A2 Milk Company Ltd (A2M):
The a2 Milk Company says full-year revenue grew about 68 per cent to around NZ$922 million ($845.5m). The dual-listed New Zealand-based dairy firm says its ratio of underlying earnings to sales for the 12 months to June 30 is expected to be about 30 per cent when it announces its results next month. The company says the ratio is expected to remain about the same in 2018/19 despite higher expected overhead costs related to a rising headcount for China and its corporate office. A2 expects to spend a greater portion of its revenue on marketing than in FY18 to continue investing in Australia and to support its expansion in the US. The firm announced its expansion into the north east region of the US in January, which it said at the time would increase its products’ reach to potentially 5000 retail stores across the country. A2 Milk’s (A2M) ASX-listed shares have nearly trebled in value over the past year and were worth $10.82 before the start of trade on Thursday.
AMP Limited (AMP):
Two of the nation’s top courts are at loggerheads over who should have the right to deal with five separate class actions against AMP. The Federal Court yesterday raised the prospect of an urgent sitting of a Full Bench to counter moves by the NSW Supreme Court to take charge of the five class actions. This was triggered by the Supreme Court’s decision on Monday to “invite” parties to four Federal Court class actions against AMP to transfer their claims to the Supreme Court. The Supreme Court is already dealing with another class action against the financial services giant. All five claims, which are being run by different law firms, have been lodged on behalf of AMP shareholders who are seeking compensation for losses they allege were caused by misleading and deceptive conduct that was revealed at the banking royal commission. Both courts have now raised the prospect of issuing injunctions that might have the effect of hampering the ability of the parties to have the claims heard while increasing the legal costs that would need to be subtracted from any settlement that might be paid by AMP.
Healthscope Ltd (HSO):
The sales process for Healthscope’s Asian pathology business could be close to reaching a conclusion. It is understood the competition, run by investment bank UBS, is down to four parties, which are expected to find out as early as next week which one is successful in securing the operation. Left in contention is the Sydney-based private equity firm Crescent Capital, Singaporean private equity firm Quadria Capital, Eurofins, which is an international life sciences company that also operates in clinical diagnostics, and a fourth party. While it is unclear the identity of the fourth party, many believe Singapore’s Fullerton Health is probably still in the mix — the group last year acquired Healthscope’s medical centres in the region. Healthscope’s Asian pathology operations, which extend to Malaysia, Singapore and Vietnam, generates about $20m in earnings before interest, tax, depreciation and amortisation and $60m in annual revenue. The division is about to be sold after the Healthscope board recently rebuffed two private-equity bids worth at least $4 billion for the entire company, from BGH Capital and Brookfield.
IOOF Holdings Limited (IFL):
The chief executive and chairman of listed financial services giant IOOF, which is accused of trying to gouge hundreds of thousands of members in its super-annuation fund, are also in charge of the entity whose role is to protect the interests of those members. IOOF chairman George Venardos and managing director Christopher Kelaher, who have both been with the group since 2009, are also the directors of the “trustee” responsible for protecting the interests of the 350,000 super members who hold $26 billion in the group. The Australian revealed yesterday that almost 100 planners with IOOF’s own planning arm, Bridges, wrote to Mr Venardos and Mr Kelaher on May 2, describing moves to raise its fees to investors as “unfathomable” and “inconceivable”, particularly during the financial services royal commission. IOOF is in the process of buying ANZ’s “wealth” arm and will manage billions of dollars that people had invested in ANZ OnePath superannuation funds.
Mineral Deposits Limited (MDL):
The French group Eramet’s bid to buy Mineral Deposits has received a major boost with significant investor Allan Gray now accepting the offer. The fund manager held about 14.2 per cent of the company but last night folded its shares into the $1.75 per share bid. The decision means Eramet now has control of 64 per cent of Mineral Deposits (MDL) and is expected to head towards 90 per cent soon. Earamet’s offer was declared unconditional last week and the company had declared that the price is the last and final bid that will be made. In the past week Eramet’s control has been steadily increasing. Last week it said it had control of 14.2 per cent of Mineral Deposit shares directly and 23.9 per cent of stock in an institutional acceptance facility that was opened earlier this week. The French company said the offer had now been open for ten weeks and there had been no higher offer for Mineral Deposits from a rival bidder. Eramet had originally offered $1.46 per share which valued the Australian listed company at $288 million which was knocked back by the board. The offer was then increased to the current level of $1.75. Eramet and Mineral Deposits hold a 50 per cent stake each in the TiZir joint venture, a mineral sands business in Senegal and Norway.
Mirrabooka Investments Ltd (MIR):
Small and mid-cap fund manager Mirrabooka Investments sees heightened investment risks in the market and has buffered its portfolio with solid industrial stocks, as it waits for volatility to increase so it can go bargain--hunting. The listed investment company booted a greater-than-usual 19 stocks from its portfolio over the year to the end of June, including Treasury Wine Estates, which is now a top 50 company, Healthscope, Incitec Pivot and Japara Healthcare. It also reduced its position in lab services company ALS. New additions to the portfolio included Boral, Webjet, Breville, Reliance Worldwide, Dulux and Adelaide Brighton. In total, Mirrabooka added 20 stocks to its portfolio over the year. New additions to the portfolio included Boral, Webjet, Breville, Reliance Worldwide, Dulux and Adelaide Brighton. In total, Mirrabooka added 20 stocks to its portfolio over the year.
Rio Tinto Limited (RIO):
Rio Tinto has entered into a five-year $200 million contract with WA-based company Westug to provide towage services at the company’s iron operations in the Pilbara. The contract will sustain more than 130 jobs and covers four terminals at Rio Tinto’s Cape Lambert and Dampier ports near the Pilbara mining hub of Karratha. Westug will operate and maintain Rio Tinto’s tug fleet of 11 vessels and four smaller craft. It also agreed to an enhanced local procurement strategy under the contract. Westug has been providing towing services to Rio for several years and in November was appointed by Kotug Australia to operate the tugboat fleet for Fortescue Metals Group in Port Hedland. Rio Tinto iron ore managing director rail, port and core services Ivan Vella said the company had a long history of working with Westug. “Importantly, Rio Tinto’s values around local procurement align with those of Westug’s and we look forward to seeing the benefits of this approach flow through to local businesses and workers in the Pilbara.”
Scentre Group (SCG):
One of Westfield's biggest malls in Sydney at Eastgardens is set to be revamped with more international fashion retailers and cafes after the country’s largest listed landlord Scentre Group bought a half share in the shopping centre. Scentre brought a $720 million half share in the mall in Sydney's south-eastern suburbs, which is one of Australia’s top 30 shopping centres with total retail sales of more than $600 million. The deal was struck on a cap rate of 4.25 per cent with Eastgardens’s owner, Tower Terrace Group, the legacy family property group of Westfield cofounder John Saunders. The mall was fully owned by Tower Terrace and managed by Westfield which also owns and runs multiple other Westfield centres around the country. The $720 million transaction was among the top five largest single-asset retail deals in Australia, selling agent JLL’s Simon Rooney said.
Sydney Airport Holdings Pty Ltd (SYD):
ANZ chairman David Gonski AC will join the Sydney Airport board as a non-executive director. Mr Gonski is chancellor of the University of New South Wales, a member of the ASIC external advisory panel and currently sits on the board of the Lowy Institute for International Policy. He is also president of the Art Gallery of NSW trust. Mr Gonski will join the Sydney Airport board from late September, the company said in a statement to the market this morning. He was appointed a Companion of the Order of Australia in 2007 and received the Centenary Medal in 2003.
(Source: AIMS)
The a2 Milk Company says full-year revenue grew about 68 per cent to around NZ$922 million ($845.5m). The dual-listed New Zealand-based dairy firm says its ratio of underlying earnings to sales for the 12 months to June 30 is expected to be about 30 per cent when it announces its results next month. The company says the ratio is expected to remain about the same in 2018/19 despite higher expected overhead costs related to a rising headcount for China and its corporate office. A2 expects to spend a greater portion of its revenue on marketing than in FY18 to continue investing in Australia and to support its expansion in the US. The firm announced its expansion into the north east region of the US in January, which it said at the time would increase its products’ reach to potentially 5000 retail stores across the country. A2 Milk’s (A2M) ASX-listed shares have nearly trebled in value over the past year and were worth $10.82 before the start of trade on Thursday.
AMP Limited (AMP):
Two of the nation’s top courts are at loggerheads over who should have the right to deal with five separate class actions against AMP. The Federal Court yesterday raised the prospect of an urgent sitting of a Full Bench to counter moves by the NSW Supreme Court to take charge of the five class actions. This was triggered by the Supreme Court’s decision on Monday to “invite” parties to four Federal Court class actions against AMP to transfer their claims to the Supreme Court. The Supreme Court is already dealing with another class action against the financial services giant. All five claims, which are being run by different law firms, have been lodged on behalf of AMP shareholders who are seeking compensation for losses they allege were caused by misleading and deceptive conduct that was revealed at the banking royal commission. Both courts have now raised the prospect of issuing injunctions that might have the effect of hampering the ability of the parties to have the claims heard while increasing the legal costs that would need to be subtracted from any settlement that might be paid by AMP.
Healthscope Ltd (HSO):
The sales process for Healthscope’s Asian pathology business could be close to reaching a conclusion. It is understood the competition, run by investment bank UBS, is down to four parties, which are expected to find out as early as next week which one is successful in securing the operation. Left in contention is the Sydney-based private equity firm Crescent Capital, Singaporean private equity firm Quadria Capital, Eurofins, which is an international life sciences company that also operates in clinical diagnostics, and a fourth party. While it is unclear the identity of the fourth party, many believe Singapore’s Fullerton Health is probably still in the mix — the group last year acquired Healthscope’s medical centres in the region. Healthscope’s Asian pathology operations, which extend to Malaysia, Singapore and Vietnam, generates about $20m in earnings before interest, tax, depreciation and amortisation and $60m in annual revenue. The division is about to be sold after the Healthscope board recently rebuffed two private-equity bids worth at least $4 billion for the entire company, from BGH Capital and Brookfield.
IOOF Holdings Limited (IFL):
The chief executive and chairman of listed financial services giant IOOF, which is accused of trying to gouge hundreds of thousands of members in its super-annuation fund, are also in charge of the entity whose role is to protect the interests of those members. IOOF chairman George Venardos and managing director Christopher Kelaher, who have both been with the group since 2009, are also the directors of the “trustee” responsible for protecting the interests of the 350,000 super members who hold $26 billion in the group. The Australian revealed yesterday that almost 100 planners with IOOF’s own planning arm, Bridges, wrote to Mr Venardos and Mr Kelaher on May 2, describing moves to raise its fees to investors as “unfathomable” and “inconceivable”, particularly during the financial services royal commission. IOOF is in the process of buying ANZ’s “wealth” arm and will manage billions of dollars that people had invested in ANZ OnePath superannuation funds.
Mineral Deposits Limited (MDL):
The French group Eramet’s bid to buy Mineral Deposits has received a major boost with significant investor Allan Gray now accepting the offer. The fund manager held about 14.2 per cent of the company but last night folded its shares into the $1.75 per share bid. The decision means Eramet now has control of 64 per cent of Mineral Deposits (MDL) and is expected to head towards 90 per cent soon. Earamet’s offer was declared unconditional last week and the company had declared that the price is the last and final bid that will be made. In the past week Eramet’s control has been steadily increasing. Last week it said it had control of 14.2 per cent of Mineral Deposit shares directly and 23.9 per cent of stock in an institutional acceptance facility that was opened earlier this week. The French company said the offer had now been open for ten weeks and there had been no higher offer for Mineral Deposits from a rival bidder. Eramet had originally offered $1.46 per share which valued the Australian listed company at $288 million which was knocked back by the board. The offer was then increased to the current level of $1.75. Eramet and Mineral Deposits hold a 50 per cent stake each in the TiZir joint venture, a mineral sands business in Senegal and Norway.
Mirrabooka Investments Ltd (MIR):
Small and mid-cap fund manager Mirrabooka Investments sees heightened investment risks in the market and has buffered its portfolio with solid industrial stocks, as it waits for volatility to increase so it can go bargain--hunting. The listed investment company booted a greater-than-usual 19 stocks from its portfolio over the year to the end of June, including Treasury Wine Estates, which is now a top 50 company, Healthscope, Incitec Pivot and Japara Healthcare. It also reduced its position in lab services company ALS. New additions to the portfolio included Boral, Webjet, Breville, Reliance Worldwide, Dulux and Adelaide Brighton. In total, Mirrabooka added 20 stocks to its portfolio over the year. New additions to the portfolio included Boral, Webjet, Breville, Reliance Worldwide, Dulux and Adelaide Brighton. In total, Mirrabooka added 20 stocks to its portfolio over the year.
Rio Tinto Limited (RIO):
Rio Tinto has entered into a five-year $200 million contract with WA-based company Westug to provide towage services at the company’s iron operations in the Pilbara. The contract will sustain more than 130 jobs and covers four terminals at Rio Tinto’s Cape Lambert and Dampier ports near the Pilbara mining hub of Karratha. Westug will operate and maintain Rio Tinto’s tug fleet of 11 vessels and four smaller craft. It also agreed to an enhanced local procurement strategy under the contract. Westug has been providing towing services to Rio for several years and in November was appointed by Kotug Australia to operate the tugboat fleet for Fortescue Metals Group in Port Hedland. Rio Tinto iron ore managing director rail, port and core services Ivan Vella said the company had a long history of working with Westug. “Importantly, Rio Tinto’s values around local procurement align with those of Westug’s and we look forward to seeing the benefits of this approach flow through to local businesses and workers in the Pilbara.”
Scentre Group (SCG):
One of Westfield's biggest malls in Sydney at Eastgardens is set to be revamped with more international fashion retailers and cafes after the country’s largest listed landlord Scentre Group bought a half share in the shopping centre. Scentre brought a $720 million half share in the mall in Sydney's south-eastern suburbs, which is one of Australia’s top 30 shopping centres with total retail sales of more than $600 million. The deal was struck on a cap rate of 4.25 per cent with Eastgardens’s owner, Tower Terrace Group, the legacy family property group of Westfield cofounder John Saunders. The mall was fully owned by Tower Terrace and managed by Westfield which also owns and runs multiple other Westfield centres around the country. The $720 million transaction was among the top five largest single-asset retail deals in Australia, selling agent JLL’s Simon Rooney said.
Sydney Airport Holdings Pty Ltd (SYD):
ANZ chairman David Gonski AC will join the Sydney Airport board as a non-executive director. Mr Gonski is chancellor of the University of New South Wales, a member of the ASIC external advisory panel and currently sits on the board of the Lowy Institute for International Policy. He is also president of the Art Gallery of NSW trust. Mr Gonski will join the Sydney Airport board from late September, the company said in a statement to the market this morning. He was appointed a Companion of the Order of Australia in 2007 and received the Centenary Medal in 2003.
(Source: AIMS)
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