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  • Keybridge mulling buyback to repel Oceania | Business Spectator
    Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Keybridge mulling buyback to repel Oceania Brett Cole 3 Jan 1 45 PM DataRoom Mergers Acquisitions Industries Financial Services The investment company subject to a takeover offer from rival Oceania is considering a full range of capital management options You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole Keybridge Capital Ltd the investment company subject to a takeover offer by rival Oceania Capital Partners Ltd may try to repel Oceania by offering to buy back shares with the 20 5 million in cash Keybridge currently has at a premium to Oceania s 16 cents a share offer A buyback was something we were considering in the days leading up to the Oceania bid Keybridge executive director Nicholas Bolton told DataRoom A buyback is one of a number of options still on the table We re cash rich and considering our capital management Prior to the November takeover offer from Oceania Bolton says Keybridge was in discussions with Oceania to buy back Oceania s 34 3 million shares at 17 5 cents a share Keybridge shares last traded at 17 5 cents Oceania did not return a call seeking comment Oceania is Keybridge s biggest shareholder As of November 13 Oceania had increased its holding to 39 8 million Keybridge shares or a 22 8 per cent stake in the Sydney based company Keybridge has rejected Oceania s 16 cents a share takeover offer on the basis of an independent expert s report that as of November 30 Keybridge s net tangible asset value was 22 3 cents a share according to Pitcher Partners Corporate Ltd The Oceania bid at 16 cents does not fairly value our 201 million of tax losses or 8 million of franking credits says Bolton Keybridge s 201 million in tax losses could be used to offset future tax payable on income Pitcher Partners valued Keybridge s total assets including cash and investments at 39 1 million in November The independent expert says Keybridge in the year to November made a net loss of 3 6 million and in the 12 months to June 30 2012 had a net loss of 3 2 million Keybridge established in 2006 has made a series of loss making investments in senior loans mezzanine debt and equity that forced the company s senior lenders to demand asset sales in order to repay debt Such sales enabled Keybridge to fully repay

    Original URL path: http://www.businessspectator.com.au/news/2014/1/3/mergers-acquisitions/keybridge-mulling-buyback-repel-oceania (2014-01-12)
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  • Westpac says Lloyds deal progressing well | Business Spectator
    future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Westpac says Lloyds deal progressing well Brett Cole 2 Jan 2 57 PM DataRoom Mergers Acquisitions Industries Financial Services The bank says its acquisition of Lloyds Australian businesses closed December 31 as scheduled You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole Not for Westpac Banking Corporation are the horrors of an acquisition gone wrong Australia s second biggest bank by market value says its 1 45 billion acquisition of Lloyds Banking Group Plc s Australian business is progressing to plan We anticipated a strong cultural alignment Andrew Moore the Westpac general manager overseeing the Lloyds acquisition told DataRoom The joint planning and work together have gone very well More than 100 people from Westpac and the former Lloyds Australian businesses are working together to bring a 3 9 billion motor vehicle finance business and a 2 9 billion equipment finance business into the Westpac group fold They are also integrating BOS International Australia Ltd s 1 6 billion corporate loan portfolio into Westpac s institutional banking business Moore expects BOSI s loan book to be integrated with Westpac s institutional banking business by the end of March as more than 20 of BOSI s 28 corporate customers in Australia were already Westpac customers Still he envisages another 18 months before the motor vehicle and equipment finance acquisitions are fully integrated with Westpac group s own businesses in these areas The book value of the businesses acquired from Lloyds has not changed since the deal was announced October 11 although Moore says there are signs the value of the auto finance business has increased between October and the end of December The assets and business are a natural fit with Westpac says Moore Westpac used its long time investment banking advisers at UBS AG to secure the Lloyds deal while the help of law firm Gilbert Tobin was crucial especially in securing Australian Competition and Consumer Commission clearance to acquire some of the assets last

    Original URL path: http://www.businessspectator.com.au/news/2014/1/2/mergers-acquisitions/westpac-says-lloyds-deal-progressing-well (2014-01-12)
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  • Potential bidders for Gunns get more time | Business Spectator
    Brett Cole 2 Jan 8 41 AM 1 DataRoom Mergers Acquisitions Industries Agribusiness font color red DataRoom font Deadline for expressions of interest in bankrupt timber company extended assets valued at 795 9m You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole KordaMentha partner Bryan Webster has extended the deadline for expressions of interest in all or part of Gunns Group to the second week of January at the request of potential bidders who have sent teams to Tasmania to examine the bankrupt timber company that collapsed in September 2012 with debts of 3 02 billion Webster a registered liquidator will know by the middle of the month whether the sale of 139 year old Gunns can be wrapped up quickly with a compelling bid for the whole company whose assets were valued by PPB Advisory at 795 9 million last February If there is no compelling bid for Gunns the sale process may move towards an indicative bidding process that will whittle potential buyers down to a handful That will be followed by final bids perhaps by the end of March after full due diligence The sale of Gunns has attracted a number of long term timber investors from Asia North America and Europe Potential bidders include Hancock Timber Resources Group and Ontario Teachers Pension Plan following a recovery in timber and forestry prices last year The S P Global Timber and Forestry Index rose 17 5 per cent last year Gunns bankruptcy is blamed on high debt and the fall in hardwood demand and prices from 2010 PPB has said the company was insolvent from September last year as it had insufficient funds to meet debt repayments after suffering operating losses that from 2011 to 2012 amounted to 1 5bn PPB said Gunns secured creditors are owed 635 9m 445 7m of which are owed to lenders and 190 1m are owed to others Unsecured creditors are owed 134 8m In addition Gunns had inter company loans of 2 24bn and total group debts of 3 02bn according to PPB The sale process of Gunns is complicated by the interests of managed investment schemes in Gunns timber assets PPB is the administrator of a number of such schemes There are 48 984 investors in the managed investment schemes otherwise known as growers whose original investments PPB estimates amounted to 1 6bn Potential returns to growers are dependent on the continued management of the schemes and harvest on maturity of the plantation timber PPB and KordaMentha have agreed that the 50 000ha of timber under Gunns managed investment schemes will be sold in two parallel processes one

    Original URL path: http://www.businessspectator.com.au/news/2014/1/2/mergers-acquisitions/potential-bidders-gunns-get-more-time (2014-01-12)
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  • Macquarie tops 2013 IPO league table | Business Spectator
    the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Macquarie tops 2013 IPO league table Brett Cole 31 Dec 2013 3 07 PM DataRoom Mergers Acquisitions The homegrown investment bank beat UBS to claim the number one status as the country s leading IPO underwriter You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole Macquarie Group Ltd has shoved aside its perennial equity capital markets rival UBS AG to claim the number one underwriter status in 2013 of Australian initial public offerings after a flurry of deals in the last quarter that often saw both investment banks together acting as joint lead managers Of the 59 IPOs that were priced and traded in 2013 more than half 30 IPOs came in the last three months of 2013 according to Bloomberg data These fourth quarter IPOs were the biggest of the year Macquarie and UBS were joint lead managers of many of them including media group Nine Entertainment Co s 624 6 million IPO and travel insurer Cover More Group Ltd s 521 2 million initial share sale But in the rush to bring these IPOs to market their share market performances were often disappointing Nine s stock is still trading below its IPO price as is Cover More s The biggest IPO of 2013 the 648 6 million share sale of packaging company Pact Group Holdings Ltd that was underwritten by Macquarie and Credit Suisse Group AG is also trading below its IPO price Some bankers expect the 2014 IPO market will continue in the same vein as was seen in the latter stages of 2013 Several suggest that as much as 4 billion worth of IPOs may occur by the end of March and 8 billion by the end of June The IPOs may include Pacific Equity Partners outsource and facilities management business Spotless which has an annual revenue of 2 7 billion Carlyle Group and TPG s hospital provider Healthscope Group Ltd may also seek to sell shares in 2014 although Carlyle has said no decision on the sale of Healthscope has yet been made Bloomberg 2013 IPO underwriting league table Firm Number of IPOs Worth 1 Macquarie Group 9 3 58 billion 2 UBS 7

    Original URL path: http://www.businessspectator.com.au/news/2013/12/31/mergers-acquisitions/macquarie-tops-2013-ipo-league-table (2014-01-12)
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  • UBS tops Australian M&A in 2013 | Business Spectator
    per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu UBS tops Australian M amp A in 2013 Brett Cole 31 Dec 2013 12 37 PM DataRoom Mergers Acquisitions The Zurich based investment bank beat rivals Goldman Sachs and Macquarie for the top spot according to Bloomberg data You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole UBS AG has regained the top spot among takeover advisers in Australia beating rivals Goldman Sachs Group Inc and Macquarie Group Ltd after securing a role in this year s pivotal 28 5 billion merger of Westfield Group and Westfield Retail Trust UBS and Morgan Stanley advised Westfield Retail while JP Morgan Chase Co and Rothschild advised Westfield Group Without the Westfield deal it would have been unlikely that 2013 Australian M A activity would have surpassed sector activity 2012 both in terms of value and average deal size The value of M A in Australia in the year to date was US90 billion 101 41 billion compared to US85 billion in 2012 according to Bloomberg data The average size of takeovers in 2013 was US106 million compared to US104 5 million last year says Bloomberg The average premium paid on Australian M A transactions in 2013 was 41 per cent compared to 35 per cent in 2012 In terms of actual deals done there have been 1 239 M A deals in the year to date just short of 1 241 last year UBS like its chief bulge bracket rival Goldman Sachs boasts more than 100 investment bakers in Australia That number is only surpassed by its homegrown competitor Macquarie which has as many as 180 people working in its investment banking department It is this high number of bankers that helped Sydney headquartered Macquarie surpass UBS and Goldman and advise on the largest number of M A transactions in Australia this year according to Bloomberg In 2014 UBS forecasts about the same amount of takeover activity as in 2013 about 90 billion Bloomberg 2013 M A rankings 1 UBS AG 27 deals worth US22 99 billion 2 Goldman Sachs 29 deals worth US16 05 billion 3 Macquarie Group 33 deals worth US13 41 billion 4 Citigroup 11

    Original URL path: http://www.businessspectator.com.au/news/2013/12/31/mergers-acquisitions/ubs-tops-australian-ma-2013 (2014-01-12)
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  • Mirabela Nickel secures $50 million loan | Business Spectator
    and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Mirabela Nickel secures 50 million loan Brett Cole 30 Dec 2013 2 07 PM DataRoom Debt Capital Markets Industries Resources and Energy A new loan from its noteholders will allow the struggling nickel miner to continue operating with discussions now centring on a US100 million equity offering You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole Mirabela Nickel Ltd has secured a US45 million 50 7 million loan from its note holders that will enable the distressed nickel miner to keep operating while Rothschild tries to entice investors to commit to a US100 million share sale after earlier scrapping plans for one as big as US150 million The Perth based company said in a statement to the Australian Securities Exchange that a consortium of 65 per cent of the holders of its US395 million unsecured notes due April 15 2018 had put together the interim financing package No binding agreement for the restructuring of Mirabela s debt obligations has been concluded said Mirabela With the proceeds of the loans the company intends to fully meet its obligations to customers and suppliers Mirabela will initially draw down US30 million of the US45 million loan with subsequent draw downs of US5 million on January 31 February 14 and February 21 The interest rate on the loan is 3 5 per cent per annum payable at the end of each calendar quarter Negotiations between Mirabela and its note holders have been going on for more than two months after Mirabela missed a bi annual interest payment of 17 28 million on October 15 The noteholders advised by law firms Cleary Gottlieb Steen Hamilton LLP and Gilbert Tobin had agreed to a standstill period of 60 days and brought in the investment bank Rothschild to try to put together a restructuring and recapitalisation plan Rothschild bankers have been trying to entice Resource Capital Funds a mining investment firm that had an 18 3 per cent stake in Mirabela as of May as well as others to subscribe to a US100 million equity offering after scrapping plans for a 150 million equity offering The terms of a comprehensive restructuring continue to be discussed said Mirabela The company s current problems are two fold Nickel prices on the London Metal Exchange continuing to trade below its

    Original URL path: http://www.businessspectator.com.au/news/2013/12/30/debt-capital-markets/mirabela-nickel-secures-50-million-loan (2014-01-12)
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  • JP Morgan, Lazard to assess Qld infrastructure assets | Business Spectator
    providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu JP Morgan Lazard to assess Qld infrastructure assets Brett Cole 30 Dec 2013 11 53 AM DataRoom Industries Infrastructure State govt hires firms for scoping studies to prepare two port assets for potential sale You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By Brett Cole JPMorgan Chase Co and Lazard Ltd have been hired to analyse Queensland ports and power generators to determine their value as part of the Newman government s plan to trim 80 billion in state debt through the sale or lease of state owned infrastructure Queensland Treasurer and Trade Minister Tim Nicholls said in a statement Lazard will conduct a so called scoping study of energy generators CS Energy Ltd and Stanwell Power Corp while JPMorgan will do the same for the ports of Gladstone and Townsville Additionally Rothschild and Bank of America Corp will conduct scoping studies on potential private sector funding of energy assets Ergon Energex and Powerlink with consultants Energy Edge and ACIL Allen as energy markets advisors for the three assets These advisors will start work immediately and will provide us with information on the commercial and regulatory issues that might arise if the government made a decision to sell or lease government businesses Nicholls told DataRoom The Newman government has set a goal of paying off 30 billion of Queensland s debt in order to save taxpayers as much as 4 billion a year in interest payments The investment banks have until the end of February to complete their studies Scoping study fees are modest but such the work can lead to more lucrative fees from the investment banks being appointed advisers on the asset sales themselves In the case of Ergon Energy Energex and Powerlink private sector companies may be invited to invest through a non share equity interest a hybrid security instrument The government would retain ownership of the assets Such a security is debt in its legal form but classified

    Original URL path: http://www.businessspectator.com.au/news/2013/12/30/dataroom/jp-morgan-lazard-assess-qld-infrastructure-assets (2014-01-12)
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  • Queensland Motorways bids due Feb 7 | Business Spectator
    a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Queensland Motorways bids due Feb 7 Brett Cole 27 Dec 2013 2 23 AM DataRoom Mergers Acquisitions Industries Infrastructure QIC hopes to close the sale of Queensland Motorways by the end of April You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password QIC Ltd says indicative bids for Queensland Motorways a 62 kilometre network of toll roads bridges and infrastructure in and around Brisbane are due February 7 next year with final bids due mid April Some bankers value Queensland Motorways at as much as 6 billion about double the price 3 08 billion QIC paid for the asset in May 2011 In the last two and a half years the value of Queensland Motorways has increased after QIC s acquisition of the Go Between Bridge and CLEM7 tolling rights QIC has also reached contractual agreement to acquire the tolling rights for Brisbane s Legacy Way tunnel due to commence operation in 2015 The Queensland Motorways sale process includes an offer of bridging finance from the state s Defined Benefit Fund This will simplify the sales process of the asset by removing the need for bidders to secure immediate debt finance Long term investors such as pension funds like the perceived steady predictable cash flow from Queensland Motorways assets Potential Queensland Motorways bidders include toll road developer and operator Transurban Group Ltd which may team up with superannuation fund manager AustralianSuper which has 70 billion in funds Melbourne based IFM Investors which manages 48 billion in assets may partner with the giant Canadian fund manager Caisse de dépôt et placement du Québec which has about 176 billion in net assets The investment banks Macquarie Group Ltd and UBS AG are managing the sale QIC hopes to have the transaction closed by the end of April Print this page More

    Original URL path: http://www.businessspectator.com.au/news/2013/12/27/mergers-acquisitions/queensland-motorways-bids-due-feb-7 (2014-01-12)
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