Telstra’s “shareholder revolt” has nothing to do with mum and dad investors: the criticism over the Telco’s structural separation is all coming from a clique of some of Australia’s wealthiest people and the big banks.
Shareholders
Take note, Myer: there’s a bit to like in DJ’s approach
Myer’s share offer closes tomorrow so its doing some market massaging, with slightly dodgy sales information that lacks key figures. Why can’t Myer follow the honesty of David Jones?
Rodney Adler the fodder in shareholders’ revolt
Disgraced businessman Rodney Adler is at the centre of a shareholder complaint against a Queensland company that makes containers for growing animal food, writes Crikey intern Margaret Paul.
Allco name change should be worth a few cents on the share price
The real story today from today’s stock exchange announcement from Allco Equity Partners is that its name is mud, hence the proposal to change it, writes Glenn Dyer.
Rio board looks like a bunch of prize fools
The Rio board completely misjudged the commodity and debt cycle, and refused to truly engage their potential suitor. Not good enough, writes Adam Schwab.
ASIC boss wants softer line on director liability
ASIC boss Tony D’Aloisio implied to the Australian Institute of Company directors yesterday that the Australia’s corporate regulator may take a softer line on director liability, writes Adam Schwab.
Coles makes profit, not many killed
Just when it seemed like the fiasco at the Coles Group had drawn to a close, the AFR revealed today that the merged retailer just “produced its best first quarter profit figure in five years,” writes Adam Schwab.
Qantas board gets away with it
The Qantas AGM yesterday was a lively affair with all the “crazies” in attendance but outgoing chairman Margaret Jackson would have been pleased with the 90%-plus voting support for all the resolutions despite the fiasco of undercooked profit forecasts during the APA bid, writes Stephen Mayne.
Village and SAG: the war continues…
The war of words between Sydney Attractions Group and predator, Village, continues, despite Village raising its offer from $6.01 to $6.50 per share. SAG rejected the improved offer, standing by its valuation of $8.57 to $9.57 per share and dubbing Village’s improved offer as “still very opportunistic”.
Austar looking ripe for a takeover
Regional Pay TV group, Austar, has shown why it’s one of the three big media plays left in this country with very solid third quarter earnings, writes Glenn Dyer.
Mr 99.5% Murdoch makes history, but still resists democracy
History was made in New York on Friday when Rupert Murdoch was formally re-elected to the board of News Corporation by his shareholders at an annual meeting for possibly the first time in 55 years, writes Stephen Mayne.
Media briefs and TV ratings
Geared up media sector is “fully priced” … More fines handed out for UK competition rorts … Last night’s TV ratings.
The ConsMin takeover jumps another gear
The ConsMin takeover jumped another gear yesterday, with the ConsMin board backing an improved, $4.50 per share offer from Ukrainian, Gennadiy Bogolyubov’s Palmary Enterprises.
Company boards should consider shareholders when making decisions
The Australian Financial Review’s editorial last Saturday castigated public company boards for failing to act in the best interests of shareholders. But they picked on the wrong companies, writes Adam Schwab.
Beware: NRMA into MBF won’t go
MBF should consider this brief summary of the NRMA Insurance demutualisation and beware!
Foxtel to run for cash as Hoyts proves a dud
The three shareholders in Foxtel, (Telstra, News and PBL), have decided to start running the urban Pay TV monopoly for cash after the attempt to merge with regional rival, Austar failed.
Options not the only option for Sol
While Telstra has set relatively high performance hurdles regarding the exercise of options, the poor Telstra board (like most other public company boards) just don’t get it. That is, options don’t truly align the interests of senior management with shareholders. It’s all about getting skin in the game, not just your baby toe, writes Adam Schwab.
Minimum bid rule ain’t working for Coles shareholders
One of the principles underlying Australian takeover laws is that all shareholders of a target company are to be treated equally. To achieve this, section 621 of the Corporations Act provides that the price offered by a bidder must “equal or exceed” the price paid by the bidder in the past four months, Adam Schwab writes.
Besieged ConsMin needs a good salesman
Besieged mid-tier miner, Consolidated Minerals, today announced a strong return to profitability, with the company forecasting net profit of $30 - $31 million for the year ending 30 June 2007. A mere ten minutes later, the company announced that the scheduled scheme meeting to approve of Pallinghurst’s offer for the company was still proceeding.
At least Coles’ directors didn’t do a BHP…
As the value of BHP Billiton continues to break records, it is worth revisiting what has quietly become Australia’s greatest corporate blunder, writes Adam Schwab.
ConsMin seems to be in the “Revlon zone”
Make no mistake, the takeover battle for Consolidated Minerals is starting to get ugly, writes Adam Schwab.
Consolidated Minerals takeover a growing stoush
The increasingly bitter bid for mid-tier miner, Consolidated Minerals continued on Monday with private investment firm Pallinghurst increasing its offer for ConsMin to $1.68 plus two shares (for each five currently held) in a new, listed vehicle.
