AMP Ltd (AMP):
Infratil announced AMP Capital will buy its half share in the 30-year concession - and also secured the 50 per cent owned by one of Infratil manager Morrison's private clients. It means AMP Capital will buy full control of the student housing project and it is understood to be paying more than $700 million for the privilege. Macquarie Capital advised AMP Capital and is helping fund the deal. The funding package was said to be a key reason why AMP Capital emerged from the auction ahead of rival infrastructure manager Plenary Group, which also made a binding bid. Infratil first announced plans to seek to sell its 50 per cent stake in November. "We continue to believe that the ANU portfolio is the standout portfolio in the oncampus purpose built student accommodation sector in Australia in terms of both scale and quality. However, the broader platform Infratil intended to develop using the ANU portfolio as a cornerstone has not eventuated," Morrison & Co executive Mark Mudie told the market this morning.
Asaleo Care Ltd (AHY):
Asaleo Care has sold its tissue business to Solaris Paper for $180 million. The brands changing hands include Sorbent, Handee Ultra, and Deeko. Asaleo will keep its Australasian personal care and business to business operations, and the consumer tissue business in New Zealand the Pacific Islands. "The sale proceeds will significantly strengthen our balance sheet, reduce net debt and improve our leverage ratio," Asaleo's chief executive Sid Takla told the market this morning. "The sale enables us to concentrate on our core, higher margin, less capital-intensive businesses in Personal Care and business to business and continue to innovate and invest in our brands for long term growth." Asaleo last traded at 89.5 cents, up from an all-time low of 65.5 cents in December.
Axcesstoday Ltd (AXL):
Small business lending fintech Axsesstoday has called in corporate advisory firm Moelis Australia to help it write an updated strategic review, having been working on a new business strategy for the past four months. The company offers finance solutions for small businesses in the transport and hospitality sectors to buy items like coffee machines and vans. It fell on challenging times last September when its co-founder and chief executive Peter Ferizis resigned from the business, leading to the company requesting a voluntary suspension to conduct a review of its operations. Axsesstoday has been asking for extensions to this voluntary suspension ever since and today it confirmed its secured lenders have granted forbearance for breaches of the company's credit facilities until this Friday. Its lenders now have time to decide whether they can 'provide longer term accommodation or support to the company'. The startup promised the ASX that it would submit its half-year results by March 15, but today says its still finalising the numbers. It last traded at $1.63 prior to suspension in September. The biggest shareholder is Yaniv Meydan of the Meydan Group with 18.4 per cent , Mr Ferizis hold 6.3 per cent, and investment funds K2 Asset Management, Pendal Group, and Pengana, are also substantial shareholders.
Bubs Australia Ltd (BUB):
The goat milk infant formula company Bubs Australia has unveiled a $35 million deal to buy the local infant formula producer Australia Deloraine Dairy. The deal, confirmed in a statement to the ASX, includes $25 million in cash and almost 15.4 million Bubs shares valued at $10 million. Shares jumped 6.2 per cent on the market open to 85.5 cents, but have since dropped back down to 77 cents on 1 April 2019. "This is a key foothold in Bubs vertical-integration strategy to maximise control of our supply chain and represents an important step in our vision to expand our China business," said Bubs founder and chief executive Kristy Carr. "Importantly, the acquisition will have a significant positive impact on our business through a material reduction in our production costs, as well as placing Bubs in the best possible position to achieve SAMR (State Administration for Market Regulation) brand registration to enable the company to export their infant formula products to China to be sold in physical Mother and Baby stores," she said.
CIMIC Group Ltd (CIM):
CIMIC has just announced several hundred dollars worth of contracts won by subsidiary CPB Contractors. This includes $120 million for upgrading Northern Road in New South Wales and $134 million for the largest sports and swimming centre in New Zealand. The sports centre is being built in Christchurch and will include a competition pool, swim leisure area, nine indoor basketball and netball courts and seating for thousands of spectators.
Funtastic Ltd (FUN):
Funtastic warns it will deliver a loss for the second half of 2018-19 and margins will be lower than originally expected because of delays in Chill Factor products and the re-launch of Pillow Pets. It is also waiting to see how successful Toy Story 4 is. Accounts filed in the morning on 1 April show net profit for the first half down 60 per cent to $14.3 million. "Additionally, key retailers have become increasingly cautious following the relatively weak fourth quarter of 2018 retail sales and widely reported weakening of consumer confidence and this is expected to further impact revenues and margins in the second half," Funtastic told the market. It has secured $6 million in funding at 12 per cent interest from largest shareholder Jaszac, and has not yet selected a new chief executive from a candidate short list.
GetSwift Ltd (GSW):
Shares in GetSwift are up 2.6 per cent today to 19.5 cents after the two largest shareholders, Clutterbuck Capital Management and the founder of KPT Capital told the market they are pulling out of class action against the company. "We have already notified the Court of our decision to opt-out of the current class action proceedings," the funds revealed this morning. Get Swift is facing three class actions stemming from a February 2018 market update revealing how many contracts were generating revenue. Get Swift is also facing legal action from the Australian Securities and Investments Commission launched in February, 2019, alleging misleading representations.
Kneomedia Ltd (KNM):
Games-based learning company KNeoMedia has gone into trading halt this morning, although it initially told the market the wrong reason. The 9.51am notice requested a trading halt pending an "announcement regarding the proposed capital raising" with trading to resume Wednesday morning. Then at 11.41am KNeoMedia advised that was a typo. "The company referred to a proposed capital raising in error, and confirms that the announcement is in relation to a potentially material relationship, an update for which will be provided to the market shortly."
Rio Tinto (RIO):
Global miner Rio Tinto has confirmed that Tropical Cyclone Veronica will cut its iron ore production in 2019, but said it remains on track to meet the "lower end" of its full year production guidance. The miner said Pilbara iron ore operations are resuming following the cyclone, but the cyclone damaged its Cape Lambert A port facility. "As a result, Rio Tinto has declared force majeure on certain contracts and is working with its customers to minimise any disruption in supply," the miner said. Rio said the impact of the cyclone, combined with damage caused by a fire at the Cape Lambert A facility earlier this year, would result in lost production of about 14 million tonnes. "As a result Rio Tinto's Pilbara shipments in 2019 are expected to be at the lower end of the 338 and 350 million tonnes (100 per cent basis) guidance provided," Rio said. Shares in Rio Tinto are nearing the $100 mark, with the stock closing up 1.6 per cent on Friday, at $97.91.
Woolworths Group Ltd (WOW):
Woolworths will buy-back $1.7 billion worth of shares off market in May, has sold its Petrol business, and will shut 30 Big W stores over the next three years at a cost of $370 million. Woolworths has about 185 Big W stores around the country. "While the recovery in trading for Big W is encouraging and there remains further opportunity for improvement, the speed of conversion to earnings improvement is taking longer than planned," Woolworth chief executive Brad Banducci told the market today. The Big W division is expected to report a loss of between $80 million and $100 million in the current financial year, despite 6 per cent sales growth in the three months to the end of March. "We understand the impact that the store and distribution centre closures will have on our team and will endeavour to provide affected team members with alternative employment options within the Woolworths Group where possible."
(Source: AIMS)
Infratil announced AMP Capital will buy its half share in the 30-year concession - and also secured the 50 per cent owned by one of Infratil manager Morrison's private clients. It means AMP Capital will buy full control of the student housing project and it is understood to be paying more than $700 million for the privilege. Macquarie Capital advised AMP Capital and is helping fund the deal. The funding package was said to be a key reason why AMP Capital emerged from the auction ahead of rival infrastructure manager Plenary Group, which also made a binding bid. Infratil first announced plans to seek to sell its 50 per cent stake in November. "We continue to believe that the ANU portfolio is the standout portfolio in the oncampus purpose built student accommodation sector in Australia in terms of both scale and quality. However, the broader platform Infratil intended to develop using the ANU portfolio as a cornerstone has not eventuated," Morrison & Co executive Mark Mudie told the market this morning.
Asaleo Care Ltd (AHY):
Asaleo Care has sold its tissue business to Solaris Paper for $180 million. The brands changing hands include Sorbent, Handee Ultra, and Deeko. Asaleo will keep its Australasian personal care and business to business operations, and the consumer tissue business in New Zealand the Pacific Islands. "The sale proceeds will significantly strengthen our balance sheet, reduce net debt and improve our leverage ratio," Asaleo's chief executive Sid Takla told the market this morning. "The sale enables us to concentrate on our core, higher margin, less capital-intensive businesses in Personal Care and business to business and continue to innovate and invest in our brands for long term growth." Asaleo last traded at 89.5 cents, up from an all-time low of 65.5 cents in December.
Axcesstoday Ltd (AXL):
Small business lending fintech Axsesstoday has called in corporate advisory firm Moelis Australia to help it write an updated strategic review, having been working on a new business strategy for the past four months. The company offers finance solutions for small businesses in the transport and hospitality sectors to buy items like coffee machines and vans. It fell on challenging times last September when its co-founder and chief executive Peter Ferizis resigned from the business, leading to the company requesting a voluntary suspension to conduct a review of its operations. Axsesstoday has been asking for extensions to this voluntary suspension ever since and today it confirmed its secured lenders have granted forbearance for breaches of the company's credit facilities until this Friday. Its lenders now have time to decide whether they can 'provide longer term accommodation or support to the company'. The startup promised the ASX that it would submit its half-year results by March 15, but today says its still finalising the numbers. It last traded at $1.63 prior to suspension in September. The biggest shareholder is Yaniv Meydan of the Meydan Group with 18.4 per cent , Mr Ferizis hold 6.3 per cent, and investment funds K2 Asset Management, Pendal Group, and Pengana, are also substantial shareholders.
Bubs Australia Ltd (BUB):
The goat milk infant formula company Bubs Australia has unveiled a $35 million deal to buy the local infant formula producer Australia Deloraine Dairy. The deal, confirmed in a statement to the ASX, includes $25 million in cash and almost 15.4 million Bubs shares valued at $10 million. Shares jumped 6.2 per cent on the market open to 85.5 cents, but have since dropped back down to 77 cents on 1 April 2019. "This is a key foothold in Bubs vertical-integration strategy to maximise control of our supply chain and represents an important step in our vision to expand our China business," said Bubs founder and chief executive Kristy Carr. "Importantly, the acquisition will have a significant positive impact on our business through a material reduction in our production costs, as well as placing Bubs in the best possible position to achieve SAMR (State Administration for Market Regulation) brand registration to enable the company to export their infant formula products to China to be sold in physical Mother and Baby stores," she said.
CIMIC Group Ltd (CIM):
CIMIC has just announced several hundred dollars worth of contracts won by subsidiary CPB Contractors. This includes $120 million for upgrading Northern Road in New South Wales and $134 million for the largest sports and swimming centre in New Zealand. The sports centre is being built in Christchurch and will include a competition pool, swim leisure area, nine indoor basketball and netball courts and seating for thousands of spectators.
Funtastic Ltd (FUN):
Funtastic warns it will deliver a loss for the second half of 2018-19 and margins will be lower than originally expected because of delays in Chill Factor products and the re-launch of Pillow Pets. It is also waiting to see how successful Toy Story 4 is. Accounts filed in the morning on 1 April show net profit for the first half down 60 per cent to $14.3 million. "Additionally, key retailers have become increasingly cautious following the relatively weak fourth quarter of 2018 retail sales and widely reported weakening of consumer confidence and this is expected to further impact revenues and margins in the second half," Funtastic told the market. It has secured $6 million in funding at 12 per cent interest from largest shareholder Jaszac, and has not yet selected a new chief executive from a candidate short list.
GetSwift Ltd (GSW):
Shares in GetSwift are up 2.6 per cent today to 19.5 cents after the two largest shareholders, Clutterbuck Capital Management and the founder of KPT Capital told the market they are pulling out of class action against the company. "We have already notified the Court of our decision to opt-out of the current class action proceedings," the funds revealed this morning. Get Swift is facing three class actions stemming from a February 2018 market update revealing how many contracts were generating revenue. Get Swift is also facing legal action from the Australian Securities and Investments Commission launched in February, 2019, alleging misleading representations.
Kneomedia Ltd (KNM):
Games-based learning company KNeoMedia has gone into trading halt this morning, although it initially told the market the wrong reason. The 9.51am notice requested a trading halt pending an "announcement regarding the proposed capital raising" with trading to resume Wednesday morning. Then at 11.41am KNeoMedia advised that was a typo. "The company referred to a proposed capital raising in error, and confirms that the announcement is in relation to a potentially material relationship, an update for which will be provided to the market shortly."
Rio Tinto (RIO):
Global miner Rio Tinto has confirmed that Tropical Cyclone Veronica will cut its iron ore production in 2019, but said it remains on track to meet the "lower end" of its full year production guidance. The miner said Pilbara iron ore operations are resuming following the cyclone, but the cyclone damaged its Cape Lambert A port facility. "As a result, Rio Tinto has declared force majeure on certain contracts and is working with its customers to minimise any disruption in supply," the miner said. Rio said the impact of the cyclone, combined with damage caused by a fire at the Cape Lambert A facility earlier this year, would result in lost production of about 14 million tonnes. "As a result Rio Tinto's Pilbara shipments in 2019 are expected to be at the lower end of the 338 and 350 million tonnes (100 per cent basis) guidance provided," Rio said. Shares in Rio Tinto are nearing the $100 mark, with the stock closing up 1.6 per cent on Friday, at $97.91.
Woolworths Group Ltd (WOW):
Woolworths will buy-back $1.7 billion worth of shares off market in May, has sold its Petrol business, and will shut 30 Big W stores over the next three years at a cost of $370 million. Woolworths has about 185 Big W stores around the country. "While the recovery in trading for Big W is encouraging and there remains further opportunity for improvement, the speed of conversion to earnings improvement is taking longer than planned," Woolworth chief executive Brad Banducci told the market today. The Big W division is expected to report a loss of between $80 million and $100 million in the current financial year, despite 6 per cent sales growth in the three months to the end of March. "We understand the impact that the store and distribution centre closures will have on our team and will endeavour to provide affected team members with alternative employment options within the Woolworths Group where possible."
(Source: AIMS)
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