Briefs

TOLL ROADS

By InvestSMART · 15 Sep 2011

By InvestSMART ·
15 Sep 2011

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TOLL ROADS

ConnectEast clear

A $2.1 billion agreed takeover offer for toll road owner ConnectEast has gained all regulatory and lender approvals. Investment vehicle Horizon Roads has also received consent from the state of Victoria. ConnectEast's security holders are due to vote on the proposal on September 27.

FUNDS

Perpetual exit

Volatile equity markets and funds outflows drove a 4.7 per cent decline in Perpetual's funds under management during August. The wealth manager and trustee said its funds under management fell to $24.2 billion at August 31 from $25.4 billion at July 31.

AVIATION

iPads on Qantas

Qantas will trial Apple iPads as the airline takes steps towards introducing wireless technology for inflight entertainment. A Boeing 767-300 is being devoted to the trial, starting in October.

NATIVE FORESTS

Gunns halts logging

Gunns has accepted a $23 million offer from the Tasmanian government to cease logging in the state's native forests.

GAMING

Tatts farewell

Tatts Group's wholly owned subsidiary Maxgaming Vic has failed to secure the licence for monitoring Victoria's 27,000 gaming machines after August 2012. That means Tatts' association with gaming in Victoria will end once the new system is introduced.

CONSTRUCTION

New Thiess MD

Leighton Holdings has appointed Bruce Munro as managing director of subsidiary Thiess. Mr Munro previously held several senior positions within Thiess.

INFRASTRUCTURE

China wooed

The West Australian Premier, Colin Barnett, has flown to Beijing to meet government officials as he seeks to save the Oakajee port and rail project. The near-$6 billion development is already well behind schedule and over budget.

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Frequently Asked Questions about this Article…

What’s the latest on the ConnectEast takeover offer and who is behind it?

A A$2.1 billion agreed takeover offer for toll-road owner ConnectEast has received all regulatory and lender approvals. The investment vehicle Horizon Roads is behind the offer and has also received consent from the state of Victoria.

When will ConnectEast security holders vote on the takeover and what does the vote mean?

ConnectEast security holders are due to vote on the takeover proposal on September 27. The vote will determine whether the agreed A$2.1 billion acquisition proceeds now that regulatory, lender and Victorian approvals are in place.

Why did Perpetual’s funds under management fall in August and by how much?

Perpetual said volatile equity markets and fund outflows drove a 4.7% decline in its funds under management during August, which fell to A$24.2 billion at August 31 from A$25.4 billion at July 31.

What is Qantas trialing with iPads and when does the trial start?

Qantas will trial Apple iPads as it moves toward wireless inflight entertainment. The airline is running the trial on a Boeing 767-300 starting in October.

What deal did Gunns accept regarding logging in Tasmania’s native forests?

Gunns accepted a A$23 million offer from the Tasmanian government to cease logging in the state’s native forests, according to the article.

What happened with Tatts Group’s Maxgaming Vic and the Victoria gaming-machine licence?

Tatts Group’s wholly owned subsidiary Maxgaming Vic failed to secure the licence to monitor Victoria’s 27,000 gaming machines after August 2012. As a result, Tatts’ association with gaming in Victoria will end once the new system is introduced.

Who is the new managing director of Thiess and what’s his background?

Leighton Holdings has appointed Bruce Munro as managing director of its subsidiary Thiess. Mr Munro previously held several senior positions within Thiess.

What’s the status of the Oakajee port and rail project and what actions are being taken?

The near-A$6 billion Oakajee port and rail development is already well behind schedule and over budget. West Australian Premier Colin Barnett flew to Beijing to meet government officials as he seeks to save the project.