A2 Milk Company Ltd (A2M):
The A2 Milk Company is expanding into South Korea after signing a distribution deal with pharmaceutical giant Yuhan Corporation. A2 says South Korea is an attractive market because it has high per capita dairy consumption, world-class retailers and fast-growing online sales. A2 Milk says Yuhan Corporation has capabilities in pharmaceuticals and consumer goods. “Yuhan Corporation is a long-established, highly credentialed and principled Korean business,” A2 Milk chief executive Geoffrey Babidge said in a statement on Monday. “We share similar values and ambitions, and with our complimentary capabilities believe that together we can build a meaningful business in Korea.” Yuhan and A2 will launch a range of dairy nutritional products sourced from Australia and New Zealand, with sales expected to start between July and December this year.
AMP Limited (AMP):
AMP boss Craig Meller says Australia needs to gear up for the rapid rise of the Chinese middle class, and position its education and tourism industries to capture the growth of the Asian giant as it rapidly transitions to a consumption-led economy. The chief executive of AMP, which is the only foreign company with a stake in a Chinese-owned pensions company, said it had taken a long time for China to transition from a production economy that was reliant on the rest of the world for its growth, to a position where Chinese consumption would be the strongest growth driver. “The world was not worried about selling into China historically as there wasn’t the consumption. But as people look forward and see that uptick in consumption, we want to balance things out, which is the American mentality at the moment,” he said, referring to US President Trump’s push for lower import tariffs in China.
Blue Sky Alternative Investments Ltd (BLA):
Under-pressure fund manager Blue Sky Alternative Investments has slashed its earnings guidance by a third and lowered its expectations for fee-earning assets, as it unveiled plans for an independent review of its valuations and disclosure processes. Net profit guidance has been slashed to $20 million-$25m from between $34m and $36m. Fee-earning assets are expected to be between $4 billion and $4.25bn, down from previous guidance of $4.25bn to $4.75bn. Blue Sky (BLA) today blamed the downgrade on “negative market sentiment” that it said would likely constrain its ability to make new investments that would generate fees. The Brisbane-based alternative asset manager has been under siege since late March when short-seller Glaucus Research issued a report claiming the company’s fee-earning funds under management were just $1.5 billion, $2.5bn less than the $4bn claimed by the company. Blue Sky shares fell another 76c to $4.48 as the market opened today. They are down 60.8 per cent since March 27.
Infigen Energy Ltd (IFN):
Wind farm operator Infigen has met with its newest major stakeholder, the asset management giant Brookfield, after the Canadian firm snapped up nine per cent of Infigen shares last week. Discussing the purchase that renewed takeover speculation, Chairman Len Gill said. Brookfield’s long-term interest in Infigen was as a strategic security holder and a potential capital partner. The talks between Brookfield and Infigen Energy were “exploratory and preliminary” and not trained on a specific outcome, Mr Gill said in a statement to the ASX on Monday.
Lynas Corporation Ltd (LYC):
Rare-earths miner Lynas Corp recorded a 9 per cent rise in quarterly output of its main products, but said revenue declined because of weaker prices. Lynas (LYC) said production of neodymium and praseodymium rose to 1,332 tonnes during the three months through March, up from 1,222 tonnes in the prior quarter. Total rare-earths production was steady at 4,110 tonnes. The ASX-listed company said invoiced sales revenue of $85.9 million was down 8 per cent quarter-over-quarter, reflecting a drop-in prices. It added it also was impacted by the timing of orders. Lynas reported cash flow of $3.9 million, down from $45.3 million the quarter prior. The company was “funding significant investments in Mining Campaign 2 at Mt Weld and Lynas NEXT initiatives” during the period, it said. In addition, the company’s balance sheet improved markedly during the quarter with the conversion of $US71.3 million of convertible bonds, reducing the convertible bond facility to $US15.2 million at March 31, Lynas said.
Metcash Limited (MTS):
Grocery wholesaler Metcash is rallying an army of 95,000 small-format retailers, ranging from service stations, takeaway shops, restaurants to newsagents, along with churches and charities, to open a new front in the supermarket price wars that could spark a fight-back by the long-suffering corner store. After a decade of crushing competition from heavyweights Woolworths, Coles and Aldi, which has sent thousands of corner stores to the wall, Metcash has unveiled a new set of pricing and promotional plans to make the sector more competitive and win back shoppers. In a series of presentations to grocery suppliers, Metcash says its new strategy would deliver better wholesale pricing to its customers by targeting prices as much as 20 per cent below supermarket retail averages.
OZ Minerals Limited (OZL):
OZ Minerals’ hopes of taking outright control of Brazilian copper play Avanco Resources have taken a hit, with a group of disgruntled Avanco shareholders vowing to reject OZ’s $418 million takeover bid. The rebel investors, headed by top 20 shareholder Michael Riley, argue that OZ’s 17c per share cash-and-scrip offer undervalues the company and criticised Avanco for failing to include an independent expert’s report in its target statement. Mr Riley said he was part of a coalition of investors who collectively hold around 14 per cent of Avanco stock that believed the company was too quick to rush into the OZ offer. “We’re not trying to be difficult, we just want fair value,” Mr Riley said. “We’ve supported the company through some difficult times, but now we are feeling a bit cheated.” While the 14 per cent of Avanco purported to be held by the rebels would not be enough to block the OZ takeover, which is conditional on a minimum 50.1 per cent acceptance, it would be sufficient to prevent OZ from getting to the 90 per cent compulsory acquisition threshold.
Rio Tinto Limited (RIO):
Rio Tinto has moved to assure workers at its big Queensland alumina business that their futures are secure as the mining giant grapples with the fallout from US trade sanctions. The company announced on Friday night that it had declared force majeure over several contracts in its aluminium arm as a result of the sanctions, leaving output from QAL’s Gladstone aluminium refinery under a cloud. The US Treasury and State Department earlier this month announced sanctions against a host of Russian companies — including Rusal, Rio Tinto’s 20 per cent partner in QAL — in response to what they described as malign activity. In addition to its 20 per cent stake in QAL, Rusal held offtake agreements over the bulk of the output from the Gladstone -refinery. While it remains unclear as to whether Rio Tinto will be able to sell aluminium from QAL to other customers, or whether Rio Tinto would look to buy out Rusal to clean up the ownership structure, a spokesman for the mining giant yesterday said it would be business as usual at the refinery.
Stockland Corporation Ltd (SGP):
Listed property group Stockland will develop a $540 million residential project in Melbourne’s western growth corridor. The 138ha community development at Truganina, 28km from the Melbourne CBD, would eventually house more than 1600 families, the company said. Stockland general manager for Victoria Mike Davis said there would be a strong focus on infrastructure development in the area, including the duplication of the Melton railway line now under construction and the recently completed Caroline Springs Railway Station. Stockland had about $2.4 billion invested across 15 residential communities in Melbourne’s major growth corridors, Mr Davis said. The Grandview project at Truganina will also include a community centre, local parks, a town centre, proposed state primary and a planned 54ha conservation zone. The community sits in the recently gazetted Mt Atkinson and Tarneit Plains Precinct, which will house more than 22,000 people in the long term and include a commercial business park earmarked for more than 19,000 jobs.
(Source: AIMS)
The A2 Milk Company is expanding into South Korea after signing a distribution deal with pharmaceutical giant Yuhan Corporation. A2 says South Korea is an attractive market because it has high per capita dairy consumption, world-class retailers and fast-growing online sales. A2 Milk says Yuhan Corporation has capabilities in pharmaceuticals and consumer goods. “Yuhan Corporation is a long-established, highly credentialed and principled Korean business,” A2 Milk chief executive Geoffrey Babidge said in a statement on Monday. “We share similar values and ambitions, and with our complimentary capabilities believe that together we can build a meaningful business in Korea.” Yuhan and A2 will launch a range of dairy nutritional products sourced from Australia and New Zealand, with sales expected to start between July and December this year.
AMP Limited (AMP):
AMP boss Craig Meller says Australia needs to gear up for the rapid rise of the Chinese middle class, and position its education and tourism industries to capture the growth of the Asian giant as it rapidly transitions to a consumption-led economy. The chief executive of AMP, which is the only foreign company with a stake in a Chinese-owned pensions company, said it had taken a long time for China to transition from a production economy that was reliant on the rest of the world for its growth, to a position where Chinese consumption would be the strongest growth driver. “The world was not worried about selling into China historically as there wasn’t the consumption. But as people look forward and see that uptick in consumption, we want to balance things out, which is the American mentality at the moment,” he said, referring to US President Trump’s push for lower import tariffs in China.
Blue Sky Alternative Investments Ltd (BLA):
Under-pressure fund manager Blue Sky Alternative Investments has slashed its earnings guidance by a third and lowered its expectations for fee-earning assets, as it unveiled plans for an independent review of its valuations and disclosure processes. Net profit guidance has been slashed to $20 million-$25m from between $34m and $36m. Fee-earning assets are expected to be between $4 billion and $4.25bn, down from previous guidance of $4.25bn to $4.75bn. Blue Sky (BLA) today blamed the downgrade on “negative market sentiment” that it said would likely constrain its ability to make new investments that would generate fees. The Brisbane-based alternative asset manager has been under siege since late March when short-seller Glaucus Research issued a report claiming the company’s fee-earning funds under management were just $1.5 billion, $2.5bn less than the $4bn claimed by the company. Blue Sky shares fell another 76c to $4.48 as the market opened today. They are down 60.8 per cent since March 27.
Infigen Energy Ltd (IFN):
Wind farm operator Infigen has met with its newest major stakeholder, the asset management giant Brookfield, after the Canadian firm snapped up nine per cent of Infigen shares last week. Discussing the purchase that renewed takeover speculation, Chairman Len Gill said. Brookfield’s long-term interest in Infigen was as a strategic security holder and a potential capital partner. The talks between Brookfield and Infigen Energy were “exploratory and preliminary” and not trained on a specific outcome, Mr Gill said in a statement to the ASX on Monday.
Lynas Corporation Ltd (LYC):
Rare-earths miner Lynas Corp recorded a 9 per cent rise in quarterly output of its main products, but said revenue declined because of weaker prices. Lynas (LYC) said production of neodymium and praseodymium rose to 1,332 tonnes during the three months through March, up from 1,222 tonnes in the prior quarter. Total rare-earths production was steady at 4,110 tonnes. The ASX-listed company said invoiced sales revenue of $85.9 million was down 8 per cent quarter-over-quarter, reflecting a drop-in prices. It added it also was impacted by the timing of orders. Lynas reported cash flow of $3.9 million, down from $45.3 million the quarter prior. The company was “funding significant investments in Mining Campaign 2 at Mt Weld and Lynas NEXT initiatives” during the period, it said. In addition, the company’s balance sheet improved markedly during the quarter with the conversion of $US71.3 million of convertible bonds, reducing the convertible bond facility to $US15.2 million at March 31, Lynas said.
Metcash Limited (MTS):
Grocery wholesaler Metcash is rallying an army of 95,000 small-format retailers, ranging from service stations, takeaway shops, restaurants to newsagents, along with churches and charities, to open a new front in the supermarket price wars that could spark a fight-back by the long-suffering corner store. After a decade of crushing competition from heavyweights Woolworths, Coles and Aldi, which has sent thousands of corner stores to the wall, Metcash has unveiled a new set of pricing and promotional plans to make the sector more competitive and win back shoppers. In a series of presentations to grocery suppliers, Metcash says its new strategy would deliver better wholesale pricing to its customers by targeting prices as much as 20 per cent below supermarket retail averages.
OZ Minerals Limited (OZL):
OZ Minerals’ hopes of taking outright control of Brazilian copper play Avanco Resources have taken a hit, with a group of disgruntled Avanco shareholders vowing to reject OZ’s $418 million takeover bid. The rebel investors, headed by top 20 shareholder Michael Riley, argue that OZ’s 17c per share cash-and-scrip offer undervalues the company and criticised Avanco for failing to include an independent expert’s report in its target statement. Mr Riley said he was part of a coalition of investors who collectively hold around 14 per cent of Avanco stock that believed the company was too quick to rush into the OZ offer. “We’re not trying to be difficult, we just want fair value,” Mr Riley said. “We’ve supported the company through some difficult times, but now we are feeling a bit cheated.” While the 14 per cent of Avanco purported to be held by the rebels would not be enough to block the OZ takeover, which is conditional on a minimum 50.1 per cent acceptance, it would be sufficient to prevent OZ from getting to the 90 per cent compulsory acquisition threshold.
Rio Tinto Limited (RIO):
Rio Tinto has moved to assure workers at its big Queensland alumina business that their futures are secure as the mining giant grapples with the fallout from US trade sanctions. The company announced on Friday night that it had declared force majeure over several contracts in its aluminium arm as a result of the sanctions, leaving output from QAL’s Gladstone aluminium refinery under a cloud. The US Treasury and State Department earlier this month announced sanctions against a host of Russian companies — including Rusal, Rio Tinto’s 20 per cent partner in QAL — in response to what they described as malign activity. In addition to its 20 per cent stake in QAL, Rusal held offtake agreements over the bulk of the output from the Gladstone -refinery. While it remains unclear as to whether Rio Tinto will be able to sell aluminium from QAL to other customers, or whether Rio Tinto would look to buy out Rusal to clean up the ownership structure, a spokesman for the mining giant yesterday said it would be business as usual at the refinery.
Stockland Corporation Ltd (SGP):
Listed property group Stockland will develop a $540 million residential project in Melbourne’s western growth corridor. The 138ha community development at Truganina, 28km from the Melbourne CBD, would eventually house more than 1600 families, the company said. Stockland general manager for Victoria Mike Davis said there would be a strong focus on infrastructure development in the area, including the duplication of the Melton railway line now under construction and the recently completed Caroline Springs Railway Station. Stockland had about $2.4 billion invested across 15 residential communities in Melbourne’s major growth corridors, Mr Davis said. The Grandview project at Truganina will also include a community centre, local parks, a town centre, proposed state primary and a planned 54ha conservation zone. The community sits in the recently gazetted Mt Atkinson and Tarneit Plains Precinct, which will house more than 22,000 people in the long term and include a commercial business park earmarked for more than 19,000 jobs.
(Source: AIMS)
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