AMP Ltd (AMP):
AMP Capital's global head of listed real assets is leaving the firm as part of a restructure. Matthew Hoult was promoted to the global position 12-months ago and tasked with integrating AMP Capital's listed property and infrastructure teams, run by James Maydew and Giuseppe Corona, respectively. After putting the two together, Hoult's on the way out and AMP Capital will not fill the role. "Under Mr Hoult's leadership, both teams have flourished, are performing strongly and working more closely together than ever before for the benefit of clients," an AMP Capital spokeswoman said in a statement to Street Talk on Wednesday morning. Separately, AMP Capital has made three hires to its Australian equities team.
Ardent Leisure Group (AAD):
Ardent Leisure has agreed to sell its bowling and entertainment division to a company owned by private equity investors for $160 million. The divestment will relieve Ardent (AAD) of the requirement to make the significant further investment needed in the business and enable the company to boost investment in its Main Event and theme parks businesses, chairman Gary Weiss said. Ardent’s bowling and entertainment division, which operates a portfolio of AMF Bowling Centres, Kingpin bowling lounges and Playtime arcades across Australasia, recorded revenue of $127.7 million in the 2016/17 financial year.
Australian Agricultural Company Ltd (AAC):
Shares in the nation's biggest cattle company are up 2.9 per cent today after it said it has turned to a Westpac fixed income specialist to bolster its performance after a five month international search for a new chief executive officer. Hugh Killen will start as CEO on February 1, the company said. Mr. Killen was most recently leading Westpac's fixed income, currency and commodities business but was lured to AAco to consult in the role of chief commercial officer. He hails from a family with strong connections to the beef and cattle industry. The Killen family had grazing assets spanning NSW and the Northern Territory.
Big Un Ltd (BIG):
Big Un, which uses its software to make promotional videos for restaurants, salons and other small businesses at lower costs, is the top performer this year among the almost 700 companies in Australia whose shares fetch at least $1 apiece. A penny stock until June, Sydney-based Big Un is trading at more than $3 per share and is worth about $450 million. It's hard to pinpoint what changed Big Un's fortunes, but it's been raising sales projections regularly. This month brought another revision, with the company forecasting revenue of at least $22 million for the December quarter, a 10 per cent increase from expectations in November. "We have perfected our business model and hit traction," said Big Un Chairman Hugh Massie, who signalled his bullishness when he bought $488,750 of shares at market price late last month. "Small businesses want video at a low cost and we are able to provide that through our combination of technology platform and operation structure."
Caltex Australia Limited (CTX):
Caltex Australia says its full-year underlying profit is expected to rise up to 18 per cent on stronger marketing and refining results. But the results are lower than analysts had forecast, indicating tougher than expected headwinds in the second half. Yesterday, Caltex said 2017 replacement cost operating profit (or RCOP — the standard profit indicator for the refining industry because it strips out the impact of price moves on stockpiles) would rise to between $600m and $620m, up from $524m in 2016. Deutsche Bank had been expecting full-year RCOP of $659m and Citi had been tipping $625m. Caltex said that retail margins have been lower in the second half of 2017 compared to the first six months on the back of increased retail competition and a rising commodity price environment. Caltex shares ended down 64c, or 1.8 per cent, to $34.60. Statutory net profit is expected to be $620m to $640m, up from $610m last year. This includes a $15m net loss on significant items, including costs on restructuring and a franchisee assistance fund, offset by profits on the sale of Caltex’s fuel oil business. Net debt is expected to be about $900m at the end of 2017, up from $454m a year earlier because of acquisitions, including the Milemaker and Gull New Zealand purchases. Caltex said its supply and marketing division was expected to deliver underlying earnings before interest and tax (EBIT) of between $760m and $780m, up from $738m in 2016, with transport fuel sales volumes of 16 billion litres expected to be marginally higher.
Orica Ltd (ORI):
Commercial explosives supplier Orica says it has struck a deal to buy a company that offers monitoring and measurement technologies to the mining industry for $205 million. Orica (ORI) said it had entered an agreement to acquire GP Holdco, which provides GroundProbe technologies, from Crescent Capital Partners. Orica chief executive Alberto Calderon said the acquisition would offer synergies with the company’s existing operations and expands its ability to provide data-driven services for drilling and blasting in mining. GroundProbe’s radar and laser based monitoring systems provide geotechnical slope stability monitoring and Orica said it is a profitable business. The deal is expected to be completed in the first quarter, Orica said. Orica shares were down 10 cents, or 0.6 per cent, at $18.02 at 11.11am (AEDT) on 20 Dec 2017.
(Source: AIMS)
AMP Capital's global head of listed real assets is leaving the firm as part of a restructure. Matthew Hoult was promoted to the global position 12-months ago and tasked with integrating AMP Capital's listed property and infrastructure teams, run by James Maydew and Giuseppe Corona, respectively. After putting the two together, Hoult's on the way out and AMP Capital will not fill the role. "Under Mr Hoult's leadership, both teams have flourished, are performing strongly and working more closely together than ever before for the benefit of clients," an AMP Capital spokeswoman said in a statement to Street Talk on Wednesday morning. Separately, AMP Capital has made three hires to its Australian equities team.
Ardent Leisure Group (AAD):
Ardent Leisure has agreed to sell its bowling and entertainment division to a company owned by private equity investors for $160 million. The divestment will relieve Ardent (AAD) of the requirement to make the significant further investment needed in the business and enable the company to boost investment in its Main Event and theme parks businesses, chairman Gary Weiss said. Ardent’s bowling and entertainment division, which operates a portfolio of AMF Bowling Centres, Kingpin bowling lounges and Playtime arcades across Australasia, recorded revenue of $127.7 million in the 2016/17 financial year.
Australian Agricultural Company Ltd (AAC):
Shares in the nation's biggest cattle company are up 2.9 per cent today after it said it has turned to a Westpac fixed income specialist to bolster its performance after a five month international search for a new chief executive officer. Hugh Killen will start as CEO on February 1, the company said. Mr. Killen was most recently leading Westpac's fixed income, currency and commodities business but was lured to AAco to consult in the role of chief commercial officer. He hails from a family with strong connections to the beef and cattle industry. The Killen family had grazing assets spanning NSW and the Northern Territory.
Big Un Ltd (BIG):
Big Un, which uses its software to make promotional videos for restaurants, salons and other small businesses at lower costs, is the top performer this year among the almost 700 companies in Australia whose shares fetch at least $1 apiece. A penny stock until June, Sydney-based Big Un is trading at more than $3 per share and is worth about $450 million. It's hard to pinpoint what changed Big Un's fortunes, but it's been raising sales projections regularly. This month brought another revision, with the company forecasting revenue of at least $22 million for the December quarter, a 10 per cent increase from expectations in November. "We have perfected our business model and hit traction," said Big Un Chairman Hugh Massie, who signalled his bullishness when he bought $488,750 of shares at market price late last month. "Small businesses want video at a low cost and we are able to provide that through our combination of technology platform and operation structure."
Caltex Australia Limited (CTX):
Caltex Australia says its full-year underlying profit is expected to rise up to 18 per cent on stronger marketing and refining results. But the results are lower than analysts had forecast, indicating tougher than expected headwinds in the second half. Yesterday, Caltex said 2017 replacement cost operating profit (or RCOP — the standard profit indicator for the refining industry because it strips out the impact of price moves on stockpiles) would rise to between $600m and $620m, up from $524m in 2016. Deutsche Bank had been expecting full-year RCOP of $659m and Citi had been tipping $625m. Caltex said that retail margins have been lower in the second half of 2017 compared to the first six months on the back of increased retail competition and a rising commodity price environment. Caltex shares ended down 64c, or 1.8 per cent, to $34.60. Statutory net profit is expected to be $620m to $640m, up from $610m last year. This includes a $15m net loss on significant items, including costs on restructuring and a franchisee assistance fund, offset by profits on the sale of Caltex’s fuel oil business. Net debt is expected to be about $900m at the end of 2017, up from $454m a year earlier because of acquisitions, including the Milemaker and Gull New Zealand purchases. Caltex said its supply and marketing division was expected to deliver underlying earnings before interest and tax (EBIT) of between $760m and $780m, up from $738m in 2016, with transport fuel sales volumes of 16 billion litres expected to be marginally higher.
Orica Ltd (ORI):
Commercial explosives supplier Orica says it has struck a deal to buy a company that offers monitoring and measurement technologies to the mining industry for $205 million. Orica (ORI) said it had entered an agreement to acquire GP Holdco, which provides GroundProbe technologies, from Crescent Capital Partners. Orica chief executive Alberto Calderon said the acquisition would offer synergies with the company’s existing operations and expands its ability to provide data-driven services for drilling and blasting in mining. GroundProbe’s radar and laser based monitoring systems provide geotechnical slope stability monitoring and Orica said it is a profitable business. The deal is expected to be completed in the first quarter, Orica said. Orica shares were down 10 cents, or 0.6 per cent, at $18.02 at 11.11am (AEDT) on 20 Dec 2017.
(Source: AIMS)
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