IRON ORE
Mount Gibson exit
Mount Gibson Iron's managing director, Luke Tonkin, has left the miner before his planned departure date after talks with other board members about his termination package collapsed. Last month the miner said Mr Tonkin had agreed to leave after a transition period of up to six months, during which time his successor would be appointed. However, the parties were unable to finalise transitional arrangements to the satisfaction of both sides. The chief operating officer, Jim Beyer, has been named acting chief executive. Mr Tonkin was appointed managing director in October 2005 and was previously head of the collapsed tantalum miner Sons of Gwalia.
BROADBAND
Telstra plan
Telstra has set out how it will offer equivalent services to other telcos, as it seeks regulatory approval for its broadband network deal with the government. The new structural separation undertakings (SSUs) include a clause which specifies that services to wholesale customers be equivalent to the comparable retail services Telstra provided. The ACCC rejected an earlier SSU because there was no compliance plan for the structural separation of Telstra's retail and wholesale arms from 2018.
SUGAR
Mill sale approved
A majority of creditors of the Proserpine Sugar Mill voted yesterday to approve Sucrogen's purchase of the mill for $120 million, in a vote conducted by administrators Korda Mentha. The offer by Sucrogen, the Australian sugar subsidiary of Singapore-listed Wilmar International, included absorption of the mill's normal operating costs and certain capital expenditure but it was lower than a $128 million counter-offer by Tully Sugar, that was not put to creditors. Sucrogen's chief executive, Ian Glasson, said the company was pleased to finally buy the mill but was disappointed the sale had not been possible before the mill was put into voluntary administration.
INVESTMENT
AMP in Japan link
Investment manager AMP Capital Investors will expand its presence in Japan through a partnership with a Japanese trust bank. Mitsubishi UFJ Trust and Banking Corporation (MUTB) has acquired a 15 per cent stake in AMP Capital Investors for $425 million. The deal will also give Mitsubishi one seat on AMP Capital's board. The alliance will give AMP Capital Investors access to about 80 per cent of Japan's institutional investors and about 14 per cent of the country's retail investors. AMP Capital's products will be distributed to Japanese institutional investors through MUTB, and to retail investors through MUTB and MUTB's parent company, Mitsubishi UFJ Financial Group.
Frequently Asked Questions about this Article…
What happened to Mount Gibson Iron’s managing director Luke Tonkin and why did he leave early?
Mount Gibson Iron’s managing director Luke Tonkin left the company earlier than planned after talks with other board members over his termination package collapsed. The parties had previously agreed to a transition period of up to six months, but they were unable to finalise transitional arrangements to the satisfaction of both sides.
Who is running Mount Gibson Iron after Luke Tonkin’s departure?
After Luke Tonkin’s exit, chief operating officer Jim Beyer was named acting chief executive of Mount Gibson Iron to manage the business while a permanent successor is arranged.
What is Luke Tonkin’s background and how long was he managing director at Mount Gibson Iron?
Luke Tonkin was appointed managing director of Mount Gibson Iron in October 2005 and before that he was head of the collapsed tantalum miner Sons of Gwalia, a part of his executive background mentioned in the article.
What are Telstra’s new structural separation undertakings (SSUs) and why do they matter for telecom investors?
Telstra’s new SSUs set out how it will offer equivalent services to other telcos as it seeks regulatory approval for its broadband network deal with the government. For telecom investors, these undertakings are important because they address wholesale versus retail service access and competition implications tied to the broadband network arrangement.
Why did the ACCC reject Telstra’s earlier SSU submission?
The ACCC rejected an earlier SSU because it lacked a compliance plan for the structural separation of Telstra’s retail and wholesale arms from 2018, meaning there was no clear roadmap for ensuring fair separation and ongoing compliance.
What was approved in the Proserpine Sugar Mill sale and who bought the mill?
A majority of creditors approved Sucrogen’s purchase of the Proserpine Sugar Mill for $120 million in a vote run by administrators KordaMentha. Sucrogen is the Australian sugar subsidiary of Singapore-listed Wilmar International.
Why wasn’t Tully Sugar’s $128 million counter-offer to buy the Proserpine mill put to creditors?
Although Tully Sugar reportedly had a $128 million counter-offer, that bid was not put to creditors; the creditors voted to accept Sucrogen’s $120 million offer which included absorption of normal operating costs and certain capital expenditure as presented by the administrators.
What does AMP Capital Investors’ partnership with Mitsubishi UFJ Trust mean for investors and product distribution in Japan?
Mitsubishi UFJ Trust and Banking Corporation (MUTB) bought a 15% stake in AMP Capital Investors for $425 million and gained a seat on AMP Capital’s board. The alliance gives AMP Capital access to about 80% of Japan’s institutional investors and roughly 14% of retail investors, with AMP products to be distributed to institutional clients through MUTB and to retail clients through MUTB and its parent, Mitsubishi UFJ Financial Group.
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