Commonwealth Bank of Australia (CBA):
Maurice Blackburn has launched a class action against Commonwealth Bank for the AUSTRAC debacle following the announcement from litigation funders IMF Bentham that its funding is now unconditional. Lawyers acting in behalf of shareholders will allege the bank engaged in "misleading or deceptive conduct" in addition to "breaching continuous disclosure obligations in relation to its non-compliance with the AML/CTF Act".
Domino’s Pizza Enterprises Limited (DMP):
Domino's Pizza Enterprises has launched a 360-degree review system to boost the performance of franchisees amid growing investor concerns about the sustainability of its Australian business. 'Operations 360' was announced by Domino's chief executive Don Meij at an investor day in Brisbane, where the fast food chain also launched new technology including GPS location-based ordering in Australia, the second phase of drone deliveries in New Zealand, and hot lockers for on-the-go customers. The 360-degree review system is aimed at improving the transparency and profitability of Domino's franchisees and follows an independent review of the franchise operations by Deloitte after a Fairfax Media investigation found evidence of wages fraud.
Mantra Group Limited (MTR):
French-based Accor hotel group has lobbed a $1.2 billion takeover offer for Mantra Group, Australia's second-largest hotel operator in the small to medium asset sector. Its ends speculation that Mantra is in play, which started in March, when there was a run on its shares. The indicative and non-binding proposal from Accor is pitched at $3.96 cash a share, or $4.02 a share including the 6¢ final dividend - a 23 per cent premium to Mantra's closing price of $3.23 on Friday. It values the business at $1.17 billion. Mantra floated at $1.80 in June 2014. It owns and operates more than 125 properties and in excess of 20,000 rooms across Australia, Indonesia and Hawaii under the Mantra, Peppers and Breakfree brands.
Medibank Private Limited (MPL):
Health insurance giant Medibank is beefing up its push for more home care with a $4 million investment in knee and hip rehabilitation, to shift patients out of the expensive hospital setting. Andrew Wilson, Medibank’s group executive of healthcare and strategy, said the insurer wanted to provide more healthcare choices for its customers, no matter what their needs were. Medibank recently acquired HealthStrong, Australia’s largest provider of allied health services to residents of aged-care facilities and in the home, to strengthen its ability to provide care to its members at a time and location that was convenient to them. HealthStrong was not a large acquisition for Medibank but it was strategically important as the insurer has been preparing for a future where the growth of healthcare is in mobile services — providing care where people want it. Mr Wilson said Medibank was trying to make the health system more contemporary, with best practice.
National Australia Bank Limited (NAB):
There have been curious developments over the Tasman in relation to Apple Pay, with National Australia Bank’s BNZ unit announcing today it will offer the service to customers by the end of this month. Yes, that’s the same NAB that tried to enlist the Australian Competition and Consumer Commission in a nasty spat with Apple over access to the iPhone’s near-field communication antenna. Success would have enabled the bank to offer its own digital wallet to iPhone users in competition with the Apple’s wallet, but without using Apple Pay. The competition watchdog knocked back the application by NAB, Commonwealth Bank and Westpac, ruling that competition could be distorted if the banks were able to bargain collectively with the tech giant.
Newcrest Mining Limited (NCM):
The chief executive of Australia’s biggest gold miner Newcrest Mining could be in line for even bigger pay cheques, as the firm attempts to lift his long-term incentives after he received a $US6.6m pay package for the financial year to June, up significantly from the $US4.67m he received last year. Long term incentives accounted for around $US2.5m of Sandeep Biswas’ total remuneration and the miner is attempting to increase the ratio of his annual long-term incentive grants to 180 per cent of total fixed remuneration from November — up from 150 per cent — but the change will require shareholder approval. The move to boost the CEO’s incentive comes despite Newcrest (NCM) posting a worse-than-expected fullyear profit of $US394m, well short of forecasts of $US452m and a 2 per cent drop in gold production from the prior period.
Westpac Banking Corporation (WBC):
Westpac Banking Corporation has increased its majority stake in digital mortgage broking platform Uno, ploughing another $5 million into the company. The big four bank has now invested about $33 million into the venture and owns 92 per cent of ordinary shares, according to Australian Securities and Investments Commission documents. Factoring in shares that are subject to vesting, on a fully diluted basis Westpac still owns more than three quarters of the company. Founder and chief executive Vincent Turner said the funding provided by Westpac had given the fintech start-up a leg up it couldn't have had otherwise.
WorleyParsons Limited (WOR):
WorleyParsons will expand into the North Sea after buying AFW UK Oil & Gas for $303 million. The acquisition comes as competitor Amec FosterWheeler divests assets to assuage competition concerns related to its takeover by the UK's John Wood Group. WorleyParsons will raise capital to pay for the acquisition via a 1 for 10 full underwritten, pro-rata, accelerated entitlement offer. The engineering group said the acquisition would accelerate its strategy to build "a world class global maintenance, modifications and operations (MMO) capability" in its integrated solutions business. The acquisition is expected to be completed by the end of October.
Woodside Petroleum Limited (WPL):
Woodside Petroleum says the Wheatstone project in Western Australia has started producing liquefied natural gas, with the first cargo to be shipped in the coming weeks. Woodside holds a 13 per cent stake in the Chevron-operated project, which has been plagued by cost blowouts and construction delays. Production is expected to start from the second train in six to eight months, Woodside said, taking full capacity to capacity of 8.9 million tonnes per annum. Woodside CEO Peter Coleman said first LNG production represented a significant milestone for all of the Wheatstone LNG joint venture participants.
(Source: AIMS)
Maurice Blackburn has launched a class action against Commonwealth Bank for the AUSTRAC debacle following the announcement from litigation funders IMF Bentham that its funding is now unconditional. Lawyers acting in behalf of shareholders will allege the bank engaged in "misleading or deceptive conduct" in addition to "breaching continuous disclosure obligations in relation to its non-compliance with the AML/CTF Act".
Domino’s Pizza Enterprises Limited (DMP):
Domino's Pizza Enterprises has launched a 360-degree review system to boost the performance of franchisees amid growing investor concerns about the sustainability of its Australian business. 'Operations 360' was announced by Domino's chief executive Don Meij at an investor day in Brisbane, where the fast food chain also launched new technology including GPS location-based ordering in Australia, the second phase of drone deliveries in New Zealand, and hot lockers for on-the-go customers. The 360-degree review system is aimed at improving the transparency and profitability of Domino's franchisees and follows an independent review of the franchise operations by Deloitte after a Fairfax Media investigation found evidence of wages fraud.
Mantra Group Limited (MTR):
French-based Accor hotel group has lobbed a $1.2 billion takeover offer for Mantra Group, Australia's second-largest hotel operator in the small to medium asset sector. Its ends speculation that Mantra is in play, which started in March, when there was a run on its shares. The indicative and non-binding proposal from Accor is pitched at $3.96 cash a share, or $4.02 a share including the 6¢ final dividend - a 23 per cent premium to Mantra's closing price of $3.23 on Friday. It values the business at $1.17 billion. Mantra floated at $1.80 in June 2014. It owns and operates more than 125 properties and in excess of 20,000 rooms across Australia, Indonesia and Hawaii under the Mantra, Peppers and Breakfree brands.
Medibank Private Limited (MPL):
Health insurance giant Medibank is beefing up its push for more home care with a $4 million investment in knee and hip rehabilitation, to shift patients out of the expensive hospital setting. Andrew Wilson, Medibank’s group executive of healthcare and strategy, said the insurer wanted to provide more healthcare choices for its customers, no matter what their needs were. Medibank recently acquired HealthStrong, Australia’s largest provider of allied health services to residents of aged-care facilities and in the home, to strengthen its ability to provide care to its members at a time and location that was convenient to them. HealthStrong was not a large acquisition for Medibank but it was strategically important as the insurer has been preparing for a future where the growth of healthcare is in mobile services — providing care where people want it. Mr Wilson said Medibank was trying to make the health system more contemporary, with best practice.
National Australia Bank Limited (NAB):
There have been curious developments over the Tasman in relation to Apple Pay, with National Australia Bank’s BNZ unit announcing today it will offer the service to customers by the end of this month. Yes, that’s the same NAB that tried to enlist the Australian Competition and Consumer Commission in a nasty spat with Apple over access to the iPhone’s near-field communication antenna. Success would have enabled the bank to offer its own digital wallet to iPhone users in competition with the Apple’s wallet, but without using Apple Pay. The competition watchdog knocked back the application by NAB, Commonwealth Bank and Westpac, ruling that competition could be distorted if the banks were able to bargain collectively with the tech giant.
Newcrest Mining Limited (NCM):
The chief executive of Australia’s biggest gold miner Newcrest Mining could be in line for even bigger pay cheques, as the firm attempts to lift his long-term incentives after he received a $US6.6m pay package for the financial year to June, up significantly from the $US4.67m he received last year. Long term incentives accounted for around $US2.5m of Sandeep Biswas’ total remuneration and the miner is attempting to increase the ratio of his annual long-term incentive grants to 180 per cent of total fixed remuneration from November — up from 150 per cent — but the change will require shareholder approval. The move to boost the CEO’s incentive comes despite Newcrest (NCM) posting a worse-than-expected fullyear profit of $US394m, well short of forecasts of $US452m and a 2 per cent drop in gold production from the prior period.
Westpac Banking Corporation (WBC):
Westpac Banking Corporation has increased its majority stake in digital mortgage broking platform Uno, ploughing another $5 million into the company. The big four bank has now invested about $33 million into the venture and owns 92 per cent of ordinary shares, according to Australian Securities and Investments Commission documents. Factoring in shares that are subject to vesting, on a fully diluted basis Westpac still owns more than three quarters of the company. Founder and chief executive Vincent Turner said the funding provided by Westpac had given the fintech start-up a leg up it couldn't have had otherwise.
WorleyParsons Limited (WOR):
WorleyParsons will expand into the North Sea after buying AFW UK Oil & Gas for $303 million. The acquisition comes as competitor Amec FosterWheeler divests assets to assuage competition concerns related to its takeover by the UK's John Wood Group. WorleyParsons will raise capital to pay for the acquisition via a 1 for 10 full underwritten, pro-rata, accelerated entitlement offer. The engineering group said the acquisition would accelerate its strategy to build "a world class global maintenance, modifications and operations (MMO) capability" in its integrated solutions business. The acquisition is expected to be completed by the end of October.
Woodside Petroleum Limited (WPL):
Woodside Petroleum says the Wheatstone project in Western Australia has started producing liquefied natural gas, with the first cargo to be shipped in the coming weeks. Woodside holds a 13 per cent stake in the Chevron-operated project, which has been plagued by cost blowouts and construction delays. Production is expected to start from the second train in six to eight months, Woodside said, taking full capacity to capacity of 8.9 million tonnes per annum. Woodside CEO Peter Coleman said first LNG production represented a significant milestone for all of the Wheatstone LNG joint venture participants.
(Source: AIMS)
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