Origin Energy Ltd (ORG):
Origin Energy has lifted the speed with which it can supply electricity to the national power grid after upgrading South Australia’s Quarantine gas peaking plant to capitalize on new trading rules amid a surge in renewable energy output. Australia’s largest energy retailer will be able to provide power to the national electricity market in five minutes compared with 15 minutes previously from its 224-megawatt Quarantine facility. Origin retrofitted an aero-derivative unit built by GE to one of its 22MW turbines at the Torrens Island site and is considering upgrading a further three turbines in coming years, potentially lifting the plant’s capacity to 240MW. The original four-turbine plant opened in 2002 with a larger fifth turbine adding a further 120MW in 2009.
Yancoal Australia Ltd (YAL):
China-backed Yancoal has moved a step closer to regaining control of three Hunter Valley coal mines after its Shandong-based majority shareholder took control over a slice of bonds belonging to the mines. Yancoal lost control of the NSW mines - Ashton, Austar and Donaldson — in February 2016 following a $US950 million ($1.33bn) debt funding deal to help finance expansion. Yancoal continued to remain as the operator of the mines, which were consolidated under an entity known as Watagan. At the time ownership of the mines was transferred to the lenders — including China’s Industrial Bank Co, Bank of China and Shanghai fund manager Bohai Harvest — which also held the right to nominate most of the mines’ directors.
Bubs Australia Ltd (BUB):
More than $22 million worth of Bubs Australia shares, mostly held by founder and chief executive Kirsty Carr, came off escrow restriction last Thursday. Nearly $160 million worth of shares have come out of escrow restrictions in recent weeks, giving investors extra heartburn in the face of increased market volatility. Given the lack of big-ticket stock market listings in recent years, many of the shares coming off escrow restrictions are concentrated at the smaller end of the equity market. Even so, recent volatility, with the S&P/ASX 200 well down from its August peak, has meant that company founders and other vendors are likely to be cool on selling shares in the current climate. Escrow periods prevent owners of floating companies from selling their shares, usually for a certain period after financial results are released.
Healius Ltd (HLS):
The planned $2 billion buyout of healthcare company Healius by its cornerstone Chinese shareholder is likely to come under scrutiny given the sensitivity of “data sovereignty” surrounding the control of millions of patient records, according to brokerage Morgans. This was why Healius shareholders were discounting the offer, Morgans healthcare analyst Derek Jellinek said yesterday. Healius, which was until recently known as Primary Health Care, on Thursday received an unsolicited offer from Beijing-based Jangho to acquire all shares it doesn’t already own for $3.25 a share through a scheme of arrangement. Jangho is Healius’s biggest shareholder with a 15.9 per cent stake. The takeover proposal is subject to a host of conditions, including due diligence, an all-clear from the Foreign Investment Review Board, and approvals from several Chinese regulators including the National Development and Reform Commission and the Ministry of Commerce.
RCR Tomlinson Limited (RCR):
RCR Tomlinson's energy service business has been sold to The Environmental Group as administrators McGrathNicol continue disposing the engineering group's assets to raise cash to pay creditors' claims. McGrathNicol expects more than $600 million in financial claims after the engineering group collapsed in November and is trying to sell as many parts of RCR's business as possible. John Holland bought RCR's O'Donnell Griffin rail and transport business in December to boost its capabilities and a second business, RCR Energy Service, has now been sold to EGL.
Commonwealth Bank of Australia (CBA):
Bankwest, a division of CBA, the nation's largest lender, has kick-started mortgage discounts for 2019 with 18 basis point cuts and special deals for first time buyers, as well as refinancing and principal and interest buyers. The lender, which last year cut 29 branches along the east coast, particularly in NSW, will be targeting mortgage brokers, who act as an intermediary between the borrower and bank, to recommend the cut rates. Bankwest is also introducing tiered pricing on new lending with borrowers that only have a 10 per cent, or lower, deposit but is targeting principal and interest, rather than interest-only buyers. It has axed reverse mortgages from 1 January.
Pushpay Holdings Ltd (PPH):
Pushpay Holdings, the New Zealand-based tech company with its sights set on donations to American megachurches, announced on Monday it has finally entered positive cash flow territory, having reached its break-even goal at the end of 2018. Pushpay said the amount of donations it has processed annually has increased to more than $US5 billion ($7 billion) to churches, not-forprofits and educational institutions around the world, according to the tech company's figures released on Monday. "$US5 billions of giving represents a significant amount of good being done in local communities, such as funding for orphanages, food drives, homeless shelters and drug rehabilitation, to name a few causes.
Macquarie Group Ltd (MQG):
The private wealth division of Macquarie Group has taken a hit after more than 20 advisers left amid concerns about the group's narrow focus on wealthy clients and its new fee and remuneration model. More than 20 advisers, many of whom were key revenue writers, jumped ship to rival firms across Sydney, Melbourne, Adelaide, Perth and Canberra on the Friday before Christmas. Sources said the key reason for the departures was Macquarie's shift in gear last year to merge its private bank and private wealth businesses and focus exclusively on wealthier clients after the Hayne royal commission revealed industry-wide troubles in the retail advice sector.
Tamawood Limited (TWD):
Home builder Tamawood said first half profit would fall by more than a quarter as it blamed the Labor Party's planned negative gearing changes and last year's Liberal leadership spill ahead of its own failure to adjust to a slowing market. In a statement to the ASX on Monday, the Brisbane-based builder, which builds under the Dixon Homes brand, said a 'perfect storm' of conditions had caused a decline first half profit of 26.9 per cent from last year and it would have to review the planned 16¢ final dividend it predicted last year. The company said house prices were falling and repeated the company's earlier comments that lending curbs resulting from the banking royal commission and "overvigorous regulatory behaviour" by the QBCC building regulator were slowing business. In the year to June, Tamawood posted a flat revenue of $124 million as net profit fell 4.5 per cent to $8.7 million.
(Source: AIMS)
Origin Energy has lifted the speed with which it can supply electricity to the national power grid after upgrading South Australia’s Quarantine gas peaking plant to capitalize on new trading rules amid a surge in renewable energy output. Australia’s largest energy retailer will be able to provide power to the national electricity market in five minutes compared with 15 minutes previously from its 224-megawatt Quarantine facility. Origin retrofitted an aero-derivative unit built by GE to one of its 22MW turbines at the Torrens Island site and is considering upgrading a further three turbines in coming years, potentially lifting the plant’s capacity to 240MW. The original four-turbine plant opened in 2002 with a larger fifth turbine adding a further 120MW in 2009.
Yancoal Australia Ltd (YAL):
China-backed Yancoal has moved a step closer to regaining control of three Hunter Valley coal mines after its Shandong-based majority shareholder took control over a slice of bonds belonging to the mines. Yancoal lost control of the NSW mines - Ashton, Austar and Donaldson — in February 2016 following a $US950 million ($1.33bn) debt funding deal to help finance expansion. Yancoal continued to remain as the operator of the mines, which were consolidated under an entity known as Watagan. At the time ownership of the mines was transferred to the lenders — including China’s Industrial Bank Co, Bank of China and Shanghai fund manager Bohai Harvest — which also held the right to nominate most of the mines’ directors.
Bubs Australia Ltd (BUB):
More than $22 million worth of Bubs Australia shares, mostly held by founder and chief executive Kirsty Carr, came off escrow restriction last Thursday. Nearly $160 million worth of shares have come out of escrow restrictions in recent weeks, giving investors extra heartburn in the face of increased market volatility. Given the lack of big-ticket stock market listings in recent years, many of the shares coming off escrow restrictions are concentrated at the smaller end of the equity market. Even so, recent volatility, with the S&P/ASX 200 well down from its August peak, has meant that company founders and other vendors are likely to be cool on selling shares in the current climate. Escrow periods prevent owners of floating companies from selling their shares, usually for a certain period after financial results are released.
Healius Ltd (HLS):
The planned $2 billion buyout of healthcare company Healius by its cornerstone Chinese shareholder is likely to come under scrutiny given the sensitivity of “data sovereignty” surrounding the control of millions of patient records, according to brokerage Morgans. This was why Healius shareholders were discounting the offer, Morgans healthcare analyst Derek Jellinek said yesterday. Healius, which was until recently known as Primary Health Care, on Thursday received an unsolicited offer from Beijing-based Jangho to acquire all shares it doesn’t already own for $3.25 a share through a scheme of arrangement. Jangho is Healius’s biggest shareholder with a 15.9 per cent stake. The takeover proposal is subject to a host of conditions, including due diligence, an all-clear from the Foreign Investment Review Board, and approvals from several Chinese regulators including the National Development and Reform Commission and the Ministry of Commerce.
RCR Tomlinson Limited (RCR):
RCR Tomlinson's energy service business has been sold to The Environmental Group as administrators McGrathNicol continue disposing the engineering group's assets to raise cash to pay creditors' claims. McGrathNicol expects more than $600 million in financial claims after the engineering group collapsed in November and is trying to sell as many parts of RCR's business as possible. John Holland bought RCR's O'Donnell Griffin rail and transport business in December to boost its capabilities and a second business, RCR Energy Service, has now been sold to EGL.
Commonwealth Bank of Australia (CBA):
Bankwest, a division of CBA, the nation's largest lender, has kick-started mortgage discounts for 2019 with 18 basis point cuts and special deals for first time buyers, as well as refinancing and principal and interest buyers. The lender, which last year cut 29 branches along the east coast, particularly in NSW, will be targeting mortgage brokers, who act as an intermediary between the borrower and bank, to recommend the cut rates. Bankwest is also introducing tiered pricing on new lending with borrowers that only have a 10 per cent, or lower, deposit but is targeting principal and interest, rather than interest-only buyers. It has axed reverse mortgages from 1 January.
Pushpay Holdings Ltd (PPH):
Pushpay Holdings, the New Zealand-based tech company with its sights set on donations to American megachurches, announced on Monday it has finally entered positive cash flow territory, having reached its break-even goal at the end of 2018. Pushpay said the amount of donations it has processed annually has increased to more than $US5 billion ($7 billion) to churches, not-forprofits and educational institutions around the world, according to the tech company's figures released on Monday. "$US5 billions of giving represents a significant amount of good being done in local communities, such as funding for orphanages, food drives, homeless shelters and drug rehabilitation, to name a few causes.
Macquarie Group Ltd (MQG):
The private wealth division of Macquarie Group has taken a hit after more than 20 advisers left amid concerns about the group's narrow focus on wealthy clients and its new fee and remuneration model. More than 20 advisers, many of whom were key revenue writers, jumped ship to rival firms across Sydney, Melbourne, Adelaide, Perth and Canberra on the Friday before Christmas. Sources said the key reason for the departures was Macquarie's shift in gear last year to merge its private bank and private wealth businesses and focus exclusively on wealthier clients after the Hayne royal commission revealed industry-wide troubles in the retail advice sector.
Tamawood Limited (TWD):
Home builder Tamawood said first half profit would fall by more than a quarter as it blamed the Labor Party's planned negative gearing changes and last year's Liberal leadership spill ahead of its own failure to adjust to a slowing market. In a statement to the ASX on Monday, the Brisbane-based builder, which builds under the Dixon Homes brand, said a 'perfect storm' of conditions had caused a decline first half profit of 26.9 per cent from last year and it would have to review the planned 16¢ final dividend it predicted last year. The company said house prices were falling and repeated the company's earlier comments that lending curbs resulting from the banking royal commission and "overvigorous regulatory behaviour" by the QBCC building regulator were slowing business. In the year to June, Tamawood posted a flat revenue of $124 million as net profit fell 4.5 per cent to $8.7 million.
(Source: AIMS)
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