ASCIANO
The infrastructure investor, Asciano Group, has sold its remaining stake in Brambles for an average $10.11 per share.
Asciano said the proceeds from the sale will be used to retire a $406 million debt facility and also applied as working capital.
The share immediately lifted on
this news as Asciano has worried investors who thought the investment in Brambles was risky and would be too much of a debt burden.
Asciano was listed on the ASX in June 2007, after Toll Holdings restructured its assets in a 1:1 split.
It is one of Australia's largest listed infrastructure owners, with a primary focus on transport infrastructure, including ports and rail assets, and associated operations and services.
Its portfolios include the Pacific National and Patrick businesses.
It was well received for a while until it launched into the deal to acquire Brambles and took its debt to mountainous levels to do so.
SKY TV
The launch of the Freeview digital terrestrial service for free-to-air TV has started a broadcasting war with Sky Television.
Sky says it is too expensive to have its free-to-air channel Prime on the Freeview platform and has chosen to stay away.
Of course, some suspect that Sky is in no hurry to see a competing service succeed, but Sky points to a cost that would involve half of Prime's budget.
But the impact on Sky may not be much as those tied into its package of sport, MySky technology, and choice of channels are unlikely to rush for Freeview.
