APA Group (APA):
The board of APA is getting down to business on replacing long-serving chief executive Mick McCormack, who will leave the company in the next few months after 14 years at the company. Directors are working on a short list of candidates to take control of the company, which was at the centre of controversial takeover bid last year by Chinese consortium CKI. The board’s focus is now on appointing a new chief executive and a number of potential replacements are under consideration. From within APA, it’s believed the front runners are strategy head Ross Gersbach, who is in charge of overseeing the company’s expansion into the US; head of the transmission business Rob Wheals, who is in charge of the major revenue-generating part of the company; and company secretary Nevenka Codevelle. Ms Codevelle is also the head of the legal and risk divisions, and has been the company’s main negotiator with the ACCC in recent years as the government tried to tackle the east coast gas supply crisis.
Cimic Group Ltd (CIM):
CIMIC's Group's subsidiary Thiess has won a massive $1.7 billion contract in Botswana to supply full scope mining services over nine years at Debswana Diamond Company's Jwaneng Mine. A joint venture called Majwe has been set up between Thiess and Bothakga Burrow Botswana to provide services, 70 per cent owned by Thiess. "The relationship developed between Majwe and client Debswana Diamond Company, owned by the Botswana Government and De Beers, is a testament to all involved in the project," CIMIC group chief executive Michael Wright told the market this morning.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank has settled a dispute with the Australian Taxation Office over research and development tax credits it claimed for its huge core banking systems overhaul project. The Australian reported in 2015 that the bank had claimed up to $100m in credits for work related to the project. The Administrative Appeals Tribunal was due to hear arguments on the matter today. “Under the agreement terms, CBA has agreed to withdraw from all current proceedings with the ATO and Innovation and Science Australia (ISA) before the Administrative Appeals Tribunal (AAT) in respect of the eligibility of R&D claims that were made for the years ended 30 June 2012 and 30 June 2013 relating to the CBA core banking modernisation project that involved digital transformation and software development,” the bank (CBA) said in a statement. “All other prior year matters have also been finalised.” Industry watchers estimated the settlement amount was in the tens of millions of dollars.
Eclipx Group Ltd (ECX); McMillan Shakespeare Ltd (MMS):
A trading update foreshadowed by Eclipx for this week, could put its pending merger with McMillan Shakepeare on shaky group. After notifying the market of its planned update and going into trading halt, MMS has said it “will consider its position in respect of the proposal to acquire ECX after reviewing that trading update”. MMS in November lobbed a cash and scrip offer worth $886 million for Eclipx but has dragged its feet in progressing the deal. MMS shares last own 1.08pc at $12.78.
IOOF Holdings Ltd (IFL):
IOOF faces a class action over the beleaguered wealth manager’s alleged failure to tell shareholders about APRA’s concern over possible breaches of superannuation laws. Sydney law firm Quinn Emanuel, backed by litigation funder Regency Group, launched the action citing financial services royal commission evidence that IOOF subsidiaries allegedly breached their trustee duties, and that directors and officers knew about it. Quinn Emanuel will allege that, between May 27 and December 6 last year, IOOF breached its continuous disclosure obligations to shareholders. On December 7, the Australian Prudential Regulation Authority moved to disqualify IOOF’s top brass and impose new licence conditions, saying it had concerns dating back to 2015 and that IOOF had consistently failed to address them. IOOF shares lost more than 35.84 per cent on the day the APRA action was made public.
News Corporation (NWS):
New data partnerships and ways to use that enriched information will be announced at News Corp Australia’s annual advertising showcase this week among 24 -initiatives spanning video, audio and commercial relationships. The media company is looking to exploit its vast print and digital news operations, and plans to unveil a series of commercial initiatives on a “journey” designed by its content marketing agency, Suddenly. Michael Miller, executive chairman of News Corp Australasia, said the group had worked hard to develop new products for clients, noting that companies were looking at having an “ongoing relationship with existing and prospective customers”. Among the commercial partnerships on offer is Code Block, around major -sporting codes, -including AFL, NRL and cricket, motorsport and racing. For the first time, companies will be able to secure category -exclusivity with a chosen code, -allowing clients to block a season or one of the many big sporting events. Damian Eales, chief operating officer of publishing at News, said: “All marketers know the value of sports rights, and the ability to ¬advertise during sports broadcasts. It’s unquestionable.”
Vocus Group Ltd (VOC):
Vocus Group says it has "no current intention to raise additional equity", quashing a rumour started in (NewsCorp's paper) The Australian this morning that it has UBS on standby to handle and equity raising and 'other options'. "Vocus Group notes press speculation this morning regarding a potential equity raising," the company tells the market today. "Vocus refinanced its debt facility in June 2018 and as stated in the interim results presentation on 27 February 2019, net debt peaked during first half of 2018-19 after funding the Australian Singapore Cable. The Board and management remain comfortable with Vocus' debt position." Vocus shares last traded at $3.64.
(Source: AIMS)
The board of APA is getting down to business on replacing long-serving chief executive Mick McCormack, who will leave the company in the next few months after 14 years at the company. Directors are working on a short list of candidates to take control of the company, which was at the centre of controversial takeover bid last year by Chinese consortium CKI. The board’s focus is now on appointing a new chief executive and a number of potential replacements are under consideration. From within APA, it’s believed the front runners are strategy head Ross Gersbach, who is in charge of overseeing the company’s expansion into the US; head of the transmission business Rob Wheals, who is in charge of the major revenue-generating part of the company; and company secretary Nevenka Codevelle. Ms Codevelle is also the head of the legal and risk divisions, and has been the company’s main negotiator with the ACCC in recent years as the government tried to tackle the east coast gas supply crisis.
Cimic Group Ltd (CIM):
CIMIC's Group's subsidiary Thiess has won a massive $1.7 billion contract in Botswana to supply full scope mining services over nine years at Debswana Diamond Company's Jwaneng Mine. A joint venture called Majwe has been set up between Thiess and Bothakga Burrow Botswana to provide services, 70 per cent owned by Thiess. "The relationship developed between Majwe and client Debswana Diamond Company, owned by the Botswana Government and De Beers, is a testament to all involved in the project," CIMIC group chief executive Michael Wright told the market this morning.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank has settled a dispute with the Australian Taxation Office over research and development tax credits it claimed for its huge core banking systems overhaul project. The Australian reported in 2015 that the bank had claimed up to $100m in credits for work related to the project. The Administrative Appeals Tribunal was due to hear arguments on the matter today. “Under the agreement terms, CBA has agreed to withdraw from all current proceedings with the ATO and Innovation and Science Australia (ISA) before the Administrative Appeals Tribunal (AAT) in respect of the eligibility of R&D claims that were made for the years ended 30 June 2012 and 30 June 2013 relating to the CBA core banking modernisation project that involved digital transformation and software development,” the bank (CBA) said in a statement. “All other prior year matters have also been finalised.” Industry watchers estimated the settlement amount was in the tens of millions of dollars.
Eclipx Group Ltd (ECX); McMillan Shakespeare Ltd (MMS):
A trading update foreshadowed by Eclipx for this week, could put its pending merger with McMillan Shakepeare on shaky group. After notifying the market of its planned update and going into trading halt, MMS has said it “will consider its position in respect of the proposal to acquire ECX after reviewing that trading update”. MMS in November lobbed a cash and scrip offer worth $886 million for Eclipx but has dragged its feet in progressing the deal. MMS shares last own 1.08pc at $12.78.
IOOF Holdings Ltd (IFL):
IOOF faces a class action over the beleaguered wealth manager’s alleged failure to tell shareholders about APRA’s concern over possible breaches of superannuation laws. Sydney law firm Quinn Emanuel, backed by litigation funder Regency Group, launched the action citing financial services royal commission evidence that IOOF subsidiaries allegedly breached their trustee duties, and that directors and officers knew about it. Quinn Emanuel will allege that, between May 27 and December 6 last year, IOOF breached its continuous disclosure obligations to shareholders. On December 7, the Australian Prudential Regulation Authority moved to disqualify IOOF’s top brass and impose new licence conditions, saying it had concerns dating back to 2015 and that IOOF had consistently failed to address them. IOOF shares lost more than 35.84 per cent on the day the APRA action was made public.
News Corporation (NWS):
New data partnerships and ways to use that enriched information will be announced at News Corp Australia’s annual advertising showcase this week among 24 -initiatives spanning video, audio and commercial relationships. The media company is looking to exploit its vast print and digital news operations, and plans to unveil a series of commercial initiatives on a “journey” designed by its content marketing agency, Suddenly. Michael Miller, executive chairman of News Corp Australasia, said the group had worked hard to develop new products for clients, noting that companies were looking at having an “ongoing relationship with existing and prospective customers”. Among the commercial partnerships on offer is Code Block, around major -sporting codes, -including AFL, NRL and cricket, motorsport and racing. For the first time, companies will be able to secure category -exclusivity with a chosen code, -allowing clients to block a season or one of the many big sporting events. Damian Eales, chief operating officer of publishing at News, said: “All marketers know the value of sports rights, and the ability to ¬advertise during sports broadcasts. It’s unquestionable.”
Vocus Group Ltd (VOC):
Vocus Group says it has "no current intention to raise additional equity", quashing a rumour started in (NewsCorp's paper) The Australian this morning that it has UBS on standby to handle and equity raising and 'other options'. "Vocus Group notes press speculation this morning regarding a potential equity raising," the company tells the market today. "Vocus refinanced its debt facility in June 2018 and as stated in the interim results presentation on 27 February 2019, net debt peaked during first half of 2018-19 after funding the Australian Singapore Cable. The Board and management remain comfortable with Vocus' debt position." Vocus shares last traded at $3.64.
(Source: AIMS)
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