CORPORATE DIVESTITURE – AUSTRALIA

Inside Anglo chief’s rush to split company

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Original article by Peter Ker
The Australian Financial Review – Page: 36 & 37 : 20-May-24

Anglo American’s CEO Duncan Wanblad has downplayed suggestions that the restructuring proposal that he announced last week was in direct response to BHP’s takeover approach. He contends that Anglo American has merely brought forward a strategic plan that was already being prepared. However, some senior executives at Anglo American were surprised by Wanblad’s announcement of the restructuring. They include Daniel van der Westhuizen, who heads the group’s Australian arm; five coking coal mines in Queensland are among the assets that Anglo American had earmarked for sale, and Wanblad indicated that the company had already received bids for these mines.

CORPORATES
ANGLO AMERICAN PLC, ANGLO AMERICAN AUSTRALIA LIMITED

Tigers Realm sells out of Russia

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Original article by Cameron England
The Australian – Page: 18 : 16-Apr-24

Tigers Realm Coal has advised that it will divest its sole operating assets and return the proceeds of the $US49m transaction to shareholders. Tigers Realm has agreed to sell its coking coal projects in Siberia and an associated coal export terminal to APM-Invest, a company that is owned by Russian businessman Mark Buzuk. Tigers Realm says its board was of the view that selling its assets is in the best interests of shareholders. The move follows the Federal Court’s recent ruling that Tigers Realm was in breach of sanctions imposed on Russia in response to the invasion of Ukraine.

CORPORATES
TIGERS REALM COAL LIMITED – ASX TIG, APM-INVEST, FEDERAL COURT OF AUSTRALIA

St Barbara owners back Genesis deal

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Original article by Elouise Fowler, Tom Rabe
The Australian Financial Review – Page: 15 : 21-Jun-23

Some 77.15 per cent of St Barbara’s shareholders have voted in favour of a deal to sell the Gwalia gold mine to Genesis Minerals. St Barbara chairman Kerry Gleeson says the company aims to complete the transaction by 30 June. The deal will provide St Barbara with a much-needed cash injection and leave the company with just its gold assets in Canada and Papua New Guinea. St Barbara had rejected a higher offer for the Gwalia mine from Silver Lake Resources, contending that engaging with the rival bidder could potentially have resulted in a breach of its debt covenants.

CORPORATES
ST BARBARA LIMITED – ASX SBM, GENESIS MINERALS LIMITED – ASX GMD, SILVER LAKE RESOURCES LIMITED – ASX SLR

Mineral Resources lifts lithium exposure amid spin-out chatter

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Original article by Stuart McKinnon
The West Australian – Page: Online : 16-Sep-22

Shares in Global Lithium Resources rose by 11 per cent to close at $2.93 on 14 September after it was revealed that Mineral Resources had lifted its stake in the company from 5.12 per cent to eight per cent. Global Lithium MD Ron Mitchell said that Mineral Resources’ move up its share register was a "vote of confidence in its Western Australian exploration assets", while speculation regarding the likelihood that Mineral Resources will spin-off its lithium assets via a US listing continues.

CORPORATES
GLOBAL LITHIUM RESOURCES LIMITED – ASX GL1, MINERAL RESOURCES LIMITED – ASX MIN

Suncorp puts bank into play

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Original article by Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 16 : 27-Jun-22

Suncorp Group may abandon its ‘bancassurance’ model and pursue a sale or demerger of its banking division. Suncorp has engaged the services of investment bank Barrenjoey Capital Partners to consider options for its banking arm, which would allow the listed group to focus on its insurance division. Analysts have suggested that the recent downturn in Australian bank stocks could make selling Suncorp Bank more attractive than listing it on the sharemarket. Suncorp’s own share have fallen by one per cent over the last year, while the S&P/ASX 200 has shed 10 per cent.

CORPORATES
SUNCORP GROUP LIMITED – ASX SUN, SUNCORP BANK, BARRENJOEY CAPITAL PARTNERS PTY LTD, STANDARD AND POOR’S ASX 200 INDEX

Origin pockets $2b for clean energy plans

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Original article by Elouise Fowler
The Australian Financial Review – Page: 13 & 18 : 26-Oct-21

Origin Energy has reduced its stake in the Australia Pacific LNG project to 27.5 per cent after striking a $2.12bn deal with EIG Global Energy Partners. The private equity group will acquire a 10 per cent stake in the project; EIG CEO R. Blair Thomas says the deal reflects the importance of LNG as a "critical enabler" of the transition to clean energy. Origin Energy has signalled that some of the expected net proceeds of $2bn from the deal may be reinvested in clean energy and storage projects, in addition to reducing debt.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, EIG GLOBAL ENERGY PARTNERS

Hot price for Telstra’s $2.8bn tower sale

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Original article by David Swan
The Australian – Page: 15 : 1-Jul-21

Telstra has struck a deal to sell a 49 per cent stake in its mobile phone tower network to a consortium that includes the Future Fund. The telco had previously flagged plans to divest a stake in the InfraCo Towers business via an auction process later in 2020, but Telstra CEO Andrew Penn says the consortium approached it with a "compelling" proposal. Telstra will return about half of the net proceeds of the $2.8bn transaction to its shareholders. Optus is also looking at selling its communications towers.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, SINGTEL OPTUS PTY LTD

AGL Energy savaged after demerger given green light

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Original article by Perry Williams
The Australian – Page: 13 & 16 : 1-Jul-21

AGL Energy has incurred the biggest one-day fall in its share price since 2007 after revealing details of its proposed restructuring and demerger. AGL will be rebranded as Accel Energy and retain its coal-fired power plants, while the group’s gas and electricity retailing business will be spun off into a listed company to be called AGL Australia. Acting CEO Graeme Hunt believes that AGL’s shares were sold down in response to changes to its dividend policy and revised earnings guidance, rather than the demerger proposal. Hunt will become CEO of Accel, while chief customer officer Christine Corbett will be CEO of the new AGL. The demerger is subject to shareholder approval.

CORPORATES
AGL ENERGY LIMITED – ASX AGL

Super giant to reduce its stake in Ausgrid

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Original article by Perry Williams
The Australian – Page: 18 : 30-Jun-21

Industry superannuation fund AustralianSuper proposes to reduce its stake in electricity distribution company Ausgrid from 25.2 per cent to about 10 per cent. AustralianSuper and IFM Investors paid $16bn for about 50 per cent of Ausgrid in 2016, as part of the New South Wales government’s privatisation program. AustralianSuper and IFM each have a right of first offer over any sale by the other of their Ausgrid holdings; AustralianSuper is in turn one of the largest shareholders in IFM.

CORPORATES
AUSTRALIANSUPER PTY LTD, IFM INVESTORS PTY LTD, AUSGRID PTY LTD

Challenge for AMP over pay, fund deal

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Original article by Joyce Moullakis
The Australian – Page: 17 : 26-Apr-21

AMP’s proposal to spin off its private markets division is set to be a key focus of its virtual AGM on 30 April. Brett Le Mesurier of Velocity Trade has downgraded his share price target for AMP in response to the demerger proposal, which followed AMP’s decision to terminate negotiations with Ares Management over a full or partial sale of the business. Meanwhile, two proxy advisers have recommended that shareholders vote in favour of AMP’s remuneration report, while ISS has called for investors to reject it.

CORPORATES
AMP LIMITED – ASX AMP, ARES CAPITAL MANAGEMENT LLC, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED