K64 Auxiliary Finance and Insurance Services

Careers Network falls 20pc on sector trauma

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Original article by Kylar Loussikian
The Australian – Page: 19 : 16-Dec-14

Australian Careers Network’s stock finished its first day of trading at $A1.36 on 15 December 2014, after listing at $A1.70. The vocational education and training group’s IPO was worth $A54.4m, after it initially aimed to raise $A100m. CEO Ivan Brown says part of the proceeds will be used to finance acquisitions. Several other recent IPOs in the education and training sector have also underperformed

CORPORATES
AUSTRALIAN CAREERS NETWORK LIMITED – ASX ACO, PETRA CAPITAL PTY LTD, VOCATION LIMITED – ASX VET, SIMONDS GROUP LIMITED – ASX SIO, BUILDERS ACADEMY AUSTRALIA, AUSTRALIAN MANAGEMENT ACADEMY, COVE TRAINING

No bail for pair on insider trading charge

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Original article by Georgia Wilkins, Patrick Durkin
The Australian Financial Review – Page: 9 : 12-Dec-14

Lukas Kamay and Christopher Hill could be jailed for at least 10 years after being convicted for engaging in insider trading. The court had been told that Kamay gained $A7m from foreign exchange trades that were based on information supplied by Hill. The two men will be sentenced in February 2015, and will be held in custody after the Supreme Court of Victoria cancelled their bail

CORPORATES
SUPREME COURT OF VICTORIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN BUREAU OF STATISTICS, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, JBWERE LIMITED

BlackRock sees a wild ride for shares in 2015

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Original article by Sally Rose
The Australian Financial Review – Page: 22 : 12-Dec-14

BlackRock expects cyclical stocks in the US to perform better than defensive stocks in 2015, while the US economy and currency are also tipped to improve. Meanwhile, the firm anticipates increased volatility in global financial markets in the new year. It also says the downturn in the crude oil price should have a positive impact on global economic growth in the longer-term

CORPORATES
BLACKROCK INCORPORATED, BLACKROCK INVESTMENT INSTITUTE, BLACKROCK INVESTMENT MANAGEMENT (AUSTRALIA) LIMITED, BANK OF JAPAN, NIKKEI 225 INDEX

Vacuum cleaners keeping us recession-proof: Godfreys

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Original article by Simon Evans
The Australian Financial Review – Page: 19 : 11-Dec-14

Godfreys Group’s stock ended its first day of trading at $A2.85 on 10 December 2014, compared with an issue price of $A2.75. The vacuum cleaner retailer raised $A78m via an IPO, after scaling back plans for a $A103m raising. Godfreys chairman Rod Walker notes that the group’s sales are generally not affected by the economic outlook, as every home needs a vacuum cleaner

CORPORATES
GODFREYS GROUP LIMITED – ASX GFY, ARCADE FINANCE PTY LTD, NOMURA AUSTRALIA LIMITED, INVESTEC AUSTRALIA LIMITED, FREEDOM GROUP LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, UNITAS CAPITAL PARTNERS PTY LTD, ACONEX LIMITED – ASX ACX

Murray inquiry calls for social investment

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 11-Dec-14

Impact Investing Australia has welcomed a call by David Murray, chairman of the inquiry into Australia’s financial system, for greater involvement of the private sector in social impact investing. Murray said the Australian Prudential Regulation Authority should develop a framework for impact investment by superannuation funds. Impact Investing Australia expects the impact investing market to grow to at least $A32 billion by 2025

CORPORATES
IMPACT INVESTING AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, BIG SOCIETY COUNCIL, SOCIAL VENTURES AUSTRALIA LIMITED, THE BENEVOLENT SOCIETY OF NEW SOUTH WALES

Refinancing allows Boart boss to focus on long term

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Original article by Paul Garvey
The Australian – Page: 18 : 8-Dec-14

Investors in Australian-listed mining services group Boart Longyear are set to vote on a refinancing deal worth as much as $US342m ($A410m) with US-based private equity firm Centerbridge in mid-December 2014. It will come as a relief to CEO Richard O’Brien, who has had to face a series of crises since being appointed on 1 April 2013. He still believes that a turnaround in the resources sector may not occur until possibly 2016, and urges shareholders to support the package deemed "not fair but reasonable" by consultant KPMG

CORPORATES
BOART LONGYEAR LIMITED – ASX BLY, CENTERBRIDGE PARTNERS LP, KPMG AUSTRALIA PTY LTD, CGI GLASS LEWIS PTY LTD, ISS PROXY AUSTRALIA

Three-way fight for ailing Ten

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Original article by Darren Davidson
The Australian – Page: 19 : 4-Dec-14

Competing bids worth between $A510m and $A664m have been prepared for Australian free-to-air TV group Ten Network, which along with adviser Citigroup is seeking at least $A770m. Pay TV provider Foxtel and US-based ally Discovery Communications are one suitor, and interest has also been voiced by private equity firm Saban Capital Group and hedge fund Anchorage Capital Partners. They would need the approval of News Corporation co-chair Lachlan Murdoch, Crown Resorts chair James Packer and WIN Corporation owner Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, CITIGROUP PTY LTD, ASX LIMITED – ASX ASX, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, CVC ASIA PACIFIC (AUSTRALIA) PTY LTD, KOHLBERG KRAVIS ROBERTS AND COMPANY, KKR AND COMPANY LP, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM

Banks lobbied to ‘feather nests’

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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

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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

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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