Category: Stock Market

The Ansell Limited (ASX: ANN) share price is in focus after the company released its full-year earnings this morning.

Stock in the personal protection and safety solutions provider last traded at $25.14.

Ansell share price on watch as profit drops

Here are the key takeaways from Ansell’s financial year 2022 earnings:

• Sales revenue came to US$1.95 billion ­– 3.7% lower than that of the prior comparable period (pcp) on a constant currency basis
• Earnings before interest and tax (EBIT) fell 32.1% to US$228.1 million
• Statutory earnings per share (EPS) came to 125.2 US cents – 32.1% lower and 0.2 US cents above the low end of its guidance – while adjusted EPS came to 138.6 US cents, a 27.9% fall
• Operating profit fell 35.7% to US$158.7 million
• Operating cash flow lifted 131.7% to US$114 million
• Declared 31.2 US cent final dividend, bringing its full-year payout to 55.45 US cents  

The company’s falling sales were mainly a result of lower demand for COVID-19-related personal protective equipment (PPE).

Its healthcare global business unit saw US$1.19 billion of revenue, while its industrial global business unit brought in US$763 million.

Its EBIT’s slump was most pronounced in the first half and came as the company sold high-cost inventory at lower prices amid adverse plant performance and higher freight costs.

Finally, it recognised US$17 million of one-off expenses from its decision to stop its Russian commercial and manufacturing operations.

What else happened in FY22?

There was plenty happening in Ansell’s corner in financial year 2022.

It welcomed a new CEO and managing director in September. Neil Salmon stepped up to the top job following Magnus Nicolin’s retirement.

Of course, investors will likely remember the 14% crash experienced by the Ansell share price when the company slashed its guidance in January.

The stock also slumped 1% on the release of the company’s half-year earnings.

What did management say?

Salmon commented on Ansell’s full-year results, saying:

I am pleased to report that Ansell delivered second half results in line with revised expectations communicated at the half year … Overall, financial year 2022 was a challenging year for the business.

Although I am not satisfied with our overall financial performance in financial year 2022, we nevertheless achieved significant accomplishments against many of our strategic priorities during the year thanks to our hard-working and dedicated Ansell employees and I believe these will be important contributors to our future success.

What’s next?

The company expects to post EPS of between 115 US cents and 135 US cents in financial year 2023.

It notes the external environment remains supportive for continued demand for its products. That’s expected to drive volume growth in its businesses. Meanwhile, its sales are expected to decline as prices normalise for exam and single-use items.

The company plans to offset expected headwinds from higher raw material, energy, and salary costs with price increases and cost savings.

Ansell share price snapshot

The Ansell share price has had a rough trot as of late.

It has slipped 23% since the start of 2022. It has also fallen 38% since this time last year.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has dumped 7% year to date and 6% over the last 12 months.

The post Ansell share price in focus as FY22 profit tumbles 36% appeared first on The Motley Fool Australia.

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More reading

• Broker tips AGL share price to leap higher
• I’d still buy 2 ASX shares already up 50% in a year: expert
• Here’s the Rio Tinto dividend forecast through to 2026
• Earnings preview: Here’s which ASX shares are reporting today
• Expert names 2 ASX shares to buy for ‘extended, uninterrupted’ good times

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ansell Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The AGL Energy Limited (ASX: AGL) share price has been under pressure in recent sessions.

So much so, the energy company’s shares have now lost over 8% of their value since this time last week.

This share price weakness followed the release of the energy company’s full year results for FY 2022 last week.

Is the AGL share price weakness a buying opportunity?

Although the team at Morgans was disappointed with AGL’s commentary for FY 2023, it has seen enough value on offer to remain positive on the investment opportunity here.

According to a note, the broker has retained its add rating but reduced its price target from $9.67 to $8.63.

Based on the current AGL share price of $7.78, this new price target still implies potential upside of 11% for investors over the next 12 months.

And that’s before dividends. Morgans is forecasting a 30 cents per share fully franked dividend next year, which equates to a 3.9% dividend yield.

What did the broker say?

Morgans has reduced its earnings estimates for FY 2023 materially to reflect another tough 12 months for its wholesale electricity business. It has also reduced its estimates in future periods on the belief that rises could take longer to come through.

We significantly lower our expectations for FY23 underlying profit (-37%) given the likelihood of another year of wholesale electricity performance. We had hoped for a higher degree of optionality in its electricity derivatives and faster roll over of older hedging and customer pricing. Given the language used to couch the outlook we suspect this is not the case.

We also reduce our FY24 earnings forecast to allow for a longer period of time for pricing increases to flow across all areas of the business. We also allow for less of a decline in FY25 given the likelihood that spot prices moderate but this should also take some time to impact customer prices.

However, due to its attractive valuation, the broker remains positive on the AGL share price at the current level. It concludes:

We retain our ADD rating on valuation upside but upside catalysts unlikely this half.

The post Broker tips AGL share price to leap higher appeared first on The Motley Fool Australia.

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More reading

• Is the AGL share price in the buy zone following the company’s latest results?
• Why AGL, Fisher & Paykel, Inghams, and TPG shares are sinking today
• Everything you need to know about the latest AGL dividend
• AGL share price dips after 58% profit slash
• Earnings preview: Here’s which ASX shares are reporting today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Almost every investor, both amateur and professional, falls into the trap of anchoring.

That’s the psychological phenomenon of thinking something will happen in the future because of something unrelated occurring in the past.

So if a stock was once $20 and has now fallen to $2, one might think it’s a bargain. Because in the past it showed it can be much higher.

But this is false logic because ASX shares have no memory. 

Stocks don’t care if they were $20 six months ago. The only thing that matters for the share price is the current and future performance and sentiment.

This trap works the other way too.

If you see an ASX share that’s rocketed up 50% over the past 12 months, you might think you’ve missed the boat.

But that’s also anchoring. Because what happens to that stock from here is completely unrelated to what the price was worth a year ago.

Sequoia senior wealth manager Peter Day this week named a couple of ASX shares that fit that description. They have both soared about 50%, but are still representing great buys.

And now that you are aware of the cognitive trap to avoid, you know that all you need to consider is the future of these businesses.

‘Strong cash flows’ expected from ASX resources share

The market anticipates positive news from metals miner South32 Ltd (ASX: S32) when it reports its financials on Thursday.

“We’re expecting solid full year results to be driven by a strong performance from its coal division,” Day told The Bull.

“On our forecasts, South32 is expected to generate strong cash flows in the near term, supporting additional shareholder returns and growth.”

Not only has the share price risen 46% over the past 12 months, it’s returned 22% since 19 July.

South32 also gives back a nice dividend yield of 4%.

Day’s recommendation is well supported by his peers.

According to CMC Markets, 14 out of 20 analysts are rating South32 shares as a buy, with 13 of them convinced it’s a strong buy.

Margin income rockets 74%

Computershare Limited (ASX: CPU) shares have enjoyed a cruisy 50.7% rise over the past year due to the company’s penchant for better earnings when interest rates head up.

This is because the share registry provider holds cash that it’s yet to pay out to investors, which it temporarily invests. All the returns go straight to its coffers.

Computershare reported its results earlier this month.

“This financial administration company reported management revenue of $2.6 billion in full year 2022, up 12.2% on the corresponding period,” said Day.

“Margin income of $186.5 million was up 74.3%. The company has a strong balance sheet.” 

He acknowledged how strong the stock has been over the last 12 months.

“We retain our outperform recommendation.”

Other professionals also love Computershare, with 10 out of 14 analysts rating the stock as a buy on CMC Markets.

The post I’d still buy 2 ASX shares already up 50% in a year: expert appeared first on The Motley Fool Australia.

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More reading

• Experts name 2 top ASX dividend shares to buy with 4%+ yields
• Could ASX battery minerals shares be in for a boost next month?
• 2 ASX shares that Morgans would buy after excellent results
• 2 ASX 200 dividend shares with ~7%+ yields that experts rate as buys
• What’s going so wrong for ASX 200 tech shares on Wednesday?

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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One of the most popular options out there for income investors is the Rio Tinto Limited (ASX: RIO) dividend.

And this for good reason. The mining giant has a tendency to share a significant amount of its profits with its shareholders. So, when times are good for this mining giant, big dividends are often declared.

With that in mind, let’s take a look to see what is expected from the Rio Tinto dividend in the coming years.

Where is the Rio Tinto dividend heading?

According to a note out of Goldman Sachs, its analysts are expecting the big dividend payments to continue in the near term.

In FY 2022, the broker is forecasting a fully franked US$4.90 (A$7.09) per share dividend. Based on the current Rio Tinto share price of $98.19, this will mean a yield of 7.2%.

It then expects this dividend to increase to US$5.12 (A$7.43) per share in FY 2023, giving investors a 7.6% yield.

Goldman is forecasting an increase to US$5.48 (A$7.95) per share in FY 2024, which would mean a fully franked 8.1% yield.

A slight reduction is forecast in FY 2025 to US$5.40 (A$7.83) per share. Nevertheless, this still means a very attractive 8% dividend yield.

Finally, its analysts are anticipating a reduction in the Rio Tinto dividend to US$3.90 (A$5.65) per share in FY 2026. This represents a 5.8% dividend yield at today’s prices.

Are its shares a buy?

As well as juicy dividend yields, Goldman Sachs sees plenty of upside for the Rio Tinto share price.

It currently has a buy rating and $121.50 price target on the company’s shares. This implies potential upside of 24% from current levels.

The post Here’s the Rio Tinto dividend forecast through to 2026 appeared first on The Motley Fool Australia.

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More reading

• Could this be set to boost ASX 200 iron ore shares?
• Could ASX battery minerals shares be in for a boost next month?
• Worried about the iron ore price? Why the need for it ‘ain’t going anywhere’: broker
• Are Rio Tinto shares a buy? See what top brokers are saying
• These top ASX dividend shares have been tipped as buys by analysts

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Welcome to Tuesday! We are starting to move toward the pointy end of earnings season. While today won’t see as many ASX shares reporting as what Wednesday and Thursday will, there will still be plenty of company reports to sink your teeth into.

Here’s a quick summary of what to expect today so you have a jump on the market.

ASX shares set to report today (smallest to largest)

Kogan.com Ltd (ASX: KGN), $406 million

Estia Health Ltd (ASX: EHE), $523 million

Hub24 Ltd (ASX: HUB), $2.00 billion

ARB Corporation (ASX: ARB), $2.60 billion

Breville Group Ltd (ASX: BRG), $3.06 billion

Boral Ltd (ASX: BLD), $3.19 billion

Ansell Limited (ASX: ANN), $3.20 billion

Alumina Ltd (ASX: AWC), $4.37 billion

Pilbara Minerals Ltd (ASX: PLS), $9.44 billion

Scentre Group (ASX: SCG), $14.43 billion

Endeavour Group (ASX: EDV), $14.81 billion

(Market capitalisations as of 22 August 2022)

To see the complete list, visit our reporting season calendar here.

What to expect

The smallest ASX share of the bunch, Kogan will no doubt be drawing attention today. Shares in the e-commerce company popped 50% after releasing a business update on 28 July. However, can the embattled retailer live up to the hype with its full-year accounts?

Another ASX share that has had a challenging time this year is the ARB Corporation. Since the beginning of the year, shares in the 4×4 accessories manufacturer have tumbled nearly 42%. Yet, Citi analysts are expecting a net profit after tax (NPAT) of $127.1 million from the company today. This would represent a 12.6% increase year on year.

Shifting gears, a popular ASX lithium share will be pulling back the curtains on its earnings today. The Pilbara Minerals share price has been on a tear recently, rallying 25% over the past month. Despite the run, Macquarie believes another 80% upside could still be on the table.

Finally, at the big end of town, Endeavour Group is expected to report in the ballpark of $489 million in earnings. Based on this estimate, the drinks and hospitality business could see a 9.9% jump in profits compared to the prior year.

Don’t forget to check back in throughout the day to see all the latest results from your favourite ASX shares.

The post Earnings preview: Here’s which ASX shares are reporting today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• Pilbara Minerals share price jumped today as Macquarie tips 80% upside
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why these ASX lithium shares are outperforming the market today

Motley Fool contributor Mitchell Lawler has positions in Kogan.com ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24 Ltd and Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Hub24 Ltd and Kogan.com ltd. The Motley Fool Australia has recommended ARB Corporation Limited and Ansell Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If a company has thrived through the past 12 months, one could argue that it is pretty resilient through tough times.

Most ASX shares lost much value in 2022, especially through the first half, as rampant inflation, rising interest rates, war in Europe, and supply constraints put unprecedented pressure on performance.

So if a stock can rise through that muck, then its business model must operate reasonably independently of those external factors.

Two ASX shares that fit this logic were named this week by Seneca investment advisor Arthur Garipoli as buys:

Growth by shopping spree

DGL Group Ltd (ASX: DGL) is in the business of making, distributing, and warehousing industrial chemicals.

It’s an industry that’s notoriously difficult for newcomers to enter and seriously challenge the incumbents. In fact, DGL has been busy acquiring smaller players such as Temples’ chemical storage business and Flexichem Australia.

Perhaps this is why the share price has risen 40.6% over the past 12 months.

Garipoli is definitely impressed with DGL‘s growth.

“Since listing in May 2021, the company has beaten prospectus forecasts and continued to grow aggressively via organic acquisitions,” he told The Bull.

“All acquisitions are, or have the potential to be earnings per share accretive, adding growth to the company going forward.”

Coverage is sparse for the $765 million company, but both analysts currently surveyed on CMC Markets rate DGL shares as a strong buy.

The company is due to report its financials on 30 August.

‘A significant discovery’ that sets up the future

The Galileo Mining Ltd (ASX: GAL) share price is now, incredibly, 359% higher than where it started this year.

Most of that mind-blowing climb came in May, to close Monday at $2.35.

“In early May, Galileo announced a significant discovery of palladium and platinum, which has since resulted in a soaring share price,” said Garipoli.

“The company recently completed a placement at $1.20 a share, with cornerstone investments from major shareholders Mark Creasy and IGO Ltd (ASX: IGO).”

Despite the massive share price, Garipoli feels the May announcement simply puts Galileo in pole position for further gains in the future. 

“We believe the company is set up for an extended, uninterrupted period of drilling, assays and results.”

The post Expert names 2 ASX shares to buy for ‘extended, uninterrupted’ good times appeared first on The Motley Fool Australia.

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More reading

• Exploding 400% this year, Galileo share price climbs further as work kicks off at ‘exciting new discovery’

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DGL Group Limited. The Motley Fool Australia has recommended DGL Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re looking to boost your income portfolio in August, then you may want to look at the shares listed below.

Here’s why these ASX dividend shares could be worth considering right now:

Baby Bunting Group Ltd (ASX: BBN)

The first ASX dividend share that could be a good option for income investors is leading baby products retailer Baby Bunting.

It could be a top option due to its dominant position in a less discretionary side of the retail industry. After all, as long as people are having babies, they are going to need prams and other similar products.

It is partly for this reason that the team at Citi are positive on the company. This month, the broker responded to Baby Bunting’s full year results by retaining its buy rating with a reduced price target of $5.62.

Although the company’s profits were a touch short of the broker’s expectations, its analysts were pleased to see Baby Bunting’s gross margin increase meaningfully. This was driven by its expansion into higher margin areas and the new national distribution centre.

Looking ahead, the broker appears to believe the company is well-placed for growth over the long term thanks to its strong market position and growing addressable market through product range expansions.

As for dividends, Citi is forecasting fully franked dividends per share of 18 cents in FY 2023 and then 22 cents in FY 2024. Based on the current Baby Bunting share price of $4.52, this will mean yields of 4% and 4.9%, respectively.

South32 Ltd (ASX: S32)

Another ASX dividend share that could be a top option is mining giant South32.

Thanks partly to its diverse operations that have exposure to the decarbonisation megatrend, South32 has been tipped to pay big dividends in the coming years.

One of those tipping big dividends is Morgans. It is a big fan of the company and currently has an add rating and $6.00 price target on the miner’s shares. It sees “attractive long-term value potential in S32 from de-risking of its growth portfolio” and “the potential for further portfolio changes.”

As for dividends, the broker is forecasting fully franked dividends per share of 27.8 cents in FY 2022 and 34.8 cents in FY 2023. Based on the current South32 share price of $4.18, this will mean yields of 6.7% and 8.3%, respectively.

The post Experts name 2 top ASX dividend shares to buy with 4%+ yields appeared first on The Motley Fool Australia.

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More reading

• Could ASX battery minerals shares be in for a boost next month?
• After seeing their reports, I think these 2 ASX 300 shares are buys
• Leading brokers name 3 ASX shares to buy today
• Why Baby Bunting, PointsBet, ResMed, and Suncorp shares are dropping today
• ‘Our future is looking bright’: Baby Bunting share price slips despite earnings milestone

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Baby Bunting. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a day in the red. The benchmark index fell 0.95% to7,046.9 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to sink again

The Australian share market is expected to open the day sharply lower on Tuesday following a disappointing start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 50 points or 0.7% lower. On Wall Street the Dow Jones fell 1.9%, the S&P 500 dropped 2.1%, and the NASDAQ was down 2.55%. Global recession fears sent investors to the exits.

Altium smashes expectations

The Altium Limited (ASX: ALU) share price will be on watch on Tuesday after the electronic design software company’s full year results smashed expectations. Altium was guiding to revenue of US$213 million to US$217 million with an EBITDA margin at the lower end of 34% to 36%. Whereas it delivered revenue of US$220.8 million and an EBITDA margin of 36.7%. This led to its profit after tax coming in at US$55.5 million, which was well ahead of consensus estimates.

Oil prices volatile

It could be an interesting day for energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after a very volatile night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$90.67 a barrel and the Brent crude oil price is up 0.1% to US$96.82 a barrel. Global recession concerns sent prices deep into the red before OPEC caused a rebound by suggesting that production cuts were a possibility.

Pilbara Minerals results

The Pilbara Minerals Ltd (ASX: PLS) share price will be in focus today when the lithium miner releases its full year results. With lithium prices charging higher in FY 2022, a strong profit result is expected from the miner. Citi, for example, is forecasting EBITDA of $840 million for FY 2022. This is up from just $21.4 million a year earlier.

Gold price falls

It could be a difficult day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.8% to US$1,749.0 an ounce. A strong rally by the US dollar has weighed on the precious metal.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price jumped today as Macquarie tips 80% upside
• Why did the Lynas share price lose 5% on Monday?
• Why did the Liontown share price beat the ASX 200 today?
• Altium share price on watch after smashing guidance in FY22
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re wanting to diversify your portfolio with some exchange traded funds (ETFs), then you could do a lot worse than the two ETFs listed below that trade on the Australian share market.

Both of these ETFs provide investors with a large basket of shares from across the globe. Here’s why they could be top options for investors right now:

iShares Global Consumer Staples ETF (ASX: IXI)

The first ETF for investors to look at is the iShares Global Consumer Staples ETF.

This ETF has been designed to measure the performance of the world’s leading consumer staples companies. These are the companies that produce or sell essential everyday products such as food, tobacco, and household items.

The beauty of these products is that demand for them is relatively consistent whatever is happening in the economy. As a result, given the current economic environment, it could be seen as a good option for investors that are looking for lower risk options.

Among its 100+ holdings are household names such as Coca-Cola, Coles Group Ltd (ASX: COL), Colgate-Palmolive, Diageo, L’Oreal, Mondelez, Nestle, PepsiCo, Procter & Gamble, Unilever, Walmart, and Woolworths Group Ltd (ASX: WOW).

Vanguard MSCI Index International Shares ETF (ASX: VGS)

Another ETF for investors to consider is the Vanguard MSCI Index International Shares ETF. This ETF provides investors with exposure to approximately 1,500 of the world’s largest listed companies from major developed countries.

This means that investors can participate in the long-term growth potential of international economies in one fell swoop.

Vanguard believes the ETF could be suitable for buy and hold investors seeking long-term capital growth, some income, and international diversification.

Among the companies included in the fund are giants such as Apple, Johnson & Johnson, JP Morgan, Nestle, Procter & Gamble, and Visa.

The post 2 wonderful ETFs to buy for portfolio diversification appeared first on The Motley Fool Australia.

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More reading

• 2 reasons to consider buying the Vanguard International Shares ETF (VGS) right now
• Is the Vanguard MSCI International ETF (VGS) a good alternative to global tech shares?
• 2 quality ETFs for ASX investors to buy next week
• 3 wonderful ETFs for ASX investors to buy today
• Is the Vanguard VGS ETF a good idea for dividends?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Vanguard MSCI Index International Shares ETF. The Motley Fool Australia has positions in and has recommended iShares Global Consumer Staples ETF. The Motley Fool Australia has recommended Vanguard MSCI Index International Shares ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Link Administration Holdings Ltd (ASX: LNK) share price ended the day lower by more than 2% even though shareholders just gave approval for the takeover.

For readers that didn’t know, Dye & Durham is trying to buy Link. It originally offered $5.50 per share, but then it reduced its offer to $4.81.

The reduction in the offer price acknowledged the movements in financial markets and the trading value of the Link share price and the PEXA Group Ltd (ASX: PXA) share price since the scheme was agreed upon in December 2021.

The offer price of $4.81 per share will be reduced by any special dividend paid by Link. The board said it currently intends to pay a fully franked special dividend of 8 cents per share.

Under the scheme implementation deed, Dye & Durham also agreed that Link shareholders can receive the net sale proceeds of up to 13 cents per Link share from the sale of Link’s banking and credit management business if it is sold and proceeds are received by Link prior to, or up to 12 months, after the implementation of the deal

The vote

Link’s directors recommended that shareholders vote in favour of the deal.

The board said the reduced offer represented a reasonable premium to Link’s last ‘undisturbed’ share price.

Directors pointed out that no superior proposal has emerged and the transaction provides certainty of value for Link shareholders and that investors will no longer be exposed to the risks associated with Link’s business.

The board also noted that the Link share price will continue to be subject to market volatility and may fall if the transaction is not implemented and there isn’t another offer.

The independent expert concluded that the offer is fair and reasonable and in the best interests of investors.

Link revealed that 98.71% of the votes cast by Link shareholders were in favour of the resolution to approve the scheme. It also said that 71.21% of Link shareholders present and voting voted in favour of the takeover.

What’s next?

The company noted that the offer remains subject to certain conditions, including receiving regulatory approvals and the approval of the Supreme Court of NSW at the hearing scheduled on 9 September 2022.

Assuming everything goes according to plan, Link will apply for its shares to be suspended from ASX trading from close of trading on 9 September 2022.

Shareholders will then be paid the special dividend of 8 cents per share, if declared, on 19 September 2022. Shareholders will be paid for their shares on 27 September 2022.

Link share price snapshot

Since the beginning of 2022, Link shares have fallen just over 20%.

The post Link share price dips despite takeover nod appeared first on The Motley Fool Australia.

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More reading

• Why did the Province Resources share price pop then flop on Monday?
• Pilbara Minerals share price jumped today as Macquarie tips 80% upside
• Mineral Resources share price rises as Macquarie tips 54% upside
• Why did the Lynas share price lose 5% on Monday?
• Why did the Bank of Queensland share price lag the other ASX 200 banks today?

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration Holdings Ltd and PEXA Group Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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