Uniti Group acquires 1300 Australia for $78m

Uniti Group acquires 1300 Australia for $78m

Adelaide-based telco Uniti Group (ASX: UWL) (fka 'Uniti Wireless') is poised to acquire Australia's leading 'phonewords' provider for $78 million following a substantial capital raise. Uniti will acquire 100 per cent of 1300 Australia and its related entities for $78 million, funded by an $85 million entitlement raise....

Read More...
Heavyweight investors back $8m raise for restaurant ordering app me&u

Heavyweight investors back $8m raise for restaurant ordering app me&u

Australian mobile ordering and payments app for the hospitality industry me&u has announced an $8 million Series B funding round backed by some major investors. Merivale's Justin Hemmes (pictured right) and Tyro Payments have invested in the startup that removes the friction of waiting in lines to pay or order at restaurants,...

Read More...
Stormy seas for Benjamin Hornigold

Stormy seas for Benjamin Hornigold

Brisbane-based investment firm Benjamin Hornigold has released its preliminary final report for FY19, and things are not looking bright. The firm, named after an infamous pirate, saw its revenues decrease by 374 per cent into the negatives, from $638,518 in FY18 to a loss of $1.75 million in FY19. Its losses also decreased substantial...

Read More...
Optus hit with $6.4 million fine for misleading customers

Optus hit with $6.4 million fine for misleading customers

A marketing email has cost telco Optus $6.4 million in penalties after the Federal Court determined it to be misleading. Following proceedings brought by the Australian Competition and Consumer Commission (ACCC), the Federal Court found that Optus made misleading claims about home internet disconnections to consumers. The case revolve...

Read More...
Class action launched against Woolworths

Class action launched against Woolworths

Last month Woolworths Group (ASX: WOW) announced it had underpaid staff by about $300 million, but Adero Law alleges the figure is more like $620 million. A staff underpayment scandal that prompted reprimands from the Fair Work Ombudsman and led to executive pay cuts has just turned up a notch for Australia's largest retaile...

Read More...
Young Entrepreneur stars align to revolutionise aged care with AI

Young Entrepreneur stars align to revolutionise aged care with AI

When we work together magic can happen; and that's certainly the case with the launch of a breakthrough AI device that promises to revolutionise our aged care services. Three of Queensland's brightest young entrepreneurs have teamed up to create a patented artificial intelligence device that uses sensors to monitor the interaction...

Read More...
Bardot falls into voluntary administration

Bardot falls into voluntary administration

Another beloved Australian retailer has fallen into voluntary administration. This time it is women's fashion retailer Bardot, whose collapse was quietly announced by administrators KPMG last night. In a short statement, KPMG says they the business continues to trade as usual while turnaround and recapitalisation opportunities are...

Read More...
Rural Funds investors unsuccessful in bid to thwart sale of poultry business

Rural Funds investors unsuccessful in bid to thwart sale of poultry business

One of the major investors in a Rural Funds Group (ASX:RFF) poultry business have come out swinging against the parent this morning, adding to the significant pressure being faced by RFF. Kaizen Capital owns 19.51 per cent of RF Poultry Limited (RFP), an NSX listed fund that manages RFF's chicken growing activities. The major shar...

Read More...
Bellamy's settles historical class actions

Bellamy's settles historical class actions

Infant formula producer Bellamy's (ASX: BAL) has settled two class actions dating back to early 2017. The total settlement amount for both proceedings comes to $49.7 million, which the company says will have no impact on its financial results at any time. Both class actions relate to historical market disclosures that occurred in ...

Read More...
Mining and construction giants NRW Holdings and BGC Contracting to merge

Mining and construction giants NRW Holdings and BGC Contracting to merge

Western Australian mining and construction giant NRW Holdings (ASX: NW) is poised to acquire the late Len Buckeridge's BGC Contracting for $116.4 million. As part of the transaction, NRW will take on $193.6 million of debt, thus implying an enterprise value closer to $310 million for the total transaction. NRW will undertake a ful...

Read More...
DBRS Morningstar downgrade Westpac in light of transaction scandal

DBRS Morningstar downgrade Westpac in light of transaction scandal

The ripple effect of money laundering allegations at Westpac (ASX: WBC) continues to be felt with the bank's long-term ratings trend now called into question. Global credit ratings business DBRS Morningstar has downgraded Westpac's long-term ratings trend from stable to negative, citing "serious shortcomings in oper...

Read More...
Woolworths CEO cuts bonus pay after company shortchanged staff

Woolworths CEO cuts bonus pay after company shortchanged staff

Two key leadership figures at Woolworths Group (ASX: WOW) have decided to give their pay packages a haircut in the wake of the retailer's staff underpayment scandal last month. A review from Australia's biggest retail chain found 5,700 of its employees had been underpaid to the tune of $300 million since 2010. The Fair Work Om...

Read More...
Dual acquisitions grow Primewest portfolio by $45 million

Dual acquisitions grow Primewest portfolio by $45 million

A Coffs Harbour shopping centre and a South Australian industrial property will grow recently-listed national property fund manager Primewest's portfolio by $45 million. As announced this morning Primewest has acquired the Moonee Market Shopping Centre in Coffs Harbour for just over $30 million. The centre, anchored by Coles, was ...

Read More...
Westpac CEO and chairman step down amid AUSTRAC allegations

Westpac CEO and chairman step down amid AUSTRAC allegations

Westpac Group (ASX: WBC) CEO Brian Hartzer and chairman Lindsay Maxstead will step down in the wake of legal controversy surrounding the bank. Hatzer's resignation follows allegations from AUSTRAC that the banking group contravened the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) on more than 23 million ...

Read More...
BOQ completes $250m placement

BOQ completes $250m placement

Bank of Queensland (ASX: BOQ) has raised the bulk of a $275 million capital raising announced yesterday through the completion of a $250 million institutional share placement. The Brisbane-headquartered bank is raising the funds to strengthen its balance sheet and increase its buffer above the Australian Prudential Regulation Au...

Read More...
Asset loss an "epidemic" costing Aussie businesses $4.3 billion per year

Asset loss an "epidemic" costing Aussie businesses $4.3 billion per year

From little things like keys to larger objects like vehicles Australian businesses are losing billions of dollars' worth of assets every year. The problem is a $4.3 billion hit to Australian businesses every year, and as businesses become more digital it could become even worse. According to new research done by Telsyte and commis...

Read More...
Salmat to exit letterbox drops and digital catalogues

Salmat to exit letterbox drops and digital catalogues

Catalogue marketer Salmat (ASX: SLM) has called it quits on an unsuccessful foray into digital solutions and e-commerce, entering a deal to sell its marketing solutions business to a subsidiary of IVE Group (ASX: IGL) for $25 million cash. The move will see Salmat step away from its largest revenue generator which accounted for almost two...

Read More...
Caltex to launch convenience retail property IPO

Caltex to launch convenience retail property IPO

Caltex Australia (ASX: CTX) has today proposed an initial public offering (IPO) for a property trust with an interest of up to 49 per cent in 250 convenience retail freehold sites. With all the appropriate approvals, the transaction is due for completion in the first half of the 2020 calendar year, with expectations the trust will receive...

Read More...
AVJennings one step closer to creating new 3,500-home community

AVJennings one step closer to creating new 3,500-home community

AVJennings' (ASX: AVJ) dream of a 3,500-lot master planned community at Caboolture is now one step closer to becoming a reality. The property developer has crossed the t's and dotted the i's on final documentation which gives it a call option to gain development approval over the land which is in one of south-east Queensland...

Read More...
Afterpay shares jump after final audit handed to AUSTRAC

Afterpay shares jump after final audit handed to AUSTRAC

The auditor notes Afterpay's compliance with its AML/CTF obligations was based on legal advice he believes to be incorrect from top tier Australian law firms. An independent audit of Afterpay (ASX: APT) has been handed to Australian authorities confirming the company's alignment with the Anti-Money Laundering and Counter-Terro...

Read More...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 1487
Mudgeeraba QLD 4213

LoginTell a FriendSign Up to Newsletter