Investment Opps

National Australia Bank Ltd has announced today as part of their Half Year Results a $5.5b Shareholder rights issue 2 for 25 at $28.50 per share, which equates to a 16.7% discount to the dividend adjusted last trading price. The funds will provide an increased CET1 ratio above the target range ahead of anticipated regulatory changes, and facilitate the proposed demerger and IPO of Listco in CY15.  

MYOB Group Limited (MYOB) has announced an initial public offering (IPO or Offer) and listing on the ASX for its fully paid ordinary shares. The offering to retail and institutional investors is expected to raise total proceeds of A$831.7 to A$833.8 million, with an indicative price range of A$3.00 – A$4.00 per Share. This would value the company at a total enterprise value of A$2.34 to A$2.69 billion.

Rewardle Holdings’ (RXH) has announced a placement to sophisticated and institutional investors. A digital customer engagement platform for small to medium enterprises, Rewardle replaces the traditional paper stamp or punch card systems with a digital membership, points and rewards platform. Pattersons is looking to place $3m at a 14% discount, at 33 cents per share. Find out more

Crown Resorts Limited has announced an offer for Subordinated Notes to raise approximately $400m, with the ability to raise more or less. The offer is part of Crown’s capital management strategy, and the funds will be used for general corporate purposes including Crown Sydney, Crown Towers Perth, and other growth projects. The Notes are due for repayment in April 2075, subject to Crown’s right to redeem notes at any time from July 2021. Holders will receive quarterly interest payments at BBSW + a margin. The initial margin is being determined under Bookbuild with Institutional and Sophisticated Investors, and is expected to be in the range of 4.00% to 4.20% p.a. UBS and Deutsche Bank are Joint Structuring Advisers and Joint Lead Managers. ANZ Securities, Commonwealth Bank, NAB and Westpac have also been appointed as Joint Lead Managers. For further information please see https://www.crownnotesoffer.com/offer/

AMP Ltd is seeking to raise $150m with the ability to raise more or less through the AMP Wholesale Capital Notes. The Notes will be fully paid, perpetual, unsecured, subordinated debt obligations of AMP. Distributions are discretionary, semi-annual, and based on 6 mth BBSW + margin. The notes will mandatorily convert after 7 years subject to certain conditions. The offer is only open to Wholesale Investors, and the margin will be determined via a bookbuild process.