel mark and a leap in the price of coal, propelled investors into energy and utility stocks. Healthcare and telecommunications were the only real drags on the bourse. The benchmark S&P/ASX Index rose 0.3 per cent to 5720.6 points, to end the month marginally lower – its worst July in six years. ‘‘We’re surprised the pick-up in iron ore has been so strong because we’re not really bullish on the outlook,’’ said Romano Sala Tenna, portfolio manager at Katana Asset Manager. ‘‘But there’s a cautious optimism ahead of this reporting season, boosted by a fairly benign confessions session.’’
Coca-Cola Amatil Limited (CCL): Coca-Cola Amatil and rivals Asahi, Carlton & United Breweries, Coopers and Lion will oversee the introduction of a container deposit scheme in NSW after winning roles as scheme coordinators. The NSW government announced on Monday that Exchange for Change, an industry joint venture consisting of CCA, Asahi, CUB, Coopers and Lion, would be the co-ordinator for the container deposit scheme, which comes into effect on December 1. The appointment is the first good news in several weeks for CCA after a series of setbacks at the hands of Woolworths, which has refused to stock CCA’s newest sugar-free Coca-Cola variety and plans to shrink the number of Mount Franklin bottled water products it stocks.
Cochlear Limited (COH):
Cochlear chief executive Chris Smith’s departure after just two years in the job follows a failed understanding that the Denver-based executive would move to Australia, chairman Rick Holliday-Smith said. Cochlear cushioned the blow to investors by confirming its full-year earnings guidance at $210 million-$225 million, up from $189 million in 2016. But news of Mr Smith’s premature retirement wiped $130 million – about 1.6 per cent – off the hearing implant maker’s $8.2 billion market value. Its shares fell $2.32 to $142.85. Mr Holliday-Smith said he ‘‘was led to believe and it was important to me’’ that Mr Smith and his family ‘‘were committed to come to Australia’’ from Denver, Colorado, when Mr Smith was appointed to succeed long-term CEO Chris Roberts two years ago.
(Source: AIMS)
Data storage operator NextDC has sweetened its offer for Asia Pacific Data Centres, hoping a knockout bid will end a rival proposal from property fund manager 360 Capital. The tussle for control of the boutique facilities fund took another turn on Monday when its sole tenant, NextDC, lifted its existing cash offer – at $1.85¢ per share – to $1.87¢ As well, NextDC, led by Craig Scroggie, has dropped its previous acceptance threshold of just above 50 per cent, making its latest offer unconditional. The latest offer values APDC at a little above $215 million. It closed 4¢ higher at $1.88 on Monday. ‘‘We believe that we are the logical owner of the APDC data centres in the current circumstances,’’ NextDC chief executive Mr Scroggie said.
Australia and New Zealand Banking Group (ANZ); National Australia Bank Limited (NAB):
The Finance Sector Union is bracing for the possibility of significant job losses at ANZ as the bank’s chief executive Shayne Elliott moves to reassure staff about his dramatic restructure of the business. Mr Elliott sent out a manifesto to staff on Monday calling for a more ‘‘agile’’ workplace and a revolution of outdated work practices and on Tuesday will reinforce that the bank’s focus is on retail customers in Australia and New Zealand and institutional customers across Asia. The ANZ CEO, whose strategy has included withdrawing from Asia and selling its wealth management business, has previously said the future of the bank will be smaller both in terms of branches and people, Product sales will form a smaller part of the remuneration equation for NAB’s frontline staff when a new incentive plan is rolled out from October 1, well ahead of the deadlines for reform recommended by the Sedgwick review. The changes will see more than 700 NAB staff, including branch managers, assistant branch managers and call centre managers, move from their existing incentive programs which rely on product sales hard on the heels of a similar move at ANZ earlier this year.
BHP Billiton Limited (BHP):
Resource stocks lit a fire under the ASX for most of Monday thanks to a surge in Chinese iron ore futures, driving a voracious appetite for BHP Billiton in particular, though investors sold off banks in the late afternoon after market chatter around RBA rates direction. In addition to the broad-based buying in material and mining shares, a firming oil price flirted near the $US50-a-barrel mark and a leap in the price of coal, propelled investors into energy and utility stocks. Healthcare and telecommunications were the only real drags on the bourse. The benchmark S&P/ASX Index rose 0.3 per cent to 5720.6 points, to end the month marginally lower – its worst July in six years. ‘‘We’re surprised the pick-up in iron ore has been so strong because we’re not really bullish on the outlook,’’ said Romano Sala Tenna, portfolio manager at Katana Asset Manager. ‘‘But there’s a cautious optimism ahead of this reporting season, boosted by a fairly benign confessions session.’’
Coca-Cola Amatil Limited (CCL): Coca-Cola Amatil and rivals Asahi, Carlton & United Breweries, Coopers and Lion will oversee the introduction of a container deposit scheme in NSW after winning roles as scheme coordinators. The NSW government announced on Monday that Exchange for Change, an industry joint venture consisting of CCA, Asahi, CUB, Coopers and Lion, would be the co-ordinator for the container deposit scheme, which comes into effect on December 1. The appointment is the first good news in several weeks for CCA after a series of setbacks at the hands of Woolworths, which has refused to stock CCA’s newest sugar-free Coca-Cola variety and plans to shrink the number of Mount Franklin bottled water products it stocks.
Cochlear Limited (COH):
Cochlear chief executive Chris Smith’s departure after just two years in the job follows a failed understanding that the Denver-based executive would move to Australia, chairman Rick Holliday-Smith said. Cochlear cushioned the blow to investors by confirming its full-year earnings guidance at $210 million-$225 million, up from $189 million in 2016. But news of Mr Smith’s premature retirement wiped $130 million – about 1.6 per cent – off the hearing implant maker’s $8.2 billion market value. Its shares fell $2.32 to $142.85. Mr Holliday-Smith said he ‘‘was led to believe and it was important to me’’ that Mr Smith and his family ‘‘were committed to come to Australia’’ from Denver, Colorado, when Mr Smith was appointed to succeed long-term CEO Chris Roberts two years ago.
(Source: AIMS)
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