Macquarie Airports (MAP) advised that its foreign ownership level has increased to 39% from 37.8% in October 2008. MAp has the power to commence procedures to divest foreign security holders once the foreign ownership of MAp reaches 39.5% under the Foreign Ownership Divestment Rules that it has adopted. If the foreign security holder fails to dispose of its MAp stapled securities, MAp may sell those securities at the best price reasonably obtainable at the time.
Babcock & Brown Limited (BNB) announced the resignation of Jim Babcock as a director of the company effective 1 November 2008. The company said Mr Babcock had made the decision to step down from the board for personal reasons and that he remained a significant shareholder in the company. Babcock & Brown said the recruitment of new independent directors for the board was ongoing.
Automotive Holdings Group Limited (AHE) has finalised arrangements for the replacement of GMAC Australia as one of its floor plan financiers following GMAC’s announcement on 23 October 2008 that it planned to cease retail and wholesale originations in the Australian and New Zealand automobile industries by 31 December 2008. AHE said it had already concluded negotiations for its GE floor plan facilities to be transferred to Nissan Finance, a new entrant to the market. AHE said the transfer would take place in November prior to GE’s stated withdrawal date of 31 December 2008.
Nylex Limited (NLX) said that it would be reviewing its earnings guidance for the 2009 financial year provided at the EGM of the company held in September 2008. At the meeting Nylex executive chairman Peter George told shareholders that in FY09 the company was targeting a small profit of $5 million at the EBIT level, excluding restructuring and one-off costs. The company said today that cutbacks in the production schedules of automotive manufacturers, the adverse impact of the dramatic fall in the value of the Australian dollar, and the general deterioration in market conditions would combine to have an adverse impact on the company's earnings for the 2009 financial year.
