- More AGM's held, all motions passed with +90% majorities
- CIM announced it will proceed with the Ventia IPO at a final offer price of $1.70 per share
- RPG recovered an amount owing of $311,835
An uneventful AGM season continues, as companies provided updates on various movements including an IPO, merger, and acquisitions.
The broader market
The ASX200 closed today at 7,369.90 points, dropping 0.68% from yesterday. Notably, Commonwealth Bank (ASX: CBA) shares declined 8.07%.
Top-performing ASX listed real estate company shares: 17 November 2021
| Company | Code | Price ($) | Change (%) |
| Openn Negotiation | OPN | 0.15 | +7.14 |
| Unibail-Rodamco-Westfield | URW | 5.18 | +2.37 |
| The Agency | AU1 | 0.049 | +2.08 |
| Sunland Group | SDG | 2.76 | +1.47 |
| WOTSO | WOT | 1.40 | +1.45 |
Source: ASX
In addition to the top performers, the bottom five (from fifth lowest to lowest) were:
Least-performing ASX listed real estate company shares: 17 November 2021
| Company | Code | Price ($) | Change (%) |
| HomeCo Daily Needs REIT | HDN | 1.415 | -1.74 |
| Centuria Office REIT | COF | 2.23 | -1.76 |
| US Masters Residential Property Fund | URF | 0.34 | -2.86 |
| Acumentis | ACU | 0.15 | -3.23 |
| Proptech Group | PTG | 0.60 | -4.00 |
Source: ASX
The movement
Monday kicked off with an update from 360 Capital Group (ASX: TGP) about its FibreconX divestment. TGP has entered into an unconditional contract to sell the 39.1% co-investment stake it has in FibreconX, it was noted the sale will settle next week. TGP also sold 50% of the management rights, which is expected to settle later this month.
The total consideration for the divestment is $26.7 million, equating to an internal rate of return (IRR) of 177% per annum on TGPs original investment of $9.95 million. The sale generates a pre-tax profit of circa $16 million (7.3 cps) in FY22.
TGP added that the group will now focus on selling its 50% interest in 360 Capital Digital Management, the investment manager to Global Data Centre Group (ASX: GDC). TGP said it was targeting to complete the sale prior to the end of this year.
Mirvac Group (ASX: MGR) announced the appointment of Damien Frawley as non-executive director on the Mirvac Board, effective 1 December 2021. Mr Frawley is currently the CEO of Queensland Investment Corporation, and announced he will retire from the CEO role in 2022.
Mr Frawley will also join the Audit, Risk and Compliance Committee, and the Human Resources Committee.
CIMIC Group (ASX: CIM) provided an update on the Ventia Services Group Limited initial public offering (IPO). The company said it will proceed at a final offer price of $1.70 per share. The IPO values 100% of Ventia shares at circa $1.45 billion.
In Qualitas (ASX: QRI) performance update for October 2021, the company said during the month, $171.6 million of new capital was raised through an entitlement offer and shortfall offer and the new units were issued in early November, which increased the Trust’s total capital to $599.6 million.
As at the time of the report, QRI said it had deployed and allocated 61% of the new capital to new loans.
Raptis Group Limited (ASX: RPG) announced that it had recovered an amount owing of $311,835. The receipt arose from funds owing to a former subsidiary and was referred to as a contingent asset in note 21 of the 2021 annual report.
On Tuesday, Lifestyle Communities (ASX: LIC) held its annual general meeting (AGM), with all three resolutions passing over 99%.
| Total votes for | Total votes against | Result | |
| Remuneration report | 99.24% | 0.76% | Carried |
| Re-election of Philippa Mary Maslin Kelly as a Director | 99.07% | 0.93% | Carried |
| Re-election of David Paul Blight as a Director | 99.67% | 0.33% | Carried |
Mirvac (ASX: MGR) also held its AGM on Tuesday, all resolutions passed with more than 90% of the vote.
| Total votes for | Total votes against | Result | |
| Re-election of John Mulcahy | 91.49% | 8.51% | Carried |
| Re-election of Jame M Millar AM | 91.04% | 8.96% | Carried |
| Adoption of remuneration report | 96.10% | 3.90% | Carried |
| Participation by the CEO & managing director in the long-term performance plan | 98.72% | 1.28% | Carried |
Peet (ASX: PPC) announced that it expects its operating profit for the half-year ended 31 December 2021 to be in the range of $16 million to $19 million. The company also held its AGM, the results as follows:
| Total votes for | Total votes against | Result | |
| Re-election of Robert McKinnon | 98.75% | 1.25% | Carried |
| Re-election of Trevor Allen | 95.17% | 4.83% | Carried |
| Adoption of remuneration report | 99.78% | 0.22% | Carried |
| Approve grant of FY22 performance rights – B Gore | 99.82% | 0.18% | Carried |
Also on Tuesday, Proptech Group (ASX: PTG) announced that, as at the commencement of trading on 24 November 2021, a total of 50,455,824 fully paid ordinary shares (Restricted Securities) will be released from ASX imposed escrow.
PTG noted that 19,449,540 of the Restricted Securities remain subject to a further 12-month voluntary escrow period and cannot be traded or otherwise disposed of. The Restricted Securities subject to the further voluntary escrow period relate to shares held by the founders of VaultRE.
Finally for Tuesday, GPS Alliance Holdings (ASX: GPS) announced the acquisition of a 65% equity interest in A&S Slabs, a company incorporated in Singapore, for a purchase price of S$650,000 from the vendor JKL Engineering.
Today, Hotel Property Investments (ASX: HPI) held its AGM, the results as follows:
| Total votes for | Total votes against | Result | |
| Adoption of remuneration report | 97.66% | 2.34% | Carried |
| Re-election of Raymond Gunstonas a director | 99.85% | 0.15% | Carried |
| Issuance of 56,840 performance rights to Don Smith under the LTIP | 98.02% | 1.98% | Carried |
| Ratification of prior issue of stapled securities | 99.13% | 0.87% | Carried |
Axiom (ASX: AXI) also held its AGM today, with all motions passing.
| Resolutions voted on at the meeting | Proxies received | ||||||
| Resolution | Result | Voting method | If s250U applies | For | Against | Abstain | Discretion |
| Remuneration report | Passed | Show of hands | N/A | 186,159,518 | 39,822 | 96,768 | 61,840 |
| Re-election of John Howe as a director | Passed | Show of hands | N/A | 346,809,443 | – | 29,822 | 61,840 |
| Re-election of Liu Ying Chun as a director | Passed | Show of hands | N/A | 346,809,443 | – | 29,822 | 61,840 |
| Change of auditor | Passed | Show of hands | N/A | 346,759,443 | 50,000 | 29,822 | 61,840 |
| Return of capital to shareholders | Passed | Show of hands | N/A | 346,839,265 | – | – | 61,840 |
Distributions
| Company | Code | Amount |
| Qualitas Real Estate Income Fund | QRI | $0.007814 |
Jobkeeper details
| No. of individuals for which payment received 1 | Sum of payments received2 | Voluntary repayment3 | Repaid amount4 | |||||
|---|---|---|---|---|---|---|---|---|
| Company | ASX Code | FY1 | FY2 | FY1 | FY2 | FY1 | FY2 | |
| Eureka Group Holdings Limited | EGH | 4 | 3 | $22,500 | $40,500 | No | $0 | $0 |
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The descriptions as seen on the JobKeeper Payments Notification, a notice for release to the market under subsection 323DB(1) of the Corporations Act 2001- Jobkeeper payment disclosure by listed entity is as follows:
- The number of individuals for whom the listed entity or a subsidiary of the listed entity received a jobkeeper payment for a jobkeeper fortnight that ended in the financial year (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits ) Rules 2020).
- The sum of all jobkeeper payments the listed entity, and each subsidiary of the listed entity, received in a jobkeeper fortnight that ended in the financial year.
- Has the listed entity or a subsidiary of the listed entity, made one or more voluntary payments (whether or not in the financial year) to the Commonwealth by way of a repayment of jobkeeper payments received by the listed entity or a subsidiary of the listed in the financial year?
- If the listed entity or a subsidiary of the listed entity has made such a voluntary payment or payments – the sum of those payments:
