AGL Energy Limited(AGL):
AGL Energy chairman Jerry Maycock and chief executive Andy Vesey have stuck 100 per cent to the company's plan to close the ageing Liddell coal power plant in NSW and replace it with cleaner power, listing a host of reasons why the government's push to extend its life makes no sense. The united and forceful stance taken by the pair at the shareholder meeting on Wednesday underscored AGL's determination to gradually transition out of coal, despite huge pressure spearheaded by Prime Minister Malcolm Turnbull that the life of the Liddell plant should be prolonged after 2022. Mr Maycock also poured cold water on the government's alternative push to get AGL to sell Liddell to let another company run it. He said a sale would be "challenging", while extending its life beyond 50 years would cost a "substantial" amount. AGL shareholders backed the company's strategy for replacing Liddell's output with a mix of wind and solar power, gas peaking plants, demand management and storage.
AMP Limited (AMP):
MP’s life insurance business could be the next asset in the popular sector to sell with China Taiping Life executives in Sydney today to meet with the wealth management group. It’s understood that the discussions have been facilitated by UBS which is AMP’s house adviser and has been carrying out a review of the life insurance business alongside Macquarie over the past few months. AMP (AMP) has classified life insurance as a non-core business and is understood to be keen to take advantage of the momentum in the sector at the moment. CommInsure was last week sold to AIA and ANZ is also in the process of offloading its combined wealth and life businesses. China Taiping is a diversified insurance group based in Hong Kong and is understood to also be looking at AXA SA’s Hong Kong life business which is for sale at the moment.
APA Group (APA):
Energy infrastructure company APA Group has announced that its chairman Leonard Bleasel will retire next month after 10 years in the role. The company said the chairman and non-executive director will be succeeded by current APA Group (APA) non-executive director Michael Fraser at the conclusion of APA’s annual meeting next month. “It has been very satisfying to see the growth of APA over the last decade with total security holder returns growing at a compound rate of 17.3 per cent but it is now time to step down as chairman after ten years in the role,” Mr Bleasel said. His retirement comes as another two members of the group’s board announce their retirement.
BHP Billiton (BHP):
This year represents the “tipping point” in an electric vehicle revolution that will drive global demand for copper, according to BHP Billiton. Arnoud Balhuizen, chief commercial officer at the global miner, declared that “copper is the metal of the future.” Although, unlike some of its rivals, BHP does not have exposure to key battery materials such as zinc, lithium and cobalt, it argues that the biggest impact from the growth of electric cars will be on copper. Such vehicles require four times as much copper as their conventional peers. Copper prices rallied by a fifth over the northern summer amid an expectation of increasing demand for the metal. That, in turn, has been linked with forecasts of electric vehicle growth. Copper prices hit three-year highs at the start of September before falling back since.
Global Geoscience Limited (GSC):
Global Geoscience was back in the market on Wednesday, seeking to raise as much as $40 million via a share placement. Citigroup is managing the deal for the exploration junior which has been placed in a trading halt. Global Geoscience's shares have quadrupled since June 2016 when it announced it had secured an option to acquire the Rhyolite Ridge lithium-boron project in Nevada. The project is just 340 kilometres from Tesla's Nevada gigafactory, providing a key distinction from most other ASX-listed lithium stocks.
Myer Holdings Limited (MYR); Premier Investments Limited (PMV):
Myer shares have soared after Solomon Lew's Premier Investments has requested the department store chain's full shareholder register. Mr Lew is the largest shareholder in Myer following a raid earlier this year that saw him snap up more than 10 per cent. He has since refused to reveal his plans based on the stake but made comments highly critical of Myer earlier in the week describing the department store giant as a "basket case" and lashed its decisions on stock as well as its push to heavy discounting. He also admitted to being "bitterly disappointed" at the 37 per cent fall in Myer's share price since Premier bought its stake. In a statement to the ASX, Premier said it wanted the register so it could "consider" writing to Myer shareholders ahead of "any resolutions proposed at Myer's AGM this year". Myer shares surged on the news and were up 10 per cent at 2.49 pm after starting the day falling slightly.
Neurotech International Limited (NTI):
Positive test results on a device that aids kids with autism has more than doubled the share price of Australianlisted minnow Neurotech, with experts hailing the early findings as “outstanding”. Neurotech (NTI), which is developing an at-home product to help children with autism, saw its shares soar 115 per cent today, to close at 36 cents apiece, after revealing early results of the study. The company, which listed on the Australian market last November, has developed Mente Autism, which is a clinical-quality device that uses neurofeedback technology to help children with autism. Designed for home use, Mente Autism helps relax the minds of children on the spectrum, which in turns helps them to focus better and engage positively with their environment. The findings of the study on the device, conducted by US-based Carrick Institute, were presented at a mental health conference last week.
Shine Corporation Limited (SHJ):
Shine Lawyers faces a $250 million class action claim dating back to its January 2016 turmoil, when the listed law firm's stock price fell by 73 per cent in one day after it confessed to over-egging recoverable "work in progress" amounts. Shareholders bringing the action claim the listed law firm knew or should have known the hit to its revenue was coming "well" ahead of that time and disclosed this to the market earlier. Filed in the Supreme Court of Queensland on Wednesday and backed by US litigation funder Regency Funding, the action claims discrepancies in work in progress recovery rates along with "business factors", including law changes and competition, meant the firm knew or should have known of the "material impact" on the 2016 fiscal year results.
Treasury Wine Estates Limited (TWE):
The stars are aligning for Treasury Wine Estates to accelerate its push into the United States premium wine market. With both the Australian dollar and Treasury's valuation at lofty heights, it's not surprising that the owner of Penfolds, Wolf Blass, Lindemans and Wynns has been state-side with adviser Goldman Sachs sizing up opportunities. Sources said any acquisition must have plenty of high-end grape supply locked in with it, fitting with the strict criteria stipulated by chief executive Mike Clarke. Clarke has been based in California since early 2017 to help knock the former Diageo Wines US business into shape after shelling out $754 million in late 2015. So he has plenty of local knowledge and contacts. The company is also ploughing through its $300 million buyback, having already snaffled $100 million worth of shares in the past few weeks.
(Source: AIMS)
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