Author: roymorgansocial

iiNet chairman to meet irate investors

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Original article by Jemima Whyte, David Ramli
The Australian Financial Review – Page: 15 : 23-Mar-15

A number of iiNet shareholders have expressed concern that TPG Telecom’s $A1.4bn takeover offer undervalues the group. Australian-listed iiNet will hold meetings with shareholders in the next week, while chairman Michael Smith will discuss the proposed merger with investors on 23 March 2015. However, some investors – particularly those who hold shares in both groups – are in favour of the deal

CORPORATES
IINET LIMITED – ASX IIN, TPG TELECOM LIMITED – ASX TPM, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, M2 GROUP LIMITED – ASX MTU, SINGTEL OPTUS PTY LTD, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AZURE CAPITAL PARTNERS LP

Corbett on mergers, mistakes, News

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Original article by Dominic White
The Australian Financial Review – Page: 30 : 23-Mar-15

Fairfax Media chairman Roger Corbett has welcomed proposed changes to Australia’s cross-media ownership laws. Corbett says Fairfax is in a strong position to participate in any rationalisation of the media industry, adding that there would be significant economies of scale from Fairfax merging with a TV network. Meanwhile, Corbett has stressed that the print editions of Fairfax’s major newspapers are not under threat, and concedes that the group should have bought Carsales.com in 2006

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, CARSALES.COM LIMITED – ASX CRZ, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIA. DEPT OF COMMUNICATIONS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, WOOLWORTHS LIMITED – ASX WOW, DOMAIN.COM.AU, AUSTEREO GROUP LIMITED

BHP Billiton denies US anti-dumping charge

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Original article by John Kehoe
The Australian Financial Review – Page: 15 : 23-Mar-15

The Tasmanian Electro Metallurgical Company subsidiary of BHP Billiton has been accused of importing low-cost silicomanganese into the US. The dumping allegation has been made by US-based Felman Production, which claims that the practice has had a "devastating impact" on the US market. BHP’s submission to the US International Trade Commission argues that the inefficiency of US producers is the main problem facing the sector

CORPORATES
BHP BILLITON LIMITED – ASX BHP, TASMANIAN ELECTRO METALLURGICAL COMPANY PTY LTD, UNITED STATES. INTERNATIONAL TRADE COMMISSION, FELMAN PRODUCTION LLC, SOUTH32 LIMITED, UNITED STATES. DEPT OF COMMERCE, DEUTSCHE BANK AG, GRANGE RESOURCES LIMITED – ASX GRR

Baird to stop Liberal rot

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Original article by Geoff Winestock
The Australian Financial Review – Page: 1 & 5 : 23-Mar-15

The latest Fairfax Media-Ipsos poll shows that the New South Wales (NSW) Coalition has 54 per cent support on a two-party preferred basis, compared with 46 per cent for the Australian Labor Party. The poll, which was carried out from 19-21 March 2015, also shows that 48 per cent of NSW electors support the proposed partial sale of the state’s electricity network, while 47 per cent are against it. However, 61 per cent oppose the sale unless the proceeds are invested in new infrastructure projects

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, IPSOS AUSTRALIA PTY LTD, LIBERAL PARTY OF NEW SOUTH WALES, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL-NATIONAL PARTY OF QUEENSLAND, VICTORIA. DEPT OF PREMIER AND CABINET, THE GREENS NSW INCORPORATED, CHRISTIAN DEMOCRATIC PARTY (FRED NILE GROUP), SHOOTERS AND FISHERS PARTY INCORPORATED, NO LAND TAX PARTY, REACHTEL PTY LTD

Foxtel fights back as streaming services tempt subscribers

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Original article by Jared Lynch
The Australian Financial Review – Page: 30 : 23-Mar-15

A Venture Consulting surveys shows that around 250,000 of Foxtel’s customers intend to cancel or reduce their pay-TV subscription and start using a video streaming service in the next three months. Foxtel CEO Richard Freudenstein is confident that the company’s subscriber base will not be unduly affected by the growth of video streaming. Foxtel has joined forces with Seven West Media to establish its own streaming service

CORPORATES
FOXTEL MANAGEMENT PTY LTD, VENTURE CONSULTING PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, PRESTO ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED, QUICKFLIX LIMITED – ASX QFX, STAN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, APPLE INCORPORATED, COMCAST CORPORATION, TIME WARNER INCORPORATED

ANZ-Roy Morgan New Zealand Consumer Confidence – Somebody to Love

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 20-Mar-15

The ANZ-Roy Morgan New Zealand Consumer Confidence Index has risen from 124.0 in February 2015 to 124.6 in March. Stripping out the seasonal noise, the index showed a three point lift. The Current Conditions Index rose from 123.0 to 123.7, which is still consistent with solid rates of consumer spending, while the Future Conditions Index nudged up from 124.6 to 125.3, reinforcing the optimistic tone

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Discovery Communications walks from Channel Ten auction

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Original article by Dominic White
The Australian Financial Review – Page: 13 & 18 : 23-Mar-15

Discovery Communications has abandoned its proposed takeover of the Ten Network in partnership with Foxtel. They had initially offered $A0.26 per share, but reduced this to $A0.23 after due diligence. Discovery and Foxtel had proposed to acquire Ten’s main assets, and Discovery would not support an alternative proposal from Ten directors for the joint venture partners to each acquire a 14.99 per cent stake and gain a seat on Ten’s board

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, DISCOVERY COMMUNICATIONS INCORPORATED, FOXTEL MANAGEMENT PTY LTD, CITIGROUP PTY LTD, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS, CROWN RESORTS LIMITED – ASX CWN, LAZARD ASSET MANAGEMENT PACIFIC COMPANY

Career dreams dashed as graduate oversupply worsens

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 32 : 20-Mar-15

There are not enough positions for Australian law graduate, and many of them are forced to work in other sectors. As law schools are producing too many graduates, they have started to promote law as a generalist qualification which does not necessarily lead to a career in law. Amanda Cutajar, the head of the Australian division of human resources at DLA Piper, says law firms are now in a comfortable situation of being able to be quite selective in recruitment

CORPORATES
DLA PIPER, GADENS LAWYERS, ASHURST AUSTRALIA, KING AND WOOD MALLESONS

State’s letter guaranteed $1.2b

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Original article by Lucille Keen, Ben Potter
The Australian Financial Review – Page: 10 : 20-Mar-15

Victorian Treasurer Tim Pallas says the previous state government signed a letter that was prepared by the Lend Lease-led East West Connect consortium. The letter contains a guarantee to pay more than $A1.2 billion in compensation to the consortium if the project is cancelled. Pallas accused the previous government of being too close to business. The State Government is trying to avoid paying $A1.2 billion in compensation for cancelling the toll-road project

CORPORATES
VICTORIA. DEPT OF TREASURY AND FINANCE, EAST WEST CONNECT PTY LTD, VICTORIA. LINKING MELBOURNE AUTHORITY, LEND LEASE GROUP LIMITED – ASX LLC, CLAYTON UTZ, ECOMOUV SAS

Sigma lifts earnings in tough conditions

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Original article by Stephen Cauchi
The Australian Financial Review – Page: 16 : 20-Mar-15

Australian-listed Sigma Pharmaceuticals has posted an after-tax net profit of $A52.7m for the year to 31 January 2015, compared with $A53.5m previously. EBIT rose by 11 per cent to $A78m and revenue increased by 5.7 per cent to $A3.1bn. Sigma will pay a final dividend of $A0.02 per share, while investors will also receive a special dividend of $A0.01 per share

CORPORATES
SIGMA PHARMACEUTICALS LIMITED – ASX SIP, STANDARD AND POOR’S ASX 200 INDEX