INVESTMENTS

Perisher deal may lift chalet prices

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Original article by Samantha Hutchinson
The Australian Financial Review – Page: 46 : 2-Apr-15

US-based Vail Resorts has bought the Perisher ski resort in New South Wales. Real estate agents expect the deal to result in higher property values in the alpine region. Figures from CoreLogic RP Data show that the median price for residential property in Jindabyne fell by 3.25 per cent between 2013 and 2014, to $A395,917. Only 17 transactions were made in this period

CORPORATES
VAIL RESORTS INCORPORATED, PERISHER BLUE PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, ZIRTANIUM PTY LTD, ZIRKY REAL ESTATE, AMALGAMATED HOLDINGS LIMITED – ASX AHD, MERLIN ENTERTAINMENTS GROUP LIMITED

Vail Resorts buys Perisher

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Original article by Robert Harley
The Australian Financial Review – Page: 13 : 1-Apr-15

James Packer and Luca and Guido Belgiorno-Nettis have sold the Perisher ski resort in New South Wales to US-based Vail Resorts. The $A176.6m deal is subject to approval from the State Government. Vail has indicated that people who buy Perisher’s Freedom Pass will also be able to use the group’s North America ski resorts. Perisher has been owned by a joint venture between the Packer and Belgiorno-Nettis families since 1995

CORPORATES
PERISHER BLUE PTY LTD, VAIL RESORTS INCORPORATED, TRANSFIELD CORPORATE PTY LTD

FIRB may scare off Asian buyers, warns Maddocks

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Original article by Rebecca Thistleton
The Australian Financial Review – Page: 41 : 31-Mar-15

Law firm Maddocks claims that the proposed restrictions on foreign investment in Australian residential property have had a negative impact on demand in the sector. The Foreign Investment Review Board recommended the introduction of new fees and stricter rules for foreign investors. Maddocks partner Nick Holuigue has warned that foreign investors could choose to invest elsewhere if the Government implements the new rules

CORPORATES
MADDOCKS, ASPAIL GROUP, HIAP HOE LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

A2 Milk shuns Asia as shares hit ASX

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Original article by Tim Binsted
The Australian Financial Review – Page: 17 : 31-Mar-15

New Zealand-based The a2 Milk Company has built a significant market share in Australia in the last eight years. The group’s shares will debut on the Australian sharemarket on 31 March 2015, although it has not raised additional capital via the listing. CEO Geoff Babidge has outlined plans for the group to expand into the US and the UK. It will also seek to lift revenue from $NZ110.6m in 2013-14 to $NZ230m by 2015-16

CORPORATES
THE A2 MILK COMPANY LIMITED – ASX A2M, FREEDOM FOODS GROUP LIMITED – ASX FNP, PRICEWATERHOUSECOOPERS, PEPSI-COLA COMPANY, PARMALAT AUSTRALIA PTY LTD

Slater & Gordon takes $1b bet on fallen angel

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Original article by Jonathan Shapiro, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 11 : 31-Mar-15

Australian-listed law firm Slater & Gordon will raise $A890m from investors to partially finance the acquisition of Quindell, a UK-based professional services firm. The $A1.2bn deal, which will also be partly financed via debt, will make Slater & Gordon one of Australia’s 100 largest listed companies. Matt Haupt of Wilson Asset Management notes that the deal will increase Slater & Gordon’s market share in the UK to 12 per cent

CORPORATES
SLATER AND GORDON LIMITED – ASX SGH, QUINDELL PLC, WILSON ASSET MANAGEMENT, MORGANS FINANCIAL LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, PRICEWATERHOUSECOOPERS, ERNST AND YOUNG, LONDON STOCK EXCHANGE. ALTERNATIVE INVESTMENT MARKET

Murdoch eyes radio assets in APN play

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Original article by Dominic White, Sarah Thompson
The Australian Financial Review – Page: 13 & 18 : 20-Mar-15

Independent News & Media (INM) and Baycliffe have exited the share register of Australian-listed APN News & Media. INM netted about $A180m for its 191 million shares, while Baycliffe offloaded 125 million shares for $A117m. Meanwhile, News Corporation has built a 14.99 per cent stake in APN, although under existing media ownership laws it is prohibited from increasing this. APN shares were placed in a trading halt at $A0.94 on 19 March 2015

CORPORATES
APN NEWS AND MEDIA LIMITED – ASX APN, INDEPENDENT NEWS AND MEDIA PLC, BAYCLIFFE LIMITED, NEWS CORPORATION – ASX NWS, NOVA ENTERTAINMENT PTY LTD, KIIS1065, AUSTRALIAN RADIO NETWORK PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, 101.7 WS-FM, NOVA 96.9 PTY LTD, SMOOTHFM, 2DAY FM AUSTRALIA PTY LTD, NZME, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, CREDIT SUISSE (AUSTRALIA) LIMITED, ALLAN GRAY AUSTRALIA PTY LTD

AirAsia has high hopes

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Original article by Jamie Freed
The Australian Financial Review – Page: 15 : 13-Mar-15

AirAsia X is expanding its Australian operations. The airline’s founder Tony Fernandes said on 12 March 2015 that the carrier’s Australian business will be in a better financial position within six months. The airline lost $A128 million before tax in 2014. Fernandes said more flight frequencies will be added to Australia in 2015

CORPORATES
AIRASIA X SDN BHD, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, GARUDA INDONESIA, AIR NEW ZEALAND LIMITED – ASX AIZ, QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, LAN CHILE AIRLINES, CHINA AIRLINES, MALAYSIAN AIRLINE SYSTEMS

IFM snares US tollroad for $10b

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Original article by Jenny Wiggins, Anthony Macdonald
The Australian Financial Review – Page: 13 & 20 : 13-Mar-15

IFM Investors CEO Brett Himbury has described the Indiana Toll Road in the US as a "fantastic investment" for the group. He is upbeat about the outlook for the US economy, and notes that the 253km toll road’s revenue is likely to remain strong regardless of the strength of the economic recovery. IFM has paid $US7.5bn ($A10bn) for a 66-year lease to operate the toll road, which was placed into bankruptcy in 2014

CORPORATES
IFM INVESTORS PTY LTD, INDIANA TOLL ROAD CONCESSION COMPANY, MACQUARIE GROUP LIMITED – ASX MQG, CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA, GRUPO FERROVIAL SA, TRANSURBAN GROUP LIMITED – ASX TCL, CANADA PENSION PLAN INVESTMENT BOARD, ONTARIO TEACHERS’ PENSION PLAN, ABERTIS INFRAESTRUCTURAS SA, BOREALIS INFRASTRUCTURE MANAGEMENT INCORPORATED, QUEENSLAND MOTORWAYS LIMITED

Good value still out there for the willing

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 23 : 12-Mar-15

There has been strong demand for corporate bonds among yield-seeking investors in recent years. Craig MacDonald of Standard Life says long-term, lower-rated corporate bonds still offer value for investors, and he is actively seeking to invest in such assets. However, he favours cash holdings at present rather than short-term bonds. MacDonald adds that Standard Life’s corporate bond fund is likely to achieve a lower return in 2015 than in 2014

CORPORATES
STANDARD LIFE PLC, CEMEX SA

Barclays Bank firing up in Australia

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Original article by Aaron Patrick
The Australian Financial Review – Page: 27 : 5-Mar-15

UK-based Barclays Bank intends to significantly expand its presence in Australia’s investment banking industry. It will target sectors such as health and aged care, resources and agribusiness. Barclays boasts a market capitalisation of Stg43bn, and its assets totalled Stg1.3trn ($A2.5trn) at the end of 2013. It has just 100 employees in Australia, and a global workforce of more than 139,000

CORPORATES
BARCLAYS BANK PLC, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, RAMSAY HEALTH CARE LIMITED – ASX RHC, CREDIT AGRICOLE SA, PORT OF MELBOURNE, LEHMAN BROTHERS INCORPORATED, LONDON STOCK EXCHANGE, SOUTH32 LIMITED, BHP BILLITON LIMITED – ASX BHP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ