K64 Auxiliary Finance and Insurance Services

Banks lobbied to ‘feather nests’

roymorgansocial Leave a comment

Original article by Anthony Klan
The Australian – Page: 31 : 4-Dec-14

It has emerged that nine financial services industry bodies lobbied the Australian Securities & Investments Commission (ASIC) in mid-2013 against the proposed Consultation Paper 212 regulations. They were meant to raise the standard of professional qualifications to be held by financial planners. ASIC chair Greg Medcraft has sharply criticised the industry, and noted the impact flawed advice has on clients. Meanwhile the Association of Independently Owned Financial Professionals argues the lobbying effort was indicative of the major banks and their aligned planning groups trying to defend their market share

CORPORATES
ASSOCIATION OF INDEPENDENTLY OWNED FINANCIAL PLANNERS INCORPORATED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, CPA AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA)

ASIC forced to fold on reform plan

roymorgansocial Leave a comment

Original article by Anthony Klan
The Australian – Page: 22 : 3-Dec-14

The Australian Securities & Investments Commission (ASIC) will not go ahead with the proposed Consultation Paper 212 regulations, which were designed to lift the level of professional qualifications to be held by financial planners. ASIC maintains that the decision is due to the Federal Government failing to get amendments to the Future of Financial Advice laws passed by the Senate, making the issue less urgent. However it has emerged that nine industry bodies wrote to the watchdog in 2013 and argued against the push

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, AUSTRALIA. DEPT OF THE TREASURY

Tech start-ups flood in through the back door

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 2 : 3-Dec-14

A growing number of emerging technology companies are electing to list on the Australian sharemarket via a so-called "backdoor listing". More than 20 such companies have done so in 2014 or propose this means of listing, although the Australian Securities & Investments Commission has some concerns about the trend. However, the ASX’s Eddie Grieve stresses that every company that lists on the market is subject to the same level of scrutiny

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GTT VENTURES PTY LTD, CIRRUS NETWORKS PTY LTD, XTV NETWORKS, COVATA LIMITED – ASX CVT, SKYFII LIMITED – ASX SKF, GRAYSONLINE AUCTIONEERS, GRT PTY LTD, MPIRE MEDIA PTY LTD, DIGITAL CC LIMITED – ASX DCC, STREAM GROUP LIMITED – ASX SGO, DECIMAL SOFTWARE LIMITED – ASX DSX, ZIPTEL LIMITED – ASX ZIP, YONDER AND BEYOND LIMITED, ENVERRO LIMITED – ASX ERR, BIG REVIEW TV LIMITED, CROWD MOBILE, YPB GROUP, INTERGEN (AUSTRALIA) PTY LTD, MIGME LIMITED – ASX MIG, 1-PAGE LIMITED – ASX 1PG, ECP ASSET MANAGEMENT PTY LTD

Cabcharge lashes ‘illegal’ Uber

roymorgansocial Leave a comment

Original article by Andrew Main
The Australian – Page: 22 : 27-Nov-14

Stockholders at the 26 November 2014 AGM of taxi fare payment services group Cabcharge rejected the remuneration report with a "no" vote of 57%. However the option to dismiss the entire board of directors, as this was the fourth year in succession for more than 25% to be opposed, was only backed by 2.1%. Meanwhile chair Russell Balding used his address to strongly criticise the Uber smartphone app business, especially its UberX service. He argued the arrangement under which private vehicle owners car share in exchange for payment was illegal

CORPORATES
CABCHARGE AUSTRALIA LIMITED – ASX CAB, UBER TECHNOLOGIES INCORPORATED, SYDNEY AIRPORT – ASX SYD, AUSTRALIAN BROADCASTING CORPORATION, LAZARD PTY LTD, ABERDEEN ASSET MANAGEMENT LIMITED, TRANSPORT FOR NSW

The price was right, says Cormann

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 27-Nov-14

Shares in Medibank Private closed 2.1 per cent lower at $A2.10 on 26 November 2014, after peaking at $A2.23 on debut in the previous trading session. Federal Finance Minister Mathias Cormann believes that the pricing of the IPO was appropriate, and has benefited both taxpayers and investors who bought shares in the float. The Australian Government is widely tipped to pursue further asset sales

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEFENCE HOUSING AUSTRALIA

Harvey unfazed by ‘first strike’

roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 23 : 26-Nov-14

The remuneration report of retailing group Harvey Norman at its 25 November 2014 AGM was rejected by 282.5 million stockholder votes and approved by just 90 million. The resulting "first strike" under Australian executive pay laws has been labelled irrelevant by chair Gerry Harvey, who also owns 30% of the business and cannot vote that bloc. The salary increase of over 40% for CEO Katie Page had triggered a recommendation for a "no" vote by proxy advisory firm Ownership Matters. Meanwhile Harvey Norman will source $A120.7m in fresh capital from existing investors at $A2.50 a share

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, OWNERSHIP MATTERS PTY LTD

All in four days’ work for CBA’s planners

roymorgansocial Leave a comment

Original article by Anthony Klan
The Australian – Page: 21 : 26-Nov-14

In response to the recent scandal involving flawed advice by its financial planners, Commonwealth Bank of Australia has announced new minimum requirements for these staff. While newly hired planners will need to have relevant university degrees, the existing 1,500 to 2,000 employees are obliged to merely obtain an Advanced ­Diploma in Financial Planning. This can be gained with the equivalent of just four days’ worth of work and no exams, and the planners will have until mid-2017 to qualify

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, COUNT FINANCIAL LIMITED, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Vacuum cleaner doyen has Alan Bond moment

roymorgansocial Leave a comment

Original article by Simon Evans
The Australian Financial Review – Page: 13 & 20 : 26-Nov-14

Vacuum cleaner retailing chain Godfreys is preparing for an IPO, with a listing date of 10 December 2014 and an issue price per share of $A2.75. It aims to raise $A78m, down from an initial target of as high as $A103m for the company with 209 stores. A stake of 8% will be held by CEO Tom Krulis and one of 20.2% by the current owner and original co-founder in 1936, John Johnston. The latter reacquired the business for a rumoured $A100m in 2011, having sold it for $A300m in 2006 to private equity firms Pacific Equity Partners and Unitas Capital

CORPORATES
GODFREYS, PACIFIC EQUITY PARTNERS PTY LTD, UNITAS CAPITAL PARTNERS PTY LTD, NOMURA AUSTRALIA LIMITED, INVESTEC AUSTRALIA LIMITED, ASX LIMITED – ASX ASX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CREDIT SUISSE (AUSTRALIA) LIMITED

A lot of fizz but no pop for Medibank IPO

roymorgansocial Leave a comment

Original article by Jessica Gardner, Joyce Moullakis, Vesna Poljak
The Australian Financial Review – Page: 1 & 6 : 26-Nov-14

Medibank Private’s stock closed at $A2.14 on 25 November 2014, after peaking at $A2.23 on its first day of trading. Retail investors paid $A2 per share in the $A5.7bn IPO, while institutional investors paid $A2.15. Finance Minister Mathias Cormann said the stock was priced appropriately, but Glenn Rosewall of BBY says Medibank shares were priced higher than some market watchers had anticipated. The Federal Government is considering the privatisation of more public assets

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, BBY LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIA. DEFENCE HOUSING AUSTRALIA, AUSTRALIA POST, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, ASX LIMITED – ASX ASX, CSL LIMITED – ASX CSL, JAPARA HEALTHCARE LIMITED – ASX JHC, NIB HOLDINGS LIMITED – ASX NHF, ALIBABA GROUP HOLDING LIMITED, NATIONAL COMMERCIAL BANK, AHM HEALTH INSURANCE, MACQUARIE CAPITAL PTY LTD, DEUTSCHE BANK AG, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED

Medibank IPO fee pool not as lucrative for key bankers

roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian Financial Review – Page: 13 & 18 : 25-Nov-14

The three banks that were lead managers for the $A5.7bn IPO of Medibank Private will be collectively paid $A19.7m in fees. They will each receive a base management fee of $A5m, as well as incentive fees. The total fees associated with the IPO tops $A36m when the fees paid to law firms and other advisers are taken into account. IPOs of government-owned businesses are typically less lucrative for bankers, but they tend to be attracted to such floats for the prestige and the potential for similar work in the future

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, MACQUARIE GROUP LIMITED – ASX MQG, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, AURIZON HOLDINGS LIMITED – ASX AZJ, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LAZARD PTY LTD, REUNION CAPITAL PARTNERS PTY LTD, HERBERT SMITH FREEHILLS PTY LTD, KING AND WOOD MALLESONS, ERNST AND YOUNG, DELOITTE TOUCHE TOHMATSU LIMITED, BELL POTTER SECURITIES LIMITED, BELL FINANCIAL GROUP LIMITED – ASX BFG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MORGANS FINANCIAL LIMITED, UBS WEALTH MANAGEMENT AUSTRALIA LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD