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Tuesday 03 May 2016 by FIIG Research Company updates

Company updates – Adani, Capitol Health, Cash Converters, Dicker Data, Fortescue, McPherson’s and SCT

Adani provides a market update on its capital management initiatives, Fortescue is calling its remaining 2019 unsecured bonds, and a long list of results from other companies

Adani

On the 25 April 2016, Adani Abbot Point Terminal (AAPT) disclosed details of a proposed capital management plan that is intended to de leverage and improve the cashflow position of the company.

More information is available here. External link - opens in a new window

Capitol Health

Capitol Health Limited (Capitol) operates in the defensive healthcare sector, providing community based (non hospital/non aligned) medical diagnostic imaging (DI) services, such as ultrasounds and MRI’s. Capitol has successfully closed $50m in senior unsecured notes to refinance their existing senior secured debt and general corporate purposes.

More information is available here. External link - opens in a new window

Cash Converters

Maurice Blackburn has launched a second class action against Cash Converters in the Federal Court of Australia relating to customers in Queensland. The first Queensland class action, launched in July 2015, remains active.

More information is available here. External link - opens in a new window

Dicker Data

Dicker Data has delivered another strong quarter of growth and reconfirmed its FY16 pre-tax profit guidance of $35.0m.

More information is available here. External link - opens in a new window

Fortescue

Fortescue’s announcement that it is calling its remaining 2019 unsecured bonds is a win for both existing 2019 holders as well as investors in the longer dated 2022 lines. We believe the credit has materially derisked through the company’s continued free cashflow generation and debt reduction, despite a weaker commodity price environment.

More information is available here. External link - opens in a new window

McPherson’s

McPherson’s (MCP) has provided details of its capital management initiatives previously highlighted in its February 1H16 results announcement. MCP has sold its 49% investment in its Housewares joint venture with Fackelmann. While the division has yielded an improved EBIT outcome, the company decided to execute its option to divest its remaining interest, which is consistent with its strategy to focus on the health and beauty sector.

More information is available here. External link - opens in a new window

SCT Logistics

SCT Logistics has delivered an improved 1H16 result in line with forecasts, with the company progressing well on reducing its financial leverage. In addition, SCT Logistics is expected to benefit from a recent announcement that the government will fast track a major upgrade to the east west national rail network.

More information is available here. External link - opens in a new window

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SCT Logistics
McPhersons Ltd
Fortescue
Dicker Data Ltd
Cash Converters International Ltd
Capitol Health
Adani Abbot Point Terminal Pty Ltd

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