Shareholders in PMP are unlikely to get a dividend in the short term as the printing business restructures and pays down debt. Chairman Ian Fraser said yesterday PMP was dealing with the structural changes in the media and print markets, with profits to be hit by "large significant items" in the current year.
Chief's pay up
Suncorp boss Patrick Snowball received a 50 per cent pay rise in the latest year to $8.27 million. It makes Mr Snowball, who joined Suncorp in 2009, one of the highest paid chief executives in Australia. The rise was due to a new contract he signed last year, plus a larger cash incentive as Suncorp posted a 60 per cent rise in full-year profit.
Resins maker Nuplex Industries will cut up to 80 jobs in a restructuring that will close four plants in Australia and New Zealand over the next two years. It will close sites at Canning Vale in Western Australia and Wangaratta in Victoria.
A developer has blamed Queensland Premier Campbell Newman for a decision to scrap a $5 billion tourism project on the Gold Coast. Singaporean company Sembawang has abandoned its plan to build a 1500-room hotel and casino, plus two cruise-ship terminals. It said the decision was made because Mr Newman would not allow a casino to be part of the mix.
Insurance info-mediary iSelect has raised $30 million before a planned sharemarket listing or trade sale next year. The new equity was bought by domestic institutions and priced at $18.50 a share. No shareholders sold down their stake, the 12-year-old company said. It had sought a minimum of $25 million. The deal was conducted by Melbourne broker E. L. & C. Baillieu.