Cyrus and Bain make final cut for Virgin Australia shortlist

Administrators handling the sale of paralysed airline Virgin Australia (ASX: VAH) have narrowed the shortlist down to two bidders, selecting Bain Capital and Richard Branson-linked investment advisory Cyrus Capital Partners for the process. The decision means BGH Capital and Indigo Partners have been left on the tarmac. Cyrus was one ...

Zip Co bets the house on US fintech QuadPay

Buy-now-pay-later giant Zip Co (ASX: Z1P) has today announced its boldest move to date after entering a deal to sacrifice 23.3 per cent of its shares in exchange for ownership of New York-based QuadPay. If the deal goes ahead it will see Zip Co's annual total transaction value (TTV) lifted by almost $900 million, representing an incre...

ANZ sells UDC Finance to Shinsei Bank for $705m

ANZ (ASX: ANZ) continues its sell-off of non-core businesses today with the sale of New Zealand-based asset finance company UDC Finance to Japan's Shinsei Bank for NZ$762 million (AUD$705 million). The sale follows a previously announced review for UDC, and comes eight months after the sale of wealth pension and investments ...

eToro's commission-free stock offering to attract a new generation of Australian investors

Earlier this month eToro launched its commission-free stock offering into Australia, giving users of the investment platform access to stocks listed on the NASDAQ and NYSE exchanges. This long-awaited expansion into Australia sees the app become a bona fide global broker of zero-commission stocks, with the product now available in over 10...

Iress to raise $170 million for OneVue acquisition

Listed fintech Iress (ASX: IRE) will raise $170 million to strengthen its balance sheet and fund a proposed acquisition of funds management group OneVue (ASX: OVH). Of the $170 million, $107 million will be used to acquire OneVue at 40 cents cash per share, representing a 67 per cent premium to OneVue's last closing share price. I...

Smiles Inclusive cash flow statement missed the mark by $1.1 million

The situation at Smiles Inclusive (ASX: SIL) has gone from bad to worse, with an amended quarterly cash flow statement showing the struggling Gold Coast-based dental company has much less cash than previously thought. With its shares already suspended from trading, a March quarter update released on 30 April claimed the company had net ca...

Mesoblast emboldened by lung disease treatment results

Melbourne-based regenerative medicine company Mesoblast (ASX: MSB) has released positive results for the treatment of chronic lung disease, reinforcing management's hopes around a separate trial with severe COVID-19 patients.  A Phase 2 trial in the US involved intravenous doses of stem cell product remestemcel-L, rando...

Vicinity Centres to raise $1.4 billion as asset values downgraded

With shares up 78 per cent on nine-year lows after the COVID-19 pandemic struck, shopping centre owner-operator Vicinity Centres (ASX: VCX) plans to raise up to $1.4 billion to strengthen its balance sheet. The move follows a 11-13 per cent reduction in Vicinity's asset values, representing a drop of around $1.8-2.1 billion. ...

Brisbane tech companies cosy up with strategic partnership

Brisbane-based tech companies Over The Wire (ASX: OTW) and NEXTDC (ASX: NXT) have made things official today as they enter into a strategic partnership. Under the partnership OTW, a telecommunications and IT solutions provider, will migrate core elements of its network and private cloud infrastructure to NEXTDC's data centre facilitie...

Smiles Inclusive founder watched $10m 'evaporate in his hands' before selling up

What began as an IPO to bring more than 50 dental practices under one roof became a "car crash that I can't get out of" for Smiles Inclusive (ASX: SIL) founder Mike Timoney (pictured), who this month sold all his shares in the company for $106,249. At IPO in April 2018, those same shares were worth $9.65 million. In...

Costa Group CEO Harry Debney to retire

After a decade of service to Australia's largest horticultural company Costa Group (ASX: CGC), CEO Harry Debney (pictured) has announced his retirement. Debney announced his intention to leave Costa Group's at the company's annual general meeting (AGM) today, with the retirement to be finalised within the next nine months. ...

GSK, Novartis slapped with $4.5m fine for misleading marketing

The Federal Court has ordered two European pharmaceutical companies two pay $4.5 million in penalties after making false or misleading representations about two Voltaren pain relief products in Australia.  A year ago Novartis Consumer Health Australasia and GlaxoSmithKline Consumer Healthcare Australia (GSK) admitted they h...

News Corp puts 110-plus print titles on the chopping block

News Corp Australia has today announced plans to shut down print publications of 115 mastheads across the country, including 22 regional publications that will cease to exist digitally. The move follows the US-owned group's suspension of 60 community titles in response to the COVID-19 crisis, and there are reports 500 jobs or more cou...

Deluge of interest sees NAB increase SPP to $1.25 billion

NAB (ASX: NAB) has increased the size of its share purchase plan (SPP) by $750 million above its original target of $500 million after investors demonstrated sizeable interest in the raise. The increase brings the total amount raised by NAB in the SPP $1.25 billion, meaning approximately 88 million new NAB shares will be issued on Tuesday...

Japara Healthcare hit with $300m impairment charge

The COVID-19 pandemic and resulting financial crisis have forced residential aged care services provider Japara Healthcare (ASX: JHC) to write down the value of its assets. Today Japara has announced its financial results for FY20 will include a non-cash impairment charge, primarily to goodwill, in the range of $270 million to $300 millio...

Managed Workforce Group the next frontier for Darren Lockyer, Grant Wechsel

Brisbane-based entrepreneur Grant Wechsel (pictured right) has been champing at the bit to start a new workforce management venture, but the sale of One Key Resources to Fircroft in 2016 meant a restraint clause was hanging over him for four years. Over that time Wechsel has kept busy with a range of investments and board roles inclu...

ASX chides iSignthis for three "unsatisfactory responses", threatens removal from list

Payment identity verifier iSignthis (ASX: ISX) could find itself in hot water if it fails to meet demands from the ASX, with the market operator unhappy with explanations of processing suspensions across card networks such as Visa.  The ASX claims ISX has given "three unsatisfactory responses" to a query letter dated 7 May,...

Oliver's scores partnership with EG Group in lieu of takeover

Earlier this year, British fuel and convenience conglomerate EG Group offered to buy roadside restaurant chain Oliver's Real Food (ASX: OLI) for $25 million. While Oliver's debt of $910,000 made it an unfit takeover target for EG, it didn't stop the two companies from striking a different bargain. Today, the original schem...

Nine sells NZ media business Stuff for NZ$1 in management buyout

It may have taken six months longer than planned, but Nine Entertainment (ASX: NEC) has finally offloaded leading New Zealand publishing business Stuff in a deal that will incur a cost of $40-45 million for the Australian media giant. Just two weeks after terminating discussions with long-time bidder NZME (NZX: NZM, ASX: NZM), Nine announ...

Up to 75 Target stores to close in Australia

Up to 167 Target stores will be either closed or converted into Kmarts following a strategic review from owner Wesfarmers (ASX: WES) into the struggling retail chain. The restructuring will cost $120-170 million for the Kmart Group division, in addition to a non-cash impairment of $430-480 million before tax in relation to the Target bran...