K: Financial and Insurance Services

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

Banks settle case with liquidators of ABC

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Original article by Michael Bennet
The Australian – Page: 21 : 8-Jul-14

The liquidators of ABC Learning Centres have reached an in-principle settlement with a syndicate of banks. The compromise was reached just before the case against the lenders was to be heard in the Federal Court of Australia. Bentham IMF was meant to argue that the banks "jumped the creditors’ queue". Child care facilities operator ABC Learning Centres collapsed in November 2008, with debts of $A1.6 billion

CORPORATES
BENTHAM IMF LIMITED – ASX IMF, ABC LEARNING CENTRES LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA

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

RBA’s Stevens talks down dollar, again

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Original article by Jacob Greber, Vesna Poljak
The Australian Financial Review – Page: 1-Dec : 4-Jul-14

Reserve Bank of Australia governor Glenn Stevens has signalled his willingness to use interest rates to reduce the value of the Australian dollar, which he believes is excessive. His concerns about the negative impact of the high foreign exchange rate on the economy may result in another cut to interest rates. Stevens’s remarks promptly pushed the Australian dollar down to $US0.9362 on 3 July 2014

CORPORATES
RESERVE BANK OF AUSTRALIA, INTERNATIONAL MONETARY FUND, BANK FOR INTERNATIONAL SETTLEMENTS, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Turnbull urged to take his $1m out of ‘vulture fund’

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Original article by Heath Aston
The Age – Page: 4 : 4-Jul-14

Australian Prime Minister Tony Abbott and Treasurer Joe Hockey are leading a push to crack down on tax minimisation by multinational corporations via profit shifting. However the stance in the lead-up to the Group of 20 (G20) leaders’ summit in Brisbane in November 2014 appears to have been undermined by revelations that Communications Minister Malcolm Turnbull has an investment worth about $A1m in the Bowery Opportunity Fund. The entity, a "vulture fund" acquiring distressed businesses, is registered in the Cayman Islands tax haven. Turnbull’s stake is not in breach of any laws, but at odds with the G20 agenda, critics say

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, GROUP OF TWENTY (G-20), CVC GLOBAL CREDIT OPPORTUNITY FUND LIMITED, BOWERY OPPORTUNITY FUND LP, BOWERY INVESTMENT MANAGEMENT LLC, UNITING CHURCH IN AUSTRALIA, TAX JUSTICE NETWORK, GLENCORE XSTRATA PLC

Former Toyota chief to float car radio app firm

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Original article by Simon Evans
The Australian Financial Review – Page: 21 : 2-Jul-14

Connexion Media aims to raise between $A3 million and $A6 million, before listing on 24 July 2014. The company owns the Miroamer internet radio application, one of two selected by General Motors for use in web-enabled vehicles in Europe and the US. Former Toyota Australia chairman John Conomos will become chairman of the Connexion. He said that car component makers need to become part of the global supply chains of the major automobile makers

CORPORATES
CONNEXION MEDIA LIMITED – ASX CXZ, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, GM HOLDEN LIMITED, GENERAL MOTORS CORPORATION, FORD MOTOR COMPANY AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PHILLIP CAPITAL LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS

ASIC win as adviser jailed for six years

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Original article by Anthony Klan, Richard Gluyas
The Australian – Page: 19/27 : 1-Jul-14

A financial adviser received a jail term of six years and two months in the New South Wales District Court on 30 June 2014. Brian Veitch pleaded to guilty to 22 charges including fraud. He siphoned $A500,000 from client accounts while a financial adviser at WealthSure between 2005 and 2010. On 1 July, the Federal Government will introduce to the Senate its changes to the Future of Financial Advice laws

CORPORATES
WEALTHSURE PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CREDIT SUISSE (AUSTRALIA) LIMITED, DISTRICT COURT OF NEW SOUTH WALES, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN LABOR PARTY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF FINANCE