Blackmores reveals unhealthy quarter as company heir takes the reins

Blackmores reveals unhealthy quarter as company heir takes the reins

The son of the late founder of Blackmores stepped in as interim CEO at the beginning of April and now the company has revealed the state of the group he's inherited. At the end of 3Q19 Blackmores' profit was down 43 per cent to $10 million. Revenue was also down 4 per cent to $141 million. For the first nine months the com...

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Longtable completes the acquisition of Maggie Beer Products

Longtable completes the acquisition of Maggie Beer Products

The acquisition of Maggie Beer's eponymous line of gourmet foods has been completed by listed food company Longtable (ASX: LON). Longtable now owns 100 per cent of Maggie Beer Products after purchasing the remaining 52 per cent not already owned for $10 million. In order to acquire the remaining 52 per cent of Maggie Beer Products...

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Health conscious Aussies becoming a toothache for Easter chocolatiers, experts warn

Health conscious Aussies becoming a toothache for Easter chocolatiers, experts warn

The rising number of Australians concerned with what they consume is causing chocolatiers to change their product offerings around Easter according to a report by IBISWorld. Whilst the anticipated Easter chocolate spend in Australia will continue to grow this year chocolatiers are being pushed to produce more premium and healthier Easter ...

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Citi to refund $3M over complex investment losses

Citi to refund $3M over complex investment losses

One of the world's largest banks will refund more than $3 million to Australian customers over losses from complicated fixed coupon structured products, following an investigation from the country's financial watchdog. The Australian Securities and Investments Commission (ASIC) put Citigroup under the microscope to examine ho...

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QANTM backs down on Xenith merger

QANTM backs down on Xenith merger

The battle for control of intellectual property business Xenith IP Group (ASX: XIP) has more or less come to a close now that QANTM (ASX: QIP) has backed out of the ring. After QANTM's rival in the courtship of Xenith, IPH (ASX: IPH), increased its takeover bid Xenith gave QANTM until Thursday 11 April to match the bid. But today,...

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Challenging half hits BOQ in the pocket

Challenging half hits BOQ in the pocket

Industry-wide challenges have hurt the Bank of Queensland (ASX: BOQ) during the first half of the 2019 financial year. The bank saw cash earnings after tax down 8 per cent to $167 million and statutory NPAT down 10 per cent to $156 million. Revenue was down slightly by 2 per cent to $544 million. Interim CEO Anthony Rose blamed th...

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Seven offloads Yahoo7 to Verizon

Seven offloads Yahoo7 to Verizon

Seven West Media (ASX: SWM) has today completed the sale of its 50 per cent interest in Yahoo7, with American communications giant Verizon picking up the business for $21 million. Seven now fully owns and operates all of its 'direct to consumer' digital products following the divestment of its share in Yahoo7. When Seven annou...

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Doubts linger as Blue Sky issues debt update

Doubts linger as Blue Sky issues debt update

Following a tumultuous 2018 and what has been a tough start to this year, Blue Sky Alternative Investments (ASX: BLA) has informed the market compliance with covenants to its US-based saviour Oaktree Capital remain in limbo. After posting a net loss after tax of $25.7 million for H1FY19 on 28 February, the Brisbane company announced its c...

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Crowdfunding pours in to women-friendly rideshare Shebah

Crowdfunding pours in to women-friendly rideshare Shebah

Update: On 1 April Shebah announced it had reached an Australian crowdfunding record by hitting its $3 million target. The funds were raised from more than 2,100 investors of which 94 per cent were women.  A business catering to women's safety has picked up strong investor interest en route to taking a slice of Australia'...

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ACCC gives IPH acquisition of Xenith the green light

ACCC gives IPH acquisition of Xenith the green light

The likelihood of an intellectual property giant materialising in Australia is edging closer after the Australian Competition and Consumer Commission (ACCC) delivered its blessing. Though shareholders have the option of choosing who IP firm Xenith will partner up with, the ACCC has said that it will not oppose IPH Limited's proposed a...

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Airwallex becomes Australia's latest unicorn with estimated value above US$1B

Airwallex becomes Australia's latest unicorn with estimated value above US$1B

Melbourne-founded fintech group Airwallex has achieved 'unicorn status' following a successful US$100 million (AU$141.3 million) capital raise led by DST Global. The Series C round, led by a group that has previously backed the likes of Facebook, Airbnb and Spotify, gives Airwallex an estimated value of more than US$1 billion. ...

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Superloop completes $30M equity raise

Superloop completes $30M equity raise

Internet infrastructure and service provider Superloop (ASX: SLC) has today completed its equity raise of just over $30 million. Having already raised $22.47 million via an institutional entitlement offer over February and March, the company today announced the successful completion of its retail entitlement offer of $8.4 million. In ...

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Westpac earnings will take a hit to "get it right"

Westpac earnings will take a hit to "get it right"

Westpac has flagged a potential $290 million reduction in earnings as a result of ongoing remuneration programs for customers. The funds are part of Westpac's remuneration programs in the wake of the financial services Royal Commission findings and is expected to impact the group's 1H19 figures. CEO Brian Hartzer says looking ...

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Manikay puts MYOB takeover in jeopardy

Manikay puts MYOB takeover in jeopardy

Manikay Partners is edging closer to blocking the takeover of business management software provider MYOB (ASX: MYO) as it acquires more of the Australian company. Hedge fund Manikay now owns 14.93 per cent of MYOB, up from just 9.9 per cent two weeks ago. In order for the takeover of MYOB by Kohlberg Kravis Roberts & Co (KKR) to pass ...

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Compumedics scores major US health contract

Compumedics scores major US health contract

Neurological device developers Compumedics (ASX: CMP) have signed an agreement with a major US health organisation which will see its technology deployed in 48 hospitals. Compumedics has contracted with Adventist Health System to allow Compumedics to supply 48 hospitals with its suite of sleep, neurological monitoring and brain research s...

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The tug of war for Xenith IP Group heats up

The tug of war for Xenith IP Group heats up

The battle for control of Australia's intellectual property law firms continues as Xenith IP Group (ASX: XIP) is pulled in two opposing directions. Overnight IPH (ASX: IPH), Australia's largest supplier of IP services, released a letter addressed to IPH and Xenith shareholders detailing the various reasons why their proposal is be...

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Significant demand pushes WiseTech raise up $50 million, closes at $300 million

Significant demand pushes WiseTech raise up $50 million, closes at $300 million

Shareholders hungry for a slice of logistics software giant WiseTech (ASX: WTC) has pushed its capital raise up from $250 million to $300 million. Announced yesterday, the raise by one of the fastest risers in this year's Sydney's Top Companies List is intended to assist the company with its growth plans. At the close of the p...

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GO1 bags over $30 million in raise led by Microsoft

GO1 bags over $30 million in raise led by Microsoft

Tech startup success GO1 has raised more than $30 million in a series B funding round led by M12, Microsoft's venture fund. The $30+ million capital raise was primarily led by M12 alongside existing investors SEEK and Y Combinator, as well as new investors Larsen Ventures. As part of its investment M12 will get a seat on the board...

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Class action looms for IOOF

Class action looms for IOOF

While Australia's prudential watchdog takes action against IOOF (ASX: IFL) directors and executives over alleged misconduct, the wealth manager is about to face another legal battle. Sydney-based law firm Quinn Emanuel Urquhart & Sullivan announced today it planned to file a class action against IOOF, arising from evidence given a...

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Investment firm launches $20 million takeover bid for Yowie

Investment firm launches $20 million takeover bid for Yowie

Yowie (ASX: YOW) might be completely gobbled up by Australian investment firm Keybridge Capital (ASXL KBC) for a cool $20 million. The underperforming confectioner is facing the takeover by Keybridge following a disappointing first half during which the company recorded a loss of $871,000. Keybridge looks to be taking advantage of thi...

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