K64 Auxiliary Finance and Insurance Services

Surging M&A deals hit $70bn

roymorgansocial Leave a comment

Original article by Michael Bennet
The Australian – Page: 17-18 : 30-Jun-14

Australian companies have announced $US69.5 billion worth of mergers and acquisitions in the first half of 2014. This is double the number of transactions during the same period of 2013. There are 20 deals worth over $A1 billion, compared with only two in the same period of the previous year. As well, equity capital market deals, such as floats, block trades and secondary capital raisings, have nearly doubled to $US15.3 billion

CORPORATES
THOMSON REUTERS PLC, CITI AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, OZ MINERALS LIMITED – ASX OZL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CABCHARGE AUSTRALIA LIMITED – ASX CAB, WOTIF.COM HOLDINGS LIMITED – ASX WTF, GRESHAM ADVISORY PARTNERS LIMITED, DAVID JONES LIMITED – ASX DJS, UBS HOLDINGS PTY LTD, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC EQUITY PARTNERS PTY LTD, SAI GLOBAL LIMITED – ASX SAI, CREDIT SUISSE (AUSTRALIA) LIMITED, GRAINCORP LIMITED – ASX GNC, FRASERS CENTREPOINT LIMITED, AUSTRALAND PROPERTY GROUP – ASX ALZ, GOLDMAN SACHS AUSTRALIA PTY LTD

CBA rip-off no setback to lighter rules

roymorgansocial Leave a comment

Original article by Patrick Durkin, Jonathan Shapiro
The Australian Financial Review – Page: 3 : 30-Jun-14

The Commonwealth Bank of Australia scandal will not deter the Federal Government from its plan to lighten regulation of the financial planning sector. Federal Finance Minister Mathias Cormann said that regulation should be dropped if it increases the cost of financial advice without increasing consumer protection. However, Industry Super Australia CEO David Whiteley argued the matter shows that the Government should abandon its plan to change the Future of Financial Advice laws

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MAURICE BLACKBURN PTY LTD

CommBank covered up scandal

roymorgansocial Leave a comment

Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: Jan-45 : 27-Jun-14

A Senate report is critical of Commonwealth Bank of Australia and the Australian Securities & Investments Commission (ASIC). The findings by the Senate economics committee were tabled on 26 June 2014. The report called for a royal commission, saying that the bank tried to avoid investigation of its financial planning subsidiary. The regulator was criticised for its slow action on the issue. The report made 61 recommendations for ASIC and the financial planning industry

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Monash IVF in growth mode after healthy float

roymorgansocial Leave a comment

Original article by Vanessa Desloires
The Australian Financial Review – Page: 17/22 : 27-Jun-14

Monash IVF started trading as high as $A1.97 early in the session on the Australian stock exchange on 26 June 2014. Stock in the provider of reproductive services had been issued at $A1.85 a share, and investors received 170.7 million units in the float. It raised $A315.6 million for the company earlier in June

CORPORATES
MONASH IVF GROUP LIMITED – ASX MVF, MONASH UNIVERSITY, IRONBRIDGE CAPITAL MANAGEMENT LLC, KL FERTILITY AND GYNAECOLOGY CENTRE SDN BHD, VIRTUS HEALTH LIMITED – ASX VRT

Ainsworth up $200m, doesn’t notice

roymorgansocial Leave a comment

Original article by John Stensholt
The Australian Financial Review – Page: 1-Oct : 26-Jun-14

Ainsworth Game Technology chair Len Ainsworth ranks 19th in the 2014 "Rich List" compiled by "BRW", after his personal fortune grew $A200m to $A1.82bn. This was largely due to the strong share price gains of competitor Aristocrat Leisure, the group established by Ainsworth some six decades ago. Others on the list to boost their wealth via stock market gains include Andrew and Paul Bassat of SEEK, and John and Robert Kirby of Village Roadshow. Among those suffering declines are Graeme Wood of Wotif.com, Silviu Itescu of Mesoblast and Peter Bond of Linc Resources

CORPORATES
AINSWORTH GAME TECHNOLOGY LIMITED – ASX AGI, ARISTOCRAT LEISURE LIMITED – ASX ALL, SEEK LIMITED – ASX SEK, VILLAGE ROADSHOW LIMITED – ASX VRL, WOTIF.COM HOLDINGS LIMITED – ASX WTF, MESOBLAST LIMITED – ASX MSB, LINC ENERGY LIMITED, UNIVERSITY OF QUEENSLAND

$200m peace offer for Lew

roymorgansocial Leave a comment

Original article by Sue Mitchell, Sarah Thompson
The Australian Financial Review – Page: 1-Oct : 25-Jun-14

Australian retailing identity Solomon Lew in 1997 acquired a blocking stake of 11.8% in Country Road. In 2014, he has duplicated the move by building a holding of 9.9% in David Jones (DJs). The takeover suitor in both cases is South Africa’s Woolworths, which has now been forced by Lew’s tactics to buy him out of Country Road and to offer $A17 a share. This is an increase of nearly 400% from the on-market price in early 2014. In exchange Woolworths will also be able to move to full ownership of DJs. Insiders say Woolworths had been keen to take control of Country Road in any case

CORPORATES
COUNTRY ROAD LIMITED – ASX CTY, DAVID JONES LIMITED – ASX DJS, WOOLWORTHS HOLDINGS LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED, GILBERT AND TOBIN LAWYERS, GREENHILL AND COMPANY, ARNOLD BLOCH LEIBLER, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. TAKEOVERS PANEL, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN RETAIL INVESTMENTS PTY LTD, MIMCO PTY LTD, WITCHERY FASHIONS PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, TRENERY

How will Lachlan Murdoch and James Packer react to Ten bid?

roymorgansocial Leave a comment

Original article by James Thomson
The Australian Financial Review – Page: 20 : 24-Jun-14

US-based Providence Equity Partners is said to be preparing for a possible takeover of Australian-listed free-to-air TV group Ten Network. The reactions to such a bid by the four main stockholders will vary. Lachlan Murdoch and James Packer have suffered substantial losses on their investments in the company, and may be content to depart despite having to sell at about $A0.245 a share when they had bought in at $A1.50. Equally relieved to exit may be mining heiress Gina Rinehart, whose limited media sector exposure also includes Fairfax Media. The most likely to keep the faith that Ten will be turned around is TV industry stalwart Bruce Gordon, who owns 15%

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FAIRFAX MEDIA LIMITED – ASX FXJ, PROVIDENCE EQUITY PARTNERS INCORPORATED, ITV PLC, ITV NETWORK LIMITED, NEWS CORPORATION – ASX NWS, WIN TELEVISION PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

Australian rally on Fed statements could be short-lived

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 13 and 22 : 20-Jun-14

Australia’s S&P/ASX 200 rose by 1.6 per cent on 19 June 2014, and the All Ordinaries Index was up 1.5 per cent. The bullish sentiment was prompted by indications that US interest rates are set to remain at a historic low in the near-term. Meanwhile, the Australian dollar rose to $US0.9423 and the yield on 10-year government bonds fell by two per cent. George Clapham of Arnhem Investment Management cautions that economic data in China will remain the key influence on the Australian sharemarket

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, ARNHEM INVESTMENT MANAGEMENT PTY LTD, UNITED STATES. FEDERAL RESERVE BOARD, RESERVE BANK OF AUSTRALIA, BANK OF ENGLAND, UNITED STATES. FEDERAL OPEN MARKET COMMITTEE, WILSON HTM LIMITED, MLC LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, EUROPEAN CENTRAL BANK

Vote on hold as Lew lifts DJs stake

roymorgansocial Leave a comment

Original article by Blair Speedy
The Australian – Page: 21 : 20-Jun-14

Australian-listed department stores chain David Jones (DJs) has informed the market that it has asked the Federal Court to delay the stockholder vote on the friendly takeover bid by Woolworths. The deal worth $A2.15bn with the South African suitor has been placed into jeopardy by revelations that retailing sector identity Solomon Lew now holds 9.89% of the target. There are fears his goal is to build a blocking stake, to force Woolworths into buying him out of Country Road. He owns 11.8% of that business and Woolworths close to 88%. The DJs investor ballot will now be held on 14 July 2014 rather than 30 June

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, FEDERAL COURT OF AUSTRALIA, ASX LIMITED – ASX ASX, OWNERSHIP MATTERS PTY LTD, KING AND WOOD MALLESONS

Pendulum sways to ‘Yes’

roymorgansocial Leave a comment

Original article by Robert Harley
The Australian Financial Review – Page: 34 : 20-Jun-14

Westfield Retail Trust investors are expected to approve a restructuring of the group at a meeting on 20 June 2014. A vote on the proposed deal was postponed earlier in the month, when 25.9 per cent of proxy votes rejected the plan to merge the trust with the Australasian property portfolio of Westfield Group. Westfield Retail securities closed $A0.04 higher at $A3.21 on 19 June

CORPORATES
WESTFIELD RETAIL TRUST – ASX WRT, WESTFIELD GROUP – ASX WDC, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, UNISUPER LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED, COLONIAL FIRST STATE GROUP LIMITED, COLONIAL HOLDING COMPANY LIMITED – ASX CNG