K64 Auxiliary Finance and Insurance Services

South Africans wrap up DJs

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Original article by Blair Speedy
The Australian – Page: 21-22 : 15-Jul-14

Gordon Cairns, chair of Australian-listed department stores chain David Jones (DJs), has announced that the takeover bid worth $A4 a share by South Africa’s Woolworths has been accepted. Support among investors was strong, with 50% of stockholders required to vote "yes" and the actual result being 89.6%. In terms of voted scrip, the 75% needed compares with an outcome of 96.8%. Entrepreneur Solomon Lew will sell his 9.9% holding into the scheme of arrangement and has abstained from the vote, meaning the deal can be ratified by the Federal Court on 17 July 2014. Lew will now also gain $A209m from the suitor for his interest of 11.8% in Country Road

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, WITCHERY FASHIONS PTY LTD, MIMCO DESIGNS PTY LTD, ASX LIMITED – ASX ASX

CBA on track for planners: Norris

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Original article by Steve Creedy
The Australian – Page: 21 : 14-Jul-14

New Commonwealth Bank of Australia (CBA) CEO Ian Narev has issued an apology to customers affected by malpractice in its financial planning division between 2006 and 2010. The CEO at that time, Sir Ralph Norris, has now commented that he approves of Narev’s efforts in dealing with the scandal. It may cost the bank more than twice the $A52m already paid in compensation to the victims. CBA has also asked ex-High Court judge Ian Callinan to head a review of any further complaints. Sir Ralph says he was advised in 2010 that the matter was with the Australian Securities & Investments Commission

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

David Jones’ investors to vote

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Original article by Blair Speedy
The Australian – Page: 19 : 14-Jul-14

Stockholders in Australian-listed department stores chain David Jones (DJs) will vote on 14 July 2014 on the takeover bid worth $A4 a share by South African retailer Woolworths. It needs 50% of investors to approve it and 75% of stocks to be voted in favour, and may need to rely on entrepreneur Solomon Lew. He has built a stake of at least 9.9% in DJs, and has extracted a promise from Woolworths to also buy his 11.8% holding in Country Road. Woolworths has 88% of that entity. Lew has made no comment on which way he will vote, while the Australian Securities & Investments Commission may challenge the Country Road side deal in the Federal Court

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, JUST JEANS PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, OWNERSHIP MATTERS PTY LTD

3P Learning flunks first day on ASX – down 14pc

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Original article by Paul Smith, Sally Rose
The Australian Financial Review – Page: 21 & 26 : 10-Jul-14

The initial public offering of 3P Learning on 9 July 2014 was a disappointment. Stock in the Mathletics and Reading Eggs educational software provider had been issued at $A2.50, but opened at $A2.39 before closing at just $A2.15. The 14% drop compared with one of 1.1% for the S&P/ASX 200 Index for the day. The float had been the second-largest ever in the Australian technology sector, and the eighth-largest overall for calendar 2014 so far. CEO Tim Power says 3P will concentrate on further expansion and innovation rather than the ups and downs of its share price

CORPORATES
3P LEARNING LIMITED – ASX 3PL, FREELANCER LIMITED – ASX FLN, XERO LIMITED – ASX XRO, ASX LIMITED – ASX ASX, PACT GROUP HOLDINGS LIMITED – ASX PGH, GDI PROPERTY GROUP – ASX GDI, COVER-MORE GROUP LIMITED – ASX CVO, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, DEALOGIC (AUSTRALIA) PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, HYPERION ASSET MANAGEMENT LIMITED

Macquarie, Nine on Resi road

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Original article by Andrew White
The Australian – Page: 21 : 10-Jul-14

Australian-listed financial services company Yellow Brick Road (YBR) is raising $42 million through a share issue to fund the acquisition of non-bank lender Resi. YBR will pay $A36 million in cash and shares for the target. Macquarie Group and Nine Entertainment will be issued with 17.1 million new shares in YBR, at $A0.70 a share, with other institutional investors taking 25.8 million shares

CORPORATES
YELLOW BRICK ROAD HOLDINGS LIMITED – ASX YBR, MACQUARIE GROUP LIMITED – ASX MQG, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, RESI MORTGAGE CORPORATION PTY LTD, VOW FINANCIAL HOLDINGS PTY LTD, BELL POTTER SECURITIES LIMITED, TICKETEK, MINERAL RESOURCES LIMITED – ASX MIN

Tor slaps Seven for ‘rushing’ Nexus sale

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Original article by Matt Chambers
The Australian – Page: 19 : 10-Jul-14

Hong Kong hedge fund Tor Investment Management has raised concerns about the hasty sale of Nexus Energy. It went into voluntary administration in June 2014 after rejecting an offer from Seven Group Holdings. It is thought that the deadline for the sale process is 31 July. Tor is concerned that Seven is using funding deadlines to force the sale of Nexus before other potential buyers can properly conduct due diligence

CORPORATES
NEXUS ENERGY LIMITED – ASX NXS, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, TOR INVESTMENT MANAGEMENT (HONG KONG) LIMITED, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, GRESHAM ADVISORY PARTNERS LIMITED, ROYAL DUTCH SHELL PLC

Metro raises glass to $294m dual listing

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Original article by Tim Binsted
The Australian Financial Review – Page: 18 : 8-Jul-14

New Zealand (NZ) glass processor Metro Performance Glass intends to raise $NZ315 million ($A294 million) through a dual listing in Australia and NZ. The company is currently owned by a consortium comprising Crescent, Anchorage Capital Group, Sankaty Credit Opportunities and JPMorgan. Trading in Metro Performance Glass stock is scheduled to start on 30 July 2014

CORPORATES
METRO PERFORMANCE GLASS LIMITED, CRESCENT PLC, ANCHORAGE CAPITAL PARTNERS PTY LTD, SANKATY ADVISORS LLC, JP MORGAN AUSTRALIA LIMITED, JAMES HARDIE INDUSTRIES PLC – ASX JHX, CSR LIMITED – ASX CSR, FORSYTH BARR LIMITED, MACQUARIE SECURITIES PTY LTD, UBS HOLDINGS PTY LTD, ASX LIMITED – ASX ASX, NEW ZEALAND EXCHANGE LIMITED

Food for thought in growing appetite for Bellamy’s Organic

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Original article by Sally Rose
The Australian Financial Review – Page: 27 : 7-Jul-14

Infant formula and baby food maker Bellamy’s Organic plans to raise $A25 million before it lists on 23 July 2014. The company, which will have a market capitalisation of $A95 million, is based in Launceston in Tasmania. Its 30 products are completely Australian and organic. Annual revenue has grown by an average of 55 per cent over four years. Bellamy’s supplies some large Australian retailers and some supermarkets in New Zealand and Asia. It sees China as a promising market

CORPORATES
BELLAMY’S AUSTRALIA LIMITED – ASX BAL, BELLAMY’S ORGANIC PTY LTD, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, CHEMIST WAREHOUSE, COSTCO WHOLESALE AUSTRALIA PTY LTD, BIG W DISCOUNT STORES, NESTLE AUSTRALIA LIMITED, QUF INDUSTRIES LIMITED, WILSON HTM INVESTMENT GROUP LIMITED – ASX WIG, KATHMANDU HOLDINGS LIMITED – ASX KMD, ELLERSTON CAPITAL PTY LTD, WILSON ASSET MANAGEMENT, SCHRODER INVESTMENT MANAGEMENT AUSTRALIA LIMITED, THORNEY INVESTMENTS PTY LTD, KARARA CAPITAL LIMITED, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, BEGA CHEESE LIMITED – ASX BGA

BHP, Rio buyback plans put in doubt

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Original article by Matt Chambers
The Australian – Page: 17 : 7-Jul-14

Analysts at Macquarie and Credit Suisse have voiced doubts on whether planned stock repurchasing schemes of BHP Billiton and Rio Tinto will go ahead. Both Australian-listed groups have been affected by a recent drop in the iron ore price, which may cost investors the equivalent of $US11bn ($A11.7bn) in cash. The companies want to reduce their net liabilities before buying back shares, with BHP aiming for $US25bn by mid-2015 and Rio for $US13bn by late that year

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, MACQUARIE GROUP LIMITED – ASX MQG, CREDIT SUISSE (AUSTRALIA) LIMITED, UBS HOLDINGS PTY LTD, GLENCORE XSTRATA PLC, TRAFIGURA BEHEER BV, X2 RESOURCES PARTNERS LP, JINCHUAN NON-FERROUS METALS IMPORT AND EXPORT COMPANY, MMG LIMITED

CBA exposed to flood of claims

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Original article by James Eyers, Phillip Coorey
The Australian Financial Review – Page: 1-Jun : 4-Jul-14

Commonwealth Bank of Australia (CBA) has announced a new compensation program. CEO Ian Narev said on 3 July 2014 that the bank is determined to rectify the problem of inappropriate advice being given to clients by the bank’s financial planning subsidiaries. Under the new program, customers who received advice between 1 September 2003 and 1 July 2012 can apply to the bank for an internal assessment

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, MAURICE BLACKBURN PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED