Posts Tagged ‘shareholder’
Tuesday, February 23rd, 2010
Fairfax had some good news for shareholders yesterday, posting an increase in underlying earnings of 37%, and a return to profitability.
Cost cutting and a rise in digital advertising revenue have played their parts in the $149 million interim profit. Analyst forecasts suggest a full-year growth in earnings is ahead, though the Fairfax chief executive was careful to point out that booking cycles remained short, and he wouldn t commit to the recent improvement in advertising being a described as a permanent trend.
The Fairfax share price was up two cents at $1.805 at the end of trading yesterday, and the interim dividend was cut from 2c to 1.1c a share.
Elsewhere in media companies, James Packer s Consolidated Media Holdings saw an 11.6% drop in first-half profit.
Fairfax Media
ASX Code: FXJ
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Tags: digital advertising revenue, fairfax, fairfax dividend, fairfax share price, fxj, Rapid Trader, shareholder
Posted in ASX Company News | No Comments
Tuesday, June 9th, 2009
Presented by Michael Hevern
MDSFinancial
Click here to watch the presentation.
or
Click here to download the mp3 audio recording (869Kb).
General Advice Only
*************************************************
In this morning s wrap
DOW: flat (+0.02%)
Credit Card Delinquency on the Rise (MarQ up 11%);
Gov t Refuses to Buy Toxic Assets with TARP
NASDAQ: down 0.3%
Apple New/Cheaper iPhone
FTSE: down 0.8%
Miners & Banks Weigh;
DAX down 1.4% & CAC down 1.5%
NIKKEI: up 1%
Ex-Minister: Japan Recovery to be W-shaped ;
Hang Seng down 2.3%
Oil: down 0.5% ($68)
GS: Crude to Reach $US85
Gold: down 1% ($952)
Commodities Lower;
USD Higher
SPI down 18 (0.5%);
SPI: Critical Level(s): 3850 to 4000
Negative Lead from Overseas
ASX News
RIO – $US15bn please
MGR to raise $1.1bn (5 for 9 rights at $1 a 24% disc)
TLS rivals approach KRudd for breakup retail/wholesale
Property stocks starting to recover
Golds, Materials and Energy to weigh
Financials to hold
ASX to open lower; After Long Weekend
US & UK midly negative
Tags: ASX News, Business News, Commodities, Rio Tinto, shareholder, stockmarket, trading
Posted in Stock Market Analysis | No Comments
Friday, May 29th, 2009
The U.S. government has placed a $232 million order with Australian pharmaceutical company CSL for a swine flu vaccine.
The vaccine for the type A (H1N1) influenza is still in development but clinical trials are due to begin in the next few months, funded by the US Department of Health and Human Services. Manufacture of the vaccine will be at CSL s Parkville facility in Victoria.
The Australian government has ordered 10 million doses.
This all seems like great news for CSL and its shareholders, but according to an article in The Age this morning, vaccine production accounts for only 8% of CSL s revenue due to the size of the Australian market, making this more of a good public relations opportunity rather than a financial bonanza. If CSL can gain a share of the US market, however, things could become interesting.
The CSL share price was up on market open this morning:
Source: Market Analyser. Click here for a free trial.
For more details on this news story:
Tags: ASX News, Business News, CSL, finance news, shareholder, swine flu
Posted in ASX Company News | No Comments
Wednesday, May 13th, 2009
In disappointing news for shareholders, the CBA plans to slash its dividend by 25% to $1.15 a share, in an effort to protect itself from the impact of the weakened economy, rising unemployment and a slowdown in credit demand.
In a trading update released today, the Commonwealth Bank announced cash earnings for the March quarter were $1.15 billion, creating a cash return on equity of more than 15%.
Optimistically, Commbank Chief Executive Ralph Norris said that while the economic conditions remained challenging, the global financial markets were no longer in freefall.
The dividend cut follows similar cuts made recently by the ANZ, NAB and Westpac.
ASX Code: CBA
Chart from The Bourse
For further information:
Tags: ANZ Bank, ASX News, CBA, Commonwealth Bank, Dividend, economy, NAB, National Australia Bank, recession, shareholder, Westpac
Posted in ASX Company News | No Comments
Monday, May 4th, 2009
Rio is thought to be exploring ways to make the Chinalco deal more palatable to investors.
According to the Financial Times, Rio and Chinalco are trying to address shareholders concerns regarding the diluting effect the proposed $7.2bn convertible bond offered to Chinalco would have on the shares of retail investors.
While it sounds like nothing has been finalised, the article describes one potential scenario in which Chinalco would be offered convertible bonds to the value of 5% of Rio s share capital, a decrease from the 8% currently being discussed, and the shortfall in funding would then be made up by offering the remaining 3-4% to existing shareholders.
Regulators and shareholders will be asked to review in the basic structure of the deal in June.
Click here to read the full article.
Tags: ASX News, convertible bond, Investor, rio chinalco, Rio Tinto, shareholder, tom albanese
Posted in ASX Company News | No Comments
Wednesday, April 15th, 2009
Nicholas Bolton has gained $4.5 million, and a few angry enemies.
His dramatic last-minute sell-out, negotiated last week but only revealed to BrisConnections shareholders yesterday, effectively leaves retail investors high and dry, potentially liable to pay a $1 per unit instalment payment for each share held, many of which would have been bought at a fraction of a cent.
Alan Bond s former bankruptcy advisor is threatening a class action against Mr Bolton.
Shareholders were furious at being called to an extraordinary meeting when the outcome had already been determined though that was not made clear until well into the four-hour meeting. BrisConnections chairman Trevor Rowe bore the brunt of their anger, and was forced to admit he d known about the deal since Saturday.
In the Courier Mail today, Terry McCrann notes that while Bolton s Australian Style Investments is also liable for the instalment payments, which given his large stake would amount to $154 million, it is Bolton s other company, Australian Style Holdings, which has pocketed the $4.5 million payoff. Very clever indeed.
The influx of cash should come as great news to Bolton s busy hairdresser and stylist.
For an abridged history of the whole intriguing escapade, read Kevin Chinnery s article in today s AFR.
And for further insight:
The Age: Stunned investors vent fury at chairman
Tags: ASX News, australian style holidings, australian style investments, bcsca, bolton, briscon, brisconnection, Business News, finance news, investors, nicholas bolton, shareholder
Posted in ASX Company News | No Comments
Monday, March 2nd, 2009
Telstra has announced a $200 million deal to sell off its IT services arm, KAZ Group, to Fujitsu.
In a statement this morning, Telstra said IT services were no longer a strategic priority for the telco, a position apparently held by departing CEO Sol Trujillo.
The acquisition will make Fujitsu the third-largest IT company in Australia, with nearly 5000 employees.
Further information:
Tags: ASX, ASX News, company aquisition, Fujitsu, investors, KAZ, shareholder, stock market, Telstra
Posted in ASX Company News | No Comments
Monday, March 2nd, 2009
Presented by Michael Hevern
MDS Financial
Click here to watch the presentation.
or
Click here to download the mp3 audio recording (1237Kb).
***************************************************
In this morning’s wrap…
DOW: down 1.7% (Feb. down 12%)
Falls lead by financials:
Citi Bailout No. 3 (down 39%)
Bank of America (down 26%) – needs $US100bn in next 100 days Morgan Stanley down 8% Goldmans down 1%
$US11tr in Bailouts so far
ADRs: BHP 2%; RIO -3%;
ANZ 0.4%; NAB -0.2%
Commodities Index -0.8%
Gold Index Flat
Oil Stocks Index -2.0%
NASDAQ: down 1%
IBM up 4% (EPS OK & Buyback);
Microsoft -1.6%; Cisco up 0.6%
FTSE: down 2.2% (Feb. down 10%)
Lloyds down 22% ($US15bn 08 Loss);
DAX & CAC down on EU Bank Crisis
NIKKEI: up 1.5% – Below 7900
Jan. Industrial Prod. down 10%; House Spend down 6%; Yen Weakens (3mo Lows);
Oil: down 2% – But Up 12% for week (Feb. up 7%) US Inventories Down; Trading the Range
Gold: flat ($942) (Feb. down 1.4%)
Profit Taking
USD up
SPI: Critical Levels 3420 + 3220
SPI down 40;
Testing of November Lows
ASX News
- OZL FY08 loss $2.5bn; $1.1bn debt refinanced till 31st March
- FXJ – $684m raising (3 for 5 rights @75c)
- WOW 1H09 profit up 10%; EPS (4yr lows)
- MQG Loses $1bn in Mktcap; at 10yr lows
- TCL Loss $52m; EPS down 18%; $150m loans
- ASX to open weaker US worst Feb since 1930s
Tags: ASX, ASX News, Dow, FTSE, gold price, investors, oil price, S&P 500, shareholder, stockmarket
Posted in Stock Market Analysis | No Comments
Tuesday, February 24th, 2009
Rio Chinalco
- As Rio s board of directors discusses the Chinalco alliance, only one Australian voice remains. Rod Eddington has chosen to stand aside from voting on this issue, due to a perceived conflict of interest.
- Shares were sold off yesterday, following concern that shareholder backlash could lead to a shakeup of board and management positions, according to a report in the Herald Sun.
- Rio is thought to be working on an arrangement to allow institutional investors access to bonds on similar terms to those offered to Chinalco, in an effort to appease the dissenting shareholders.
Fortescue Metals
- Trading has been halted while the company seeks to raise $500 million to fund the expansion of operations at its Pilbara iron ore mine. Investment is expected to come from institutional investors and Chinese steel group Hunan Valin.
OZ Minerals
- OZ has met the first of two conditions required for Minmetals to proceed with its takeover bid. The second condition, an agreement by OZ s banks to a debt facility extension, is expected to be met by Friday.
- Unconfirmed rumours suggest OZ is planning to sell its Martabe gold project in Indonesia, and that BHP Billiton may bid for the Prominent Hill mine.
Further information:
Tags: ASX, ASX News, Australian mining companies, BHO Billiton, Chinalco, Fortescue Metals, investors, OZ Minerals, Rio Tinto, share market, shareholder, stockmarket
Posted in ASX Company News | No Comments
Friday, February 20th, 2009
Westpac is the world s most profitable bank, according to a survey by Boston Consulting Group. This is terrific news for shareholders, but may make Westpac s customers wonder who is paying for these record profits.
The survey also found the Australian banking sector to be the most lucrative in the world. With recent news about escalating ATM fees and job layoffs, this may come as no surprise to consumers.
Meanwhile, if you ve stashed your covert monies in a Swiss bank account, now might be a good time to reassess your options. UBS has agreed to divulge details of American account holders to US authorities investigating tax evasion, thus ending a centuries-old tradition of secret accounts management, and no doubt creating disappointment for espionage screenwriters everywhere.
Stocks for your watchlist:
- Westpac: WBC.AX (ASX); WBC.NZ (NZX); WBK.N (NYSE)
- Commonwealth Bank: CBA.AX (CBA)
- National Australia Bank: NAB.AX (ASX); NAB.NZ (NZX)
- Bank of Queensland: BOQ.AX (ASX)
- Australia and New Zealand Banking Group: ANZ.AX (ASX); ANZ.NZ (NZX)
Further Information:
Tags: ANZ Bank, ASX, ASX News, australian banks, Commonwealth Bank, National Australia Bank, shareholder, stock market, Westpac
Posted in ASX Company News | No Comments
