Copper is soaring. So why is this Australian mine going cheap?
Barely a year after MAC Copper, the owner of the CSA Cobar copper mine in NSW, debuted on the Australian Securities Exchange, management agreed to a $US1.03 billion ($1.59 billion) acquisition by South African gold miner Harmony Gold in May.
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West Australian
14-07-2025
- West Australian
Storage giant Abacus Storage King gets $2.17b sweetened offer from Ki Corporation, Public Storage
Shares in Abacus Storage King closed higher on Monday after the self-storage giant received a sweetened $2.17 billion takeover offer from a consortium led by South African tycoon Nathan Kirsh. Mr Kirsh — who already holds a 59 per cent stake in the real estate investment trust through his family office Ki Corporation — and New York-listed Public Storage first lobbed a proposal in April, valuing the target at $1.93b. But the $1.47-a-share bid was rejected the following month, with Abacus Storage King saying it undervalued the company. At the time, the buyout partners said they were offering certainty, liquidity and an attractive premium to minority security holders and were uniquely positioned to deliver compelling value and the best long-term outcome for employees, customers and additional stakeholders. Abacus Storage King on Monday said the consortium had now come back with an improved offer priced at $1.65 a share — a 15 per cent increase on the original bid. However, this was still almost 5 per cent lower than a previous independent valuation review that showed its portfolio of about 200 self-storage spaces was worth $1.73 a share. The sweetened bid sent shares in Abacus Storage King up almost 6 per cent to $1.562. The business owns and manages 206 self-storage spaces across Australia and New Zealand, making it one of the industry's biggest players. Its network includes 68 sites in NSW, 44 in Queensland, 42 in Victoria and 17 in WA. It has 24 sites in NZ. The Kirsh-led consortium's offer comes as Abacus Storage King's local rival National Storage recently upped its stake in the takeover target to 9.51 per cent — a strategic move that appears designed to block the proposal. National Storage first acquired a 4.78 per cent stake in April. Abacus Storage King on Monday said the independent board committee had considered the revised proposal together with its adviser, Macquarie, and intends to provide a six-week period of due diligence to the consortium. The revised offer is subject to a number of conditions, including regulatory approvals from the Foreign Investment Review Board and the New Zealand Overseas Investment Office. 'At present there is no certainty that the parties will be able to agree terms to implement the revised proposal or that, even if terms are agreed, the conditions to the revised proposal will be satisfied or waived,' Abacus Storage King said. Analysts at Citi said while the new offer was stronger than the previous one, 'there remains risk on execution from acceptance of minority shareholders'. 'In our view, a further revised offer above NTA per share may be necessary to convince minority shareholders to agree to the deal with anticipated cap rate compression and compelling Australian self-storage fundamentals,' they said.
Sky News AU
14-07-2025
- Sky News AU
Country Road to close QVB store in Sydney
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.' Originally published as Fashion retailer to close flagship stores, citing sales pressure
Perth Now
14-07-2025
- Perth Now
Iconic fashion retailer shuts Aussie stores in major city
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road will close three of its Sydney stores. NewsWire / Andrew Henshaw Credit: News Corp Australia Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. Country Road is just one of many retailers struggling with cost-of-living pressures. NewsWire / Andrew Henshaw Credit: News Corp Australia CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.'
