| CCL | CCA expects to generate between 4-5% growth in net profit for 2012, before significant items. CCA’s Group Managing Director, Terry Davis said, “CCA has continued to outperform its peer group and in 2012 we expect to again deliver increased Group revenue and volume growth. Indonesia and PNG will once again deliver a strong performance and while the trading environment in Australia remains challenging, we have seen some improved momentum in the lead up to Christmas. Trading conditions have not improved for the New Zealand and SPC Ardmona operations and these businesses have negatively impacted overall Group earnings growth by approximately 2% for 2012. The Australian business expects to deliver positive volume and revenue growth in the second half.CCA has acquired the PT San Miguel Indonesia Food and Beverages non-alcoholic beverage bottling assets in Jakarta, Indonesia following San Miguel’s decision to exit the production of non alcoholic beverages in Jakarta. Commissioned in 2006, the assets include a 20,000 sqm purpose built beverage production facility which includes a high speed PET bottling line and a 5,000 sqm warehouse. In addition, the 100,000 sqm land parcel acquired provides a valuable land bank for future expansion. CCA expects to spend approximately A$45 million on the acquisition of the existing San Miguel facilities and on expenditure to further develop site capacity over the next 12 months.CCA is currently completing the acquisition of an existing 18,000 sqm warehousing facility in Lae for A$28 million. CCA is pleased to announce that it has entered into a long-term exclusive agreement to distribute Rekorderlig cider in Australia from 1 January 2014, post the expiry of its restraint agreement with SABMiller not to sell, distribute or manufacture beer or cider in Australia until 16 December 2013 | Company report |
| BHP | BHP Billiton has signed a definitive agreement with PetroChina to sell its 8.33 per cent interest in the East Browse JV and 20% interest in the West Browse JV, located offshore WA, for a cash consideration of US$1.63 billion. | Company report |
| DCG | Decmil Australia, has won a $30 million contract to construct facilities for Rio Tinto’s operations in the Pilbara. The contract covers a range of major infrastructure works and includes the construction of a heavy vehicle workshop and associated facilities, a first aid building, a security gatehouse, a communications hut and a radio base station facility. | Company report |
| QBE | QBE confirmed today the issue of US$500 million of lower tier 2 subordinated convertible debt securities. The main features of the Securities include: maturity in December 2039; floating interest rate of 3.25% over 6 month US$ LIBOR, payable semi-annually in arrears; | Company report |
| EGP | Echo Entertainment Group announces that Mr John Redmond is to be appointed as Managing Director and Chief Executive Officer of the Echo Group subject to regulatory approvals being obtained. | Company report |
| WEB | Webjet today announced it has entered into binding agreements to acquire Zuji in Australia, Hong Kong and Singapore. Zuji is the number one online travel agency in air tickets in Hong Kong and Singapore, the official packaging partner of Virgin Australia’s Blue Holidays, and has a substantial presence in Australia’s online travel agency space with a total annual TTV in excess of A$300 million. The purchase price is US$25.0 million or approximately 4.6 times pro forma adjusted CY2012E EBITDA. | Company report |
| NSE | Gibb Maitland #1 well had been drilled to the first casing point at a depth of 826m where 13 3/8” casing has been run and cemented in preparation for pressure testing. Forward operations will involve the completion of routine pressure testing to ensure casing and wellbore integrity before drilling ahead in 12 1/4“ hole towards the second casing point in the well. The primary objective of the Phase One drilling campaign, including the Gibb Maitland #1 well, is to gather a comprehensive modern data set over the Goldwyer Formation via a detailed evaluation program consisting of mud logging, logging-while-drilling, coring and wireline logging. This data will be used to assess the resource potential of “unconventional” hydrocarbons in shale reservoirs within the Kidson sub-Basin, where New Standard and ConocoPhillips have a dominant acreage position. | Company report |
| GWA | A change in divisiona; structure to result in cutting 230 employees with a positive cashflow effect of $4m. Trading performance has shown improvement from the weak trading result in the 1Q. | Company report |
| DLX | DuluxGroup announces that it has declared its takeover offer for the shares in Alesco free from all conditions. | Company report |
| RIO | Rio Tinto has reached a binding agreement to sell its 57.7 per cent effective interest in Palabora Mining Company Limited (Palabora) for US$373 million. The purchaser is a consortium comprising South African and Chinese entities led by the Industrial Development Corporation of South Africa Limited and Hebei Iron & Steel Group, who are committed to the ongoing sustainable management of Palabora. | Company report |
| ARI | Key mineral processing facilities in Canada, Brazil and Peru are ripe for expansion with steelmaker Arrium Limited (ARI) keen to grow its minerals processing business by up to 20% | The Australian |
| WPL | WPL has struck an exploration deal in Myanmar with an locl underworld figure | The Australian |
| LEI | LEI seeking to buy MAH’s construction operations business for $100m | AFR |
| MAH | LEI seeking to buy MAH’s construction operations business for $100m | AFR |
| CCL | competitor Diageo running the ruler over supplier Beam, which could have problematic implications for CCL | AFR |
| GMG | A number of investment banks sounding the market out regarding a $500m equity sale | AFR |
| QAN | Alan Joyce seeking to divert Australian fleet plans to Asia to aid expansion in that market | AFR |
| TLS | set to sign a ddigital rights deal worth more than $100m with the ARL | AFR |
| GPT | GOT will need to pay $3.1b to secure the office and industrial assets of ALZ which may involve an equity raising | SMH |
| US | Oct trade gap grew by 4.9% to $42.24b vs $42.1b exp. | WSJ |
| EU | Dutch Central bank flagged it will likely miss the EU budget deficit target next year | WSJ |
| China | Chinese Copper output rose to a record level in Nov, while refiners have processed a record amount of crude oil. | WSJ |
| CDU | Significant zones of high-grade sulphide mineralisation have been intersected during the current pit-dewatering drill programme currently ongoing at Rocklands including; 47m @ 8.60% CuEq (from 165m) within the defined resource area and; 45m @ 3.32% CuEq (from 227m) in a second zone not included in the current resource model. | Company report |
| BCI | BC Iron is pleased to announce the successful completion of a fully underwritten institutional placement of ordinary shares to raise approximately A$47m. The final issue price under the Placement was A$3.04 per new fully paid ordinary share. The Placement Price represents a 3.8% premium to the last close of $2.93 on 7 December 2012 and a 6.0% premium to the 5 day volume weighted average price for the period ending on 7 December 2012 of approximately $2.87 per share. | Company report |
| FLT | FLIGHT Centre will strengthen its business foundations by paying down more than half its debt. The company has moved to capitalise on the Australian dollar’s current strength by electing to repay a $USD60million loan that was used to partly fund the Liberty Travel acquisition in the United States in 2008. Company cash will be used to repay the loan, which represents the bulk of FLT’s debt. | Company report |
| BPT | Beach Energy advises that dry and wet testing and commissioning of the Growler to Lycium (Beach 40% and operator, Senex Energy Limited 60%), Callawonga to Lycium (Beach 75% and operator, Cooper Energy Limited 25%) and Lycium to Moomba (Beach 60% and operator, Senex 40%) flowlines has been completed and oil is now flowing through these lines into Moomba. | Company report |
| SXY | Beach Energy advises that dry and wet testing and commissioning of the Growler to Lycium (Beach 40% and operator, Senex Energy Limited 60%), Callawonga to Lycium (Beach 75% and operator, Cooper Energy Limited 25%) and Lycium to Moomba (Beach 60% and operator, Senex 40%) flowlines has been completed and oil is now flowing through these lines into Moomba. | Company report |
| COE | Beach Energy advises that dry and wet testing and commissioning of the Growler to Lycium (Beach 40% and operator, Senex Energy Limited 60%), Callawonga to Lycium (Beach 75% and operator, Cooper Energy Limited 25%) and Lycium to Moomba (Beach 60% and operator, Senex 40%) flowlines has been completed and oil is now flowing through these lines into Moomba. | Company report |
| Asia | North Korea has reportedly fired a rocket at 9.49am local time, according to South Korean news agency Yonhap and the Japanese government | AFR |
| Aust | Consumer confidence has for the second time in three months fallen in the wake of a Reserve Bank of Australia interest rate cut, suggesting concerns about the direction of the economy are outweighing any benefits from easier monetary policy. | AFR |
| MAH | Macmahon Holdings announced its new strategy to become a dedicated full service mining contractor after confirming the planned exit from its Construction business. To support its new strategy Macmahon has today also announced a fully underwritten 2 for 3 pro rata accelerated non-renounceable Entitlement Offer to raise approximately $80.7m. Macmahon has signed an MOU with Leighton Holdings to transfer the majority of its current Construction projects to Leighton, including equipment and people associated with those projects. “Mining already has a secured order book of $1.9 billion and, with expected contract extensions and the anticipated award of the Christmas Creek Mine expansion contract, this figure is expected to rise to above $4 billion. “With future revenue underpinned by a significant order book of secured and expected work, Mining will deliver approximately $1.2 billion revenue for FY13, increasing to around $1.4 billion in FY14. This new focus will ensure we can further develop Macmahon’s existing end-to-end mining service model and continue to build a diverse commodity, geographic and client base within the resources sector. The MOU outlines the planned transfer of the majority of Macmahon’s current Construction projects and associated assets to Leighton for gross consideration of approximately $20 million (subject to adjustments on completion). Macmahon will retain projects nearing completion, as well as residual exposure to its share in the South Road Superway project (joint venture with Leighton) and the Trangie Nevertire Irrigation Scheme. Macmahon will retain approximately $40 million worth of equipment, which will be used in its Mining Business or sold. | Company report |
| FGE | Forge Group subsidiary CTEC has received a Notice of Award for a $105 million contract from WorleyParsons for the development of BHP Billiton’s Yarnima Power Station, three kilometres northwest of Newman in Western Australia’s Pilbara Region. The Yarnima project entails the delivery of a Combined Cycle Gas Turbine (CCGT) power station comprising three gas turbines, three heat recovery steam generators and two steam turbines with auxiliary equipment. | Company report |
| LNC | Linc Energy continues to be the subject of ongoing speculation that Russian billionaire Roman Abramovich is interested in the company. | Company report |
| AQA | Aquila Resources refers to its previous announcements in which it advised that the Company and its joint venturer in the West Pilbara Iron Ore Project, AMCI, have not reached agreement on a proposed budget for the 2012/2013 financial year. As a result, the dispute was referred to arbitration in September 2012, in accordance with the dispute resolution procedures of the Joint Venture Agreement. At a directions hearing today, the arbitrator made orders for the arbitration to commence in late February 2013. Aquila is hopeful that the arbitration award will be handed down during the March 2013 Quarter. As previously advised, a determination by the arbitrator is non-binding, except for the identification of a Vendor Participant whose Venture Interest may be acquired by the other Participant at fair market value (should the relevant dispute remain unresolved). The Project has moved to minimum expenditure whilst the dispute is being resolved and this has resulted in a number of work programmes being wound down or suspended for the time being. | Company report |
| Oil | U.S. oil demand is expected to rise by 0.5% to 18.73 million barrels a day in 2013, after slumping 1.6% to a 15-year low this year, a government forecast said | WSJ |
| EU | Greek bondholders submitted bonds with a face value of about €31.5 billion ($40.7 billion) to the country’s debt buyback program, exceeding a target of €30 billion, a senior Greek government and bank official said Tuesday. The buyback offer, which closed at 1200 GMT Tuesday, was extended by a day after initial offers last week fell slightly short of the target. The program is a crucial part of a plan to reduce Greece’s debt burden and unlock further aid from international creditors. “Total bids were around €31.5 billion,” the government official said, without providing any further details. The buyback came roughly two weeks after euro-zone finance ministers agreed on a complex series of measures to reduce Greece’s debt burden further. | WSJ |
| US | Citi’s economists expect the Fed to keep buying USD40bn of MBS and shift to outright buying of USD45bn of Treasuries per month. This would add about USD1.1trn to the Fed’s balance sheet over the next year. Were the Fed to come in below USD40bn at this stage investors could easily conclude that their commitment to economic stimulus was not as solid as earlier Fed comments | Citi |
| EU | Italian PM Mario Monti is in talks with Centrist parties about a potential run for office in elections expected in early 2013 | FT |
| EU | The media also speculates that former PM Berlusconi’s real motivation for forcing an early poll (his center-right PDL party withdrew support for the government last week) is to avoid jail. Berlusconi’s lawyer, Niccolo Ghedini, is reported in The Times saying an election campaign would constitute a ‘legitimate impediment’ to continued hearings on the sex crime charges Berlusconi faces in Milan | Citi |
| EU | German ZEW monthly poll of economic sentiment jumped to 6.9 points, -15.7p, -11.5e | Bloomberg |
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