CLASSIFIED – AUSTRALIA

SEEK warns of flat profits, seeks loyalty

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Original article by Max Mason
The Australian Financial Review – Page: 11 & 14 : 7-Aug-18

Shares in employment classifieds and services company SEEK fell by 8.8 per cent on 6 August, after it announced a profit downgrade and writedown. SEEK will write down $178 million on its investments in Mexico and Brazil, while its expects its 2018-19 net profit after tax to be around the $200 million result it achieved in 2017-18. A survey of analysts by Bloomberg had forecast a 2018-19 result of $240 million. SEEK CEO Andrew Bassat notes that it is reinvesting revenue in preference to targeting profit growth; SEEK expects its 2018-19 revenue to grow by between 16 and 20 per cent.

CORPORATES
SEEK LIMITED – ASX SEK, BLOOMBERG LP, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, ZHAOPIN LIMITED

Backing for new Domain chief

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Original article by Darren Davidson
The Australian – Page: 23 : 4-Jul-18

Domain Holdings’ shares closed 0.63 per cent lower at $3.15 on 3 July, after the property listings group advised that Google Australia MD Jason ­Pellegrino will succeed Antony Catalano as CEO. Pellegrino will be paid $1.2m a year in his new role, plus a $500,000 sign-on bonus and $2m worth of Domain shares. Institutional investors are largely positive about his appointment, although some note his lack of experience in the real estate sector.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHG, FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE AUSTRALIA PTY LTD, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED, WILSON ASSET MANAGEMENT

Domain chief to fix culture

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Original article by Dana McCauley
The Australian – Page: 17 & 28 : 20-Feb-18

Property listings group Domain Holdings has posted a 2017-18 interim loss of $A3.4m. It was Domain’s first result since it was spun off by Fairfax Media, and the company’s interim earnings before significant items fell eight per cent to $A24.7m on a pro forma basis. Domain is undertaking a global search for a new CEO, and executive chairman Nick Falloon says the successful applicant will be required to address the corporate culture issues that led to the resignation of former CEO Antony Catalano.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, REVIEW PROPERTY, CITIGROUP PTY LTD, TEN NETWORK HOLDINGS LIMITED

SEEK’s reinvestment delivers record revenue

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 15 : 20-Feb-18

Online job advertisements group SEEK has posted a 2017-18 interim underlying net profit of $A112.1m, which is 21 per cent higher than previously. It has advised that full-year profit is expected to be at the higher end of its previous forecast of $A225m to $A230m. Group revenue for the first half rose by 27 per cent to a record $A628m; its Australia and New Zealand division’s revenue rose 15 per cent and its international unit’s revenue was up 10 per cent. Shareholders will receive an interim dividend of $A0.24 per share.

CORPORATES
SEEK LIMITED – ASX SEK, BRASIL ONLINE HOLDINGS, ONLINE CAREER CENTER MEXICO SA DE CV

Catalano conduct raised two years ago

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Original article by Joyce Moullakis, Aaron Patrick
The Australian Financial Review – Page: 7 : 8-Feb-18

Sources have alleged that Domain Holdings’ human resources department had received a complaint about the conduct of former CEO Antony Catalano in early 2016. Amongst other things, a Domain executive is said to have lodged a complaint about Catalano’s behaviour, the "blokey" culture at the property listings group and the promotion of a female intern to a permanent position. Catalano is said to have been aware of the complaint and subsequently asked the executive to leave, although sources within Domain claim that this was due to performance reasons.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ

Domain dives as Catalano quits

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Original article by Darren Davidson
The Australian – Page: 15 & 24 : 23-Jan-18

The market capitalisation of property listings group Domain Holdings was slashed by $A420m on 22 January, after the sudden resignation of CEO Antony Catalano sparked a sharp fall in its share price. The stock closed 17.2 per cent lower at $A2.75 as investors pondered the reason for Catalano’s departure just two months after Domain was spun off by Fairfax Media. Independent director Greg Ellis has been touted as a potential successor to Catalano. He currently heads Scout24 in Germany and he is a former CEO of Domain rival REA Group.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, SCOUT24 HOLDING GMBH, REA GROUP LIMITED – ASX REA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, CITIGROUP PTY LTD, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, ONTARIO TEACHERS’ PENSION PLAN

Veteran McGrath quits REA Group board

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Original article by Robyn Ironside
The Australian – Page: 13 & 18 : 18-Jan-18

REA Group has advised that real estate agent John McGrath has stepped down as a director of the online property listings group. McGrath is said to have resigned from REA’s board for personal reasons, and Gareth James of Morningstar says it would not be a surprise if McGrath chose to focus on his real estate business. McGrath Limited’s profits and share price fell sharply in 2017, prompting speculation that it could delist from the stock exchange. John McGrath was on the REA board for almost 19 years, and he owns $A10.9m worth of shares in the group.

CORPORATES
REA GROUP LIMITED – ASX REA, McGRATH LIMITED – ASX MEA, REALESTATE.COM.AU, MORNINGSTAR PTY LTD, CORELOGIC AUSTRALIA PTY LTD

Fairfax shareholders back Domain spin-off

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 9-Nov-17

Some 99.89 per cent of votes cast at a scheme meeting of Fairfax Media shareholders were in favour of the proposal to demerge Domain and list it on the sharemarket. Domain CEO Antony Catalano says it is right time to float the property listings business, adding that he is fully prepared for his new role as the head of a listed company. Fairfax will retain a 60 per cent stake in Domain, with the balance of the stock to be distributed to the media group’s existing shareholders.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED

Fairfax goes it alone as investors back Domain split

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Original article by Dana McCauley
The Australian – Page: 21 : 3-Nov-17

The majority of Fairfax shareholders at its 2017 annual meeting voted in favour of demerging the Domain property listings business. Fairfax will retain a 60 per cent stake in Domain, while shareholders will receive one share in Domain for every 10 Fairfax shares that they own. Meanwhile, Fairfax CEO Greg Hywood has stressed that the company’s print newspapers will continue to be published for some time, while chairman Nick Falloon indicated that Fairfax would be open to merger deals following the relaxation of cross-media ownership laws.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN.COM.AU, SEVEN WEST MEDIA LIMITED – ASX SWM, TRONC INCORPORATED, FEDERAL COURT OF AUSTRALIA

Auto classifieds firm fancies $1b opportunities offshore

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 10-Aug-17

Carsales.com.au has posted a 2016-17 net profit of $A109.5m, compared with $A109.3m previously. The listed automotive classified advertising group’s revenue increased by eight per cent to $A372.1m and EBITDA totalled $A176.5m. CEO Cameron McIntyre says the group’s international division could eventually contribute more earnings and revenue than its Australian business. He flags emerging markets such as Asia and Latin America as those offering the best growth potential for its international division.

CORPORATES
CARSALES.COM LIMITED – ASX CAR, CITIGROUP PTY LTD, TYRESALES.COM, REDBOOK