Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Shares in gold company Andean Resources yesterday rose on the Australian Securities Exchange, following similar increases for the dual-listed company on the Toronto Stock Exchange. Andean last week said it would accept a takeover bid from Goldcorp that values Andean at A$6.83 a share.
However, shares in the company yesterday rose to A$7.19 on speculation that the company would attract competing bids. Page 20.
Television broadcaster Seven Network says it is pleased with the first week of ratings from its new talent show, The X Factor, one of the network's key programs for the second half of the year. The program is one of the most expensive on Australian screens this year, with Seven estimated to have paid A$28 million for the series. Although the first episode recorded a disappointing audience of 1.19 million, viewer numbers have been improving since then. Page 21.
British Airways chief executive Willie Walsh yesterday said the airline remains interested in a possible merger with Australia's Qantas Airways, saying 'it's definitely something that would be interesting in the future if Qantas were like-minded.' The two groups have previously discussed merging, with talks breaking down in 2008 due to disagreements over the relative value of each airline, and who would lead the newly-formed group. Page 21.
A controversial A$200 million damages claim against online share trading forum HotCopper was yesterday dropped without explanation by Queensland copper group Cudeco. The moderator of HotCopper's Cudeco forum said the claim was in relation to allegedly defamatory posts about the company in July 2010. Cudeco yesterday would not comment on the dropped claim.
Page 21.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Investment bank Macquarie Group yesterday announced its third profit downgrade in three months, saying that volatile trading conditions were expected to cut first-half profit by 25 percent. Macquarie now expects to record profit of around A$359 million for the six months to the end of September. Macquarie shares ended the day down 4.7 percent at A$35.25 a share. Page 19.
Managed investment scheme provider Willmott Forests yesterday collapsed owing around A$120 million, with major lenders Commonwealth Bank of Australia and St George Bank appointing receivers. Forestry investments worth around A$400 million have now been frozen until a new responsible entity can be found to manage the plantations for the grower investors. Page 19.
Senior executives from rail and port operator Asciano Group will travel to Asia and the United States over the coming week in a bid to attract bond investors. Two weeks ago, Asciano said it intended to issue at least A$500 million in bonds by the end of the year to help diversify the group's funding.
Asciano has US$2.25 billion in bank debt maturing in May 2012.
Page 20.
Construction and contracting group Leighton Holdings is expected to issue a statement in coming days on the retirement date for long-serving chief executive Wal King. Mr King has been the company's chief executive for 23 years. Although Mr King had expected to retire next year, the company has come under pressure to organise an earlier exit. Mr King is now expected to step down this year and be replaced by either David Savage or David Saxelby, both Leighton directors. Page 21.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Surf and skate-wear brand Quiksilver yesterday warned that difficult trading conditions would lower revenues, with chief financial officer Joe Scirocco saying 'we expect fourth quarter...revenues to be down 15 percent.' The company, which began in Victoria more than 30 years ago but is now based in California, said sales revenue in Australia had been hit as hard as revenue in the United States and Europe. Page 3.
Retirement and aged-care provider Aevum yesterday released its target statement, calling the A$1.50-a-share bid from property group Stockland 'inadequate and opportunistic.' Aevum's target statement included a report from independent expert Lonergan Edwards & Associates, which valued Aevum at around A$2.07 a share, and noted that the average broker valuation of Aevum was A$2.05 a share. Page 3.
Insurance Australia Group yesterday reaffirmed its earnings guidance, saying that claims from the earthquake in New Zealand would be wholly covered by reinsurance arrangements.
Rival insurance provider Suncorp-Metway, which operates Vero New Zealand and AA Insurance in New Zealand, said it would be some time before the cost of claims from the earthquake would be accurately known. Page 5.
The Welcome Stranger mining company, which changed its name to CommSecure and became an online payments business during the dotcom boom, has been in liquidation for a year. However, the company still retains royalty rights over a number of gold leases, and corporate reconstruction specialists Winning Corporate Services are seeking to gain control of the company and revive its original name. Page 5.
THE AGE (www.theage.com.au)
Shareholders in travel group Jetset Travelworld yesterday voted to approve the group's merger with rival Stella Travel Services. The A$351 million deal was yesterday approved by more than 99 percent of investors, with the merger expected to be completed next month subject to regulatory approvals. Qantas Airways will have a 29 percent stake in the newly formed group, with private equity group CVC owning a 26.9 percent stake. Page B2.
The chief executive of Warner Music Australia, Ed St John, last week resigned from his role following a meeting of senior management. Records filed with the Australian Securities and Investments Commission show the company lost $5.9 million in the 2009 calendar year, and Mr St John had come under criticism for his conservative approach to signing Australian artists.
Page B2.
Investors in two of property group Becton's funds - the Becton Diversified Direct Fund and the Becton Office Fund No.2 - will today vote on whether to dismiss Becton as the funds' responsible entity. Becton had attempted to have the shareholder meeting cancelled, but a Melbourne court yesterday said it would not intervene between the company and financial advisor Chris Garnaut, who has called the meetings. Page B3.
Biotechnology group Broadvector will launch an A$8.5 million float on Friday as it seeks funds to help with the development of two treatments. The first treatment is for early to mid-stage prostate cancer, with the second treatment aimed at increasing the useful life of prosthetic implants such as hip replacements.
Broadvector is expected to list on the Australian Securities Exchange on October 14. Page B5. --
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Shares in gold company Andean Resources yesterday rose on the Australian Securities Exchange, following similar increases for the dual-listed company on the Toronto Stock Exchange. Andean last week said it would accept a takeover bid from Goldcorp that values Andean at A$6.83 a share.
However, shares in the company yesterday rose to A$7.19 on speculation that the company would attract competing bids. Page 20.
Television broadcaster Seven Network says it is pleased with the first week of ratings from its new talent show, The X Factor, one of the network's key programs for the second half of the year. The program is one of the most expensive on Australian screens this year, with Seven estimated to have paid A$28 million for the series. Although the first episode recorded a disappointing audience of 1.19 million, viewer numbers have been improving since then. Page 21.
British Airways chief executive Willie Walsh yesterday said the airline remains interested in a possible merger with Australia's Qantas Airways, saying 'it's definitely something that would be interesting in the future if Qantas were like-minded.' The two groups have previously discussed merging, with talks breaking down in 2008 due to disagreements over the relative value of each airline, and who would lead the newly-formed group. Page 21.
A controversial A$200 million damages claim against online share trading forum HotCopper was yesterday dropped without explanation by Queensland copper group Cudeco. The moderator of HotCopper's Cudeco forum said the claim was in relation to allegedly defamatory posts about the company in July 2010. Cudeco yesterday would not comment on the dropped claim.
Page 21.
THE AUSTRALIAN (www.theaustralian.news.com.au)
Investment bank Macquarie Group yesterday announced its third profit downgrade in three months, saying that volatile trading conditions were expected to cut first-half profit by 25 percent. Macquarie now expects to record profit of around A$359 million for the six months to the end of September. Macquarie shares ended the day down 4.7 percent at A$35.25 a share. Page 19.
Managed investment scheme provider Willmott Forests yesterday collapsed owing around A$120 million, with major lenders Commonwealth Bank of Australia and St George Bank appointing receivers. Forestry investments worth around A$400 million have now been frozen until a new responsible entity can be found to manage the plantations for the grower investors. Page 19.
Senior executives from rail and port operator Asciano Group will travel to Asia and the United States over the coming week in a bid to attract bond investors. Two weeks ago, Asciano said it intended to issue at least A$500 million in bonds by the end of the year to help diversify the group's funding.
Asciano has US$2.25 billion in bank debt maturing in May 2012.
Page 20.
Construction and contracting group Leighton Holdings is expected to issue a statement in coming days on the retirement date for long-serving chief executive Wal King. Mr King has been the company's chief executive for 23 years. Although Mr King had expected to retire next year, the company has come under pressure to organise an earlier exit. Mr King is now expected to step down this year and be replaced by either David Savage or David Saxelby, both Leighton directors. Page 21.
THE SYDNEY MORNING HERALD (www.smh.com.au)
Surf and skate-wear brand Quiksilver yesterday warned that difficult trading conditions would lower revenues, with chief financial officer Joe Scirocco saying 'we expect fourth quarter...revenues to be down 15 percent.' The company, which began in Victoria more than 30 years ago but is now based in California, said sales revenue in Australia had been hit as hard as revenue in the United States and Europe. Page 3.
Retirement and aged-care provider Aevum yesterday released its target statement, calling the A$1.50-a-share bid from property group Stockland 'inadequate and opportunistic.' Aevum's target statement included a report from independent expert Lonergan Edwards & Associates, which valued Aevum at around A$2.07 a share, and noted that the average broker valuation of Aevum was A$2.05 a share. Page 3.
Insurance Australia Group yesterday reaffirmed its earnings guidance, saying that claims from the earthquake in New Zealand would be wholly covered by reinsurance arrangements.
Rival insurance provider Suncorp-Metway, which operates Vero New Zealand and AA Insurance in New Zealand, said it would be some time before the cost of claims from the earthquake would be accurately known. Page 5.
The Welcome Stranger mining company, which changed its name to CommSecure and became an online payments business during the dotcom boom, has been in liquidation for a year. However, the company still retains royalty rights over a number of gold leases, and corporate reconstruction specialists Winning Corporate Services are seeking to gain control of the company and revive its original name. Page 5.
THE AGE (www.theage.com.au)
Shareholders in travel group Jetset Travelworld yesterday voted to approve the group's merger with rival Stella Travel Services. The A$351 million deal was yesterday approved by more than 99 percent of investors, with the merger expected to be completed next month subject to regulatory approvals. Qantas Airways will have a 29 percent stake in the newly formed group, with private equity group CVC owning a 26.9 percent stake. Page B2.
The chief executive of Warner Music Australia, Ed St John, last week resigned from his role following a meeting of senior management. Records filed with the Australian Securities and Investments Commission show the company lost $5.9 million in the 2009 calendar year, and Mr St John had come under criticism for his conservative approach to signing Australian artists.
Page B2.
Investors in two of property group Becton's funds - the Becton Diversified Direct Fund and the Becton Office Fund No.2 - will today vote on whether to dismiss Becton as the funds' responsible entity. Becton had attempted to have the shareholder meeting cancelled, but a Melbourne court yesterday said it would not intervene between the company and financial advisor Chris Garnaut, who has called the meetings. Page B3.
Biotechnology group Broadvector will launch an A$8.5 million float on Friday as it seeks funds to help with the development of two treatments. The first treatment is for early to mid-stage prostate cancer, with the second treatment aimed at increasing the useful life of prosthetic implants such as hip replacements.
Broadvector is expected to list on the Australian Securities Exchange on October 14. Page B5. --
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1816; sydney.newsroom@allreleases.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.