Rinoldi buys The Old Cookie Company

The same family-owned group that picked up the Byron Bay Cookie Company from administration in 2013 has now acquired a Yarra Valley icon to expand its portfolio. Melbourne-headquartered Rinoldi is known for the Vetta, Nanda and Kookaburra pasta brands, but now it will also have The Old Colonial Cookie Company of Lilydale in the mix. ...

Slater and Gordon to receive nil in UK settlement

Slater and Gordon (ASX: SGH) will not see a cent from the settlement between Slater and Gordon UK and Watchstone Group. Slater and Gordon UK, now completely detached from the Australian law firm, has entered into a settlement agreement with Watchstone group following a counterclaim made by the professional services firm. Initially, Sl...

WiseTech drops $1.2 billion despite short sell rebuttal

A detailed response to a short selling attack has done little to cushion a share price freefall for logistics software unicorn WiseTech (ASX: WTC), which lost another $1.18 billion in its market value this morning.  The bloodletting adds to more than $1 billion that was lost on Thursday following criticisms from China-based...

Afterpay downplays RBA surcharge review

If the Reserve Bank of Australia (RBA) is reviewing the cost of buy-now pay-later (BNPL) services for merchants, sector leader Afterpay (ASX: APT) does not appear too concerned. Last week, the RBA said it would review the "no surcharge" rules imposed by BNPL operators like Afterpay and Zip Co (ASX: Z1P). BNPL platf...

Improved residential property market a boon for Stockland

An improved residential property market has paid off for property developer Stockland (ASX: SGP) at the first quarter of FY20. The beginning of this financial year has seen improvement in residential sales and an increase in comparable retail growth for the group. Stockland managing director and CEO Mark Steinert says the property mar...

Seven West divests Pacific Magazines to Bauer Media for $40 million

German publisher Bauer Media has expanded its magazine empire to include iconic publications Better Homes & Gardens and Marie Claire AU. The company has acquired the Pacific Magazines business from Seven West Media (ASX: SWM) for $40 million, representing a 4.9x EBITDA multiple based on the 2019 financial year. The sale will see S...

CuDeco receivers set date for binding offers

The receivers of embattled Gold Coast-based miner CuDeco (ASX: CDU) have seen expressions of interest from "a range of local and international parties" for a potential transaction to recapitalise the group. In an announcement Friday evening, the receivers FTI Consulting noted their financial advisor Argonaut Securities had ...

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, ...

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...

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, ...

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 ...

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...

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...

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 ...

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...

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...

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...

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...

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...

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...