GOING PRIVATE (SECURITIES) – AUSTRALIA

Flinders’ plan to delist angers small holders

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Original article by Paul Garvey
The Australian – Page: 29 : 14-Dec-18

Shares in Flinders Mines were placed in a trading halt on 13 December, after the iron ore producer flagged plans to delist. Chairman Neil Warburton says Flinders’ board considered a number of options for its iron ore project in the Pilbara and felt that going private is the best strategy, as it will allow the company to gain funding from private equity firms and other funds that invest in such projects. The delisting proposal has the support of its major shareholder, Todd Corporation.

CORPORATES
FLINDERS MINES LIMITED – ASX FMS, TODD CORPORATION, BBI INVESTMENT GROUP

Godfreys’ 99-year-old owner plans to fight back

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Original article by Simon Evans
The Australian Financial Review – Page: 13 & 18 : 6-Jul-18

Vacuum cleaner retailer Godfreys Group will be delisted on 6 July, following its purchase by Arcadia Financial for just $13.5 million. Arcade Finance is controlled by John Johnston, who joined Godfreys in 1936. Johnston told Godfreys CEO John Hardy during a recent meeting that he thinks Godfreys should be making more use of social media. Godfreys had a 40 per cent share of the $3 billion vacuum cleaner market in 2006, but Hardy thinks it is now down to 18 per cent.

CORPORATES
GODFREYS GROUP LIMITED – ASX GFY, ARCADE FINANCE PTY LTD, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, WOOLWORTHS GROUP LIMITED – ASX WOW, COLES SUPERMARKETS AUSTRALIA PTY LTD, THE GOOD GUYS, BARBEQUES GALORE PTY LTD, SUPER A-MART PTY LTD, LE CORNU LEWIS HANCOCK

Packer privatisation push to buoy Crown

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Original article by Andrew White
The Australian – Page: 16 : 12-Jan-16

Shares in Crown Resorts closed $A0.11 higher at $A11.87 on 11 January 2016. Sacha Krien and Anthony Longo of CLSA have concluded that the casino operator is currently trading at a discount to fair value, and suggest that there is a "reasonable chance" that Crown will be privatised by 53 per cent shareholder James Packer. CLSA has upgraded its share price target by seven per cent, to $A13.38.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CLSA AUSTRALIA PTY LTD, MELCO CROWN ENTERTAINMENT LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

Packer pushes for Crown deal

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Original article by Perry Williams
The Australian Financial Review – Page: 15 : 18-Dec-15

Crown Resorts chairman James Packer is believed to favour fully rather than partially privatising the listed casino operator. Packer’s Consolidated Press Holdings, which has a 53 per cent stake in Crown, has stressed that directors of Crown have not been presented with any proposals to privatise the group. Delisting Crown is likely to cost around $A5bn, and groups such as private equity firms or pension funds could potentially help Packer to finance any such deal.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, MELCO CROWN ENTERTAINMENT LIMITED, DEUTSCHE BANK AG

Former Ten chief Grant Blackley linked to US private equity bid

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Original article by Darren Davidson
The Australian – Page: 19 : 11-Nov-14

Ten Network and its advisor, investment banking firm Citi, are holding talks with potential takeover suitors. The free-to-air TV group may be taken private, and there is speculation that a possible bid by US-based private equity firm Hellman & Friedman also involves ex-Ten CEO Grant Blackley. The most likely acquirers however remain Australian pay-TV provider Foxtel and US ally Discovery Communications. Any purchaser of Ten will require the support of current board members and 40% shareholders Lachlan Murdoch, James Packer, Gina Rinehart and Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, DISCOVERY COMMUNICATIONS INCORPORATED, FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, CITIGROUP PTY LTD, HELLMAN AND FRIEDMAN CAPITAL PARTNERS, FAIRFAX MEDIA LIMITED – ASX FXJ, TOURANG LIMITED, CONSOLIDATED PRESS HOLDINGS LIMITED, RGM ARTISTS PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TIME WARNER (AUSTRALIA) PTY LTD, TIME WARNER INCORPORATED

Fosun’s cash offer wins Roc Oil

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Original article by Matt Chambers
The Australian – Page: 18 : 5-Aug-14

Fund management firm Allan Gray, which has a 19% stake in Australian-listed Roc Oil, has given its support to a takeover offer worth $A474m. The suitor is private Chinese group Fosun, which will pay $A0.69 a share in cash. Allan Gray had previously lobbied against an attempt by Roc to stage a merger of equals with Horizon Oil that required no stockholder vote, and it motivated 51% of Roc’s investors to demand a say on the proposal. Roc will now be delisted by Fosun, and on 4 August 2014 the stock closed $A0.045 higher at $A0.675. Horizon shares fell $A0.025 to $A0.345

CORPORATES
ROC OIL COMPANY LIMITED – ASX ROC, HORIZON OIL LIMITED – ASX HZN, FOSUN INTERNATIONAL LIMITED, ALLAN GRAY AUSTRALIA PTY LTD, OSAKA GAS COMPANY, ASX LIMITED – ASX ASX

Air NZ ‘adamant’ Virgin stays listed

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Original article by Jamie Freed
The Australian Financial Review – Page: 13 & 18 : 14-Jul-14

Air New Zealand (NZ) is Virgin Australia’s largest shareholder, with a 25.99 per cent stake. The carrier, Singapore Airlines, Etihad Airways and Virgin Group have a combined stake of 79.4 per cent in Virgin Australia, but Air NZ CFO Rob McDonald has downplayed speculation that they could seek to privatise the airline. He stresses the importance of maintaining a sharemarket listing, while he has ruled out spinning off Air NZ’s frequent flyer program in the near-term

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AIR NEW ZEALAND LIMITED – ASX AIZ, SINGAPORE AIRLINES LIMITED, ETIHAD AIRWAYS, VIRGIN GROUP LIMITED, QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, MOODY’S INVESTORS SERVICE INCORPORATED

Private equity firms sound out Ten

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Original article by Sarah Thompson, James Chessell
The Australian Financial Review – Page: 3 : 23-Jun-14

Insiders claim struggling Australian free-to-air TV group Ten Network’s board and management are keen to see it delisted. Some four tenths of its issued scrip is already held by just four major investors, in the shape of Lachlan Murdoch, James Packer, Gina Rinehart and Bruce Gordon. There are now rumours that US-based Providence Equity Partners is interested in taking Ten private, and has held talks with it. The media company has recruited law firm Gilbert + Tobin and investment bank City as advisers on any sale plans

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, GILBERT AND TOBIN LAWYERS, CITIGROUP PTY LTD, PROVIDENCE EQUITY PARTNERS INCORPORATED, FOX TELEVISION STATIONS INCORPORATED, 21ST CENTURY FOX INCORPORATED, CBS CORPORATION, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS