Live ASX News Today
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1st Jul 08:54 PM AEST
Abacus Property Group (ASX:ABP), the real estate leader, announced that it had exchanged contracts to acquire a 1/3rd interest in Myer Melbourne property. The property is located in a prominent position and is one of Melbourne CBD’s best-known buildings. Simultaneously, Charter Hall Long WALE REIT (ASX: CLW) will acquire a 1/3rd interest, with the remaining 1/3rd share being retained by the property manager, Vicinity.
Total consideration for the acquisition is AU$135.2 million, excluding transaction costs and reflects a 6% passing yield. ABP will fund the acquisition by debt. The transaction is expected to settle by the end of July 2021.
The building has a weighted average lease expiry (WALE) of 10.5 years and is 100% leased to Myer Pty Limited and guaranteed by Myer Holdings Limited. As per ABP; Managing Director Steven Sewell, ABP will take advantage of the intergenerational opportunity with longer-term repositioning potential.
The transaction aligns with ABP’s strategic priority of acquiring commercial assets in select locations and is believed to ultimately translate to strong tenant demand. In addition, with the potential for a degree of repositioning, it brings in a great opportunity for the group. Together with its partners, ABP will be able to implement active asset management plans and drive superior returns from the asset.
ABP shares traded at AU$3.180, up by 0.952%, on ASX on 1 July 2021.
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1st Jul 08:51 PM AEST
Magellan High Conviction (ASX:MHH) intends to transition to an Active ETF, shares go up 6%. Magellan High Conviction Trust (ASX:MHH), the closed-ended listed investment trust, expressed its intention to transition into an Active open-ended ETF today.
Once the transition is implemented, unitholders will be able to apply and redeem units directly with MHH. They will even have the ability to buy and sell units on the ASX generally at a tight spread to the net asset value.
MHH believes that transitioning the fund to an open-ended Active ETF is in the best interests of investors.
As per Magellan CEO; Brett Cairns, the benefits for unitholders of reducing the trading discount in MHH outweighs the benefits of MHH remaining as a closed-ended fund.
The completion of transition is subject to regulatory and unitholder approvals. Additional information will be set out by MHH in a detailed notice of meeting to unitholders ahead of the meeting date. As of now, MHH intends to hold a unitholder meeting in the quarter ending 30 September 2021.
MHH shares traded 5.75% up at AU$1.655 on ASX on 1 July 2021.
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1st Jul 08:49 PM AEST
Talga Group (ASX:TLG) finds exceptional global supply potential at Vittangi Anode Project . Talga Group LTD (ASX:TLG), the Battery anode and advanced materials company, announced the completion of the Detailed Feasibility Study (DFS) for its Vittangi Anode Project in northern Sweden.
The Detailed Feasibility Study confirmed exceptional potential to supply globally competitive green graphite anode. The Project has exceptional potential to deliver Talga’s flagship green graphite anode product Talnode®-C, over 24 years of mine life.
The green graphite anode is suitable for multiple applications, including Tier 1 automotive lithium-ion batteries. The robust, high margin operation is expected to generate revenue of US$5,352 million and EBITDA of US$4,081 million.
TLG has estimated capital expenditure of US$484 million and US$44 million contingency (9.1%) funds. It also expects additional owner’s costs with equipment and processes expenses, aligned to the latest product requirements of Tier 1 EV battery customers. TLG also needs to expand infrastructure to support future Niska expansion.
The Board of Directors considers that the successful DFS provides a strong platform for Talga to secure project financing. Talga is engaging with potential project development partners. The Commencement of mining is planned for 2023, with commercial anode production in 2024. TLG is confident that this initial stage of the operation will be a stepping stone to its larger role in the global battery and EV supply chain.
TLG shares traded 2.63% up on ASX at AU$1.365 on 1 July 2021.
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1st Jul 05:18 PM AEST
AusCann (ASX:AC8) shares shot up 11% on deal with Tasmanian Department of Health.
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The medical marijuana producer AusCann Group Holdings Limited (ASX:AC8) has agreed to supply pharmaceutical cannabis products for the Tasmanian Department of Health (DOH). The agreement followed a successful bid in response to the Tender request issued by DOH.
The tender was released to supply pre-packaged pharmaceutical products to the Tasmania Health Service (THS), Ambulance Tasmania (AT) and other government health centres.
The awarded products, including proprietary Neuvis® THC/CBD oral capsule, will be available for supply by AusCann after receipt of official purchase orders.
Post this announcement, AC8 shares traded 11% higher today and closed at AU$0.110 on ASX.
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1st Jul 05:18 PM AEST
Rhipe (ASX:RHP) shares rose ~21% in intraday trading on receipt of buyout offer
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Shares of Cloud software firm Rhipe Limited (ASX:RHP) soars as much as 21% to A$2.53 during intraday trading.
Rhipe Limited (ASX:RHP), the cloud-enabled information technology company, today announced receipt of a non-binding, conditional Proposal from Oslo, Norway-based cloud services firm Crayon Group Holding ASA.
The offer was made to acquire 100% of RHP shares through a scheme of arrangement for AU$2.50 per share, demonstrating a ~ 20% premium to RHP's last close on June 28.
The offer was not final, and was subject to Due diligence, shareholder and regulatory approvals.
However, RHP shares rose 19% and traded today at AU$2.500 on ASX.
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1st Jul 05:17 PM AEST
IGO Limited (ASX:IGO) acquires part of Tianqi Lithium, shares hit 10 year high.
On Wednesday, IGO Limited (ASX:IGO) completed its AU$1.4 billion deal to buy a stake in Tianqi Lithium's Australian assets. The deal is expected to give it stakes in the Greenbushes lithium mine and the Kwinana processing plant in Western Australia.
In April IGO exited its gold operations by selling its 30% stake in Tropicana mine to Regis Resources (ASX:RRL). It has been looking to focus on its nickel and lithium ventures.
Today, IGO announced the appointment of Mr Michael Nossal as Non- Executive Director.
IGO shares have risen 19.6% this year and hit heir 10 year high today. Its shares closed at AU$7.950 on ASX.
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1st Jul 02:59 PM AEST
Mesoblast (ASX:MSB) provides update on its chronic low back pain program
Mesoblast Limited (ASX:MSB), a global leader in off-shelf cellular medicines for inflammatory diseases, shared an update today on its chronic low back pain (CLBP) program. The Company has filed a request and expects to hold a Type C meeting with the US Food & Drug Administration (FDA) for bringing rexlemestrocel-L to patients in the United States (US). MSB has recently completed a Phase 3 trial in patients with chronic inflammatory back pain due to degenerative disc disease. It is looking forward to discussing the most efficient path for bringing it in US markets with the FDA.
Mesoblast plans to leverage the results from a planned US trial to support potential product approvals in both the US and EU. The Company is doing so by including 20% of EU patients in trials to provide regulatory harmonization, cost efficiencies and streamlined timelines without initiating an EU trial.
MSB, and its partner in Europe and Latin America, Grünenthal, have amended their collaboration agreement, and now MSB is eligible to receive payments up to US$112.5 million before the product launch in the EU. This is inclusive of US$17.5 million already received if certain clinical and regulatory milestones are satisfied and reimbursement targets are achieved. The cumulative milestone payments could reach US$1 billion depending on the outcome of Phase 3 studies and patient adoption. MSB shall also receive tiered double-digit royalties on product sales as per the original agreement.
On1 July 2021, MSB shares were trading at AU$1.985 (at 2:16 PM AEST).
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1st Jul 01:22 PM AEST
Propell (ASX:PHL) signs partnership with Zip BPNL, shares trading 48% higher
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Shares of SME focused Fintech company Propell Holdings Limited (ASX:PHL) climbed 85.7% to A$0.195 in the morning as the company announced a partnership with leading BNPL provider Zip Co Limited (ASX:Z1P).
The partnership involves launching ZIP as its first Buy Now Pay Later ‘BNPL’ product on the Propell Platform. With this, PHL customers will now be able to offer their end customers a pay in instalments facility for the products and services they provide. In addition, it will enable PHL customers to significantly improve their cash flows with guaranteed upfront payments.
PHL has a well-defined strategy to draw new customers and further improve its Platform with additional proprietary and third-party products. As a result, it anticipates new customers getting added to its Platform, driving growth in overall revenues and revenue per customer, along with supporting improved margins in its transactions business.
Shares of PHL shares were trading ~48% up at AU$0.155 on 1 July 2021, 1:10 PM AEST.
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1st Jul 01:05 PM AEST
Neometals (ASX:NMT) shows intention for demerger, shares surge.
Neometals Ltd (ASX:NMT), the project development and mineral exploration company, announced its intention to demerge its Mt Edwards Nickel Project. NMT said that Mt Edwards Nickel Project would be demerged into a new company, ‘Widgie Nickel Limited’.
Post demerger Widgie Nickel will seek to list on ASX. The eligible Neometals shareholders will receive new Widgie Nickel shares, at no cost, on a pro-rata basis, in proportion to their existing Neometals shareholding. NMT will do this via a capital reduction and in-specie distribution, subject to shareholder approval.
Post demerger, Widgie Nickel shareholders will be entitled to participate in an entitlement offer to subscribe for additional Widgie Nickel shares. As per NMT, post demerger and entitlement offer, Widgie Nickel will have dedicated resources and capital to realise Mt Edwards’ long-term latent value. In addition, it will allow Neometals to focus on its core ‘battery materials’ projects.
NMT expects the ASX listing of Widgie Nickel by Q4 in 2021, and NMT will release further information in the coming weeks.
NMT shares traded 6% up on ASX at AU$0.510 on 1 July 2021, 12:33 PM AEST.
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1st Jul 01:04 PM AEST
Lendlease (ASX:LLC) shares financial performance & market update.
Lendlease Corporation Limited (ASX:LLC), the property and real estate company, shared a financial performance and operations update today.
As per the release, the challenging operating conditions due to COVID-19 continue to affect all segments of the Group globally.
As an outcome, LLC’s FY21 core operating profit is anticipated to be in the range of AU$375 million to AU$410 million after-tax. FY21 post-tax, statutory profit is anticipated to be within the range of AU$200 million to AU$320 million.
Weaker rental demand and lower rents for rent buildings in London are impacting LLC’s profitability. Notwithstanding COVID-19 impacts, LLC completed several key initiatives, including introducing a new investment partner in Sydney. Additionally, in Melbourne, LLC secured an anchor tenant for the largest office tower at Melbourne Quarter, resulting in forwarding sales and an investment partner was secured its Milan Innovation District.
LLC anticipates an additional provision in the range of AU$90 million to AU$175 million after-tax in FY21.
The management is currently reviewing its resource allocation, operations, and impacts caused by the pandemic and is expected to update the same at the FY21 results announcement due on 16 August 2021.
LLC shares traded 2% low on ASX at AU$11.175 on 1 July 2021, 12:47 PM AEST.
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1st Jul 12:23 PM AEST
Worley secures two wind farm contracts from Pacific Hydro
Shares of Worley Limited (ASX:WOR) shares declined as much as 2.9% to AU$11.6 despite Australian engineering service provider winning two wind farm contracts from Pacific Hydro’s subsidiary, Energy Pacific (Vic) Pty Ltd.
The contracts include operation and maintenance of Pacific Hydro’s wind farms in Victoria, Australia. As per the agreement, Worley will provide full asset management, operations and maintenance services across a fleet of 196 wind turbines and the associated balance of plant with a total generating capacity of 360 MW.
Worley said that the services will be executed by its regional Victoria team, while it will remotely monitor operation of all the wind turbines.
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1st Jul 12:21 PM AEST
Auckland Airport affirms FY21 earnings guidance
Shares of Auckland Airport (ASX: AIA) fell ~ 1% to AU$6.7 after the New Zealand-based airline hub kept its earnings guidance unchanged for the financial year 2021.
The company cautioned that ongoing uncertainty around international travel may impact passenger numbers and related revenue for remainder of the calendar year.
The company’s chief executive Adrian Littlewood said earnings forecast for FY21 is unchanged from the prior guidance with a loss after tax in range of AU$35-AU$55 million. Going forward, the main New Zealand airport expects total retail income for FY22 to be in the range of AU$25 million to AU$35 million, citing that the earnings are likely to be impacted by a slower than previously anticipated recovery in passenger numbers.
The company expects steady recovery in international passenger numbers and those business lines linked to passenger volumes, including retail and transport, from early in calendar year 2022.
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1st Jul 12:20 PM AEST
Predictive Discovery (ASX:PDI) updates on drilling at Puzzle North
Predictive Discovery Limited (ASX:PDI), the gold explorer, announced today, that four Diamond Drill (DD) holes from its Guinea based Bankan Project, have intersected high-grade gold mineralisation.
As per Managing Director Paul Roberts, the new results have further confirmed the continuity and grade of its NE Bankan and Bankan Creek gold deposits. The intersection recently discovered is an absolute standout for PDI and is better than any intercept obtained so far in the Bankan deposit. PDI has four more deep DD holes yet to report at NE Bankan. The profound drilling results on adjacent sections also delivered perfect widths and resulting grades.
He further added that Infill diamond drilling is ongoing at Bankan Creek, with the last holes planned for completion in mid-July. Following receipt and interpretation of the latest results, PDI will now move onto the Maiden Resource estimation, in keeping with its September Quarter timetable.
Trading 22% up, PDI shares traded on ASX at AU$0.094 on 1 July 2021 at 12:10 PM AEST.
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1st Jul 12:09 PM AEST
Genesis Minerals (ASX:GMD) updates on drilling at Puzzle North
Genesis Minerals Limited (ASX: GMD) announced today that it has significantly expanded its planned drilling program at the emerging Puzzle North discovery. The Puzzle North project is part of its 100%-owned Ulysses Gold Project in Western Australia. Drilling expansion was planned after receiving further exceptional drilling results from the area. The latest results from RC drilling at Puzzle North, completed in May 2021, located significant new shallow gold intercepts.
As per GMD, a 7,500m drill program to be completed at Puzzle North and Puzzle over the next three months to in-fill and extend the known mineralisation. Mineralisation remains open and at depth, along strike and the granite-greenstone contact. The extensive mineralised corridor extending over a 6km strike length along the Puzzle granite-greenstone contact zone also requires systematic drill testing as per GMD.
GMD shares last traded on ASX at AU$0.070 on 1 July 2021 at 12:01 PM AEST.
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1st Jul 11:58 AM AEST
Schrole Group (ASX:SCL) shares sales & marketing updates
Schrole Group Limited (ASX:SCL), the education sector HR SaaS provider, presented its sale and marketing opportunities to investors today.
Key Highlights-
- Its 2021 YTD renewals are 87% from January to mid-June 2021, compared to 63% in CY20.
- The service renewal rates are on an uptrend along with 8% rise in revenues in CY2020.
- Targeted Contract Value has gone up from AU$5,000 to AU$30,000 per school.
SC expects margin expansion through expanded products. Increased international school markets and domestic school expansions are clear growth opportunities for SCL.
From 1 July 2021, SCL can directly market its full HR software suite ‘Connect 3.0’ globally. It is no longer constrained by ISS partnership. SCL was historically limited to Asia, Middle East and North Africa. From 1 July 2021, new markets of Europe, Africa and South America have been added.
In 2HCY2021, co-marketing with strategic partner Faria Education Group is its target and Software integration is also being undertaken.
SCL has Transitioned from 2 to 5 SaaS products and is eyeing opportunities for cross-selling and upselling.
Trading 16.666% up, SCL shares last traded on ASX at AU$0.014 on 1 July 2021 (11:55 AM AEST).
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1st Jul 11:30 AM AEST
Copper heads to record biggest monthly fall since 2020 March
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Copper prices were headed to register the biggest monthly fall since March 2020 on Wednesday amid a stronger dollar and threat of tighter US monetary policy.
- September delivery copper futures traded 0.16% down at US$4.285 per pound as of 1 July 2021 at 10:49 AM AEST.
- The prices hit an all-time high level of US$4.9 per pound during the second week of May due to skyrocketing demand in Chinese industrial firms.
- The red metal is still up nearly 7% for the April-June quarter, recording the fifth consecutive quarter of rising prices.
- After the hawkish shift in US Federal Reserves' rates outlook, the rise in the US dollar also has weighted copper prices. A stronger dollar makes copper more expensive for other currency holders.
- However, several market analysts believe that the prices will rise again in the future because of the supply deficit and higher demand in the infrastructure sector, and electrification of vehicles.
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1st Jul 11:29 AM AEST
Crude oil trades flat on demand recovery and rising coronavirus cases
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Crude oil traded nearly flat on Wednesday amid rising cases of coronavirus in various parts of the world and expectations for a recovery in demand.
- September delivery crude oil futures traded 0.04% per barrel, whereas August delivery WTI crude oil futures traded 0.01% up as of 1 July 2021 at 10:21 AM Australian Eastern Standard Time.
- In June, the oil output has risen by 740,000 barrels per day compared to the oil output in May.
- OPEC+ is set to meet today to discuss the further rise in the output from the August month.
- Portugal and Spain imposed new restrictions on non-vaccinated Britons. Australia also faced tighter curbs amid fast-spreading viruses across the country.
- Meanwhile, negotiations to revive the Iran nuclear deal paused in June after judge Ebrahim Raisi won the country’s presidential election.
- The deal could further add nearly 1Mbpd into the global crude oil supply.
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1st Jul 10:52 AM AEST
Family Zone (ASX:FZO) cracks a deal to acquire US based classroom management technology business
Emerging leader in the fast-growing global cyber safety industry Family Zone Cyber Safety Limited (ASX:FZO) has signed an agreement regarding the acquisition of an innovative US based classroom management technology business.
Under the binding agreement, the acquisition offers FZO a further approximately 250,000 student licences plus access to an innovative product and specialist and highly relevant technical and sales expertise in the US.
FZO believes that the acquisition is in line with its strategy for growth through acquisitions where prospects offer access to complementary capability or distribution.
The FZO stock was noted at AU$0.590 at 10:45 AM AEST.
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1st Jul 10:28 AM AEST
Outage at PEXA Group’s (ASX:PXA) Exchange leaves members unable to login
A company revolutionising the ways of exchanging property in Australia, PEXA Group Limited’s (ASX:PXA) PEXA Exchange experienced an outage on 30 June 2021. As a result, members were temporarily not able to log in to the platform for a period of more than one and a half hours.
However, full services were restored by 5 PM AEST, and all property settlements that were in ‘Ready’ status proceeded yesterday, while rebooking was needed for the remaining ones.
In Q4 FY21, Transaction volumes through the PEXA Exchange surpassed the forecast in the prospectus dated 21 June 2021 by more than 4%. More than 960,000 PEXA Exchange transactions were processed as compared to 923,000 forecasts mentioned in the prospectus.
PXA has advised that property market volumes remain strong at the end of FY21, with volumes exceeding by 48% versus the prior corresponding period in FY20 (646,000).
The PXA stock was last noted at AU$17.130 on 01 July 2021.
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1st Jul 10:27 AM AEST
Knosys Limited (ASX:KNO) bags an agreement to acquire LIBERO
Leading SaaS provider based in Melbourne Knosys Limited (ASX:KNO) along with a special purpose subsidiary has inked a conditional asset and share-sale agreement for the acquisition of LIBERO business from Libero Software Pty Ltd and Insight Informatics Pty Ltd.
The acquisition is believed to be aligned with KNO’s growth strategy to deliver multiple SaaS offerings under a shared services mode. KNO’s growth strategy constitutes a progressing growth program to empower the Company to scale its international operations, attain new development competences and enlarge sales offices while preserving a cost-effective shared services model.
The acquisition is anticipated to be completed by no later than 31 August 2021, subject to the satisfaction of certain agreed conditions.
The KNO stock traded at AU$0.150, up by 11.111% at 10:24 AM AEST.
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1st Jul 10:17 AM AEST
Capricorn Metals (ASX:CMM) marks first gold pour from its Karlawinda Gold Project
Capricorn Metals Ltd (ASX:CMM) has achieved its first gold pour on 30 June 2021 at its 100% owned Karlawinda Gold Project with gold bars weighing 12.0 kg poured in the first smelt on site.
The Company is continuing with the process to optimise the three-stage crushing circuit for generating the most appropriate product size for ball mill feed in laterite ore.
The first gold pour indicates a significant milestone for the Company and focus is now on ramping up the project to full operations as efficiently as possible.
The CMM stock traded at AU$1.900 at 10:13 AM AEST.
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1st Jul 09:52 AM AEST
First Graphene (ASX:FGR) confirms new method of making green hydrogen and advanced graphite products
Leading supplier of high-performing, graphene products First Graphene Limited (ASX:FGR) has released a white paper confirming the novel method for producing green hydrogen and advanced graphite products.
The patented process can convert petroleum feedstocks into graphite, graphene and clean hydrogen and the Company is seeking partners from the industry for developing collective pilot program and advancing commercialisation prospects.
Amid growing demand for high purity graphite due to its use in the production of battery anodes, the technology offers potential path to cleaner, more sustainable revenue streams for petroleum producers.
The FGR stock opened at AU$0.290 on 01 July 2021.
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1st Jul 09:52 AM AEST
Native Mineral (NMR) offloads Mt Morgan exploration tenement through divestment
Copper and gold explorer Native Mineral Resources Holdings Limited (ASX:NMR) has inked a deal for the divestment of its Mt Morgan exploration tenement. The Company has signed a Binding Term Sheet for the sale of the project to GBM Resources Limited (ASX:GBZ).
Subject to various terms and conditions, the consideration for the sale includes the following:
- Payment of AU$35,000 to NMR as a deposit fee within 2 business days from the date of execution of the agreement. This is refundable under certain condition.
- GBM is required to complete the purchase by payment of $200,000 in GBM shares within 2 weeks of the notice given by NMR to GBM confirming renewal of Mt Morgan.
The NMR shares last traded at AU$0.255 on 30 June 2021.
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1st Jul 08:40 AM AEST
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1st Jul 07:42 AM AEST