Sigma Healthcare rejects API takeover proposal

Sigma Healthcare rejects API takeover proposal

The parent company of some of Australia's leading pharmacies, Sigma Healthcare (ASX: SIG), has rejected a takeover proposal from Australian Pharmaceuticals Industries (ASX: API). In December 2018 API offered $727 million to buy the entirety of Sigma Healthcare. Sigma is the parent of leading Australian pharmacies Amcal, Chemist King, ...

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Retail Food Group denies administration rumours

Retail Food Group denies administration rumours

Embattled franchisor Retail Food Group (ASX: RFG) has denied reports in the Courier Mail citing "word on the street" speculation that administrators could be called in as soon as next week. The operator of food brands including Brumby's, Donut King, Michel's Patisserie and Gloria Jeans reported a loss of $111 million for...

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Zelda strikes up partnership to break into US medicinal cannabis market

Zelda strikes up partnership to break into US medicinal cannabis market

Zelda Therapeutics (ASX: ZLD) has entered into a partnership that could see it grab a serious slice of the US medicinal cannabis market. Zelda and Ilera Healthcare will explore a range of commercialisation opportunities to tap into the lucrative US medicinal cannabis market. Though not legal or decriminalised federally, the United Sta...

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Clayton Utz, AMP cave in to ASIC's 'fees for no service' notes demand

Clayton Utz, AMP cave in to ASIC's 'fees for no service' notes demand

After months of withholding notes from interviews of current and former AMP representatives, law firm Clayton Utz has finally coughed up documents requested by the Australian Securities and Investments Commission (ASIC). The notes formed the basis for Clayton Utz's October 2017 report on on fees for no service (FFNS) that was consider...

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Manikay ups the ante in MYOB takeover spat

Manikay ups the ante in MYOB takeover spat

Hedge fund Manikay Partners has increased its shareholding in business management business MYOB (ASX: MYO) a day after it publicised its criticism of a potential takeover of MYOB. Manikay now holds 11 per cent of MYOB shares, up from 9.99 per cent. The increase in shareholding comes after the hedge fund sent a letter to MYOB expressin...

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Australian retailers continue to flounder in 2019

Australian retailers continue to flounder in 2019

The beginning of 2019 has not shown any improvement for Australian retailers, clawing only a tiny bit of sales back during the first month of the year. According to the January retail figures released by the Australian Bureau of Statistic (ABS) sales increased by just 0.1 per cent from December 2018. This slight increase follows the d...

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Myer claws back into the black but sales still down

Myer claws back into the black but sales still down

In a rare bit of positive news for Australian retail giant Myer (ASX: MYR) the company has reported a reasonably positive first half for FY19. Though total sales at the department store were down 2.8 per cent in 1H19, the company recorded a NPAT of $41.3 million (up 3.1 per cent from 1H18). Statutory NPAT during the half was $38.4 mil...

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Major MYOB shareholder refuses to back takeover deal

Major MYOB shareholder refuses to back takeover deal

A major shareholder in business management company MYOB (ASX: MYO) has gone public with its refusal to back the $2.2 billion takeover proposal by a private equity firm. In a letter sent to MYOB and ASIC, and posted on the ASX today by MYOB, major shareholder Manikay Partners has expressed its disagreement with the proposed takeover of MYO...

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Rollercoaster ride for Longtable amidst capital raise and Maggie Beer acquisition

Rollercoaster ride for Longtable amidst capital raise and Maggie Beer acquisition

Shares in Longtable (ASX: LON) rose 36 per cent between in the lead-up to 28 February, right before a trading halt relating to its acquisition of Maggie Beer, a capital raise, and the group's 1H19 results. After the trading halt was lifted, shares fell back down to earth. Premium food producer Longtable (ASX: LON) has had a rollercoas...

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Longtable scoops up the rest of Maggie Beer

Longtable scoops up the rest of Maggie Beer

After 40 years, one month and nine days Maggie Beer has decided to sell her eponymous food brand. It has been a long time coming for Maggie who first sold 48 per cent of the brand to Melbourne based food company Longtable (ASX: LON) in 2016. Speaking to Business News Australia Beer said the decision to sell came at the right point in ...

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Cromwell profit rises on strong investments

Cromwell profit rises on strong investments

Real estate investor and manager Cromwell Property Group (ASX: CMW) has come out the end of 2018 with a strong investment portfolio and a clear mandate for the future. The company reported half year statutory profit of $111.1 million, up 37.5 per cent on 1H18, and operating profit was $82.6 million, up 7.6 per cent on 1H18. Cromwell n...

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Blue Sky's restructure continues to hit the bottom line hard

Blue Sky's restructure continues to hit the bottom line hard

The rehabilitation efforts of Blue Sky's (ASX: BLA) board are still ongoing, but they were not enough to improve the company's results at the end of 2018. The company reported an underlying net loss after tax of $25.7 million, down by $41.8 million from the profit at the end of 2017. This loss was outside the lower end of what the...

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Michael Hill's exit from the US starting to pay off

Michael Hill's exit from the US starting to pay off

After shutting up shop in the United States and reducing its Australian footprint Michael Hill is starting to see some success again. At the end of December 2018, the jewellery retailer's statutory NPAT rose by 125 per cent to $19.5 million, compared to $8.5 million at the same time a year ago. Earnings also rose during the period...

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Bubs and Bega buddy up for new baby formula

Bubs and Bega buddy up for new baby formula

Infant formula and baby food producer Bubs (ASX: BUB) has entered into a partnership with dairy giant Bega (ASX: BGA) to produce a new goat milk formula for infants. Bubs and Bega subsidiary Tatura will work together to convert fresh goat milk into formula in one step, without intermediate spray dry to whole milk powder. Bubs says this meth...

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Macquarie Telecom records another strong result

Macquarie Telecom records another strong result

For the past nine financial halves data centre operator Macquarie Telecom (ASX: MAQ) has recorded growth in revenue and profit. The half ending December 31 was buoyed by continued investments into the group's data centres, positioning the company well for the serious demand Australian businesses have for data storage. Revenue was ...

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Slater & Gordon in sell-off after senior lenders set free

Slater & Gordon in sell-off after senior lenders set free

Restructuring efforts from law firm Slater & Gordon (ASX: SGH) have failed to ward off a loss of $10.3 million for 1H19, as the group continues its path to recovery after a woeful foray into the UK market. The result compares to a profit of $141.2 million at the end of 2017, a figure that was only supported by a on...

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Afterpay shares dive on first half loss

Afterpay shares dive on first half loss

Just one day after Afterpay (ASX: APT) slipped through a Senate report on the buy-now pay-later (BNPL) sector without a scratch, the company is facing the rebuke of shareholders on the back of its first half results. Shares are down after the company announced it suffered an increase to its first half loss after tax of 3043 per cent to $2...

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ASIC swoops on GetSwift with civil proceedings

ASIC swoops on GetSwift with civil proceedings

GetSwift (ASX: GSW) and its directors Bane Hunter and Joel Macdonald are once again in the firing line. The Australian Securities and Investment Commission (ASIC) has today launched civil proceedings against GetSwift in the Federal Court of Australia in Melbourne. The proceedings relate to a series of ASX announcements made by GetSwif...

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Zip Co zooms ahead, more than double revenue

Zip Co zooms ahead, more than double revenue

The heat is on in the battle between the Australian buy-now pay-later (BNPL) darlings of the ASX, Zip Co (ASX: Z1P) and Afterpay. Zip Co seems to be making some ground on Afterpay with its 1H19 results (the latter has been ahead of Zip Co from day dot). The company reported record revenue during the first half, up 114 per cent to $34....

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Webjet flying high on record performance

Webjet flying high on record performance

Flights and hotels comparison service Webjet (ASX: WEB) had a record first half with financial highlights up across the board. The company saw a 42 per cent increase in earnings to $58 million, a 33 per cent increase in revenue to $175.2 million, and a 61 per cent rise in NPAT to $38.3 million. The company's hotel play, WebBeds, c...

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