SALE OF BUSINESS ENTERPRISES – AUSTRALIA

Buyers queue, Virgin could sell in two months

roymorgansocial Leave a comment

Original article by Robyn Ironside
The Australian – Page: 1 & 4 : 22-Apr-20

Virgin Australia CEO Paul Scurrah says the embattled airline is not expecting to receive a federal government bail-out following its descent into voluntary administration. He adds that the government has rejected nine requests from Virgin for financial assistance, while Treasurer Josh Frydenberg notes that Virgin is controlled by five large foreign shareholders that have "deep pockets". Vaughan Strawbridge of Deloitte, who has been appointed as administrator of Virgin, believes that the carrier could be sold within 2-3 months. More than 10 potential buyers are said to have expressed interest in buying Virgin, including a number of overseas investors.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIA. DEPT OF THE TREASURY, DELOITTE TOUCHE TOHMATSU LIMITED

Seven takes Bauer to court over mags deal

roymorgansocial Leave a comment

Original article by Lilly Vitorovich
The Australian – Page: 15 : 9-Apr-20

Seven West Media has stated that Bauer Media’s contract to buy Pacific Magazines is unconditional following recent regulatory approval for the $40m deal. Seven has launched court action to ensure that Bauer completes the deal. There has been speculation that Germany-based Bauer could withdraw from the Australian market following its decision to shut down its New Zealand arm. Seven in turn has flagged the possibility of further asset sales to reduce its $541m debt.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PACIFIC MAGAZINES PTY LTD, BAUER MEDIA AUSTRALIA PTY LTD, BAUER MEDIA KG

Saviour found for Jeanswest chain

roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 19 : 26-Feb-20

The Australian subsidiary of Hong Kong-based Harbour Guide has secured a deal to acquire failed clothing retailer Jeanswest. Harbour Guide is owned by businessman Chun Fan Yeung, who is a shareholder in Jeanswest’s former parent company, Howsea. The sale to Harbour Guidance Pty Ltd is conditional on landlords agreeing to new lease arrangements for Jeanswest stores. The deal will result in up to 106 stores remaining open, which will allow about 680 employees to keep their jobs.

CORPORATES
JEANSWEST CORPORATION PTY LTD, HARBOUR GUIDE LIMITED, HARBOUR GUIDANCE PTY LTD, HOWSEA LIMITED

Date set for court to hear Ten deal

roymorgansocial Leave a comment

Original article by Dana McCauley
The Australian – Page: 19 : 28-Sep-17

KordaMentha’s application to transfer shares in Ten Network to CBS Corporation will be heard by the Supreme Court of New South Wales on 31 October. The court has scheduled a three-day hearing on the application, which could potentially be opposed by Ten’s failed suitors Lachlan Murdoch and Bruce Gordon. They are said to be waiting for KordaMentha to file an independent expert’s report with the Australian ­Securities & Investments Commission before deciding whether to challenge Ten’s sale to the US media giant.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NEWS CORPORATION – ASX NWS, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Murdoch-Gordon Ten bid details aired

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 17 : 12-Sep-17

KordaMentha has released the deed of company arrangement for CBS Corporation’s proposed acquisition of the Ten Network. It is included in a supplementary report to Ten’s creditors, in which the administrator outlines the reasons for its decision to recommend selling Ten to CBS rather than rival bidders Bruce Gordon and Lachlan Murdoch. KordaMentha notes that both itself and Ten’s receivers had concluded that the CBS deal would provide a better outcome for creditors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

WIN headed to court over Ten creditor report

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 13 & 19 : 7-Sep-17

Ten Network administrator KordaMentha has issued a statement asserting that its creditors’ report is "comprehensive and compliant". The firm has rejected a request to delay the second meeting of creditors, prompting WIN Corporation to seek a court ruling in the Supreme Court of New South Wales. Lachlan Murdoch, 21st Century Fox and WIN owner Bruce Gordon claim that the KordaMentha report lacks sufficient information for Ten’s creditors to decide whether to support the network’s sale to CBS. The creditors’ meeting is scheduled to be held on 12 September.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD, BAKER AND McKENZIE, DENTONS, ILLYRIA PTY LTD, BIRKETU PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MOELIS AND COMPANY

Ten investors weigh class action

roymorgansocial Leave a comment

Original article by Darren Davidson
The Australian – Page: 17 & 28 : 31-Aug-17

Australian Shareholders’ Association director Allan Goldin says it is too soon to know whether Ten Network investors will pursue a class action against the failed network. The ASA has held preliminary talks with law firms after it was revealed that Ten’s shareholders will receive no payout if CBS acquires the network. Meanwhile, Foxtel CEO Peter Tonagh says CBS has indicated that it intends to be a long-term owner of Ten. He also says Foxtel achieved its best monthly sales on record in July, with growth driven by the new Foxtel Now streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, FOX SPORTS AUSTRALIA PTY LTD

News Corp picks merger deal over Ten

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 29 : 21-Aug-17

News Corp will increase its stake in Foxtel from 50 per cent to 65 per cent if a proposed merger between the pay-TV group and Fox Sports proceeds. This would make it harder for the joint venture between Lachlan Murdoch and Bruce Gordon to acquire the Ten Network, given that Murdoch is co-chairman of News Corp and the owner of Nova Entertainment. Murdoch and Gordon are said to have submitted a conditional bid for Ten, but they may be thwarted by the Federal Government’s failure to pass its media reform bill in the Senate. Offers to acquire Ten had to be submitted by 18 August.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NOVA ENTERTAINMENT PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, OAKTREE CAPITAL MANAGEMENT LLC, ANCHORAGE CAPITAL GROUP LLC, SKY NEWS, REA GROUP LIMITED – ASX REA, HT&E LIMITED – ASX HT1, MULTI CHANNEL NETWORK PTY LTD, BIRKETU PTY LTD, ILLYRIA NOMINEES TELEVISION PTY LTD, WIN CORPORATION PTY LTD

Senate deadlock hits Ten’s rescue hopes

roymorgansocial Leave a comment

Original article by David Crowe, Darren Davidson
The Australian – Page: 1 & 2 : 18-Aug-17

Cross-media ownership reforms are in doubt after the Federal Government rejected a proposal by Senator Nick Xenophon to provide tax incentives for small media companies. The tax offset would have been available for the Australian editions of foreign publications such as "The Guardian", which Communications Minister Mitch Fifield says is inappropriate. The stalled media reform bill will effectively prevent most Australian media companies from bidding for the Ten Network. The deadline to submit bids is 18 August.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, ANCHORAGE CAPITAL GROUP LLC, SKY NEWS, AUSTRALIAN LABOR PARTY, PPB ADVISORY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN BROADCASTING CORPORATION, SEVEN WEST MEDIA LIMITED – ASX SWM, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Ten still faces headwinds with new owners

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 29 : 14-Aug-17

The deadline to submit bids for Ten Network is believed to be 18 August, with the aim of finalising a deal by the end of the month. US private equity firms and hedge funds are among those to have expressed interest in buying Ten, while the network’s acquisition by Lachlan Murdoch and Bruce Gordon would be conditional on cross-media ownership reforms being passed by the Senate. Meanwhile, industry observers note that Ten’s new owners will face a number of challenges, including a decline in the free-to-air advertising market.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, OAKTREE CAPITAL MANAGEMENT LLC, ANCHORAGE CAPITAL GROUP LLC, LONE STAR FUNDS, CBS CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NEWS CORPORATION – ASX NWS, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, SMI MEDIA INCORPORATED, McKINSEY AND COMPANY, 21ST CENTURY FOX INCORPORATED, ENDEMOL SHINE AUSTRALIA PTY LTD, MULTI CHANNEL NETWORK PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, CRICKET AUSTRALIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC