Argonaut Resources NL (ARE):
Advisory firm Argonaut is understood to have snapped up about 8.3 million shares in takeover target Flinders Resources on behalf of its suitor Eastern Field Developments. The 8.3 million shares, which equates to a 1.1 per cent stake, were purchased at 23 cents each. Eastern Field Developments is jointly owned by Indonesian groups Procap Partners, Saratoga Investama and Merdeka Copper Gold. It made a $260 million bid for Flinders Resources last year and holds a 26 per cent stake in the company. The group has been offering 23c per share in the business that counts itself as a low cost copper producer in Indonesia. Shares yesterday closed at 23c. Some minority shareholders have been critical of the lack of a premium offered as part of Eastern Field Development’s takeover bid but sources close to the suitor have previously said that the takeover plans had only come about after their plans by the Indonesian backers to sell their stake had failed.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank has unveiled its 10th PERLS hybrid securities transaction to raise at least $750 million of regulatory capital. The expected margin for the deal is 3.4-3.6 per cent above the 90-day bank bill rate, higher than the 3.2-3.4 per cent range for Westpac’s capital notes 5 issue announced last month. Westpac also set out to raise a minimum of $750m. A CBA spokeswoman said pricing for the PERLS X issue was “fair” to both investors and the bank. PERLS X capital notes are subordinated, unsecured notes set to pay quarterly distributions, and are fully franked. They provide additional tier one capital for CBA and rank ahead of ordinary shares for the payment of distributions.
Crown Resorts Ltd (CWN):
CrownBet boss Matt Tripp, fresh from winning the race for William Hill’s Australian outfit, has his sights set on being the “dominant” wagering operator in the country, with further consolidation tipped. Mr Tripp — often described even by rivals as one of the top chief executives in Australia’s wagering space — said William Hill was the most contested process he had been involved in. He told The Australian he knew Sportsbet owner Paddy Power and Ladbrokes were both really keen. “We were up against some fairly sizeable European-based companies looking to further enhance their footprint in Australia,” he said. “We knew strategically for us that we had to land it. It is obvious to everyone that scale is going to win the battle out here, particularly given some of the regulatory headwinds we are facing around point-of-consumption tax and credit bans.”
Mantra Group (MTR):
The ACCC has finally cleared the $1.2bn Accor takeover of the Mantra Group, with the combined venture to own over 200 hotels across Australia. It comes after the watchdog delayed its decision and sought more information on the deal, which would see Accor acquire Mantra’s portfolio of more than 125 properties, to establish whether the price and quality of the hotels will be impacted by the proposed acquisition. In a statement the ACCC said “Accor’s business is mainly focused on hotel-style accommodation and its brands include Sofitel, Novotel, Mercure and ibis. Mantra’s focus is on serviced apartments, which it offers through its Peppers, Art Series, Mantra and Breakfree brands. “The combined Accor-Mantra will still compete with other international and national hotel chains, as well as many independent hotels and accommodation providers,” ACCC Chairman Rod Sims said.
Northern Star Resources Ltd (NST):
Northern Star Resources has agreed to buy Westgold Resources’ South Kalgoorlie gold mine for $80 million. The acquisition of the South Kalgoorlie operations, located in Western Australia and about 50 kilometres from Northern Star’s (NST) Kundana operations, includes the project’s operating processing facility and 800 square kilometres of prospective gold tenure. Northern Star said the deal, which is due to be settled by April 1, will help ensure the company meets its organic growth target in a timely and economical fashion.
Suncorp Group Ltd (SUN):
Bain Capital’s credit arm has acquired Suncorp’s stake in Tower Insurance after attempts by the Australian insurer’s subsidiary to take over the New Zealand business were blocked by the competition watchdog. Shares were bought at NZ80 cents each (74.4c) by Bain Credit, valuing the total 19.9 per stake at $NZ53.9 million ($50m). The holding was owned by Suncorp (SUN) subsidiary Vero which last year made a takeover bid for the New Zealand insurer Tower, which is also listed in Australia. Suncorp’s average price paid to acquire the business was NZ91c as a result of the participation in Tower’s rights issue last December, buying shares at NZ42c each. Vero offered $NZ1.40 per share for Tower last year in its takeover bid. New Zealand Commerce Commission blocked Vero’s attempts to buy Tower. The total loss on investment for Suncorp is $6m (NZ$7.5m).
Vicinity Centres Re Ltd (VCX):
Shopping centre landlord Vicinity Centres has awarded a sign-on grant of its stock to new chief executive Grant Kelley. The grant has a total value of $160,297.39 and the number of securities was calculated based on the volume weighted average price over the 10 trading days -before Mr Kelley started at the group. Half of the stock is subject to trading restriction for a year after he started at Vicinity, with the other half restricted from trade for two years. Mr Kelley took the reins of Vicinity in January and last month unveiled a push into mixed-use development projects that could see office buildings, apartments and hotels added to its shopping centres.
(Source: AIMS)
Advisory firm Argonaut is understood to have snapped up about 8.3 million shares in takeover target Flinders Resources on behalf of its suitor Eastern Field Developments. The 8.3 million shares, which equates to a 1.1 per cent stake, were purchased at 23 cents each. Eastern Field Developments is jointly owned by Indonesian groups Procap Partners, Saratoga Investama and Merdeka Copper Gold. It made a $260 million bid for Flinders Resources last year and holds a 26 per cent stake in the company. The group has been offering 23c per share in the business that counts itself as a low cost copper producer in Indonesia. Shares yesterday closed at 23c. Some minority shareholders have been critical of the lack of a premium offered as part of Eastern Field Development’s takeover bid but sources close to the suitor have previously said that the takeover plans had only come about after their plans by the Indonesian backers to sell their stake had failed.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank has unveiled its 10th PERLS hybrid securities transaction to raise at least $750 million of regulatory capital. The expected margin for the deal is 3.4-3.6 per cent above the 90-day bank bill rate, higher than the 3.2-3.4 per cent range for Westpac’s capital notes 5 issue announced last month. Westpac also set out to raise a minimum of $750m. A CBA spokeswoman said pricing for the PERLS X issue was “fair” to both investors and the bank. PERLS X capital notes are subordinated, unsecured notes set to pay quarterly distributions, and are fully franked. They provide additional tier one capital for CBA and rank ahead of ordinary shares for the payment of distributions.
Crown Resorts Ltd (CWN):
CrownBet boss Matt Tripp, fresh from winning the race for William Hill’s Australian outfit, has his sights set on being the “dominant” wagering operator in the country, with further consolidation tipped. Mr Tripp — often described even by rivals as one of the top chief executives in Australia’s wagering space — said William Hill was the most contested process he had been involved in. He told The Australian he knew Sportsbet owner Paddy Power and Ladbrokes were both really keen. “We were up against some fairly sizeable European-based companies looking to further enhance their footprint in Australia,” he said. “We knew strategically for us that we had to land it. It is obvious to everyone that scale is going to win the battle out here, particularly given some of the regulatory headwinds we are facing around point-of-consumption tax and credit bans.”
Mantra Group (MTR):
The ACCC has finally cleared the $1.2bn Accor takeover of the Mantra Group, with the combined venture to own over 200 hotels across Australia. It comes after the watchdog delayed its decision and sought more information on the deal, which would see Accor acquire Mantra’s portfolio of more than 125 properties, to establish whether the price and quality of the hotels will be impacted by the proposed acquisition. In a statement the ACCC said “Accor’s business is mainly focused on hotel-style accommodation and its brands include Sofitel, Novotel, Mercure and ibis. Mantra’s focus is on serviced apartments, which it offers through its Peppers, Art Series, Mantra and Breakfree brands. “The combined Accor-Mantra will still compete with other international and national hotel chains, as well as many independent hotels and accommodation providers,” ACCC Chairman Rod Sims said.
Northern Star Resources Ltd (NST):
Northern Star Resources has agreed to buy Westgold Resources’ South Kalgoorlie gold mine for $80 million. The acquisition of the South Kalgoorlie operations, located in Western Australia and about 50 kilometres from Northern Star’s (NST) Kundana operations, includes the project’s operating processing facility and 800 square kilometres of prospective gold tenure. Northern Star said the deal, which is due to be settled by April 1, will help ensure the company meets its organic growth target in a timely and economical fashion.
Suncorp Group Ltd (SUN):
Bain Capital’s credit arm has acquired Suncorp’s stake in Tower Insurance after attempts by the Australian insurer’s subsidiary to take over the New Zealand business were blocked by the competition watchdog. Shares were bought at NZ80 cents each (74.4c) by Bain Credit, valuing the total 19.9 per stake at $NZ53.9 million ($50m). The holding was owned by Suncorp (SUN) subsidiary Vero which last year made a takeover bid for the New Zealand insurer Tower, which is also listed in Australia. Suncorp’s average price paid to acquire the business was NZ91c as a result of the participation in Tower’s rights issue last December, buying shares at NZ42c each. Vero offered $NZ1.40 per share for Tower last year in its takeover bid. New Zealand Commerce Commission blocked Vero’s attempts to buy Tower. The total loss on investment for Suncorp is $6m (NZ$7.5m).
Vicinity Centres Re Ltd (VCX):
Shopping centre landlord Vicinity Centres has awarded a sign-on grant of its stock to new chief executive Grant Kelley. The grant has a total value of $160,297.39 and the number of securities was calculated based on the volume weighted average price over the 10 trading days -before Mr Kelley started at the group. Half of the stock is subject to trading restriction for a year after he started at Vicinity, with the other half restricted from trade for two years. Mr Kelley took the reins of Vicinity in January and last month unveiled a push into mixed-use development projects that could see office buildings, apartments and hotels added to its shopping centres.
(Source: AIMS)
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