BRIEFS

COURTS

By InvestSMART · 29 Sep 2011

By InvestSMART ·
29 Sep 2011

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COURTS

Stockbroker charged

A Sydney stockbroker has been charged with five counts of dishonest conduct involving more than $1.8 million. Lawson Stuart Donald, 36, of Maroubra, worked as a client adviser for the stockbroking company Bell Potter from 2003 to 2008. The Australian Securities and Investments Commission alleges Mr Donald rebooked profitable share trades from a client account to two accounts controlled by him and then sold those shares for a profit.

BANKING

ANZ raising doubles

ANZ Banking Group has raised $1.34 billion of tier one capital via an offer of convertible preference shares, nearly double the amount it was originally seeking. ANZ said last month it was seeking to raise $750 million of the preference shares before increasing the offer.

BEVERAGES

ACCC ticks Foster's deal

The competition watchdog has cleared the beverage giant SABMiller to buy the local brewer Foster's for $10.7 billion, saying the takeover would not lessen competition for the supply of beer. The Australian Competition and Consumer Commission said it would not oppose the proposed takeover.

PROPERTY

House prices fall again

House prices fell for a second consecutive quarter and are expected to continue to decline as housing affordability becomes more of a factor for buyers. The National Australia Bank Property Index fell 14 points in the September quarter, following a five-point fall in the June quarter.

AVIATION

Takeover plan denied

The Air New Zealand chairman, John Palmer, told the airline's shareholders yesterday the recent purchase of more Virgin Australia shares was a strategic move designed to lift its presence in the Australasian market. Mr Palmer said the move did not point to an eventual takeover bid.

MEDIA

APN tells feel-good story

APN News & Media has re-affirmed earnings guidance for the second half of this year amid what it says are some encouraging signs in the advertising market. The media company said that it was entering the strongest trading period for the year and forward bookings

were encouraging.

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Frequently Asked Questions about this Article…

Who is the Sydney stockbroker charged and what are the allegations?

A 36-year-old Sydney stockbroker, Lawson Stuart Donald of Maroubra, has been charged with five counts of dishonest conduct involving more than $1.8 million. The Australian Securities and Investments Commission (ASIC) alleges he rebooked profitable share trades from a client account into two accounts he controlled and then sold those shares for a profit.

What connection does the charged broker have to Bell Potter and what should Bell Potter clients know?

The article says Lawson Stuart Donald worked as a client adviser for the stockbroking firm Bell Potter from 2003 to 2008. Investors who are concerned should watch for official communications from Bell Potter or ASIC for any further details or guidance.

How much tier one capital did ANZ raise and how did that compare with its original target?

ANZ Banking Group raised $1.34 billion of tier one capital via an offer of convertible preference shares, which was nearly double the $750 million it originally sought to raise.

What instrument did ANZ use to raise the capital and what was announced?

ANZ raised the funds through an offer of convertible preference shares, and the bank announced it had secured $1.34 billion of tier one capital after increasing the size of the offer from its initial $750 million target.

What did the ACCC decide about SABMiller's proposed takeover of Foster's?

The Australian Competition and Consumer Commission (ACCC) cleared SABMiller to buy local brewer Foster's for $10.7 billion, saying the takeover would not lessen competition in the supply of beer and therefore it would not oppose the proposed deal.

What is the latest on Australian house prices according to the NAB Property Index?

The National Australia Bank Property Index showed house prices fell for a second consecutive quarter. The index fell 14 points in the September quarter, after a five-point fall in the June quarter, and the article says prices are expected to continue to decline as housing affordability becomes more of a factor for buyers.

Did Air New Zealand’s purchase of more Virgin Australia shares mean a takeover was imminent?

No. Air New Zealand chairman John Palmer told shareholders the recent purchase of more Virgin Australia shares was a strategic move to increase the airline’s presence in the Australasian market and did not point to an eventual takeover bid.

What did APN News & Media say about its earnings outlook and the advertising market?

APN News & Media reaffirmed its earnings guidance for the second half of the year, saying it sees encouraging signs in the advertising market. The company noted it is entering the strongest trading period of the year and that forward bookings have been encouraging.