This week, NRW Holdings and PMP Group issue notices of redemption, SCT FY18 results and update, Zenith Energy executes Northern Star contract amendment, and ZipMoney soon to be available at Bunnings
NRW Holdings notice of redemption
On 16 November 2018, NRW advised that it would be exercising its call option and redeeming all its outstanding 7.50% notes on 19 December 2018. The notes will be redeemed at 102% of face value together with accrued interest. All holders have been advised directly.
PMP Group notice of redemption
On 19 November 2018, PMP advised that it would be exercising its call option and redeeming all its outstanding 6.43% notes on 22 November 2018. The notes will be redeemed at 101% of face value together with accrued interest. All holders have been advised directly.
SCT Logistics FY18 results and update
SCT’s performance over FY18 has been relatively weak, impacted by increased costs, competition and subsequent margin pressures. We expect margins to remain low however, we do see a number of costs in FY18 to be extraordinary and non-recurring. This is supported by year to date trading which is showing improvement over FY18 numbers. As of November 2018, management advises that they are tracking to FY19 budget.
FIIG retail and wholesale clients can view the full update here
Zenith Energy executes Northern Star contract amendment
On 21 November, Zenith Energy announced that it had executed a contract amendment with Northern Star Resources under which it will provide an additional 6MW of generation capacity at the Jundee project. This will take total capacity at the site to 24MW, once the expansion is completed in Q3FY19.
The additional capacity will be incorporated in Zenith’s existing 10 year contract with Northern Star. This contract amendment follows the execution in late October of an amendment to the Nova contract with Independence Group under which Zenith will provide a solar photovoltaic facility. Both contract amendments are being delivered on a build-own-operate basis.
ZipMoney new partnership with Bunnings
Interest free provider Zip, has announced a new partnership with Bunnings. The partnership will see both of Zip’s interest free products, Zip Pay and Zip Money, offered at the hardware chain by early December 2018, allowing customers to access lines of credit between AUD250 and AUD30,000 subject to lending checks. This new partnership delivers on the company’s strategic vision of partnering with Australia's largest retailers to provide customers with choice. It is also the first time Bunnings will offer a buy now, pay later option to customers.