Futures contracts for the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index are pointing to a positive open on Thursday morning with Inghams Group Ltd (ASX: ING) and Godfreys Group Limited (ASX: GFY) in the spotlight.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 76.69 US cents
Dow Jones (DJI): up 1.4%
Oil (WTI): $US65.16 per barrel
Gold: $US1,301 per ounce
Australian Investing News
Making news in Australia, chickens business Inghams Group Ltd (ASX: ING) announced the resignation of CEO Mick McMahon after four years at the helm. McMahon will remain in the position until August to allow for a transition to new leadership.
Inghams Chair Peter Bush thanked McMahon for his service to the poultry company, which included steering the company through an ASX listing. “His remarkable results speak for themselves,” Bush added.
Embattled vacuum retailer, Godfreys Group, released a trading update to investors following the appointment of a new CEO and Chief Financial Officer. The team has been reviewing the financial position of the business.
Concerningly, the company said, “Preliminary indications are that the Godfreys business may, without further financial support, experience cash flow challenges in early July 2018.”
However, Godfreys added, “It must be stressed that these indications are based on a high-level analysis by the new executive team, which is all that has been possible in the short time available.”
Godfreys is in discussions with its financing partner, 1918 Finance Pty Ltd.
As Rask Media reported in April, Godfreys (GFY) Takeover: What You Need To Know, Godfreys is the target of a takeover offer from Arcade Finance Pty Ltd. Just yesterday Arcade had an 80% interest in Godfreys.
Meaning, Arcade needs just 10% more acceptances/votes to enforce the takeover valued at $0.32 per share. Arcade is an associated company of 1918 Finance. Read more here: Godfreys Group Limited (GFY) Experiencing “Cash Flow” Challenges.
Cannabis business AusCann Group Holdings Limited (ASX: AC8) announced its Chilean joint venture, DayaCann, completed its second harvest. “This second harvest in Chile represents an important step in our Chilean operation,” AusCann’s Managing Director, Elaine Darby, said. “It is encouraging to see that our medical cannabis can be accessed by patients through the new SAS scheme in Chile whilst clinical studies are progressing.”
And following a public announcement on Wednesday afternoon, Mirvac Group (ASX: MGR) will acquire the other 50% stake in Sydney’s 275 Kent Street property for $721.9 million.
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