Briefs

ENTERTAINMENT

By InvestSMART · 8 Mar 2012

By InvestSMART ·
8 Mar 2012

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ENTERTAINMENT

Quickflix BBC deal

Quickflix signed content licence agreements with BBC Worldwide and MGM Studios this week, expanding its catalogue of content available through internet streaming. BBC television shows will be available from late March, while content from MGM will be available within weeks. Quickflix has existing content deals with Sony Pictures, Warner Bros., NBCUniversal and HBO.

ENERGY

Infratil review

NZ investor Infratil is reviewing its 82 per cent stake in Perth Energy, which owns Kwinana power station and retails electricity in Western Australia. The investment has a book value of $64 million and contributed a gross profit of $5 million to group earnings.

INFRASTRUCTURE

Qube port leases

Qube Logistics Holdings is to pay $47 million for leases held by Westgate Ports and Westgate Port Services at Melbourne's Victoria Dock, through a mixture of cash and shares. Westgate has an 18-year lease remaining over approximately 17 hectares of land at the dock and Qube said it will spend around $15 million over the next 12 to 18 months to develop the asset.

FOOD

Catering settlement

An Australian catering company that sued US-based Kellogg Brown & Root for more than $US27 million over the abrupt termination of a contract to supply thousands of US troops in southern Iraq has struck a deal to settle the case. Morris Corporation, owned by Rob McVicker of Brisbane, and KBR have reached an out-of-court settlement, ending a dispute that has festered since mid-2003.

REGULATION

Trio undertaking

Former Trio Capital chairman, John Godfrey, has entered into an enforceable undertaking with the Australian Prudential Regulation Authority not to act as a trustee or as a responsible officer that is a trustee, investment manager or custodian of an APRA-regulated superannuation entity without obtaining APRA's consent. Mr Godfrey is the sixth Trio director to give an enforceable undertaking to APRA, although he left Trio prior to its collapse in 2009.

COMPENSATION

Ausnet agrees bill

Settlement of the Beechworth bushfire class action will cost SP Ausnet up to $19.71 million, it told the ASX yesterday, with agreement reached to pay 40 per cent of the claimed losses plus 5 per cent interest, up to a cap of $32.85 million. SP Ausnet's share of the settlement is 27 per cent, up to a cap of $19.71 million. The agreement has been reached with no admission of liability, and is subject to court approval.

NOTE ISSUE

AGL raising

AGL is closer to buying out its partners at the Loy Yang A power station, after raising $600 million through an issue of subordinated notes. The notes were issued at a 3.8 per cent margin above the 90 day bank bill rate.

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Frequently Asked Questions about this Article…

What content licence agreements did Quickflix sign with BBC Worldwide and MGM Studios?

Quickflix signed content licence agreements with BBC Worldwide and MGM Studios to expand its internet streaming catalogue. BBC television shows were scheduled to be available from late March, while MGM content was expected within weeks. Quickflix already had existing content deals with Sony Pictures, Warner Bros., NBCUniversal and HBO.

When will BBC and MGM content be available on Quickflix's streaming service?

According to the announcement, BBC television shows would be available on Quickflix from late March, and content from MGM Studios was due to be added within weeks after that.

What is Infratil reviewing about its investment in Perth Energy and how large is the stake?

New Zealand investor Infratil is reviewing its 82% stake in Perth Energy, the owner of the Kwinana power station and an electricity retailer in Western Australia. The investment has a book value of $64 million and contributed a gross profit of $5 million to Infratil's group earnings.

What did Qube Logistics pay for the Victoria Dock leases and what are its development plans?

Qube Logistics Holdings agreed to pay $47 million for leases held by Westgate Ports and Westgate Port Services at Melbourne's Victoria Dock, using a mixture of cash and shares. The leases have about 18 years remaining over roughly 17 hectares, and Qube said it will spend around $15 million over the next 12 to 18 months to develop the asset.

How was the dispute between Morris Corporation and KBR resolved?

Morris Corporation, owned by Rob McVicker, reached an out-of-court settlement with US-based Kellogg Brown & Root (KBR), ending a dispute that began after the abrupt termination of a contract to supply thousands of US troops in southern Iraq. The company had sued for more than US$27 million, and the settlement brought the long-running case to a close.

What enforceable undertaking did former Trio Capital chairman John Godfrey make with APRA?

John Godfrey entered an enforceable undertaking with the Australian Prudential Regulation Authority (APRA) agreeing not to act as a trustee or as a responsible officer that is a trustee, investment manager or custodian of an APRA‑regulated superannuation entity without first obtaining APRA's consent. He is the sixth former Trio director to give such an undertaking and had left Trio prior to its 2009 collapse.

How much will SP AusNet pay in the Beechworth bushfire class action settlement?

SP AusNet said settlement of the Beechworth bushfire class action will cost it up to $19.71 million. The broader agreement commits to pay 40% of the claimed losses plus 5% interest, up to a cap of $32.85 million; SP AusNet's share of the settlement is 27%, up to the $19.71 million cap. The agreement was reached with no admission of liability and is subject to court approval.

Why did AGL raise $600 million and what were the terms of the note issue?

AGL raised $600 million by issuing subordinated notes to move closer to buying out its partners at the Loy Yang A power station. The notes were issued at a margin of 3.8% above the 90‑day bank bill rate.