APN Outdoor Group Ltd (APO):
JCDecaux and APN Outdoor have hashed out a $1.2 billion deal for the French out-of-home advertising giant to take over the Australia business. The deal, first revealed by The Australian Financial Review's Street talk column, gives APN Outdoor an enterprise value of $1.217 billion, some 12.9 times earnings before, interest, depreciation and amortisation multiple, pre-synergies. APN Outdoor entered a scheme of implementation with JCDecaux on Tuesday morning for a takeover at $6.70 per share. APN Outdoor also intends to declare a fully franked special dividend of up to 30¢ a share, with up to 13¢ worth of franking credits. The $1.2 billion deal agreed to on Tuesday represents 34 per cent premium on APN Outdoor's six-month volume-weighted average price to June 19 of $5.01, a 26 per cent premium on the three-month VWAP of $5.32, and an 18 per cent premium on the undisturbed June 19 closing price of $5.68. APN Outdoor's board unanimously recommended the scheme and all directors will vote their shares in favour of the takeover.
Pharmaceutical Industries Ltd (API):
Clearskincare Clinics will become a franchised network like larger rival Laser Clinics, after the provider of hair removal and botox injections flagged a $127.4 million acquisition by Australian Pharmaceutical Industries (API). The purchase of Clearskincare's 44 clinics across Australia and New Zealand is another major consolidation of the market for aesthetic skin care, which last year saw private equity giant KKR pay over $600 million for Laser Clinics' 70-plus locations, while in February Advent Partners took a majority stake in 12-location SILK Laser Clinics. The acquisition by ASX-listed API, which is best known for running the Priceline wholesale and retail pharmacy business, includes an initial $61.6 million which gives it a 50.1 per cent interest in Clearskincare's clinics business, and all of its smaller skin care products business. The remaining $65.8 million will be paid in two instalments out to September 2021, and a further $20 million will be payable subject to performance hurdles being met by Clearskincare's founders and joint owners, Dr Philippa McCaffery and Alarna Longes, who will continue to run the business for three more years.
BHP Billiton Limited (BHP):
BHP Billiton Brasil has settled a $7.1 billion lawsuit over to a 2015 dam disaster at its Samarco operations in Brazil, and established a framework to settle a second $55 billion claim in the next two years. BHP and Brazilian iron ore giant Vale, which co-owned the Samarco iron ore mine, said on Monday night that a new deal with prosecutors from the federal government and the states of Minas Gerais and Espirito Santo, will extinguish a 20 billion real ($7.1 billion) legal claim related to the dam failure that killed 19 people and destroyed several communities. In return, BHP and Vale have agreed to give locals a bigger say in the running of the foundation created to run the relief program, called the Renova Foundation. The seven-person board of the foundation will be increased to include two additional appointments form local communities.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank of Australia chief executive Matt Comyn insists he has got the balance between internal and external experience right for his senior leadership team after tapping insiders to fill four of six roles. The bank's culture has been called into question following a series of scandals in recent years, and its executives and directors were brutally criticised in a report by the prudential regulator released this year. But with the appointment of Mr Comyn himself this year, and the latest executive appointments, the bank has largely decided against bringing in new blood. "With those that are being appointed internally there's a combination of knowledge and experience inside CBA but all of them extensive experience outside CBA," Mr Comyn told The Australian Financial Review on Monday. Angus Sullivan, who has been tapped to replace Mr Comyn as head of CBA's retail bank. Andrew Hinchliff, who has been promoted to group executive for the institutional banking and markets division after a three-year stint with CBA. David Cohen, who moves from chief risk officer to deputy CEO.
New Energy Solar Ltd (NEW):
Growing solar infrastructure owner New Energy Solar has struck its first deal to buy a solar power project in Australia, with chief executive John Martin predicting more in the offing as competitors rein in their expectations for electricity prices. The $113 million deal sees New Energy Solar take over the operating 50-megawatt Manildra project in central-west NSW from US player First Solar. The plant, which started generating power into the grid in April, is underpinned by a 10-year power sales contract with EnergyAustralia, with an option to extend for a further two years to 2030. The purchase follows several acquisitions of solar projects in the US, where New Energy Solar has found lower-risk projects than have been available in Australia, offering still-attractive returns and at competitive deal prices. The Sydney-based company had previously bid for projects in Australia, but its lower valuations of the assets meant it lost out to competitors.
Synlait Milk Ltd (SM1):
Synlait Milk is pleased to announce Leon Clement will join the organisation as Chief Executive Officer from mid-August. The appointment is the outcome of a global recruitment search undertaken following co-founder and inaugural CEO John Penno’s announcement in November 2017 of his intention to stand down. “Leon has led major businesses internationally, specifically in Vietnam and Sri Lanka, and has deep experience in the branded dairy sector,” says Graeme Milne, Chairman. With a reputable senior leadership team in place and an organisation of great people, we’re confident the incoming CEO has the skills and capabilities to lead Synlait to an even better future off the platform that has been created thus far.” Most recently, Mr Clement was Fonterra’s Managing Director of Fonterra Brands New Zealand and prior to that was their Managing Director of Sri Lanka and Indian Subcontinent.
Vocus Group Ltd (VOC):
Telecommunications junior Vocus Group has refinanced its debt with a syndicate of lenders and upped its debt facility to fund further investment, including its undersea cable between Perth and SIngapore. The new facility has been lifted to $1.27 billion and $NZ150 million, up from $1.095 billion and $NZ160 million. "Our new and upsized syndicated debt facility has been structured to provide Vocus with the flexibility required to execute its strategic initiatives over the coming years," Vocus chief financial officer Mark Wratten said. "We would like to thank our existing and new bank group partners for the strong support they have demonstrated." Vocus will have a maximum net debt to earnings before interest, tax, depreciation and amortisation ratio of 3.75 times for the rest of calendar 2018. That will decline gradually until the maximum net leverage ratio hits 3 times at the end of calendar 2020 and thereafter.
(Source: AIMS
JCDecaux and APN Outdoor have hashed out a $1.2 billion deal for the French out-of-home advertising giant to take over the Australia business. The deal, first revealed by The Australian Financial Review's Street talk column, gives APN Outdoor an enterprise value of $1.217 billion, some 12.9 times earnings before, interest, depreciation and amortisation multiple, pre-synergies. APN Outdoor entered a scheme of implementation with JCDecaux on Tuesday morning for a takeover at $6.70 per share. APN Outdoor also intends to declare a fully franked special dividend of up to 30¢ a share, with up to 13¢ worth of franking credits. The $1.2 billion deal agreed to on Tuesday represents 34 per cent premium on APN Outdoor's six-month volume-weighted average price to June 19 of $5.01, a 26 per cent premium on the three-month VWAP of $5.32, and an 18 per cent premium on the undisturbed June 19 closing price of $5.68. APN Outdoor's board unanimously recommended the scheme and all directors will vote their shares in favour of the takeover.
Pharmaceutical Industries Ltd (API):
Clearskincare Clinics will become a franchised network like larger rival Laser Clinics, after the provider of hair removal and botox injections flagged a $127.4 million acquisition by Australian Pharmaceutical Industries (API). The purchase of Clearskincare's 44 clinics across Australia and New Zealand is another major consolidation of the market for aesthetic skin care, which last year saw private equity giant KKR pay over $600 million for Laser Clinics' 70-plus locations, while in February Advent Partners took a majority stake in 12-location SILK Laser Clinics. The acquisition by ASX-listed API, which is best known for running the Priceline wholesale and retail pharmacy business, includes an initial $61.6 million which gives it a 50.1 per cent interest in Clearskincare's clinics business, and all of its smaller skin care products business. The remaining $65.8 million will be paid in two instalments out to September 2021, and a further $20 million will be payable subject to performance hurdles being met by Clearskincare's founders and joint owners, Dr Philippa McCaffery and Alarna Longes, who will continue to run the business for three more years.
BHP Billiton Limited (BHP):
BHP Billiton Brasil has settled a $7.1 billion lawsuit over to a 2015 dam disaster at its Samarco operations in Brazil, and established a framework to settle a second $55 billion claim in the next two years. BHP and Brazilian iron ore giant Vale, which co-owned the Samarco iron ore mine, said on Monday night that a new deal with prosecutors from the federal government and the states of Minas Gerais and Espirito Santo, will extinguish a 20 billion real ($7.1 billion) legal claim related to the dam failure that killed 19 people and destroyed several communities. In return, BHP and Vale have agreed to give locals a bigger say in the running of the foundation created to run the relief program, called the Renova Foundation. The seven-person board of the foundation will be increased to include two additional appointments form local communities.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank of Australia chief executive Matt Comyn insists he has got the balance between internal and external experience right for his senior leadership team after tapping insiders to fill four of six roles. The bank's culture has been called into question following a series of scandals in recent years, and its executives and directors were brutally criticised in a report by the prudential regulator released this year. But with the appointment of Mr Comyn himself this year, and the latest executive appointments, the bank has largely decided against bringing in new blood. "With those that are being appointed internally there's a combination of knowledge and experience inside CBA but all of them extensive experience outside CBA," Mr Comyn told The Australian Financial Review on Monday. Angus Sullivan, who has been tapped to replace Mr Comyn as head of CBA's retail bank. Andrew Hinchliff, who has been promoted to group executive for the institutional banking and markets division after a three-year stint with CBA. David Cohen, who moves from chief risk officer to deputy CEO.
New Energy Solar Ltd (NEW):
Growing solar infrastructure owner New Energy Solar has struck its first deal to buy a solar power project in Australia, with chief executive John Martin predicting more in the offing as competitors rein in their expectations for electricity prices. The $113 million deal sees New Energy Solar take over the operating 50-megawatt Manildra project in central-west NSW from US player First Solar. The plant, which started generating power into the grid in April, is underpinned by a 10-year power sales contract with EnergyAustralia, with an option to extend for a further two years to 2030. The purchase follows several acquisitions of solar projects in the US, where New Energy Solar has found lower-risk projects than have been available in Australia, offering still-attractive returns and at competitive deal prices. The Sydney-based company had previously bid for projects in Australia, but its lower valuations of the assets meant it lost out to competitors.
Synlait Milk Ltd (SM1):
Synlait Milk is pleased to announce Leon Clement will join the organisation as Chief Executive Officer from mid-August. The appointment is the outcome of a global recruitment search undertaken following co-founder and inaugural CEO John Penno’s announcement in November 2017 of his intention to stand down. “Leon has led major businesses internationally, specifically in Vietnam and Sri Lanka, and has deep experience in the branded dairy sector,” says Graeme Milne, Chairman. With a reputable senior leadership team in place and an organisation of great people, we’re confident the incoming CEO has the skills and capabilities to lead Synlait to an even better future off the platform that has been created thus far.” Most recently, Mr Clement was Fonterra’s Managing Director of Fonterra Brands New Zealand and prior to that was their Managing Director of Sri Lanka and Indian Subcontinent.
Vocus Group Ltd (VOC):
Telecommunications junior Vocus Group has refinanced its debt with a syndicate of lenders and upped its debt facility to fund further investment, including its undersea cable between Perth and SIngapore. The new facility has been lifted to $1.27 billion and $NZ150 million, up from $1.095 billion and $NZ160 million. "Our new and upsized syndicated debt facility has been structured to provide Vocus with the flexibility required to execute its strategic initiatives over the coming years," Vocus chief financial officer Mark Wratten said. "We would like to thank our existing and new bank group partners for the strong support they have demonstrated." Vocus will have a maximum net debt to earnings before interest, tax, depreciation and amortisation ratio of 3.75 times for the rest of calendar 2018. That will decline gradually until the maximum net leverage ratio hits 3 times at the end of calendar 2020 and thereafter.
(Source: AIMS
Latest comments