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Metcash Ltd (MTS.AX)

MTS.AX on Australia Stock Exchange

19 Oct 2017
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$0.03 (+1.18%)
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Latest Key Developments (Source: Significant Developments)

Metcash appoints Jeff adams as new group CEO
Monday, 10 Jul 2017 06:34pm EDT 

July 11 (Reuters) - Metcash Ltd :Appointment of new group chief executive officer.Jeff adams will succeed Ian Morrice as company's group chief executive officer.  Full Article

Woolworths agrees on contracts to facilitate Home Improvement exit
Wednesday, 24 Aug 2016 02:18am EDT 

Woolworths Ltd : Woolworths update on Home Improvement Exit . Has agreed three separate contracts to facilitate its exit from Home Improvement for estimated gross proceeds of $1.5 billion . Masters will cease trading at all stores on or before 11 December 2016 . Transaction approved by Lowe's and Hydrox Holdings Pty Ltd (Hydrox), the joint venture company owned by Woolworths and Wdr Delaware Corporation (WDR) . After estimated wind‐down costs, expects to receive proceeds of about $500 million prior to any shareholder payments . Citi is acting as financial advisor to Woolworths . Will work to find staff affected by these closures, jobs within the group and offer full redundancy where jobs are not available within the group . Will begin discussions with masters' suppliers immediately about the transition timetable . Metcash has indicated that it intends to exit two companyowned stores (Gungahlin And Launceston (Dowling St)) and one distribution centre (South Dandenong) . Agreed three transactions to sell Home Improvement Business Hydrox to collective bidder group of GA Australia, Metcash & Home Consortium .  Full Article

Metcash to acquire Home Timber & Hardware Group
Tuesday, 23 Aug 2016 10:04pm EDT 

Metcash Ltd : Acquisition of Home Timber & Hardware Group . Metcash has entered into a binding agreement to acquire 100% of the Home Timber & Hardware Group (HTH) for cash consideration of $165M . Deal funded through a combination of equity (about $80M) and debt (about $85M) . Says acquisition is expected to be about 4% EPS accretive . Says acquisition is unconditional and is expected to complete in early October . Under the terms of the agreement Metcash will not acquire two loss-making stores or the Dandenong (Victoria) distribution centre . Says enlarged network will create an opportunity for synergies which are expected to benefit both retailers and shareholders . Metcash now intends to recommence dividends in FY 2018, rather than the FY 2017 final dividend . Acquisition will be funded through combination of equity and debt comprising a placement of $80M and $85M in debt to be drawn from existing facilities . Non-underwritten share purchase plan (SPP) capped at $20M will be undertaken with proceeds used to reduce debt . Is undertaking a fully underwritten placement to eligible institutional investors, of 40 million new Metcash shares to partially fund the acquisition of HTH .  Full Article

Metcash seeks trading halt
Tuesday, 23 Aug 2016 07:53pm EDT 

Metcash Ltd : Trading halt . Seeks trading halt pending announcement by Metcash in relation to metcash's participation in the home timber & hardware group sale process .  Full Article

Australian Competition and Consumer Commission will not oppose bid from Metcash to acquire Home Timber & Hardware from Woolworths
Wednesday, 20 Jul 2016 07:39pm EDT 

Australian Competition and Consumer Commission (ACCC): Will not oppose bid from Metcash to acquire Home Timber & Hardware from Woolworths . Accepts Metcash undertaking paving way for Home Timber bid . Metcash undertakes not to discriminate against independent hardware retailers in favour of its own stores . Accepted undertaking as a condition for allowing the bid to proceed .Decision not to oppose bid was one the ACCC has given deep consideration to.  Full Article

Metcash posts 7 pct fall in full year EBIT
Sunday, 19 Jun 2016 06:23pm EDT 

Metcash Ltd : Metcash Limited 2016 full year financial report . FY group sales revenue up 1.3% to $13.5 billion . FY EBIT declined 7.4% to $275.4 million . Expect further consolidation and positive momentum in the liquor and hardware pillars . Food & grocery business continues to face headwinds from competition, deflation and a rising cost base .Solid financial position underpins intention to recommence half yearly dividend payments with effect from FY 2017 final dividend.  Full Article

BRIEF-Metcash appoints Jeff adams as new group CEO

* Jeff adams will succeed Ian Morrice as company's group chief executive officer Source text for Eikon: Further company coverage: