The Northern Territory news Sat 21 May 2022
The Northern Territory news; NewspaperNT
Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.
News Corp Australia
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News Corp Australia
58 BUSINESS Saturday May 21 2022 NTNE01Z01MA - V1 AMP has narrowly avoided a first strike against its remuneration report, as chairwoman Debra Hazelton acknowledged another disappointing year for shareholders. Nearly 21 per cent of shareholder votes were cast against adopting the report at Fridays annual meeting. AMP would have suffered a strike if 25 per cent of votes were cast against it. The count came as Ms Hazelton (pictured) acknowledged a disappointing shareholder experience through the year, which has seen the company shed a series of businesses in deals worth $2.5bn. Shareholder anger was palpable, with investors lobbing questions at Ms Hazelton about sales of several parts of the wealth manager. When will shareholders see a return? When will the gravy train for directors stop? one asked. Another questioned: Why give directors a pay rise when shareholders get stuff all? Ms Hazelton said while funds from recent deals would go to paying down debt, shareholders could soon see a return. She flagged AMP was examining a share consolidation, but that one would not proceed at this time. Ms Hazelton said AMP was looking at a special dividend to shareholders or a buyback and at the conclusion of the deals would look to review its ongoing dividend policy. AMP shares closed 2.2 per cent lower at $1.115 on Friday. Investors anger in AMP vote AG M S David Ross Market rallies with Chalice in top spot CHALICE Mining led the gains on the ASX 200 on Friday after winning regulatory approval for exploratory drilling at one of its projects. The ASX 200 rose 1.15 per cent, or 81.1 points, to 7145.6 points as bargain hunters stepped in after $40bn was erased from the benchmark index a day earlier. In the US overnight on Thursday, stocks wobbled amid continued concern about the strength of the worlds largest economy. The Dow Jones Industrial Average lost 0.75 per cent. Chalice Mining shares soared by 19.1 per cent to $6.81 after receiving approvals to conduct planned drilling at the Hartog-Dampier targets within its Julimar project in WA. Elsewhere in the mining sector, BHP rose 2.05 per cent to $47.18, Rio Tinto added 1.5 per cent to $108.35 and Fortescue Metals rallied 3.9 per cent to $20.15. The worst three performers on the ASX 200 were Nufarm, down 4.12 per cent to $5.82, Woodside Petroleum, off 3.75 per cent to $28.77 on its pending share issue to BHP shareholders, and Orica down 2.95 per cent to $16.45. MyDeal shares soar on Woolies takeover deal WOOLWORTHS is expanding deeper into the online marketplace space with a deal to buy an 80 per cent stake in ASXlisted MyDeal.com.au. The offer price of $1.05 per share is just above the stocks $1 issue price in MyDeals 2020 float. MyDeal shares soared 56 per cent on Friday to close at $1.005, while Woolworths added 0.48 per cent to $35.35. The all-cash offer, through a scheme implementation agreement, values MyDeals equity at $271.8m and gives it an enterprise value of $242.6m. Woolworths CEO Brad Banducci (pictured) said the addition of MyDeal represented a further step towards deliver ing a more holistic customer experience in food and everyday needs and materially expands our marketplace capabilities, especially in general merchandise. The MyDeal board has unanimously recommended the offer in the absence of a superior proposal and subject to the advice of an independent expert. RBA could look at a bigger June rate hike A BIGGER interest rate hike of 40 basis points by the Reserve Bank is still the best policy, according to Westpacs highly regarded chief economist Bill Evans. In his view a slightly disappointing headline number from this weeks wage price index report is unlikely to sway the (RBA board) from its policy approach. Mr Evans said the RBAs May board meeting minutes this week highlighted that the central bank is taking a much broader approach to assessing wage pressures than just relying on the Wage Price Index. We continue to argue that the best policy option for June is to go by 40 basis points early in this tightening cycle to avoid falling behind the curve, Mr Evans said. The RBA lifted rates by 25 basis points to 0.35 per cent earlier this month. VanEck head of investments and capital markets Russel Chesler also expects a bigger hike in June. With the employment market continuing to tighten, and no signs of inflation easing, the RBA is likely to raise interest rates by 40 basis point at its June meeting, he said. E co n o m y David Rogers s h a r e s David Rogers d e a l s ELI GREENBLAT provals and the completion of the transaction, including transfer of funds to shareholders. The timing of regulatory approvals are difficult to forecast even from within the regulators. The NSW Independent Liquor and Gaming Authority said in February that Crown was set to receive conditional approval in March to open its gaming floor at its new $2.4bn casino complex in Sydney. But three months later, Crown is yet to receive such approval and its Barangaroo gaming floor remains closed. Dr Switkowski refused to comment on Blackstone owning 150 casinos in Central and South America, where Crown also faces a big fine from Austrac over countless breaches of anti-money-laundering and counterterrorism financing laws and another fine of up to $100m from the Victorian gaming regulator over the illegal use of China Union Pay debit cards. Dr Switkowski would not comment on whether Mr Packers Consolidated Press Holdings had voted in favour of the deal. A yes vote is expected to mark the end of nearly three decades as a public entity for Crown Resorts. A final court approval hearing is scheduled for May 24 and then the company will be delisted from the S&P/ASX 200. Crown deal still to clear its final hurdle US private equity giant Blackstone is yet to gain approval from gaming regulators in three states for its $8.9bn takeover of Crown Resorts, despite 99.91 per cent of the companys shareholders including its biggest investor, James Packer voting overwhelmingly in favour of the deal. Crown chairman Ziggy Switkowski said Blackstone was still seeking to obtain approvals from casino regulators in NSW, Victoria and Western Australia, which he expected would happen next month. Once those approvals happen, Mr Packer is set to reap $3.3bn from selling his 37 per cent stake in Crown and ending his familys decades-long ties with the casino group. But one shareholder asked if it was arrogant to proceed with the vote before we can even know if any of the three state governments approve a controversial outfit like Blackstone taking control of our politically sensitive company. The vote on the $13.10-a-share offer held on Friday morning had already been delayed once to give Blackstone time to gain the necessary approvals. Crown shares rose 2c to $12.84 on Friday. Dr Switkowski said the timing of the regulatory approvals was not up to Crowns board and it should not affect the deals milestones. The regulators in three jurisdictions are still working through, as they must, their various issues, he said. The board considered it was in the interests of shareholders to proceed with the vote today to reduce any potential delays between receipt of the outstanding gaming regulatory ap c a s i n o s Jared Lynch Gaming regulators are still to reveal the cards for Blackstones bid for Crown Resorts there can be greater regulatory and compliance risks. Crown has been the subject of three separate inquiries, in NSW, Victoria and Western Australia, which all found the company not suitable to hold a casino licence after it facilitated money laundering and other organised crime. The board considered it was in the interests of shareholders to proceed with the vote today Ziggy Switkowski KEY DATES 1993: Crown wins Victorian casino licence 1999: PBL buys Crown Melbourne 2007: Crown demerges from PBL, lists on ASX 2015: James Packer resigns from Crown board, rejoins in 2017 and resigns again in 2018. 2019: Wynn Resorts abandons takeover play for Crown 2020: Melco abandons bid for Crown stake purchase 2021: Bergin report recommends regulatory overhaul 2022: Shareholders vote to sell Crown to Blackstone
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