Street Talk News

Further departures at Macquarie Private Wealth Adelaide

Jul 22 2016 at 10:48 PM
Updated Jul 22 2016 at 10:48 PM
Sarah Thompson , Anthony Macdonald , Joyce Moullakis

Paul Kirchner and Andrej Wojciechowski have left Macquarie Private Wealth in Adelaide, sources said on Friday.

The well-regarded pair, which had been with the bank for over 20 years, are joining rival firm Ord Minnett. .

As Street Talk revealed his week, Ords has also poached senior advisers Richard Staunton and Brenton Howard from MPW Adelaide.

ASX Announcements

Jul 22 2016 at 6:12 PM
Updated Jul 22 2016 at 6:12 PM
Sarah Thompson , Anthony Macdonald , Joyce Moullakis

Clive Palmer's petroleum company was placed into liquidation on Friday afternoon.

It's understood Richard Hughes and Tim Heeman from Deloitte Australia have been appointed to manage the liquidation.

The wind-up of Palmer Petroleum relates to a debt claimed by Singapore-based exploration company BGP Geoexplorer of $22.1 million.

BGP Geoexplorer is represented by Ashley Hill of GRT Lawyers.

ASX Announcements

Jul 22 2016 at 4:27 PM
Updated Jul 22 2016 at 5:29 PM
Sarah Thompson , Anthony Macdonald , Joyce Moullakis

Ben Thynne and Andrew Savage, the principals of Evolution Healthcare, have acquired between 10 and 11 per cent of Pulse Health.

Ben Thynne and Andrew Savage, the principals of Evolution Healthcare, have acquired between 10 per cent and 11 per cent of Pulse Health, as revealed by Street Talk on Friday afternoon.

Sources said Thynne and Savage bought the shares via an entity separate to their Evolution Healthcare investment.

Pulse shares have run from 20.5¢ at the start of the week to 27¢ on Friday.

More than 15 million shares changed hands on Friday, which was the biggest one-day volume since listing in 2003.

The purchase by Thynne and Savage comes as strategic buyers move in on Australia's listed and unlisted health care companies.

Already this year, China's Jangho Group has taken a 15 per cent stake in Primary Health Care, while China's Luye Medical acquired private hospital owner Healthe Care. Jangho also acquired listed eye centre owner Vision Eye Institute in a $200 million deal last year, trumping an earlier scrip bid from Pulse .

Pulse is a health services provider with private hospitals, day surgeries and community home care. The company's market capitalisation was worth $69 million based on Friday's closing price.

Prior to founding Evolution in 2011, Thynne was the founder and managing director of Healthe.

Savage has held senior positions within Macquarie Investment Management and CHAMP Private Equity, and was a co-founder of CHAMP Ventures.

ASX Announcements

Jul 22 2016 at 11:38 AM
Updated Jul 22 2016 at 11:38 AM
Sarah Thompson , Anthony Macdonald , Joyce Moullakis

A strong rally in the shares of Aconex, which IPO-ed in 2014, has prompted analysts at UBS to cut their rating on the stock to "neutral."

The broker mentioned that shares in construction industry software provider Aconex had surged 49 per cent since mid-May.

"This compares to the ASX Small Ords Index +9 per cent, the NASDAQ +8% and global SaaS peers, which are on average up 12 per cent over the same period.

"As a result of this outperformance, Aconex now trades on a CY17e Enterprise Value/Sales of 7.9 times, which represents a 16 per cent premium to the average CY17 EV/Sales multiple of 6.8 times for global SaaS peers."

UBS also said the Aconex's share price implied a whopping price-earnings ratio of more than 100 times.

While the analysts reduced their rating to "neutral" the broker upped its price target to $9 from $7.20.

The company was founded in 2000 by school friends Leigh Jasper and Robert Phillpot, who had been boarders at Melbourne's Scotch College. The founders still own about 15 per cent of the company.

The pair started the business during the dotcom boom, backed by investors in the management consulting and building industries, but did not list the company until 2014, with an issue price of $1.90.

In 2014, joint lead managers Macquarie Capital and UBS had to downsize the Aconex IPO to get the transaction done.

ASX Announcements

Jul 22 2016 at 11:19 AM
Updated Jul 22 2016 at 11:19 AM
Sarah Thompson , Anthony Macdonald , Joyce Moullakis

For a number of float hopefuls from the property sector, the CPI data could provide a boost at just the right time.

Economists and currency traders won't be the only ones watching Australia's inflation data on Wednesday – for a number of float hopefuls from the property sector, the CPI data could provide a boost at just the right time.

The inflation data is likely to be weak, and this will increase the chances of a Reserve Bank of Australia rate cut. Futures markets are already pricing in a 68 per cent chance of a 25 basis point cut, well up from 48 per cent probability a week ago.

Across the ditch, the Reserve Bank of New Zealand is also in line for a cut, having signalled a significant strengthening in its easing bias in its scheduled economic update which was released on Thursday. The Kiwi market is expecting a rate cut at the RBNZ's next meeting on August 11.

This lower-for-longer interest rate environment is good news for the yield-orientated initial public offerings currently being spruiked around the market.

The yield on the float of the Viva petrol station business has already been set at 5.8 per cent, with its stub book build next week expected to be well oversubscribed.

Likewise, the Propertylink IPO, which does not price until August 4, is proving attractive with initial support said to be strong off the back of its indicative 7.3-7.8 per cent distribution yield and its above-market, total-return prospects.