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Profit shock for Myer, Premier Investments

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Original article by Matt Bell
The Australian – Page: 13 & 14 : 14-Jan-25

Department store group Myer Holdings has advised that its sales totalled $1.59bn for the 22 weeks to December 28; this is 0.8 per cent lower than previously, and includes the crucial Black Friday, Christmas and Boxing Day sales. The trading update prompted investors to sell down Myer’s shares, with the stock falling 23.1 per cent to $0.88 on Monday. A deal to acquire the apparel brands of Premier Investments will be put to a vote of Myer shareholders on 23 January. Premier Investments has also indicated that weak sales will affect its earnings for the current half-year; its shares fell 15.9 per cent to $27.78.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV

Syrah wins US support in tax deal

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Original article by Brad Thompson
The Australian – Page: 16 : 14-Jan-25

Australian-listed Syrah Resources has advised that it will receive an additional $US165m in tax credits via the Biden adminstration’s Inflation Reduction Act. The tax credit could be used to help finance an expansion of the graphite producer’s active anode material plant at Vidalia in Louisiana. Syrah declared "force majeure" on graphite production in Mozambique in December due to civil unrest near its Balama mine; the company also revealed that it was in default on loans from two US government agencies.

CORPORATES
SYRAH RESOURCES LIMITED – ASX SYR

Profit shock for Myer, Premier Investments

roymorgansocial Leave a comment

Original article by Matt Bell
The Australian – Page: 13 & 14 : 14-Jan-25

Department store group Myer Holdings has advised that its sales totalled $1.59bn for the 22 weeks to December 28; this is 0.8 per cent lower than previously, and includes the crucial Black Friday, Christmas and Boxing Day sales. The trading update prompted investors to sell down Myer’s shares, with the stock falling 23.1 per cent to $0.88 on Monday. A deal to acquire the apparel brands of Premier Investments will be put to a vote of Myer shareholders on 23 January. Premier Investments has also indicated that weak sales will affect its earnings for the current half-year; its shares fell 15.9 per cent to $27.78.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV

Syrah wins US support in tax deal

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian – Page: 16 : 14-Jan-25

Australian-listed Syrah Resources has advised that it will receive an additional $US165m in tax credits via the Biden adminstration’s Inflation Reduction Act. The tax credit could be used to help finance an expansion of the graphite producer’s active anode material plant at Vidalia in Louisiana. Syrah declared "force majeure" on graphite production in Mozambique in December due to civil unrest near its Balama mine; the company also revealed that it was in default on loans from two US government agencies.

CORPORATES
SYRAH RESOURCES LIMITED – ASX SYR

Aussies face $2.7 billion Christmas debt hangover

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Original article by Hannah Kennelly
The Age – Page: Online : 8-Jan-25

Research by consumer comparison site Finder shows that eight per cent of Australians had expected to go into debt during the 2024 Christmas holiday season. This equates to about 1.7 million people; the survey also found that about 20 per cent of them will take at least six months to repay this debt. The Australian Retailers Association and Roy Morgan in turn had estimated that consumers would spend $69.8 billion in the lead-up to Christmas, with the average shopper expected to spend $707 on gifts. The ARA and Roy Morgan also estimate that Australian consumers spent $1.3 billion on Boxing Day, and a total of $3.7 billion in the six days after Christmas.

CORPORATES
FINDER.COM.AU, AUSTRALIAN RETAILERS ASSOCIATION, ROY MORGAN LIMITED

Nine shoots higher as investors talk break-up

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Original article by Valerina Changarathil
The Australian – Page: 18 : 8-Jan-25

Nine Entertainment Company’s shares fell by 39 per cent in calendar 2024; however, the stock rose 5.6 per cent t to $1.32 on Tuesday, amid speculation that the diversified media group could be broken up. The recent emergence of Tanarra Capital on Nine’s share register has boosted such speculation; Tanarra is headed by John Wylie, who has successfully advocated for changes at companies such as Lendlease.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TANARRA CAPITAL PTY LTD

Ex-Nine CEO moving into the ABC hot seat

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Original article by James Madden
The Australian – Page: 1 & 2 : 18-Dec-24

The ABC has advised that Nine Entertainment’s former CEO Hugh Marks will succeed David Anderson as the public broadcaster’s managing director. The appointment of Marks follows an extensive domestic and international search for Anderson’s replacement, after he resigned in March after just one year of his second five-year contract. The ABC’s chairman has praised Marks, saying he is the the right person to lead the public broadcaster as it pursues renewal and investment. Marks says the ABC needs to broaden its audience reach; he will take up the role in March.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Rocky start to Lew’s British adventure

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Original article by Eli Greenblat
The Australian – Page: 13 & 16 : 17-Dec-24

Internal documents have revealed that Solomn Lew’s Premier Investments is having problems in both the UK and Australia. Sales from the first three UK stores of its sleepwear brand Peter Alexander are trading at 61.6 per cent below budget, while sales for its Smiggle brand in the UK between August and last weekend were down 12.2 per cent on the same period last year. Premier Investments’ other retail and fashion brands in Australia are also seeing negative sales growth when compared to 2023, with those brands including Jacqui E and Just Jeans.

CORPORATES
PREMIER INVESTMENTS LIMITED – ASX PMV, PETER ALEXANDER SLEEPWEAR PTY LTD, SMIGGLE PTY LTD, JACQUI E PTY LTD, JUST JEANS PTY LTD

Action-packed year tipped for lithium deals

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Original article by Alex Gluyas
The Australian Financial Review – Page: 23 : 17-Dec-24

Mergers and acquisitions activity in Australia’s critical minerals sector has been subdued in 2024; there have been just 25 such deals, compared with 49 in the previous calendar year. However, the total value of deals in the sector has risen from $5.3bn in 2023 to $14.8bn in the year to date. Law firm Allens is upbeat about the outlook for the critical minerals sector in 2025, forecasting an upturn in M&A activity that will flow through to other resources commodities.

CORPORATES
ALLENS

Arcadium investors sue over Rio takeover

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Original article by Elouise Fowler
The Australian Financial Review – Page: 15 : 17-Dec-24

Arcadium Lithium and its board of directors are facing legal action from three shareholders over the company’s acquisition by Rio Tinto. The investors contend that Arcadium’s directors had misled shareholders and failed in their fiduciary duty to maximise value in the $US6.7 billion ($9.9 billion) deal. Rio Tinto has not been named as a defendant in the lawsuits. The proposed merger will require the support of at least 75 per cent of Arcadium’s shareholders when they vote on the deal next week.

CORPORATES
ARCADIUM LITHIUM PLC – ASX LTM, RIO TINTO LIMITED – ASX RIO