Storm investors sue
Investors who lost money through the $3 billion collapse of Storm Financial are suing the Bank of Queensland over its role in the group's demise. Lawyers acting for investors filed a statement of claim in the Federal Court on Friday as part of a class action that aims to recoup some losses. The bank will defend the claim.
The tussle for Australand's key non-residential assets has turned hostile with GPT Group determined to proceed with a proposal despite overtures being rejected. Brokers have said to strike a deal GPT must win over Australand's major shareholder, CapitaLand.
Equity Red Star offloaded
Insurance Australia Group has sold its British car insurance business, although it has taken a $240 million loss on the sale. IAG sold Equity Red Star to Aquiline Capital Partners for £87 million. IAG warned it was expected to book a loss of about $240 million over financial 2013, including a $160m loss in the first half on the price and exposure to pension liabilities.
APN takes a hit
APN News & Media had $33 million wiped off its market value after its shares hit new lows after a profit warning. In a statement released after the market closed on Thursday, APN said it expected net profit before exceptional items for calendar 2012 to come in between $51 million and $54 million. The stock closed 5¢, or 15.9 per cent, lower at a record low of 26.5¢.