Australian Financial Markets Newsletter
WEEK ENDING |
12 March 2009
Myer float still struggling
By: Insto staff | posted March 14th, 2010 21:54
The CEO of retail house Myer, Bernie Brookes, has conceded that the company went too early to the market for its $2 billion IPO under pressure from private equity owner TPG.
Announcing a disappointing $45.75 million net profit – short of the prospectus forecast – a figure which included $93.5 million in costs related to the float, Brookes said: “My inclination was always to wait but the owners made the decision, not management.”
$380 million has been slashed from Myer’s market capitalization since the November float, with the shares 16 percent lower than the offer price.
- 2010 total domestic issuance: 88,344 A$m
- View insto league tables
Quote of the week
``While Australian banks have done very well in terms of their rankings globally by market capitalisation, they lack the scale to play (among) top 10 global banks that tend to dominate large international funding projects,''
Deal Log
| Date | Issuer | Facility | Amount (million) |
|---|---|---|---|
| 07/09/2010 | Commonwealth Bank of Australia (CBA) | Senior domestic AMTN | 1,500 AUD |
| 06/09/2010 | FirstMac | Domestic RMBS(prime) | 416 AUD |
| 02/09/2010 | Bank of Scotland, Australia Branch | Senior domestic AMTN | 600 AUD |
| 01/09/2010 | European Investment Bank (EIB) | Senior Kangaroo | 600 AUD |
| 31/08/2010 | Bank of America | Senior Kangaroo | 1,200 AUD |