The ASX 200 (ASX: XJO) is currently up by 1.8% in another positive day for the share market.
Restrictions continue to lift in Australia and this is helping the confidence of investors. Who knows how long the positivity will last?
IOOF (ASX:IFL) wins in the courtroom
Today the financial services business announced that it has reached an agreement for the class action in the Supreme Court of New South Wales to be discontinued (with no order for costs).
The settlement requires court approval and the plaintiff has agreed to seek this approval at the earliest opportunity.
IOOF stated it’s making no payment to the plaintiff, its lawyers, its funder or any other class member as part of this settlement.
The company said that it is very pleased with the outcome.
Nine (ASX:NEC) sale
The media business has agreed to sell its New Zealand business, Stuff Limited, to management headed by current Stuff CEO Sinead Boucher.
The direct proceeds from the sale will be NZ$1 but Nine will retain ownership of the Petone print plant site in Wellington which will be leased back to Stuff.
Nine has successfully sold Stuff Fibre on 20 May 2020 and will receive 25% of those proceeds before the Stuff sale and up to 75% over the next three years depending on the ability of Stuff to raise funding.
Nine anticipates an associated ‘Specific Item’ cost of approximately $40 million to $45 million in the FY20 result.
The sale is expected to complete by 31 May 2020.
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Disclosure: Jaz does not own shares of any of the shares mentioned at the time of writing.
