Ardent Leisure group’s (ASX: AAD)
Ardent Leisure group’s (ASX: AAD) securities were suspended from official quotation on 29 November 2018. The company has made an announcement stating that on 20 November 2018, the shareholders of the company approved the proposal of Corporatisation of the Ardent Leisure Group. As said earlier, if the proposal gets approved then Ardent Leisure group will no longer be a stapled entity and will formed new entity as an Ardent Leisure Group Limited which will act as a single head entity of the Ardent Leisure Group.
Moreover, the Supreme Court of New South Wales (NSW) has approved the proposed scheme of arrangement between Ardent Leisure Limited and its members. The court has also given its judicial advice that Ardent Leisure Management Limited, as responsible entity of the Ardent Leisure Trust, is justified in implementing the Proposal.
The proposal of becoming a single head is expected to be implemented on 24 December 2018. Ardent Leisure Group Limited shares are expected to start trading on a deferred settlement basis on ASX from 30 November 2018 and normal trading is expected to commence on ASX on 27 December 2018.
In the last six months, the share price of AAD decreased by 25.87 percent as on 29 November 2018. AAD’s shares last traded at $1.490 with a market capitalization of circa $714.76 million as on 29 November 2018.
Investa Office Fund (ASX: IOF)
S&P Dow Jones Indices made an announcement on 29 November 2018, stating that it will remove Investa Office Fund (ASX: IOF) from the S&P/ASX 200, subject to shareholder and final court approval of the scheme of arrangement whereby the company will be acquired by Oxford Properties Group.
As per the announcement, S&P Dow Jones is planning to remove Investa from the S&P/ASX 200 effective from 7 December 2018. Investa Office Fund will be replaced by New Hope Corporation Limited (XASX: NHC) in the S&P/ASX 200 effective at the open on December 7, 2018.
On 30 November 2018, Australia based real estate investment trust Investa Office Fund announced that National Australia Bank Limited and its associated entities have become a substantial holder of the company on 27/11/2018 by having 30,989,274 shares and 5.179% voting power.
In FY 2018, the statutory net profit of the company was $521.6 million which was 10.6 percent higher than the previous corresponding year. The increase in the net profit was mainly driven by $399.2mn of valuation uplifts. Valuation uplifts were results of revaluations which were done in both December 2017 and May 2018. The Net Tangible Asset of the company increased by 14.2 percent to 5.47% on the back of valuation gains. Further, the company’s Funds from Operations (FFO) per unit increased by 3.0 percent in FY18 compared to the FY2017.
In the last six months, the share price of the company increased by 8.35 percent as on 29 November 2018. IOF’s shares traded at $5.580 with a market capitalization of circa $3.34 billion as on 30 November 2018 (AEST 4:00 PM).