Aristocrat Leisure Ltd (ALL):
Poker machine manufacturer Aristocrat Leisure said its statutory net profit grew nearly 3 per cent in the fiscal first half, a slowing rate of growth impacted by one-time costs from the recent purchase of two digital-gaming developers. Aristocrat (ALL) said statutory net profit for the half year through March was $256.5 million. Revenue from ordinary activities was $1.58 billion, reflecting growth of more than 28 per cent. After stripping out one-time costs tied to the acquisitions and making other adjustments, Aristocrat said its normalised profit after tax and before amortisation of acquired intangibles, or NPATA, was $361.5 million, a more than 32 per cent increase from the prior year. The company said that result was driven by growth in the Americas and digital businesses, together with a further lift in performance in the Australia and New Zealand region. Looking ahead, Aristocrat said it expected double-digit NPATA growth to continue for the remainder of the fiscal year.
Bank of Queensland (BOQ):
BOQ acknowledges errors in relation to serviceability of the loan to Suzanne Riches. BOQ acknowledged: $13,239 for depreciation was included in the P & L with no corresponding expense, Ms Riches’ living allowance was calculated as if she was single when she was married, and her PAYG salary tax liability was understated by $3852. FOS found there was maladministration in relation to the loan and BOQ accepted the recommendation because the bank had already identified there was maladministration in the loan, Mr Snell agreed. But whatever the errors are, if serviceability had been calculated properly the loan would not have been made, Mr Snell said — which the bank had realised before receiving the FOS recommendation.
Myer Holdings Ltd (MYR):
Myer has shaken up its executive ranks in the lead up to the arrival of its new chief executive John King and has also improved its merchandising credentials with the appointment of Allan Winstanley as its new chief merchandising officer. The hiring of Mr Winstanley, who like Mr King worked at British retailer House of Fraser and worked with the new incoming Myer (MYR) boss, should bolster Myer’s retail credentials as its profits slide and sales dry up. The department store owner also announced this morning that Richard Amos, chief legal counsel and company secretary Richard Amos would be leaving the business in July, having been with the retailer since 2015. Myer has appointed Jonathan Garland as its new company secretary.
Origin Energy (ORG):
Origin Energy has announced it will divest its Acumen smart meter business for $267 million. In a statement to the ASX today, Origin (ORG) said it has entered into deal to sell Acumen to intelliHUB, a company jointly owned by Pacific Equity Partners and Landis+Gyr, with the deal expected to be completed on or by June 30. Origin will continue to deploy and manage digital meters for its electricity customers, but remains able to contract with other parties for similar services, the statement said. “We are pleased to deliver on our commitment to sell and realise value from Acumen, a business that we’ve grown from scratch over the past eight years to now having more than 170,000 meters under management,” chief executive Frank Calabria. At the completion of the Acumen acquisition, intelliHUB will mark the first investment for Pacific Equity Partners Secure Assets Fund.
Qantas Airways Limited (QAN):
Qantas has been granted an extension of time to “further clarify” how it refers to Taiwan on its website amid demands from Beijing. Last month, the Civil Aviation Administration of China wrote to 36 airlines — among them Qantas — reportedly telling them to remove references suggesting Taiwan, Hong Kong and Macau as being part of countries that are independent from China. “We made adjustments to our websites earlier this year and, along with various other airlines worldwide, have been given additional time to further clarify how we refer to Chinese territories,” a Qantas Group spokeswoman said.
Reliance Worldwide Corp Ltd (RWC):
Reliance Worldwide said it would buy UK-based John Guest Holdings Ltd. for £687.5 million ($A1.2 billion), a deal that expands its position in the supply of plumbing fittings throughout Europe. Reliance (RWC) said it would fund the deal by raising up to $1.1bn in equity, and expected the transaction would boost earnings per share by more than 20 per cent in the fiscal year when calculated on a proforma basis. On top of that, management anticipate cost savings of more than $20 million annually. Reliance said the equity raising would comprise a $945 million share issue to institutional investors, while an entity associated with Reliance Chairman Jonathan Munz would acquire additional shares worth $110 million. Also, Reliance said it continued to expect earnings before interest, tax, depreciation and amortisation of between $150 million and $155 million in the 2018 fiscal year
Spark Infrastructure Group (SKI):
Electricity network investor Spark Infrastructure has lashed out at Energy Minister Josh Frydenberg’s “unwarranted” allegations of gouging in the industry and warned that politically-motivated attacks on the industry’s strict new regulatory approach could lead to increases in costs for customers. Spark chairman Doug McTaggart was this morning to say that the industry was being unfairly criticised for political gain at a time of regulatory uncertainty and industry upheaval driven by the shift to renewable energy generation. Mr Frydenberg ordered the review last week amid claims the industry was gouging customers by up to $600 million by charging them to recover tax it did not pay.
Westfield Corporation (WFD):
Westfield Corporation investors today overwhelmingly approved the groups’s $30 billion takeover by French company Unibail-Rodamco with more than 97 per cent of investors backing the proposal. The deal, supported by Sir Frank Lowy, and sons Steven and Peter, will see the creation of a merged company with assets worth €62bn ($96.4bn) in 13 countries, principally listed in France and Holland with a secondary listing in Australia. The scheme won the support of 97.2 per cent of proxies and, accounting for shareholders at the meeting, was backed by 97.5 per cent. Sir Frank said that “importantly” the new group would have more flagship shopping centres than any other operator. “I believe that the strategic positioning of the new group is unique and that it will play a major role in the ongoing evolution of the retail industry,” he said.
Westpac Banking Corp (WBC):
Westpac engaged in unconscionable conduct by trying to rig the benchmark BBSW rate on four occasions, the Federal Court has found. However, Justice Jonathan Beach threw out more serious allegations of market manipulation brought against the bank by the Australian Securities and Investments Commission. “Westpac’s conduct was against commercial conscience as enshrined in the ASIC Act specifically and the corporate law more generally,” Justice Beach said. He said that on April 6, May 20 and December 1 and 6, 2010, Westpac traders traded with the “dominant purpose of influencing the rate at which the BBSW was set” to the bank’s benefit. He also found the bank breached its financial service licence conditions. Penalties are to be set at a later date.
(Source: AIMS)
Poker machine manufacturer Aristocrat Leisure said its statutory net profit grew nearly 3 per cent in the fiscal first half, a slowing rate of growth impacted by one-time costs from the recent purchase of two digital-gaming developers. Aristocrat (ALL) said statutory net profit for the half year through March was $256.5 million. Revenue from ordinary activities was $1.58 billion, reflecting growth of more than 28 per cent. After stripping out one-time costs tied to the acquisitions and making other adjustments, Aristocrat said its normalised profit after tax and before amortisation of acquired intangibles, or NPATA, was $361.5 million, a more than 32 per cent increase from the prior year. The company said that result was driven by growth in the Americas and digital businesses, together with a further lift in performance in the Australia and New Zealand region. Looking ahead, Aristocrat said it expected double-digit NPATA growth to continue for the remainder of the fiscal year.
Bank of Queensland (BOQ):
BOQ acknowledges errors in relation to serviceability of the loan to Suzanne Riches. BOQ acknowledged: $13,239 for depreciation was included in the P & L with no corresponding expense, Ms Riches’ living allowance was calculated as if she was single when she was married, and her PAYG salary tax liability was understated by $3852. FOS found there was maladministration in relation to the loan and BOQ accepted the recommendation because the bank had already identified there was maladministration in the loan, Mr Snell agreed. But whatever the errors are, if serviceability had been calculated properly the loan would not have been made, Mr Snell said — which the bank had realised before receiving the FOS recommendation.
Myer Holdings Ltd (MYR):
Myer has shaken up its executive ranks in the lead up to the arrival of its new chief executive John King and has also improved its merchandising credentials with the appointment of Allan Winstanley as its new chief merchandising officer. The hiring of Mr Winstanley, who like Mr King worked at British retailer House of Fraser and worked with the new incoming Myer (MYR) boss, should bolster Myer’s retail credentials as its profits slide and sales dry up. The department store owner also announced this morning that Richard Amos, chief legal counsel and company secretary Richard Amos would be leaving the business in July, having been with the retailer since 2015. Myer has appointed Jonathan Garland as its new company secretary.
Origin Energy (ORG):
Origin Energy has announced it will divest its Acumen smart meter business for $267 million. In a statement to the ASX today, Origin (ORG) said it has entered into deal to sell Acumen to intelliHUB, a company jointly owned by Pacific Equity Partners and Landis+Gyr, with the deal expected to be completed on or by June 30. Origin will continue to deploy and manage digital meters for its electricity customers, but remains able to contract with other parties for similar services, the statement said. “We are pleased to deliver on our commitment to sell and realise value from Acumen, a business that we’ve grown from scratch over the past eight years to now having more than 170,000 meters under management,” chief executive Frank Calabria. At the completion of the Acumen acquisition, intelliHUB will mark the first investment for Pacific Equity Partners Secure Assets Fund.
Qantas Airways Limited (QAN):
Qantas has been granted an extension of time to “further clarify” how it refers to Taiwan on its website amid demands from Beijing. Last month, the Civil Aviation Administration of China wrote to 36 airlines — among them Qantas — reportedly telling them to remove references suggesting Taiwan, Hong Kong and Macau as being part of countries that are independent from China. “We made adjustments to our websites earlier this year and, along with various other airlines worldwide, have been given additional time to further clarify how we refer to Chinese territories,” a Qantas Group spokeswoman said.
Reliance Worldwide Corp Ltd (RWC):
Reliance Worldwide said it would buy UK-based John Guest Holdings Ltd. for £687.5 million ($A1.2 billion), a deal that expands its position in the supply of plumbing fittings throughout Europe. Reliance (RWC) said it would fund the deal by raising up to $1.1bn in equity, and expected the transaction would boost earnings per share by more than 20 per cent in the fiscal year when calculated on a proforma basis. On top of that, management anticipate cost savings of more than $20 million annually. Reliance said the equity raising would comprise a $945 million share issue to institutional investors, while an entity associated with Reliance Chairman Jonathan Munz would acquire additional shares worth $110 million. Also, Reliance said it continued to expect earnings before interest, tax, depreciation and amortisation of between $150 million and $155 million in the 2018 fiscal year
Spark Infrastructure Group (SKI):
Electricity network investor Spark Infrastructure has lashed out at Energy Minister Josh Frydenberg’s “unwarranted” allegations of gouging in the industry and warned that politically-motivated attacks on the industry’s strict new regulatory approach could lead to increases in costs for customers. Spark chairman Doug McTaggart was this morning to say that the industry was being unfairly criticised for political gain at a time of regulatory uncertainty and industry upheaval driven by the shift to renewable energy generation. Mr Frydenberg ordered the review last week amid claims the industry was gouging customers by up to $600 million by charging them to recover tax it did not pay.
Westfield Corporation (WFD):
Westfield Corporation investors today overwhelmingly approved the groups’s $30 billion takeover by French company Unibail-Rodamco with more than 97 per cent of investors backing the proposal. The deal, supported by Sir Frank Lowy, and sons Steven and Peter, will see the creation of a merged company with assets worth €62bn ($96.4bn) in 13 countries, principally listed in France and Holland with a secondary listing in Australia. The scheme won the support of 97.2 per cent of proxies and, accounting for shareholders at the meeting, was backed by 97.5 per cent. Sir Frank said that “importantly” the new group would have more flagship shopping centres than any other operator. “I believe that the strategic positioning of the new group is unique and that it will play a major role in the ongoing evolution of the retail industry,” he said.
Westpac Banking Corp (WBC):
Westpac engaged in unconscionable conduct by trying to rig the benchmark BBSW rate on four occasions, the Federal Court has found. However, Justice Jonathan Beach threw out more serious allegations of market manipulation brought against the bank by the Australian Securities and Investments Commission. “Westpac’s conduct was against commercial conscience as enshrined in the ASIC Act specifically and the corporate law more generally,” Justice Beach said. He said that on April 6, May 20 and December 1 and 6, 2010, Westpac traders traded with the “dominant purpose of influencing the rate at which the BBSW was set” to the bank’s benefit. He also found the bank breached its financial service licence conditions. Penalties are to be set at a later date.
(Source: AIMS)
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