Charter Hall and Abacus Property Group lifted its offer for Australian Unity Office Fund. The offer has been increased from $2.95 per share to $3.04 per share, valuing the property trust at close to $496 million. The consortium says the bid is its best and final offer and subject to due diligence. The price is a 9.4 per cent premium to the office fund’s share price of $2.78 on June 3 before its first bid was received. Australian Unity is still considering the offer and telling shareholders to take no action. It’s office fund that is subject to the takeover owns nine office properties across central city markets. Australian Unity is working with investment bank UBS and law firm Allen’s.
Crown Resorts Ltd (CWN):
The Coalition and Labor will shut down a parliamentary investigation into Crown Casino. However Attorney-General Christian Porter will refer allegations that Commonwealth officials fast-tracked visas for Chinese high-rollers visiting Crown properties to the Australian Commissioner for Law Enforcement Integrity. Crossbench MPs Andrew Wilkie and Rebekha Sharkie called today for a joint parliamentary committee to investigate Nine Entertainment Co reports about links between Crown and Chinese organised crime. Mr Porter said the commissioner would be the best avenue for an investigation as they had the power to take out search warrants.
Namoi Cotton Ltd (NAM):
One of Australia's largest cotton companies, Namoi Cotton, has just appointed a new chief executive with a solid background in water management. Michael Renehan is the previous chief executive of Murray Irrigation and will start in his new role at Namoi Cotton on 1 September. At today's annual general meeting shareholders heard public water storages and on-farm storages are at very low levels creating "unprecedented operating conditions". The company has a drought strategy in place for its year ending February 2020, including a freeze on all cap ex, no short term incentives, and management salary freeze.
National Australia Bank Ltd (NAB):
National Australia Bank has appointed Susan Ferrier as its group chief people officer, luring her from the same role at KPMG Sydney. Ms Ferrier will join NAB on October 1, subject to regulatory approvals and chief executive Philip Chronican said her appointment was key in the bank’s transformation program.“To deliver on our strategy and to meet the expectations of our customers and the community, we must have the right culture and right plan in place to build the capability of our people and attract the best talent,” he said.
Northern Star Resources Ltd (NST):
Results from Northern Star were “slightly softer” at a group level on production, according to RBC. Handing down its June quarterly, the company reported recovered gold of 226 ounces, and 232 ounces sold at an all in sustaining cost of $1238 per ounce. RBC mining analyst Paul Hissey says while Pogo improved quarter-on-quarter the company will need to provide further details on its outlook.“NST has had a strong share price run of late (along with peers) given general enthusiasm for gold exposure from investors. It will remain important for the company to deliver an improving outlook to justify the premium,” Mr Hissey says.
Orica Ltd (ORI):
Commercial explosives group Orica has told the market its Burrup operation will continue to drag for the year ahead after denting its results last financial year. Defective equipment at its new ammonium nitrate facility in Western Australia prompted a $191 million write down earlier this year, and dented the company’s share price accordingly. But in a presentation to investors this morning, it said the plant would still be limited in the year ahead. For FY20, it said it expected overal equipment effectiveness (OEE), that is the amount of time spent running at quality, full rates versus demand, would be just 50 per cent following the commencement of operations, weighted to the second half.
Redbubble Ltd (RBL):
Global marketplace Redbubble is surging in Tuesday’s trade after reporting a 41 per cent boost to its full year revenue. Lodging its quarterly report today, Redbubble said its TeePublic custom t-shirt acquisition had helped to boost its performance, pushing marketplace revenue to $257 million, with gross profit of $95m. The company said its prorities remained growing its customer base, selling products that artists want to design, building relationship and maintaining strong growth and synergy value of TeePublic.“RB Group will no longer provide specific short term financial guidance. The business is focused on the strategic work to reach the milestone of $1 billion in sales and current economics demonstrate that this can be achieved profitably,” it said.
Sezzle Inc(SZL):
Sezzle, the latest buy now, pay later provider to join the local bourse has doubled its market value on its debut on the ASX, proving demand for the sector is still running hot. The North American focussed platform targetted toward millenials raised $43.6 million in its IPO, with CDIs offered at $1.22 a piece. On its debut, the stock reached as much as $2.58 - to give it a market value of $202.7 million. The company says funds will be used to support its growth strategy, with a focus on expanding its retail merchant base and product offering - including funding for produt development and engineering, sales and marketing, data sciences, merchant and customer support and general administration.
Speedcast International Ltd (SDA):
Satellite communications business Speedcast has increased its net leverage ratio, just weeks after a shock profit downgrade wiped $340 million off its market value. Earlier this morning, Speedcast said its earnings would be between $200 million and $215m, from earlier expectations of $229m to $245m. Since then, shares have dropped by 47 per cent, and today, the company said it had increased its net leverage ratio to 4.5x from 4x so as not to require additional equity to be raised. The company said it did not expect the ratio to reduce this year, but that it would be a priortity for the ratio to reduce in the year following.
Swick Mining Services Ltd (SWK):
Mining services provider Swick Mining, says unaudited earnings before interest, tax, depreciation and amortisation are up 50 per cent for the full year to $28.9 million million and in particular its drilling business earnings are up 300 per cent to nearly $10 million. Swick's drilling business has been busy lately as gold mine operators expand operations to take advantage of the high gold price. Shares are up 1 cent to 26 cents this morning. Drilling rigs have been demobilised and moved to better performing contracts and 15 new underground diamond drill rigs getting to work in the six months to Christmas.
Temple & Webster Group Ltd (TPW):
Online furniture and homewares retailer Temple & Webster has posted its first full year of profit, bucking retail negativity. Releasing its full year results to June 30, the retailer posted a 41pc jump in revenue to $101.6 million, to take earnings to $1.1m, from a $0.7m in the prior period. “Despite broader retail challenges we continue to buck the trend with record active customer growth, and our first $1 million day in June,” chief Mark Coulter told the market. He said July trading had started srong, with revenue in line with the months prior and that the company would be investing in future growth opportunities such as mobiles apps, private label products, expanding logistics and investing in B2B trade and commerical.
(Source: AIMS)
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