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A number of big-money deals and speculation about potential takeovers and capital raising have popped up in Australian media, notably the Australian Financial Review, well-before being made public on the local stock exchange.
Recent examples include an Australian bid for Infratil, a local apple exporter s interest in Villa Maria wines, and a Canadian pension fund s last ditch bid to snap up Tilt Renewables.
Shareholders Association s chief executive Oliver Mander said the practice was creating an uneven playing field for retail investors who relied on being fairly and equally informed about developments in investment markets.
The AustralianSuper bid for Infratil last year was a good example of how leaks hurt retail investors, as the information was released on an Australian news website behind a paywall late in the afternoon but not disclosed to the local market, he said.
Delisting leaves just 20 Chinese companies on ASX
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The number of Chinese companies quoted on the ASX dwindled to just 20 this week after the latest delisting, as strict standards over the past four years have dissuaded businesses from tapping Australia’s equity market.
Eagle Health, a company selling throat lozenges and face masks, was delisted on Tuesday, removing one of the last Chinese companies to list on the ASX when it floated four years ago.
The company is the first locally listed Chinese business to fall from the market in six months and was dismissed by the ASX for failing to lodge audited financial statements.
Last modified on Wed 17 Feb 2021 00.56 EST
The federal treasurer’s plan to permanently water down laws supposed to ensure companies keep shareholders properly informed could scare off investment needed to recover from the coronavirus recession, investors say.
The Australian Council of Superannuation Investors, which represents 39 large local and international pension funds, on Wednesday dismissed Josh Frydenberg’s claim the law needed to be weakened to combat class action litigation.
Frydenberg’s bill would make it easier for directors of companies to avoid legal liability for misleading the market by requiring proof that they acted with “knowledge, recklessness or negligence” when they did so.
ASA searches for âCEO designateâ
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The Australian Shareholdersâ Association has long been a critic of the cosy governance arrangements found in corporate Australia. Which is why the fact its current CEO is married to the organisationâs former chair has always raised eyebrows.
Still, come December, the end of that era. The retail investors lobby has advertised for a âCEO designateâ, to work under departing chief
John Cowling in the months leading up to the end of his two-year contract. Given the way the body has churned through chiefs in the past few years, this makes a lot of sense.
Jessica Rudd stuck with zero AACo stock
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AACo chairman, and former hardman of Telstra,
Donald McGauchie at the time defended her owning zip, saying a directorâs diligence is unaffected by whether they own stock. Wow! That statement was like a bolt gun to the head of corporate types growing up thinking having âskin in the gameâ was better.
Jessica Rudd said her opportunities to buy shares had been restricted.Â
Glenn Hunt
Anyway, Rudd later told the ASA she still planned to buy shares but opportunities had been restricted, even after releasing earnings results, with AACoâs board in possession of other price-sensitive knowledge, according to FarmOnline. (Since she came to the board in November 2017, director