Australia's sharemarket continues to lure companies across the Tasman, this time with retirement home group Summerset to list here. It is the third New Zealand company to do so in a matter of months, following Mighty River Power and software developer Xero.
Resimac ups RHG bid
Resimac has sweetened its takeover bid for RHG, the rump of mortgage lender RAMS, to 48¢ a share. The latest offer for the company is a direct response to a rival bid last week from home lender Pepper Australia, which also has its eye on the RAMS loan book. Shareholders in RHG are now being offered 48¢ a share from Resimac, in addition to the 3¢ dividend the company plans to pay. It compares with the 46¢-a-share offer from rival bidder Pepper, which provides "white label" mortgages via brokers. RHG's main asset is the lending book of RAMS. RHG shares closed up 2¢ at 51.5¢ on Monday.
360 raises forecast
The 360 Capital Industrial Fund has set the bar high for the upcoming reporting season with a forecast 9.7 per cent increase for its 2013 operating earnings per unit, based on lower interest rate margins. A rise in demand for warehouses and asset sales would also contribute to the forecast 21.5¢ per unit.
Charter Hall Retail REIT has sold its Home HQ Nunawading for $48 million, on a yield of 11.3 per cent through Simon Rooney of Jones Lang LaSalle. Completed in 2006, Home HQ Nunawading is considered the dominant homemaker centre in Melbourne's eastern suburbs. Charter Hall's fund manager, Scott Dundas, said the sale of the centre was part of the group's continuing program to recycle assets, with the proceeds to be reinvested into other Australian acquisitions or redevelopments.