Financial Services

Targett to chair Police & Nurses

Melbourne-based Stephen Targett has become chair-elect of banking group Police & Nurses, after Paul Gabb announced he would retire at the company’s AGM in November 2020.

Ord Minnett back in Perth

Stockbroking and wealth management firm Ord Minnett will formally resume its Perth presence next week after an absence of 17 years.

AFG announces $60m equity raising

Australian Finance Group has announced a capital raising to strengthen its financial position ahead of an expected softening of the housing loan market and to support the growth of its subsidiary AFG Securities.

Working to turn around COVID-19 impacts

Businesses in the hospitality, tourism and retail sectors are holding out for COVID-19 restrictions to lift, as a majority of turnaround professionals believe these businesses won’t be able to survive more than three months if the shutdown continues.

Pioneer seeks new owner

Pioneer Credit has started to engage with potential buyers of the business and is also seeking to refinance its $220 million debt, after last week’s collapse of the Carlyle Group takeover.

Pioneer Credit takeover in doubt

Pioneer Credit has accused its major lender and takeover bidder, US private equity group Carlyle, of trying to either push down its $120 million takeover offer to a very low price or withdraw from the deal altogether.

Euroz flags $16m loss

Stockbroking and funds management group Euroz expects to report a loss of $16 million for the nine months to the end of March but said its trading activity is still profitable and it intends to pay a final dividend.

Euroz terminates Prodigy JV

Euroz has flagged an $8 million hit to its earnings after pulling out of its 80 per cent-owned Prodigy Investment Partners joint venture, which had underperformed in recent years.

Brace for impact, Australia warned

Australia’s economy will contract 2 per cent in the March quarter, according to ANZ, as economists weigh up the impact of the COVID-19 pandemic.

Primewest defers spin-out IPO

Primewest has postponed the spin-out of a new $285 million commercial property trust, citing market volatility, with Macquarie Bank and among other listed companies to change their capital raising plans.

WA Super pursues new merger

National superannuation giant First State Super and smaller Perth-based fund WA Super have signed a memorandum of understanding to evaluate the benefits of a merger.

HBF launches national push

HBF is utilising the popularity of quokkas as a symbol of Western Australia and its status as a not-for-profit business as it takes on the big health funds on the east coast.

Moran turned down $2m settlement

The Supreme Court has disclosed that company director Russell Moran could have settled his dispute with broking firm Argonaut by paying $2 million; instead he went to trial and has now been ordered to pay in excess of $37 million.

AFG reports strong interim results

Australian Finance Group has reported a 20 per cent rise in first-half net profit to $17.7 million, sending its shares 10 per cent higher at the market close today.

Argonaut wins ruling on 79.5% pa loan

Finance group Argonaut has won a Supreme Court ruling against Perth company director Russell Moran, who could owe in excess of $30 million after taking out a high-interest loan six years ago to buy sh

Euroz improves net profit

Euroz has reported an unaudited net profit of $8.5 million for the half year to December 2019, reflecting a strong performance by most of its funds management subsidiaries and a solid result from its

ASIC bans Perth adviser

The Australian Securities and Investments Commission has banned Wayne Blazejczyk from providing financial services for five years, saying the Perth adviser had failed to meet best interest obligations

ASIC acts on $240m investment scheme

The corporate regulator is seeking to wind-up an alleged unregistered managed investment scheme run by Mt Hawthorn resident Chris Marco, who received about $240 million from 132 investors.

Perth company wins FPA award

West Perth-based Capital Partners Private Wealth Advisors has been announced professional practice of the year by the Financial Planning Association of Australia.

ASIC slams mining IPO promoters

The corporate regulator has strongly criticised company directors and lead managers involved in mining IPOs, saying they often have conflicts of interest, favour select clients and are focused on chasing short-term gains.

Pioneer signs $120m scheme with Carlyle

Pioneer Credit has named US investment group Carlyle as preferred bidder to acquire the business, at a price of $1.82 per share, a large discount to the company’s latest closing price of $2.46 per share.