SLATER AND GORDON TAKES SPOTLESS TO COURT

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal Court against the cleaning and catering provider.

Slater and Gordon is set to act on behalf of disgruntled shareholders who is accusing Spotless of sweeping its financials under the rug.

Mathew Chuk, senior associate with...

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TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashion label today announced it has been placed in voluntary administration. Austradia Pty Ltd, trading as the Australian arm of the UK-based Topshop and Topman brands, has enlisted the services of administrators Ferrier Hodgson as...

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SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to buy its generic medicines.

More than 30 per cent of Sigma's share price was wiped off in trade on Wednesday with the company announcing to the market that the move could cost them between $5 million and $10 million a year.
...

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REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale funding costs and make it harder for them to compete against the so-called Big Four.

Standard & Poor's lowered the credit rating of 23 Australian institutions this week, excluding the big four banks, and this prompted the ...

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SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close its US office as it expects its full-year loss to double. SurfStitch on Monday announced that weak apparel and footwear sales in its key markets, particularly in the UK, will drag it deeper into the red than the $5 million-$6.5...

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ORGANIC FAST FOOD CHAIN TO RAISE $15M IN IPO

ORGANIC FAST FOOD CHAIN TO RAISE $15M IN IPO

THE world's first organically certified fast food chain, Oliver's Real Food, has today opened its IPO.

The restaurant chain is hoping to raise $15 million in its first round of fund raising by issuing 50 million new shares at $0.30 per share.

Oliver's, which prides itself on being a healthy and organic alternative to traditiona...

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AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

IT'S BEEN a big few days for medical cannabis manufacturer AusCann (ASX: AC8), as the company emerged from a trading halt today to announce that it had successfully raised $12 million in a share placement with new institutional investors.

The placement received strong interest from both domestic and global companies, as cornerstone invest...

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ONLINE SCAMS TAKE $3.8 MILLION TOLL ON AUSSIE BUSINESSES

ONLINE SCAMS TAKE $3.8 MILLION TOLL ON AUSSIE BUSINESSES

AUSTRALIA's competition watchdog has revealed today that more than 6,000 businesses were attacked by online scams in 2016, as a result losing a combined $3.8 million.

In its Targeting Scams report, The Australian Competition and Consumer Commission (ACCC) found that losses incurred because of online scams increased by almost 31 per cent i...

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APN AND oOh!media MERGER CALLED OFF, CEO 'AMAZED' AT ACCC'S DECISION

APN AND oOh!media MERGER CALLED OFF, CEO 'AMAZED' AT ACCC'S DECISION

THE PROPOSED $1.6 billion merger between Australia's two largest advertising groups, APN (ASX: APO) and oOh!media (ASX: OML) has been called off this morning, amid concerns the agreement would wash out competition in the out-of-home advertising industry.

The ACCC outlined its position earlier in the month that the merger would create...

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ANALYSTS FORECAST A GRIM CHOICE FOR OROTON: SELL UP OR QUIT THE ASX

ANALYSTS FORECAST A GRIM CHOICE FOR OROTON: SELL UP OR QUIT THE ASX

FOLLOWING a warning to the market and a subsequent trading halt earlier in the week which has shaved more than $11 million from Oroton's (ASX: ORL) market value, analysts say the company's choices have essentially boiled down to two: sell its brands to an overseas buyer or quit the ASX altogether. Citi analysts are saying the comp...

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BIDDING WAR FOR FAIRFAX EMERGES WITH NEW AND HIGHER $3B BID FROM US MEDIA INVESTOR

BIDDING WAR FOR FAIRFAX EMERGES WITH NEW AND HIGHER $3B BID FROM US MEDIA INVESTOR

FAIRFAX Media has received a rival bid from global private equity firm Hellman and Friedman worth $3 billion, and has announced that it will allow due diligence to be carried out as a bidding war for the company's assets emerges.

The Hellman and Friedman bid valued Fairfax at between $1.225 and $1.25 per share which is slightly higher tha...

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OROTON'S SHARE PRICE IN FREE FALL AFTER 'UNACCEPTABLE' PROFIT DOWNGRADE

OROTON'S SHARE PRICE IN FREE FALL AFTER 'UNACCEPTABLE' PROFIT DOWNGRADE

SHARES in fashion retailer Oroton (ASX: ORL) have plunged more than 20 per cent in today's trade after announcing its full year earnings will be down around $10 million on the previous year.

Oroton released its update before the market opened on Wednesday after requesting a trading halt on Monday ahead of the announcement, which interim C...

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OFFICEWORKS IPO WRITTEN OFF BY WESFARMERS DUE TO CHALLENGING RETAIL MARKET

OFFICEWORKS IPO WRITTEN OFF BY WESFARMERS DUE TO CHALLENGING RETAIL MARKET

RUMOURS surrounding the Officeworks IPO have proven to be true, as Wesfarmers confirmed this morning that its office supplies subsidiary will not float on the ASX.

In mid-February, Wesfarmers announced that it would be undertaking a strategic review of Officeworks and investigating its potential for an IPO.

However, in the face of a...

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40 YEARS OF PILLOW TALK: HOW IT SURVIVED IN A TOUGH RETAIL ENVIRONMENT

40 YEARS OF PILLOW TALK: HOW IT SURVIVED IN A TOUGH RETAIL ENVIRONMENT

It started as a tiny startup with five employees to become the "Bunnings" of the bedding industry, and Heath Goddard's bedding business may still be racking up milestones after 40 years, but he still isn't getting carried away.

"It's all rather irrelevant to me. I very rarely take a photograph of anything I've e...

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TPG UPS THE ANTE ON FAIRFAX TAKEOVER BID

TPG UPS THE ANTE ON FAIRFAX TAKEOVER BID

A CONSORTIUM led by telco TPG (ASX: TPM) has revised its proposal to buy out Fairfax Media (ASX: FXJ) for a price of $1.20 per share, which values the deal at $2.7 billion.

This comes one week after TPG's consortium first announced its unsolicited takeover bid to the market at an initial price of $0.95 per share.

The consortium&...

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QLD'S CHIEF ENTREPRENEUR ON CURRENT 'TSUNAMI' OF TALENT: MARK SOWERBY EXCLUSIVE INTERVIEW PART 1

QLD'S CHIEF ENTREPRENEUR ON CURRENT 'TSUNAMI' OF TALENT: MARK SOWERBY EXCLUSIVE INTERVIEW PART 1

HE SPENT a decade conceiving and building Blue Sky Alternative Investments (ASX: BLA) into an ASX top 300 company and when Mark Sowerby stood down as managing director in August 2016, he was looking to spend more time with his growing family after years of long hours away from home.

But he'd barely packed his cardboard box and said h...

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MEGAPORT'S 'LA STORY' AS IT CONNECTS WITH THE US ON A NEW INTERNATIONAL ROUTE

MEGAPORT'S 'LA STORY' AS IT CONNECTS WITH THE US ON A NEW INTERNATIONAL ROUTE

Megaport Limited (ASX: MP1), a Brisbane-based interconnectivity provider, has continued its ex-pansion by establishing a Sydney to Los Angeles link which will cater for growing demand for its services.

The company says enabling this route is a milestone for its customers who want to use key cloud nodes outside of its main hubs of Australia an...

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ARDENT LEISURE SHARE PRICE DROPS AGAIN AS THEME PARKS CONTINUE TO STRUGGLE

ARDENT LEISURE SHARE PRICE DROPS AGAIN AS THEME PARKS CONTINUE TO STRUGGLE

ARDENT Leisure's (ASX: AAD) theme park division is still losing money with visitation numbers in March and April down by 36.7 per cent compared to the same period last year.

Figures also reveal revenues from the theme parks division was down $9.6 million, a drop of 38.9 per cent as the company continues to struggle following the trag...

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CROWN EXITS MACAU TO PAY DOWN DEBTS

CROWN EXITS MACAU TO PAY DOWN DEBTS

IT HAS been just over five months since Crown Resorts (ASX: CWN) offloaded a significant stake in Melco Resorts & Entertainment in Macau, and now James Packer's casino giant has announced it will be selling off its remaining interest in the company.

Crown Resorts subsidiary Crown Asia Investments (CAI) has entered into a repurchase ag...

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EVE DIPS INTO HEMP HONEY THROUGH LATEST ACQUISITION

EVE DIPS INTO HEMP HONEY THROUGH LATEST ACQUISITION

EVE Investments (ASX: EVE) has dipped into the honeypot buy a 50 per cent stake in tea tree and honey farmer Jenbrook for a total consideration of $1.49 million. The technology investment company entered into the agreement to acquire Jenbrook for its large asset base in organic essential oils, extracts and carrier oils, as well as its res...

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FAIRFAX CONFIRMS IT IS REVIEWING $2.2B TAKEOVER OFFER FROM TPG

FAIRFAX CONFIRMS IT IS REVIEWING $2.2B TAKEOVER OFFER FROM TPG

FAIRFAX Media (ASX: FXJ) is weighing up a $2.2 billion takeover offer from a consortium led by telco TPG (ASX: TPM), as staff at the embattled publisher continue their week-long strike over the latest round of forced redundancies.

Fairfax confirmed it is reviewing the indicative proposal which would result in the consortium taking control of ...

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ACCC RAISES CONCERNS OVER APN MERGER WITH oOh!media

ACCC RAISES CONCERNS OVER APN MERGER WITH oOh!media

THE COMPETITION regulator has waved a warning flag at the proposed $1.6 billion merger between Australia's two biggest advertising groups APN (ASX: APO) and oOh!media (ASX: OML).

Australian Competition and Consumer Commission (ACCC) chairman Rod Sims says the proposed merger will create a market leader in out-of-home advertising in A...

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WEAK SALES FIGURES AMID AMAZON THREAT HITS SHARE PRICE OF ATHLETE'S FOOT OWNER

WEAK SALES FIGURES AMID AMAZON THREAT HITS SHARE PRICE OF ATHLETE'S FOOT OWNER

RETAILER RCG Corporation (ASX: RCG) has announced a second profit downgrade in three months, blaming poor sales across all its brands in March and April and the pending arrival of Amazon.

Shares in the owner of Athlete's Foot, along with other brands such as Timberland, Vans, Dr Martens, Hype, Skechers and Platypus have dropped around 50 ...

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DISAPPOINTING THIRD QUARTER FOR BLACKMORES

DISAPPOINTING THIRD QUARTER FOR BLACKMORES

BLACKMORES (ASX:BKL) has reported less than impressive third quarter results, with net profit after tax down 47 per cent with weaker than expected sales across most of its markets.

The company struggled in Australia and New Zealand, but was really hurt by a lack of interest from customers in China.

Blackmores Chief Executive Officer Christ...

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RUMOURS ARDENT LEISURE IS LOOKING TO SELL DREAMWORLD

RUMOURS ARDENT LEISURE IS LOOKING TO SELL DREAMWORLD

THE PARENT company of Gold Coast theme park Dreamworld is considering a sale of the struggling business to a Chinese investor, according to The Australian.

The report says Ardent Leisure had been looking to sell the park before the four tragic deaths on the park's Thunder River Rapids ride in October last year.

The Chinese company link...

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DREAMWORLD PARENT COMPANY DEMOTES CEO DEBORAH THOMAS

DREAMWORLD PARENT COMPANY DEMOTES CEO DEBORAH THOMAS

ARDENT LEISURE, the parent company of Gold Coast's Dreamworld theme park, has reshuffled its core leadership with CEO Deborah Thomas removed from the top job.

The company announced that Thomas has been "transitioned" to the role of Chief Customer Officer (Group) and Chief Operating Officer (Australasia) of Ardent Leisure Gr...

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SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

CLEANING and catering services company Spotless has rejected a $1.26 billion takeover bid from mining services firm Downer EDI, describing it as "hostile" and "highly conditional".

Spotless issued a statement to the ASX on Monday saying the $1.15 per share offer does not represent adequate value as it fails to reflect the ...

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'DIGITAL MONSTER' AMAZON CONFIRMS AUSTRALIAN EXPANSION

'DIGITAL MONSTER' AMAZON CONFIRMS AUSTRALIAN EXPANSION

ONLINE retail giant Amazon has finally confirmed the company is launching in Australia to take a major slice of the country's $300 billion sector, as Morgan Stanley warns local retailers they could "get the life squeezed out of them".

The rumour has been circulating for years and, in a brief statement, the company confirmed Amaz...

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CAR NEXT DOOR LAUNCHES IN BRISBANE AHEAD OF PLANS TO ROLL OUT ACROSS AUSTRALIA

CAR NEXT DOOR LAUNCHES IN BRISBANE AHEAD OF PLANS TO ROLL OUT ACROSS AUSTRALIA

PEER-TO-PEER car sharing startup Car Next Door has launched its Brisbane operation as part of its expansion plans into Australia's major cities.

CarNextDoor.com.au is an online platform that allows car owners to effectively rent their cars out to users as a way of making money on the idle capacity of their vehicles to people who need them...

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OROTON CEO RESIGNS FOLLOWING PROFIT DROP

OROTON CEO RESIGNS FOLLOWING PROFIT DROP

MARK Newman, CEO of OrotonGroup (ASX: ORL), has resigned after the company recorded a 52 percent drop in first half profits. Newman has served as CEO and managing director of the fashion retailer for the last four years and his sudden departure was announced after the company revealed its half year net profit had slumped to $1.8 million. ...

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