Redflow to raise $18m to boost battery sales

Brisbane based battery manufacturer Redflow (ASX: RFX) is set to raise $18.1 million in equity capital to rapidly scale up the manufacture and sales of its battery systems. The company will raise the funds through a combination of a $7.5 million placement to new investors and a $10.6 million fully underwritten rights issue offered to all ...

GetSwift announces board shakeup to 'address governance'

Embattled logistics software company GetSwift (ASX: GSW) has announced a board shakeup with executive chairman Bane Hunter to take over as CEO from Joel McDonald and the appointment of two new board members as it "develops its governance practices as it grows". Michael Fricklas and David Ryan will be independent non-executive di...

Silver Chef outlines business transformation following GoGetta exit

Silver Chef (ASX: SIV) has outlined a major business transformation following its exit from the GoGetta business which it blamed for its first half loss of $13 million. The hospitality services provider announced in February that it was exiting the GoGetta business following a strategic review. Silver Chef has written to shareholders ...

ACCC: Airport "monopolies" are forcing up the price of air travel

Australian travellers are being slugged higher ticket prices for air travel thanks to what has been described as monopolistic behaviour from airports. The Australian Competition and Consumer Commission (ACCC) says passengers are paying higher ticket prices as a direct result of a rise in profits per passenger at each of the country's ...

iSelect slashes guidance as shares plummet and CEO resigns

Comparison website iSelect (ASX: ISU) has slashed its earnings guidance by more than 60 per cent, sending its share price tumbling as the company's CEO Scott Wilson resigned immediately. The company cut its underlying earning expectations for 2018 to between $8 million and $12 million for the full year, well down on its previous guida...

Building a brilliant career: inside one woman's dream to create a new city

'What is your dream?' A question often asked and answered in similar ways; I want to buy a house, travel overseas or find the perfect job. Ask Raynuha Sinnathamby the same question, the answer goes a little bit further. "We have aspirations to build a new city," she says. As managing director of the Springfie...

Blue Sky MD and executives resign in the wake of Glaucus saga

A number of high profile personnel at Blue Sky Alternative Investments (ASX: BLA) have resigned in the wake of the Glaucus report which wiped out the company's share price. Robert Shand, managing director, has resigned and will be replaced by interim managing director Kim Morison. Executive directors Elaine Stead and Nicholas Dign...

AMP faces class action over Royal Commission scandal

Less than a week after the resignation of its CEO Craig Meller, AMP is facing a potential class action lawsuit from Quinn Emanuel Urquhart & Sullivan (QE) on behalf of aggrieved shareholders. QE announced that it will investigate a class action against the financial services giant which has admitted to lying to its customers and regul...

Kogan grows revenue 46 per cent on diversification

Kogan.com (ASX: KGN) is in a strong position to close out the financial year after revealing today that it's third-quarter revenue increased by more than 46 per cent. The online retailer ended 3Q18 with an unaudited gross transaction value growth of 49.8 per cent and a customer base exceeding 1.28 million active shoppers. Although...

Atlassian revenue surges on new customer boom

Productivity software powerhouse Atlassian (NASDAQ: TEAM) has recorded a strong quarter, buoyed by a surge of new customers and the success of 'Team Tour', its latest global initiative. Founded by young Aussie entrepreneurs Mike Cannon-Brookes and Scott Farquhar, the company recorded a quarterly revenue of $223.7 million up by 40 ...

AMP boss steps down following admissions to the royal commission

The CEO of AMP (ASX: AMP) Craig Meller has resigned following revelations about AMP's conduct at the financial services royal commission. Meller stepped down after AMP admitted to charging customers for advice they never received and then lying to ASIC about it. The AMP boss, who was due to retire at the end of 2018, says he is &q...

Creso to launch cannabis infused beer and tonics line

Australian-Swiss cannabis company Creso Pharma (ASX: CPH) has announced its new line of cannabis infused beers and tonics is in production. The beverages are being developed through Creso's joint venture partners Baltic Beer Company and LGC Capital. The drinks, which are currently brewing in Creso's newly built European facili...

Breaking new ground: Zelda to test effects of cannabis on diabetic dementia

Bio-pharmaceutical company Zelda Therapeutics (ASX: ZLD) has partnered with Curtin University to test the effects of cannabis on cognitive decline, one of the most debilitating symptoms of diabetes. Research is now underway on the effects of cannabinoid-based medicine on capillary dysfunction in the brain, a condition which often leads to...

Village Roadshow slashes guidance on competition from Commonwealth Games

Shares in theme park operator Village Roadshow (ASX: VRL) have hit their lowest level in six years as it reported weak visitor numbers because of competition from the Gold Coast Commonwealth Games. The company released a trading update for the nine months to March 31 and also blamed wet weather in March for the drop in visitors as it down...

BOQ sells its insurance business, reveals solid 1H results

The Bank of Queensland (ASX: BOQ) has revealed it will sell its St Andrew's Insurance business to Freedom Insurance Group (ASX: FIG) in a deal worth $65 million. The twofold transaction includes a $35 million quota reinsurance arrangement between the life insurance arm of St Andrew's and an unnamed global reinsurer, as well as a b...

NEXTDC to raise $281m for three new data centre sites

Data centre operator NEXTDC (ASX: NXT) has announced plans to purchase three new sites for future data centre developments. The new sites, in Sydney, Melbourne, and Perth will be funded by a fully underwritten $281 million institutional placement of new shares and a non-underwritten share purchase plan. The company says it continues t...

Blue Sky shares continue freefall on downgraded guidance

Under-fire Blue Sky Alternative Investments (ASX: BLA) has downgraded its full year guidance along with its assets under management (AUM) as it announces an independent review of its business processes and financial reporting. The Brisbane-based company's share price has plunged a further 20 per cent in early trade to $4.12 as it deal...

Sporting legends back landmark partnership to clean up the ocean

There's little doubt that plastic waste is our oceans is one of the most threatening issues of our time. A global partnership between sports retailer Adidas and ocean innovator Parley aims to curb the problem, with several Aussie sporting heroes lending their support to the campaign. Adidas and Parley have partnered up to create a...

Don't pretend: SafetyCulture's Luke Anear on how not to impress venture capitalists

He's a former private investigator who built an international multi-million dollar business from a suburban garage in Townsville, and Luke Anear admits he should have known better when trying to impress on his first meeting with a venture capital investor. His company, SafetyCulture, had just developed its first app and the concept at...

Michael Hill closing US stores after failing to secure buyer

Jewellery retailer Michael Hill (ASX: MHJ) has seen sales dip in Australia as the group continues with its planned exit from the United States. While group revenue increased 4.5 per cent at the end of the third quarter, sales were down by 0.3 per cent in Australia. Despite recording a 4.9 per cent sales growth in the United States, Mi...