BRIEFS
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.
Nunawading sale
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.
Frequently Asked Questions about this Article…
The article notes a trend of New Zealand companies listing on Australia’s sharemarket, naming Summerset as the latest to list, following Mighty River Power and software developer Xero. For ASX investors, this highlights increasing cross‑border activity and the potential for more New Zealand issuers to appear on the Australian market.
Resimac has sweetened its takeover bid for RHG to 48¢ a share. That offer is stated in addition to a 3¢ dividend RHG plans to pay, as reported in the article.
Resimac’s offer is 48¢ a share (plus the planned 3¢ dividend), while rival bidder Pepper Australia has offered 46¢ a share. The article also notes Pepper Australia provides "white label" mortgages via brokers.
RHG is described as the rump of mortgage lender RAMS, and its main asset is the RAMS lending book.
RHG shares closed up 2¢ at 51.5¢ on Monday, according to the article, reflecting market movement following the competing takeover offers.
The 360 Capital Industrial Fund forecast a 9.7% increase in its 2013 operating earnings per unit, citing lower interest rate margins. The fund also pointed to rising demand for warehouses and asset sales as drivers for a forecast of 21.5¢ per unit.
Charter Hall Retail REIT sold the Home HQ Nunawading centre for $48 million at a yield of 11.3%. The sale was brokered through Simon Rooney of Jones Lang LaSalle, and the centre—completed in 2006—is described as the dominant homemaker centre in Melbourne’s eastern suburbs.
Charter Hall’s fund manager, Scott Dundas, said the sale was part of the group’s ongoing asset‑recycling program, with proceeds to be reinvested into other Australian acquisitions or redevelopments.
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