Super fund HESTA pushes Westpac board for more action
Superannuation giant HESTA has warned its support for reappointing Westpac directors will be influenced by whether the board can lay out a clear plan for improving governance and culture.As Westpac reels from a money laundering crisis that has already forced the resignations of chairman Lindsay Maxsted and chief executive Brian Hartzer, the $53 billion fund has written to Mr Maxsted seeking answers on further steps the bank will take to fix governance and cultural problems.
But with negotiations on the UK's exit from the EU appearing to stall, tension is rising in parliament. It is set to face a series of crucial votes that will further test Prime Minister Theresa May's authority and ability to govern. Al Jazeera's Jonah Hull reports from London.
Swiss chemicals group Clariant (CLN.S) elected four representatives of its Saudi anchor shareholder to its board on Tuesday as its new chief executive acknowledged rising tensions over a missing Saudi journalist could hurt its business.
Seven West Media's directors will host an urgent meeting on Monday morning to decide whether to put a sweetener on the table for Prime Media Group as fears mount that disgruntled shareholders in the regional broadcaster might scupper the takeover deal.
The board meeting comes less than two weeks ahead of the shareholder vote on December 19, with Prime set to meet with Bermuda-based billionaire Bruce Gordon on Tuesday. Mr Gordon, the owner of rival WIN TV, has an aggregate 19.5 per cent interest in Prime and 11.6 per cent voting power.
Protesters egg Malta’s justice minister as tensions mount over handling of investigation into journalist’s killing
Prime Minister Joseph Muscat said he would resign in January, but protesters want him to step down immediately.He ducked, but the egg struck his upper arm.
A shareholder must own a minimum of one share in a company’s stock or mutual fund to make them a partial owner. A shareholder can be a person, company, or organizationTypes of OrganizationsThis article on the different types of organizations explore the various categories that organizational
Order raises fears that regional power battle between Saudi Arabia and Iran may be building towards military confrontation.
Kerry Stokes' Seven has been meeting with shareholders since plans for the $64 million takeover deal were announced, but there have been growing concerns among executives at the media organisations that Australian Community Media executive chairman Antony Catalano might move to block the deal.
Prime shareholders get 0.4582 shares in Seven for each share they hold under the current terms, but independent expert Lonergan Edwards & Associates' report said the deal was "not fair but ... reasonable" and valued the shares at between 21¢ and 24¢, above the 18.3¢ to 20.6¢ price offered.
Seven chief executive James Warburton is considering improving the terms of the deal for Prime shareholders to avert a vote against the deal, potentially by including a special dividend that would bring the total amount within the range deemed to be "fair" in the independent assessors report, said sources close to Seven who declined to be named as the ongoing discussions are sensitive. The board would need to approve this at the meeting on Monday.
Australian shares set to open higher; New Zealand down as a2 Milk weighs
Australian shares set to open higher; New Zealand down as a2 Milk weighsChina's imports rose unexpectedly in November from a year earlier, indicating signs of recovering demand in the world's second-largest economy, even as exports fell for a fourth straight month.
Because shareholders are essentially owners in a company, they reap the benefits of a business’ success. These rewards come in the form of increased stock valuations, or as financial profits distributed as dividends. Conversely, when a company loses money, the share price invariably drops
Significant shareholdings in companies domiciled in Switzerland or in companies not domiciled in Switzerland whose equity securities are listed in whole or in part or whose primary listing is on SIX Swiss Exchange must be reported to the company and to the Disclosure Office of SIX Swiss Exchange.
Mr Catalano, who has built up a 14.57 per cent stake in Prime with Thorney Investment Group billionaire Alex Waislitz, is likely to fight for representation on the regional broadcaster's board if the deal is voted down. The vote requires approval from 50 per cent of shareholders and 75 per cent of votes cast.
Prime chairman John Hartigan has warned that derailing the takeover will result in more pain for the business with regional newsrooms facing a collapse scenario.
Shareholders like Regal Funds Managements' Philip King have also admittedthough have agreed with the rationale for the merger.
"A special dividend in addition to the current terms would be enough to make us a yes," Mr King said.
"We see a lot of upside in the Seven West share price at the moment," he said. "The stock trades on a PE [price to earnings ratio] of five times compared to Nine [which trades] on a PE of 15 times," he said. Nine is the owner of this masthead.
"If James Warburton delivers as we expect him to, the stock could double or triple over the next 12 months. That would make the value of the Prime takeover bid very attractive."
On the day the transaction was announced major shareholder Spheria Asset Management's Matthew Booker said he saw merit in the deal. Mr Booker said if there was a special dividend then he considered it the "cream on top ... we'd be happy to take it for clients".
Australian shares set to rise on Sino-U.S. trade deal reports, New Zealand down .
Australian shares set to rise on Sino-U.S. trade deal reports, New Zealand downSources familiar with the negotiations told Reuters on Thursday that U.S. negotiators offered to cut existing tariffs on Chinese goods by as much as 50% and suspend new tariffs scheduled to go into effect on Sunday, in an attempt to reach a "phase one" deal.