Bubs Australia Ltd (BUB):
Goat milk formula maker Bubs has teamed up with New Zealand milk co-operative Fonterra to produce a range of organic milk formula products. The move is Bubs first foray into cow milk formula, and is set to hit Chemist Warehouse shelves within three months. Fonterra will supply Bubs with organic milk powder, to be manufactured at its facility in Darnum, Victoria. “Super premium product offerings are the fastest growing segment of the infant formula category, and we are now able to offer two nutritional options – organic and goat, to suit individual dietary needs – tapping into the global consumer trend towards natural, sustainable and organic food production,” chief Kristy Carr told the market. Bub's Australia today finalised its sales channels into China with the Beingmate Baby & Child Food company and a partnership with Tmall and Chemist Warehouse. Bubs Australia has a 49 per cent stake in Bubs Brand Management Shanghai, which will distribute its goat and cow milk formulas and food in China. "With its strong provenance story and authentic domestic position, we believe Bubs has the hallmarks to capture a material share of China's fast growing superpremium infant formula and organic infant food sectors," Beingmate's chief executive Bob Xiufei says.
DuluxGroup Limited (DLX):
DuluxGroup's board is recommending shareholders vote for the Nippon Paint acquisition, which is offering $9.80 cash per share, including up to 41 cents of fully franked dividends. There is also a special dividend of 26 cents that includes 17.6 cents of franking credits. The offer is a 35 per cent premium on the stock price over the past three months. Chairman Graeme Liebelt tells the market this morning: The board has carefully considered the strategic options available to DuluxGroup to maximise value...and we have unanimously concluded that the transaction with Nippon is in the best interest of our shareholders"."Nippon has been extremely complimentary of DuluxGroup's team, capability, high quality businesses and track record of performance, all of which they want to maintain."
Huon Aquaculture Group Ltd (HUO):
Tasmanian salmon producer Huon has trimmed its guidance for the full year by $13.5 million thanks to disease and warmer water temperatures. In a note to the market this morning, the company said warm water temperatures along the east coast had persisted through to April, what is usually the prime growing period and a breakout of gill necrosis further was keeping growth restricted. Huon revised lower its tonnage guidance to 19,000 from previous expectations of 20,000 tonnes and revised higher its costs to ultimately hit its earnings margins. The full year guidance is now $50 million to $55 million from previous expectations of $64m to $68m.
LANDMARK WHITE LIMITED (LMW):
Landmark White has just re-stated its guidance and is now expecting a full year loss of $2.3 million, rather than a profit of $2.8 million. Full year revenue is expected to be $43.5 million compared to a previous forecast of $55 million. The board does not expect to declare a dividend so it can rebuild cash reserves, and cannot say when dividends with be reinstated. The board warned of an impairment charge which "has not been reflected in the guidance above". Shares will resume trading tomorrow. The company expects 2019-20 will "see a return to more normal levels of revenue and profit and will provide further guidance to the market following the close of 2018-19."
Macquarie Group Ltd (MQG):
This morning, Bloomberg reports a fund called PFA, which oversees about $90 billion in assets, is refusing to enter new deals with Macquarie Group Ltd. amid a national campaign in Denmark to fight financial misconduct. Macquarie is one of a number of banks being investigated by German authorities in connection with alleged dividend tax fraud. ATP's interim CEO, Bo Foged, said in an interview last week that his fund is in "an ongoing dialog" with Macquarie. The Australian firm is still in "what we consider a self-cleaning process," he said. As things stand now, ATP is "still not able to do new investments with Macquarie," he said.
Orica Ltd (ORI):
Singaporean businessman Boon Swan Foo has joined the board of commercial explosives producer Orica, adding to the company’s Asian expertise. The board of Orica announced the appointment this morning, effective immediately. Mr Boon is a former senior advisor to Singapore’s sovereign wealth fund Temasek and currently serves as chairman of SGX-ST listed Global Investments Limited and Allgrace Investment Management. “Mr Boon’s experience in the energy, oil and gas, and automotive industries, and the roles he has played in directing large companies and nurturing start-ups, as well as his deep knowledge of the Asian region including China, will be of great benefit to Orica,” chairman Malcolm Broomhead said.
Retail Food Group Limited (RFG):
Retail Food Group is withdrawing products from some of its Michel’s Patisserie stores after reports of the franchisor was deliberately selling products past their use-by date. In a note to the market this morning, the embattled franchisor said any product date extension was granted “following written approval from the supplier and with consumer safety at top of mind”. Despite that, it said it had taken voluntary action and was in the process of withdrawing any products that had received approved date extensions from suppliers. “In the past 18 months, RFG brands engaged with less than 1 per cent of its supplier network to request possible shelf life extension where appropriate and safe to do so,” the company said. “These extensions related to c.0.25 per cent of RFG’s annual spend with its supplier network.”
Treasury Wine Estates Ltd (TWE):
The makers of the famous Penfolds wine brand have secured a victory against a group of counterfeiters who were passing off inferior wines as top shelf drops, including its Bin series in China, using fake labels. Treasury Wines Estates is expecting a default judgment to be issued by the Federal Court on Monday that its intellectual property for Penfolds in China was breached by a little known wine outfit in Adelaide, Australian Rush Rich Winery. Treasury Wine Estates has already chalked up a victory in the Chinese courts, after the Shanghai Pudong Court upheld its claim that its trademark for Penfolds in China had been breached.
(Source: AIMS)
Goat milk formula maker Bubs has teamed up with New Zealand milk co-operative Fonterra to produce a range of organic milk formula products. The move is Bubs first foray into cow milk formula, and is set to hit Chemist Warehouse shelves within three months. Fonterra will supply Bubs with organic milk powder, to be manufactured at its facility in Darnum, Victoria. “Super premium product offerings are the fastest growing segment of the infant formula category, and we are now able to offer two nutritional options – organic and goat, to suit individual dietary needs – tapping into the global consumer trend towards natural, sustainable and organic food production,” chief Kristy Carr told the market. Bub's Australia today finalised its sales channels into China with the Beingmate Baby & Child Food company and a partnership with Tmall and Chemist Warehouse. Bubs Australia has a 49 per cent stake in Bubs Brand Management Shanghai, which will distribute its goat and cow milk formulas and food in China. "With its strong provenance story and authentic domestic position, we believe Bubs has the hallmarks to capture a material share of China's fast growing superpremium infant formula and organic infant food sectors," Beingmate's chief executive Bob Xiufei says.
DuluxGroup Limited (DLX):
DuluxGroup's board is recommending shareholders vote for the Nippon Paint acquisition, which is offering $9.80 cash per share, including up to 41 cents of fully franked dividends. There is also a special dividend of 26 cents that includes 17.6 cents of franking credits. The offer is a 35 per cent premium on the stock price over the past three months. Chairman Graeme Liebelt tells the market this morning: The board has carefully considered the strategic options available to DuluxGroup to maximise value...and we have unanimously concluded that the transaction with Nippon is in the best interest of our shareholders"."Nippon has been extremely complimentary of DuluxGroup's team, capability, high quality businesses and track record of performance, all of which they want to maintain."
Huon Aquaculture Group Ltd (HUO):
Tasmanian salmon producer Huon has trimmed its guidance for the full year by $13.5 million thanks to disease and warmer water temperatures. In a note to the market this morning, the company said warm water temperatures along the east coast had persisted through to April, what is usually the prime growing period and a breakout of gill necrosis further was keeping growth restricted. Huon revised lower its tonnage guidance to 19,000 from previous expectations of 20,000 tonnes and revised higher its costs to ultimately hit its earnings margins. The full year guidance is now $50 million to $55 million from previous expectations of $64m to $68m.
LANDMARK WHITE LIMITED (LMW):
Landmark White has just re-stated its guidance and is now expecting a full year loss of $2.3 million, rather than a profit of $2.8 million. Full year revenue is expected to be $43.5 million compared to a previous forecast of $55 million. The board does not expect to declare a dividend so it can rebuild cash reserves, and cannot say when dividends with be reinstated. The board warned of an impairment charge which "has not been reflected in the guidance above". Shares will resume trading tomorrow. The company expects 2019-20 will "see a return to more normal levels of revenue and profit and will provide further guidance to the market following the close of 2018-19."
Macquarie Group Ltd (MQG):
This morning, Bloomberg reports a fund called PFA, which oversees about $90 billion in assets, is refusing to enter new deals with Macquarie Group Ltd. amid a national campaign in Denmark to fight financial misconduct. Macquarie is one of a number of banks being investigated by German authorities in connection with alleged dividend tax fraud. ATP's interim CEO, Bo Foged, said in an interview last week that his fund is in "an ongoing dialog" with Macquarie. The Australian firm is still in "what we consider a self-cleaning process," he said. As things stand now, ATP is "still not able to do new investments with Macquarie," he said.
Orica Ltd (ORI):
Singaporean businessman Boon Swan Foo has joined the board of commercial explosives producer Orica, adding to the company’s Asian expertise. The board of Orica announced the appointment this morning, effective immediately. Mr Boon is a former senior advisor to Singapore’s sovereign wealth fund Temasek and currently serves as chairman of SGX-ST listed Global Investments Limited and Allgrace Investment Management. “Mr Boon’s experience in the energy, oil and gas, and automotive industries, and the roles he has played in directing large companies and nurturing start-ups, as well as his deep knowledge of the Asian region including China, will be of great benefit to Orica,” chairman Malcolm Broomhead said.
Retail Food Group Limited (RFG):
Retail Food Group is withdrawing products from some of its Michel’s Patisserie stores after reports of the franchisor was deliberately selling products past their use-by date. In a note to the market this morning, the embattled franchisor said any product date extension was granted “following written approval from the supplier and with consumer safety at top of mind”. Despite that, it said it had taken voluntary action and was in the process of withdrawing any products that had received approved date extensions from suppliers. “In the past 18 months, RFG brands engaged with less than 1 per cent of its supplier network to request possible shelf life extension where appropriate and safe to do so,” the company said. “These extensions related to c.0.25 per cent of RFG’s annual spend with its supplier network.”
Treasury Wine Estates Ltd (TWE):
The makers of the famous Penfolds wine brand have secured a victory against a group of counterfeiters who were passing off inferior wines as top shelf drops, including its Bin series in China, using fake labels. Treasury Wines Estates is expecting a default judgment to be issued by the Federal Court on Monday that its intellectual property for Penfolds in China was breached by a little known wine outfit in Adelaide, Australian Rush Rich Winery. Treasury Wine Estates has already chalked up a victory in the Chinese courts, after the Shanghai Pudong Court upheld its claim that its trademark for Penfolds in China had been breached.
(Source: AIMS)
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