GetSwift Ltd (GSW):
The Australian Securities Exchange has suspended GetSwift's stock, despite the company releasing a four-page statement responding to the exchange's queries around whether the company has failed to report material information and breached listing rules. The ASX queries and sharemarket suspension follow an AFR investigation which found the last mile logistics company, which in 2017 increased the value of its shares more than 10 times, failed to inform the market of contract losses it had previously announced to the exchange. The article also raised questions about GetSwift's revenue forecasts for a CBA partnership, which the bank told the paper was not yet in a pilot phase and it had not authorised a sharemarket release about the partnership.The ASX cited listing rule 17.3 as its reason for suspending the stock. The listing rule allows the ASX to suspend a company's share if the entity breaks a listing rule, it prevents a disorderly or uninformed market or ASX's rules require the suspension. In response to GetSwift's question about its failure to update the market on the termination of The Fruit Box Company contract, the company said the share price movement after the announcement had not suggested the market considered it a significant transaction.
Goodman Group (GMG):
Industrial property powerhouse the Goodman Group has stepped up its global campaign to sell off properties by striking fresh deals in Europe and Asia in the wake of offloading a series of local assets. The heavyweight industrial real estate outfit is refocusing on developing and owning premium centres in global gateway cities. In the latest deal, the real estate private equity arm of China Everbright Limited snapped up a portfolio of seven Chinese logistics assets in secondary citiesfrom Goodman and its partners. The logistics assets, which account for about 9 per cent of Goodman’s holdings in China, are A-grade warehouses in the cities of Kunshan, Jiaxing and Wuxi near Shanghai, Qingdao in eastern China, Xi’an in the country’s northwest and Shenyang in the northeast. In Europe, Blackstone has bought yet another portfolio of Goodman properties, adding to a haul locally. The Blackstone Property Partners Europe Lower Fund 2 is buying 24 logistics centres from Goodman and its funds in a deal worth more than €500 million ($767.8m). Blackstone will pick up properties in Poland, France and Germany. The US private equity group bought a third local portfolio of industrial properties from Goodman last year.
Northern Star Resources Ltd (NST):
Cashed-up gold miner Northern Star Resources has spoken publicly for the first time about its intentions for Echo Resources, after its recent move to amass a 19.2 per cent stake in the company. Northern Star (NST) this morning said it had produced 128,819 ounces in the December quarter at an all-in sustaining cost of $1,043 per oz, keeping the company on track to meet its full-year production guidance. The debtfree company’s cash position fell slightly over the quarter to $433.1m, down from $443m at the end of September, after it paid a $35m tax bill and $4m to acquire the Western Tanami project. Northern Star pounced on a 16.4 per cent stake in Echo late last year and lifted that to 19.2 per cent earlier this month, giving it a significant position in the emerging play. Echo owns the mothballed Bronzewing processing plant northeast of Leinster in WA. Northern Star has spent just under $28m building its stake in Echo (EAR), paying 29c a share for its initial stake and an average of 34.5c to top up its position. Echo last traded at 36c a share. Shares in Northern Star were up 12c or 1.95 per cent to $6.26 in afternoon trade.
Qantas Airways Limited (QAN):
Qantas has appointed high-flyer Olivia Wirth to run its booming loyalty business, a move that potentially puts her on the list of future leadership contenders for Australia’s flagship airline. After Qantas said Ms. Wirth would become chief executive officer of the profitable division, industry veteran Peter Harbison, the CAPA-Centre for Aviation executive chairman, said the announcement put her “in the category of potential successors”. The move closes a hole left by the resignation of Jayne Hrdlicka, who last month dealt a blow to the succession planning at Qantas by announcing she was resigning from the group to join the a2 Milk Company as a chief executive. For the 2016-17 financial year, Qantas Loyalty reported record earnings based on underlying EBIT of $369 million. The move continues the career ascent of Ms. Wirth, who has been with Qantas for nine years. Ms. Wirth joined Qantas in 2009 from the Tourism and Transport Forum, to head the airline’s corporate affairs and public relations, and later became head of corporate and government affairs.
Woolworths Group Ltd (WOW):
Woolworths looks to have dodged a bullet in the form of a costly and protracted shareholder class action lawsuit over the demise of its hardware chain Masters after litigator IMF Bentham announced it was discontinuing the funding of a proposed court action against the supermarket chain. In an update to its own shareholders this morning, IMF Bentham said it would no longer fund a potential court action against Woolworths on behalf of shareholders and expected to write off roughly $151,000, including capitalised internal overheads, relating to this matter. “IMF announces that, after careful deliberation and further investigation, it considers that the proposed class action no longer meets its investment criteria and has accordingly decided not to proceed with funding the claims.” It will be welcome news to the Woolworths board and chief executive Brad Banducci who can now fully focus on continuing to improve its flagship Australian supermarkets arm and resuscitating earnings at its struggling Big W chain.
(Source: AIMS)
The Australian Securities Exchange has suspended GetSwift's stock, despite the company releasing a four-page statement responding to the exchange's queries around whether the company has failed to report material information and breached listing rules. The ASX queries and sharemarket suspension follow an AFR investigation which found the last mile logistics company, which in 2017 increased the value of its shares more than 10 times, failed to inform the market of contract losses it had previously announced to the exchange. The article also raised questions about GetSwift's revenue forecasts for a CBA partnership, which the bank told the paper was not yet in a pilot phase and it had not authorised a sharemarket release about the partnership.The ASX cited listing rule 17.3 as its reason for suspending the stock. The listing rule allows the ASX to suspend a company's share if the entity breaks a listing rule, it prevents a disorderly or uninformed market or ASX's rules require the suspension. In response to GetSwift's question about its failure to update the market on the termination of The Fruit Box Company contract, the company said the share price movement after the announcement had not suggested the market considered it a significant transaction.
Goodman Group (GMG):
Industrial property powerhouse the Goodman Group has stepped up its global campaign to sell off properties by striking fresh deals in Europe and Asia in the wake of offloading a series of local assets. The heavyweight industrial real estate outfit is refocusing on developing and owning premium centres in global gateway cities. In the latest deal, the real estate private equity arm of China Everbright Limited snapped up a portfolio of seven Chinese logistics assets in secondary citiesfrom Goodman and its partners. The logistics assets, which account for about 9 per cent of Goodman’s holdings in China, are A-grade warehouses in the cities of Kunshan, Jiaxing and Wuxi near Shanghai, Qingdao in eastern China, Xi’an in the country’s northwest and Shenyang in the northeast. In Europe, Blackstone has bought yet another portfolio of Goodman properties, adding to a haul locally. The Blackstone Property Partners Europe Lower Fund 2 is buying 24 logistics centres from Goodman and its funds in a deal worth more than €500 million ($767.8m). Blackstone will pick up properties in Poland, France and Germany. The US private equity group bought a third local portfolio of industrial properties from Goodman last year.
Northern Star Resources Ltd (NST):
Cashed-up gold miner Northern Star Resources has spoken publicly for the first time about its intentions for Echo Resources, after its recent move to amass a 19.2 per cent stake in the company. Northern Star (NST) this morning said it had produced 128,819 ounces in the December quarter at an all-in sustaining cost of $1,043 per oz, keeping the company on track to meet its full-year production guidance. The debtfree company’s cash position fell slightly over the quarter to $433.1m, down from $443m at the end of September, after it paid a $35m tax bill and $4m to acquire the Western Tanami project. Northern Star pounced on a 16.4 per cent stake in Echo late last year and lifted that to 19.2 per cent earlier this month, giving it a significant position in the emerging play. Echo owns the mothballed Bronzewing processing plant northeast of Leinster in WA. Northern Star has spent just under $28m building its stake in Echo (EAR), paying 29c a share for its initial stake and an average of 34.5c to top up its position. Echo last traded at 36c a share. Shares in Northern Star were up 12c or 1.95 per cent to $6.26 in afternoon trade.
Qantas Airways Limited (QAN):
Qantas has appointed high-flyer Olivia Wirth to run its booming loyalty business, a move that potentially puts her on the list of future leadership contenders for Australia’s flagship airline. After Qantas said Ms. Wirth would become chief executive officer of the profitable division, industry veteran Peter Harbison, the CAPA-Centre for Aviation executive chairman, said the announcement put her “in the category of potential successors”. The move closes a hole left by the resignation of Jayne Hrdlicka, who last month dealt a blow to the succession planning at Qantas by announcing she was resigning from the group to join the a2 Milk Company as a chief executive. For the 2016-17 financial year, Qantas Loyalty reported record earnings based on underlying EBIT of $369 million. The move continues the career ascent of Ms. Wirth, who has been with Qantas for nine years. Ms. Wirth joined Qantas in 2009 from the Tourism and Transport Forum, to head the airline’s corporate affairs and public relations, and later became head of corporate and government affairs.
Woolworths Group Ltd (WOW):
Woolworths looks to have dodged a bullet in the form of a costly and protracted shareholder class action lawsuit over the demise of its hardware chain Masters after litigator IMF Bentham announced it was discontinuing the funding of a proposed court action against the supermarket chain. In an update to its own shareholders this morning, IMF Bentham said it would no longer fund a potential court action against Woolworths on behalf of shareholders and expected to write off roughly $151,000, including capitalised internal overheads, relating to this matter. “IMF announces that, after careful deliberation and further investigation, it considers that the proposed class action no longer meets its investment criteria and has accordingly decided not to proceed with funding the claims.” It will be welcome news to the Woolworths board and chief executive Brad Banducci who can now fully focus on continuing to improve its flagship Australian supermarkets arm and resuscitating earnings at its struggling Big W chain.
(Source: AIMS)
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