Bega Cheese Ltd (BGA):
Bega Cheese Ltd is in front of investors seeking $200 million in fresh funds on Monday. Stockbroker Bell Potter Securities was contacting fund managers on Monday morning to launch the offer. The broker was calling for bids at $7.20 to $7.40 a share. Funds raised were to strengthen the company's sheet, with the offer to be done via a placement of new shares. Sources said the raising was not accompanied by a bid for Capilano Honey, which is under offer from a private equity investor and has subsequently attracted Bega's attention. Bega has been buying shares at up to $21 each, which is about 5 per cent above the takeover price. But the raising would increase Bega's options for Capilano - or any other potential acquisition it had in its sights. Bega had $245.4 million net debt as at June 30, following acquisition of the Koroit dairy facility. The raising is expected to be completed on Monday.
Capilano Honey Ltd (CZZ):
Capilano expects a takeover bid for the company to proceed despite accusations it had been unwittingly selling “fake honey” to customers as Australian government officials questioned the consistency of the testing method used to identify the alleged breach. Shareholders in Australia’s largest honey producer are due to vote in November on a $190 million takeover offer amid reports it had allegedly used adulterated honey where the product was mixed with substances other than nectar from bees. Capilano maintains the results were based on inconsistent analysis from a test known as Nuclear Magnetic Resonance — which it said had not been proven as a testing technique — and it does not anticipate it to have an impact on the pending corporate takeover.
Evans Dixon Ltd (ED1):
Wealth adviser Evans Dixon has purchased the Sydney-based boutique investment bank Fort Street Advisers, which has worked on some of the country’s largest real estate and restructuring transactions over numerous years. Evans Dixon (ED1) will pay $53.9 million for the business, with 56.6 per cent of the proceeds paid in Evans Dixon shares. The business will be merged with the Evans Dixon Capital Markets business to create Evans Dixon corporate and institutional division. Evans Dixon corporate and institutional will sit beside the Evans Dixon wealth advice and funds management businesses, providing a diversification of earnings across the group, Evans Dixon said. It will comprise three sub business units: corporate advisory, markets and research.
Investa Office Fund (IOF):
Shareholders in the listed Investa Office Fund are due to vote in a week's time on a sweetened Blackstone buy-out offer, worth more than $3.3 billion, after key conditions on the proposal were nailed down over the weekend. Blackstone has threatened to withdraw its revised $5.52 cash per share bid if a meeting - already adjourned once - was not held by this Friday. However, the board and the US private equity giant have now agreed the "earliest practicable date" for the vote is next Monday, September 17. Blackstone has been keen to close the door as soon as possible on its improved bid as rival bidder Oxford Properties Group musters its forces for a potential second tilt. Top executives including president Michael Turner at Oxford, which is the real estate arm of pension fund OMERS, are gathering in Sydney to examine their options at this stage in the battle. As reported by Street Talk, Oxford's executive vice president and chief legal counsel Robert Aziz and Paul Brundage, its head of Europe and Asia Pacific, have also flown into Australia to work on the next move. The Canadian proposal is at $5.50 per share in cash.
National Australia Bank Ltd. (NAB):
National Australia Bank has broken ranks with the other big banks and kept its home loan rates on hold in an attempt to win back customer trust. Blaming higher funding costs, Commonwealth Bank, ANZ and Westpac have all increased their home loan rates in the last few days and at 5.24 per cent NAB will have the lowest advertised standard variable home loan rate. This compares to Westpac at 5.38 per cent, CBA at 5.37 per cent and ANZ at 5.36 per cent. NAB has 15.5 per cent of the home loan market - the same as ANZ behind CBA at 25.5 per cent and Westpac at 24.5 per cent. The bank is also under fire at the royal commission and last week copped a writ from ASIC over charging fees for no service. NAB chief Andrew Thorburn is meeting with his top 50 bankers this morning to explain the rate move, which he is selling as a definitive moment for the bank. “We are listening and acting differently,” he said in a statement. “We need to rebuild the trust of our customers, and by holding our NAB standard variable rate longer, we help our customers for longer.” Mr Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue. NAB said its decision would benefit more than 930,000 NAB customers.
National Veterinary Care Ltd Fully Paid Ord. Shrs (NVL):
Vet roll-up National Veterinary is stitching together an equity raising expected to be worth about $15 million. The company's shares went into a trading halt on Monday morning as the company and its broker Wilsons started talking to investors. It is understood to be seeking about $15 million to put towards its strategy of acquiring vet clinics. The company has 68 vet sites and is in the market looking for more. Brokers and investors expect to see terms later on Monday. National Veterinary Care listed at $1 a share in July 2015. Its shares last traded at $2.35 and its biggest shareholders include fund managers IOOF and Pengana Capital. Its market capitalisation was $139 million at its last close.
Nine Entertainment Co Holdings Ltd (NEC):
Nine Entertainment and Australian News Channel are set to launch their new business, personal finance and lifestyle channel, Your Money, in less than a month on free-to-air and pay television. The new 24/7 business, personal finance and luxury channel will launch on Monday October 1 on channel 95 on free-to-air and will replace Sky Business on channel 601 on Foxtel. Your Money will also be available on streaming services 9Now and Foxtel Now. The Your Money team have been presenting to media agencies and clients ahead of the launch in three weeks' time. It is understood the programming line-up will feature programs which will leverage existing assets of both Nine and ANC, which is owned by News Corporation. The new channel comes amid Nine's potential merger with Fairfax Media, publisher of the The Australian Financial Review.
Pact Group Holdings Ltd (PGH):
Pact Group chief executive Malcolm Bundey has stepped down from the top job and chair Raphael Geminder has been appointed executive chairman with immediate effect. Mr Bundey, who had been with Pact Group (PGH) since December 2015, will depart the company following a period of leave, but will remain available to the company until March next year to ensure a smooth transition. It comes after shares in the company suffered their biggest fall on record last month after Pact Group booked an 18 per cent net profit plunge for the full year to June 30, missing analyst expectations. The packaging firm told the market that Mr Geminder, who owns a 40 per cent stake in the company, will serve as executive chairman until a new CEO is appointed.
Primary Health Care Limited (PRY):
Shares in Primary Health Care have jumped 4.63 per cent in early trade, its biggest rise in six months, after the company announced its day hospital acquisition and upgraded its guidance. Earlier today, the company flagged a higher profit forecast after completing a capital raising and purchase of Mountserrat specialist day hospitals for $75 million. The purchase has pushed its forecast FY19 profit outlook at or above $100m, from what was previously $92.3m. Citi also upgraded the health care operator to Buy from Sell, citing its position in the sector.
(Source: AIMS)
Bega Cheese Ltd is in front of investors seeking $200 million in fresh funds on Monday. Stockbroker Bell Potter Securities was contacting fund managers on Monday morning to launch the offer. The broker was calling for bids at $7.20 to $7.40 a share. Funds raised were to strengthen the company's sheet, with the offer to be done via a placement of new shares. Sources said the raising was not accompanied by a bid for Capilano Honey, which is under offer from a private equity investor and has subsequently attracted Bega's attention. Bega has been buying shares at up to $21 each, which is about 5 per cent above the takeover price. But the raising would increase Bega's options for Capilano - or any other potential acquisition it had in its sights. Bega had $245.4 million net debt as at June 30, following acquisition of the Koroit dairy facility. The raising is expected to be completed on Monday.
Capilano Honey Ltd (CZZ):
Capilano expects a takeover bid for the company to proceed despite accusations it had been unwittingly selling “fake honey” to customers as Australian government officials questioned the consistency of the testing method used to identify the alleged breach. Shareholders in Australia’s largest honey producer are due to vote in November on a $190 million takeover offer amid reports it had allegedly used adulterated honey where the product was mixed with substances other than nectar from bees. Capilano maintains the results were based on inconsistent analysis from a test known as Nuclear Magnetic Resonance — which it said had not been proven as a testing technique — and it does not anticipate it to have an impact on the pending corporate takeover.
Evans Dixon Ltd (ED1):
Wealth adviser Evans Dixon has purchased the Sydney-based boutique investment bank Fort Street Advisers, which has worked on some of the country’s largest real estate and restructuring transactions over numerous years. Evans Dixon (ED1) will pay $53.9 million for the business, with 56.6 per cent of the proceeds paid in Evans Dixon shares. The business will be merged with the Evans Dixon Capital Markets business to create Evans Dixon corporate and institutional division. Evans Dixon corporate and institutional will sit beside the Evans Dixon wealth advice and funds management businesses, providing a diversification of earnings across the group, Evans Dixon said. It will comprise three sub business units: corporate advisory, markets and research.
Investa Office Fund (IOF):
Shareholders in the listed Investa Office Fund are due to vote in a week's time on a sweetened Blackstone buy-out offer, worth more than $3.3 billion, after key conditions on the proposal were nailed down over the weekend. Blackstone has threatened to withdraw its revised $5.52 cash per share bid if a meeting - already adjourned once - was not held by this Friday. However, the board and the US private equity giant have now agreed the "earliest practicable date" for the vote is next Monday, September 17. Blackstone has been keen to close the door as soon as possible on its improved bid as rival bidder Oxford Properties Group musters its forces for a potential second tilt. Top executives including president Michael Turner at Oxford, which is the real estate arm of pension fund OMERS, are gathering in Sydney to examine their options at this stage in the battle. As reported by Street Talk, Oxford's executive vice president and chief legal counsel Robert Aziz and Paul Brundage, its head of Europe and Asia Pacific, have also flown into Australia to work on the next move. The Canadian proposal is at $5.50 per share in cash.
National Australia Bank Ltd. (NAB):
National Australia Bank has broken ranks with the other big banks and kept its home loan rates on hold in an attempt to win back customer trust. Blaming higher funding costs, Commonwealth Bank, ANZ and Westpac have all increased their home loan rates in the last few days and at 5.24 per cent NAB will have the lowest advertised standard variable home loan rate. This compares to Westpac at 5.38 per cent, CBA at 5.37 per cent and ANZ at 5.36 per cent. NAB has 15.5 per cent of the home loan market - the same as ANZ behind CBA at 25.5 per cent and Westpac at 24.5 per cent. The bank is also under fire at the royal commission and last week copped a writ from ASIC over charging fees for no service. NAB chief Andrew Thorburn is meeting with his top 50 bankers this morning to explain the rate move, which he is selling as a definitive moment for the bank. “We are listening and acting differently,” he said in a statement. “We need to rebuild the trust of our customers, and by holding our NAB standard variable rate longer, we help our customers for longer.” Mr Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue. NAB said its decision would benefit more than 930,000 NAB customers.
National Veterinary Care Ltd Fully Paid Ord. Shrs (NVL):
Vet roll-up National Veterinary is stitching together an equity raising expected to be worth about $15 million. The company's shares went into a trading halt on Monday morning as the company and its broker Wilsons started talking to investors. It is understood to be seeking about $15 million to put towards its strategy of acquiring vet clinics. The company has 68 vet sites and is in the market looking for more. Brokers and investors expect to see terms later on Monday. National Veterinary Care listed at $1 a share in July 2015. Its shares last traded at $2.35 and its biggest shareholders include fund managers IOOF and Pengana Capital. Its market capitalisation was $139 million at its last close.
Nine Entertainment Co Holdings Ltd (NEC):
Nine Entertainment and Australian News Channel are set to launch their new business, personal finance and lifestyle channel, Your Money, in less than a month on free-to-air and pay television. The new 24/7 business, personal finance and luxury channel will launch on Monday October 1 on channel 95 on free-to-air and will replace Sky Business on channel 601 on Foxtel. Your Money will also be available on streaming services 9Now and Foxtel Now. The Your Money team have been presenting to media agencies and clients ahead of the launch in three weeks' time. It is understood the programming line-up will feature programs which will leverage existing assets of both Nine and ANC, which is owned by News Corporation. The new channel comes amid Nine's potential merger with Fairfax Media, publisher of the The Australian Financial Review.
Pact Group Holdings Ltd (PGH):
Pact Group chief executive Malcolm Bundey has stepped down from the top job and chair Raphael Geminder has been appointed executive chairman with immediate effect. Mr Bundey, who had been with Pact Group (PGH) since December 2015, will depart the company following a period of leave, but will remain available to the company until March next year to ensure a smooth transition. It comes after shares in the company suffered their biggest fall on record last month after Pact Group booked an 18 per cent net profit plunge for the full year to June 30, missing analyst expectations. The packaging firm told the market that Mr Geminder, who owns a 40 per cent stake in the company, will serve as executive chairman until a new CEO is appointed.
Primary Health Care Limited (PRY):
Shares in Primary Health Care have jumped 4.63 per cent in early trade, its biggest rise in six months, after the company announced its day hospital acquisition and upgraded its guidance. Earlier today, the company flagged a higher profit forecast after completing a capital raising and purchase of Mountserrat specialist day hospitals for $75 million. The purchase has pushed its forecast FY19 profit outlook at or above $100m, from what was previously $92.3m. Citi also upgraded the health care operator to Buy from Sell, citing its position in the sector.
(Source: AIMS)
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