The ASX’s largest company, Commonwealth Bank, has completed its $6 billion off-market share buy-back.
CBA, which has a large retail shareholder cohort, bought back the first 100 shares investor sought to sell into the buyback. However, applications for more shares than this to be bought back were scaled back by 79.4 per cent, meaning shareholders had only about a fifth of the shares they offered bought back.
Plush began in 1999 in Nunawading, Victoria, operating primarily as an importer of leather sofas from Italy and Asia.It’s since expanded into a broader range of fabric types and is one of the country’s larger furniture retailers.The combined business will boast revenues of $533 million and earnings of $153 million.
“The acquisition is a strategic opportunity for Nick Scali and will allow us to leverage the increased scale of the combined group whilst providing a platform to significantly grow the store network.” It has also sold its Australian Timber business for $64.5 million to the Pentarch Group, and plans to sell its Fly Ash business in North America.Credit:The proceeds will be used to reduce debt down to between $900 million and $1.1 billion. This leaves the company with $3 billion that can be returned to shareholders - predominantly majority owner Seven Group - through an equal capital reduction.
Auckland Airport is widely held by Australian fund managers following a capital raising at the start of the pandemic.“I have a long history with the airport and I am very excited by the opportunities that lie ahead,” she said.
Huge news!! Could cause some banks to collapse.
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