Slater & Gordon files class action against Colonial First State

Slater & Gordon files class action against Colonial First State

Commonwealth Bank (ASX: CBA) subsidiary Colonial First State is now fighting two major legal battles after Slater & Gordon (ASX: SGH) today announced it had filed a class action against the group. The revelation comes hot on the heels of another class action launched by Maurice Blackburn against Colonial on behalf of 100,000 members, ...

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Seven West plans shake-up through $65m merger with Prime Media

Seven West plans shake-up through $65m merger with Prime Media

Seven West Media (ASX: SWM) intends to create Australia's leading wholly-owned commercial premium broadcast, video and news network through a scrip-based deal with Prime Media Group (ASX: PRT). The move is another shake-up in the country's media landscape within a year of the completion of Nine Entertainment Company's (ASX: NE...

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Elanor to launch commercial property IPO

Elanor to launch commercial property IPO

Elanor Investors Group (ASX: ENN) has announced preparations are underway for an initial public offering (IPO) of its commercial property fund. The Sydney-based company says after the IPO the Elanor Commercial Property Fund (ECPF) will own six investment-grade commercial properties valued at approximately $306 million in Queensland, ...

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Maurice Blackburn launches class action against CommBank's Colonial First State

Maurice Blackburn launches class action against CommBank's Colonial First State

Maurice Blackburn have launched a class action against Commonwealth Bank (ASX: CBA) on behalf of Colonial First State account holders. The class action is in relation to alleged breaches of super trustee duties that Maurice Blackburn says have caused substantial losses to more than 100,000 members over several years. The firm alleges ...

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IOOF scores $125 million discount for acquisition of ANZ's OnePath

IOOF scores $125 million discount for acquisition of ANZ's OnePath

Financial services giant IOOF (ASX: IFL) has secured a discount of $125 million for the acquisition of ANZ's (ASX: ANZ) Wealth Pension and Investments business (ANZ P&I) called OnePath. Additionally, ANZ has given IOOF a 'no objection notice' regarding the sale of its P&I business. First announced in July 2018, IOO...

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BOQ earnings and profit hurt by challenging regulatory environment

BOQ earnings and profit hurt by challenging regulatory environment

The Bank of Queensland (ASX: BOQ) has blamed a challenging operating environment and rising regulatory costs for its weak FY19 result. FY19 cash earnings after tax were down 14 per cent to $320 million, while statutory NPAT was down by 11 per cent to $298 million. Despite the weaker FY19 result, BOQ's new managing director and CEO...

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Ingenia to raise $131 million for future acquisitions

Ingenia to raise $131 million for future acquisitions

Lifestyle and holiday property group Ingenia Communities (ASX: INA) is on the precipice of further expansion following the announcement of a $131.1 million capital raise. Once completed, Ingenia hopes to acquire six new assets, including three established lifestyle communities, which have a total purchase price of $102.7 million. The ...

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Australians ditch credit cards en masse for buy-now pay-later

Australians ditch credit cards en masse for buy-now pay-later

More Australians are embracing buy-now pay-later (BNPL) than ever before as giants like Afterpay (ASX: APT) and Zip (ASX: Z1P) continue to consolidate the market. New players in the sector are disrupting traditional financing methods with a BNPL model too, as seen with the recent launch of ListReady, a BNPL option for the real estate mark...

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Althea revenue surges 184 per cent

Althea revenue surges 184 per cent

Shares in medicinal cannabis company Althea (ASX: AGH) rose slightly in morning trading after the group revealed strong results in the first quarter along with positive inroads in Canada and the UK. The Melbourne-based company reported an unaudited revenue of $755,385, up 184 per cent on the previous quarter. "We are very pleased...

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Nick Scali blames difficult trading conditions for slashed profit guidance

Nick Scali blames difficult trading conditions for slashed profit guidance

Australian retail trading conditions have been named as the reason behind Nick Scali's (ASX: NCK) latest profit downgrade. Citing "difficult trading conditions", listed furniture retailer Nick Scali has downgraded its 1H20 NPAT from $25 million to $17-$19 million. The group says tough trading conditions experienced in Au...

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IMF Bentham to buy European litigation funder for $141m

IMF Bentham to buy European litigation funder for $141m

An Australian group that has funded class actions against the likes of National Australia Bank (ASX: NAB), Sirtex and Murray Goulburn (ASX: MGC) is about to spread its wings. IMF Bentham (ASX: IMF) has agreed to acquire Netherlands-headquartered Omni Bridgeway for 87.5 million euros ($141 million) as part of a five-year plan to diver...

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Retail Food Group upsizes capital raise

Retail Food Group upsizes capital raise

Embattled food franchisor behind brands like Donut King, Michel's Patisserie, and Gloria Jean's, Retail Food Group (ASX: RFG) has boosted its capital raise to recapitalise the company. Initially, RFG intended to raise $150 million from a fully underwritten placement in order to repay debt, plus an extra $10 million from a share pu...

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New manager talks delayed at Blue Sky Alternatives Access Fund

New manager talks delayed at Blue Sky Alternatives Access Fund

Attempts by the Blue Sky Alternatives Access Fund (ASX: BAF) to extricate itself from current management have hit a stumbling block as negotiations drag on with receivers KordaMentha and US vulture fund Oaktree. In a letter to shareholders ahead of the upcoming annual general meeting scheduled for 13 November, BAF chair Michael Cotti...

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Nicholas Bolton bolstered in battle for Keybridge

Nicholas Bolton bolstered in battle for Keybridge

The company has been in a tug-of-war of late, but now it is clear that Australian Style Group's Nicholas Bolton is setting the tune of Keybridge's official communications.  The fight for control of Perth-based Keybridge Capital (ASX: KBC) has tilted in favour of Nicholas Bolton's Australian Style Group, shortly ...

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The rise and fall of Blue Sky: A timeline from ASX powerhouse to pariah

The rise and fall of Blue Sky: A timeline from ASX powerhouse to pariah

Fund manager Blue Sky Alternative Investments (ASX: BLA) ended its 7.5-year run on the ASX after going into receivership. At its peak the Brisbane-based investment firm was worth almost $1.2 billion, with capital raisings easily fulfilled and an aggressive investment strategy fuelling global interest.  During what appeared t...

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HomeCo $325m IPO to ramp up shopping centre footprint

HomeCo $325m IPO to ramp up shopping centre footprint

The group that snapped up Woolworths' (ASX: WOW) Masters stores three years ago for $800 million is now an ASX-listed company with plans to develop nine more shopping centres across Victoria, Queensland, New South Wales and Western Australia. Sydney-based HomeCo (ASX: HMC) was expected to start trading at 1pm AEDT today with an indica...

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MedAdvisor scores three-year Chemist Warehouse contract

MedAdvisor scores three-year Chemist Warehouse contract

Listed med-tech company MedAdvisor (ASX: MDR) has signed an agreement with one of Australia's leading pharmacies for three years. Chemist Warehouse will partner with MedAdvisor for a period of three years and will see the pharmacy giant take advantage of MedAdvisor's PlusOne pharmacy software. The two have already been working...

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Bentley backs Wilson's takeover bid for Keybridge

Bentley backs Wilson's takeover bid for Keybridge

Within months of withdrawing a bid to acquire Perth-based Keybridge Capital (ASX: KBC), Wilson Asset Management is at it again at an almost 9 per cent discount to its previous offer. The Sydney-based investment group led by Geoff Wilson (pictured) has put its hat in the ring to buy all KBC shares at 6.9 cents each, in a move that has garn...

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Envirosuite raises $10 million for China expansion plans

Envirosuite raises $10 million for China expansion plans

Environment management tech company Envirosuite intends to scale up in China after a successful $10 million capital raise. The group, which builds software to monitor and manage the environment, hopes to continue pushing into China with the injection of cash. Named number 49 in Business News Australia's 2019 Brisbane Top Companies...

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Brisbane Top Companies

Brisbane Top Companies

As a city known for its relatively high percentage of founder-led businesses, Brisbane has undergone a changing of the guard in 2019 with a mix of high-profile exits, exponential risers and executive renewal. Suncorp retained the top spot despite its results copping a battering and a new CEO took the helm. New leaders also came to the for...

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