Australian Agricultural Company Limited (AAC) said its 2010 and 2011 debt maturity obligations have been successfully refinanced. The beef cattle company said the new facilities, totaling $330 million, comprise two debt lines. AAco said the first line is a term loan of $270 million, which is a fully drawn facility with a three-year term, while the second line is a $60 million revolving facility, subject to annual review. The company said they replace two tranches of debt for $58 million and $250 million.
Allied Brands Limited (ABQ) forecasts a 20% - 33% jump in full year profit to between $6.6 million and $7.2 million for 2009/10. The franchisor and retailer attributed the forecast rise in profit to the international expansion of its Cookie Man brand and the growth of the Villa and Hut network, and the growth in sales of Baskin Robbins. Allied Brands said sales for the Awesome Group were up 23% for the first quarter, while the company’s newly created Franchise Services division was performing above expectations.
Lend Lease Corporation (LLC) announced a 13% increase in its offer to acquire all of the remaining shares in Lend Lease Primelife (LLP) it does not already own. Lend Lease said the price offered would be increased from 31c per security to 35c per share before adding the price is final would not be increased any further. In the statement released this morning it said the independent directors of Primelife unanimously recommend that Primelife shareholders vote in favour of the schemes in the absence of a superior proposal. The directors of Primelife have advised shareholders that they believe Primelife needs to raise at least $300 million to meet its refinancing requirements in the next 12 months and achieve its target gearing.
Cardno Limited (CDD) expects to report a net profit after tax for the half year ending December 2009 of between $14 million and $16 million. The company said the forecast was in line with the second half of FY09 and down on the previous corresponding period profit of $18.3 million. Cardno said the expected fall compared to a year earlier reflected the continued difficult market conditions resulting from the global downturn. The company expects a stronger second half performance based both on organic growth and recent project wins. In regards to recent reports regarding Dubai, Cardno said it has some debts with UAE development companies totalling around $4 million, however it does expect to be paid the outstanding amounts.
