The Director's Commentary of the ASX.
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Telecommunications company, Telstra (ASX:TLS):
priced a €500 million (approximately AUD$840 million) bond issue
The use for the funds?
general corporate purposes.
The notes have an 8-year maturity.
Online book retailer, Booktopia (ASX:BKG):
[appointed] David Nenke as the company’s new CEO.
Replacing Acting CEO Geoff Stalley who replaced founder Tony Nash after he was ousted last July.
Speaking of Tony Tash. Booktopia also announced:
that an entity assosciated with former CEO and Booktopia founder, Tony Nash, Tachyon Venture Pty Ltd today entered into a short-term consultancy agreement with Booktopia
It should be noted that Nash is a non-executive director of Booktopia.
Tachyon Ventures will be paid a consulting fee of $2,500 gross per day for a maximum of 3 days per week
The short-term agreement lasts exactly 1-year, or otherwise known as: a $390,000 golden parashoot for former CEO.
Meanwhile, Nenke’s pocketing:
$500,000 per annum
With another $1,000,000 in short- and long-term incentives.
Digital payments company company Change Financial (ASX:CCA):
announce[ed] the appoint of Mr Tony Sheehan as CEO effective 3 July 2023.
Replacing retiring Alastair Wilkie.
Sheehan who previously served as CFO will get:
Annual Base Salary: A$332,500
With:
Short Term Incentive: 25% of Annual Base Salary
And 3,000,000 performance rights vesting over the next three years subject to stock price hurdles.
Price flat on the announcement at 0.53 cents.
Buy now pay later company IOUpay (ASX:IOU):
announces that […] PricewaterhouseCoopers Australia […] as voluntary administrators earlier today.
The BNPL ride has finally hit the end of the road.
Related: Zip Co (ASX:ZIP) down 52% on the year.
Other related news: Good to see the down on their luck PwC getting some work…
Semiconductor developer BluGlass (ASX:BLU):
has secured two new gallium nitride laser purchase orders …
No mention of deal size.
(Sent with Lasers)
After almost of year of inactivity. This blog is back.
Enjoy.
The Australian Bureau of Statistics:
the Consumer Price Index (CPI) rose 1.8% this quarter […] CPI rose 6.1% [over 12 months].
The CPI print was below expectations of a 1.9% quarterly uplift according to a Reuters poll. It’s the highest since 2001.
The trimmed mean CPI, the Reserve Bank of Australia’s preferred inflation measure rose 4.9% on an annualised basis, exceeding exceptions of 4.7%, and rising 1.5% in the quarter vs 1.4% expectations. Its highest annual pace since the series began in 2003.
Video games developer, PlaySide Studios (ASX:PLY):
has launch[ed] its third-party publishing division, PlaySide Publishing.
An interesting extension for the largest publicly listed games developer in Australia.
The new division will be focussed on PC and Console and offer a full suit of publishing services for independent develops across the globe.
In video games publishing, the publisher will provide a ‘milestone-based’ investment to the developer to complete the title prior to launch. The developer and publisher then participate in a revenue share agreement on sales of the title.
The division:
Enables playSide to facilitate and participate in the success of third-party titles and “incubate” a deeper portfolio of titles in the key PC and Console segment.
Who will run the division?
Harley Homewood joins as Global Head of Publishing [ex-Team17]
Michael McAlister as Global Head of Marketing & Communications (ex-Bethesda Software & Rockstar Games)
Jordon Cameron in the role of Global Senior Communications Manager (ex-Activision Blizzard)
Specialist clinic network company, SILK Laser (ASX:SLA):
has been named the first Aesthetic Treatment provider licensed as a day procedure centre …
What does this mean? Not sure, but it sounds important:
SILK Laser is the first operator in the state — and the country — to meet these new requirements and be awarded a licence, launching as a day procedure centre in a retail setting.
Looks like Tasmania has been increasing regulatory requirements fro the booming injectables.
The process to obtain this licence took 18 months, with SILK working side-by-side with Tasmanian Health.
Building products company, Brickworks (ASX:BKW):
announced the launch of the Brickworks Manufacturing Trust, a new Joint Venture manufacturing property trust with Goodman Group.
This seems like a ripper deal for Brickworks. What are the details of the joint venture?
Brickworks will retain 50.1% ownership of the new trust, with the remaining 49.9% interest sold to Goodman.
Brickworks and Goodman already have a joint venture property trust called, the Industrial Trust. Which houses third-party tenants such as, Amazon (NASDAQ:AMZN), Coles (ASX:COL), Woolworths (ASX:WOW) and Australia Post.
The new trust will be:
tenanted by Brickworks' operating businesses, such as Austral Bricks, Bristle Roofing, Austral Masonry and Austral Precast, with long duration leases of 5-20 years …
How much will Goodman pay?
$207 [million] … represent[ing] a $280 million premium to the book value of the assets …
Brickworks will walk away with, $193 million in net cash proceeds, but only a $74 million uplift to net assets due to way accounting allows them to report the profit.
Overall, a really great way to unlock value from Brickworks, while retaining control of their properties and re-positioning its existing assets and now income producing property assets.
The accompanying Investor Presentation has a great overview of their property portfolio.
Share price has been smashed recently, with rising interest rates and energy prices. However, looks interesting as a long-term compounder.
