BRIEFS
Ikin mourned
Stockbrokers put aside traditional rivalries this week to pay tribute to young Octa Phillip broker Ben Ikin, who died during a visit to Perth at the weekend aged 27. Representatives of Macquarie, Bell Potter and EL & C Baillieu all gathered in Melbourne pay their respects. "Ben was a young man with a promising future and will be missed," said Patrick Trindade, head of private wealth at Octa Phillip.
TAKEOVER
Australand bid
Australand Holdings has denied it has been approached by rival Mirvac with any takeover offer. In response to press reports on Tuesday that its management was in talks about a possible $7 billion merger with Mirvac, the directors of Australand said: "Australand advises that it is not in receipt of any such proposal." However, analysts have said that since GPT said it was committed to making a bid for Australand's non-residential assets, it is "game on" for the real estate investment trusts.
TAKEOVER
Ten threshold
The interest in the struggling Ten Network held by James Packer and Lachlan Murdoch has risen to just below the 20 per cent takeover threshold after the pair took up their entitlement under a capital raising. However, Mr Packer's Consolidated Press Holdings told the stock exchange that it expected the pair's voting power would return to its previous level of 17.9 per cent after a retail offer in January.
ASIC
Iron ore fine
Iron ore minnow Northern Iron has agreed to pay a $66,000 fine to the Australian Securities and Investments Commission after an investigation into continuous disclosure. ASIC was concerned that Northern Iron took 2 hours and 24 minutes to request a trading halt after it learnt that confidentiality around a possible transaction in May had been lost. Northern Iron said it was not in the company's best interests to enter an expensive and long legal dispute with ASIC and would pay the fine in a bid to close the matter.
Frequently Asked Questions about this Article…
Ben Ikin was a 27-year-old broker at Octa Phillip who died while visiting Perth. Representatives from major firms including Macquarie, Bell Potter and EL & C Baillieu gathered in Melbourne to pay their respects. Octa Phillip’s head of private wealth, Patrick Trindade, said Ben was a young man with a promising future and would be missed.
Australand Holdings denied press reports that it had been approached by rival Mirvac about a possible takeover or a $7 billion merger. The directors advised the market they were not in receipt of any such proposal.
The article says GPT committed to making a bid for Australand’s non‑residential assets. Analysts commented that GPT’s commitment makes it ‘game on’ for the real estate investment trusts, suggesting increased takeover or asset‑sale activity among REITs.
After taking up their entitlement in a capital raising, the combined interest held by James Packer and Lachlan Murdoch in Ten Network rose to just below the 20% takeover threshold. Their voting power was expected to return to 17.9% after a planned retail offer in January, according to Consolidated Press Holdings.
The 20% takeover threshold is a regulatory benchmark that can trigger takeover rules when a shareholder’s interest reaches or exceeds it. The article notes Packer and Murdoch’s holdings rose to just under that level after a capital raising, which drew attention because movements around the threshold can influence control dynamics and market speculation.
Northern Iron agreed to pay a $66,000 fine to the Australian Securities and Investments Commission after an ASIC investigation into continuous disclosure. ASIC was concerned the company took 2 hours and 24 minutes to request a trading halt after confidentiality around a possible transaction was lost.
Continuous disclosure requires listed companies to promptly inform the market of price‑sensitive information. In Northern Iron’s case, ASIC found the company delayed requesting a trading halt for 2 hours and 24 minutes after confidential information about a possible transaction became public, prompting the fine.
Northern Iron said it did not want to enter an expensive, prolonged legal dispute with ASIC and agreed to pay the $66,000 fine in an effort to close the matter, according to the article.
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