Yovich & Co. Market Update - 27 July 2021
Jul 27, 2021 | Commentary
27 July 2021
In summary, the NZX50G had 27 companies on the downside, 4 remained unchanged and 19 companies were on the upside. International indices closed the week in the positive after a strong sell down on Monday. Victoria and South Australia are set to emerge from their lockdowns at midnight 27 July, the lockdown of greater Sydney will continue indefinitely after another 145 cases were reported yesterday. News items to keep an eye on this week are, in the US Q2 GDP, Initial jobless claims, and Personal Income/spending. Back at home the ANZ Business confidence, ANZ Activity Outlook and ANZ Consumer confidence.
ANZ Capital Notes 1
Announced it will redeem all outstanding ANZ Capital Notes 1 (CN1) (ANZPD.asx) on issue for their Face Value of $100 each on 1 September 2021. The last day of trading of the CN1 on the ASX will be 20 August 2021. Shareholders as of 24 August 2021 will receive the interest of AU$0.3655 for the period of 8 July to 1 September 2021.
Current Capital Note price: $100.15.
Retail Offer of $5m (ability to accept $5m in oversubscription) is now open to shareholders as of the record date 20 July 2021. There is no maximum amount of shares you can apply for, however, in the event that applications under the Retail Offer exceed the Retail Offer size, Radius Care will have the right to scale applications. The issue price of the retail offer is 52 cents per new share, the offer closes 9 August 2021 and new shares will be quoted 13 August 2021. This retail offer is part of the $50m required to fund strategic growth initiatives.
Current Share Price: $0.61, Historical Gross Dividend Yield: 1.90%.
Has released an update for the quarter to 30 June 2021. Revenue in the quarter of approximately $2.6m up 12% on previous current period. New contracts closed in Q1 FY22 were for approximately $6.1m. IKE CEO, Glenn Milnes, commented “Q1 FY22 was another strong period for our business. The level of new contracts won these past two quarters, totalling approximately $11.5m against FY21 full year revenue of $9.3m, provides us with confidence around the potential for substantial revenue growth in the year ahead. We have also been pleased with progress across the recently acquired IKE Insight solution, with numerous prospect customers progressing positively. We are optimistic that this additive AI-based solution specific for poles can become another important growth driver for the IKE business in some new polerelated segments for the electric utility and communications market”.
Current Share Price: $1.19.
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