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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is back in focus as the big four bank prepares for its annual general meeting (AGM) tomorrow. And it might face some curly questions, too.

Shares in Australia’s fourth-largest bank were trading 0.4% higher at $27.59 in late afternoon trading today.

What questions might ANZ face tomorrow?

While the ANZ share price has fared reasonably well over the past 12 months, there are a number of issues that shareholders want to be addressed at the AGM.

Firstly, it is believed the bank will need to field questions regarding ANZ’s rate of change in digitising its retail banking segment.

To the disappointment of shareholders, the bank has adopted an approach that is not too dissimilar to the rollout of the NBN. Rather than implementing a completely new system, the bank is adding some new features on top of an old base.

In the words of ANZ CEO Shayne Elliott:

It’s not a CBA ‘rebuild the core’. But we are taking the bits that we know and love from our existing systems that work really well and building a bunch of new things to go with it in a new platform, which is called ANZx.

The lack of investment in technology that could deliver faster, cheaper, and more convenient experiences for customers might have something to do with the second issue shareholders are expected to raise tomorrow — an underperforming mortgage loan book.

During a booming time for new home loans, ANZ has struggled to grow its home loan division. Experts have suggested that delays in approval times at ANZ have been a contributing factor.

However, the bank has recently flagged the potential for home loan approvals in 10 minutes. Although this is not anticipated to be ready for use until the end of next year.

Unsurprisingly, shareholders want to know what the game plan is as ANZ embarks on its new tech voyage.

The post ANZ (ASX:ANZ) will hold its AGM tomorrow. Here’s what you need to know appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Mitchell Lawler 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 Bruce Jackson.

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It’s been a big day for Westpac Banking Corp (ASX: WBC) shareholders. The ASX’s oldest bank held its annual general meeting this morning, and it’s one for the books.

As we covered earlier today, both Westpac’s CEO and Chair apologised to shareholders for the company’s recent poor performance. Not only has the Westpac share price lost around 20% since the start of November. But the bank also copped a $113 million fine last month for allegedly charging deceased customers financial advice fees.

Westpac chair John McFarlane apologised “unreservedly on behalf of the Board” for the recent underperformance. But shareholders were evidently not in a forgiving mood. 66.11% of shareholders voted in favour of Westpac’s remuneration report. That meant 28.5% of shareholders voted against it. Since the ‘no’ vote was more than the 25% stipulated under the Corporations Act 2001, this counts as a ‘first strike’ for Westpac.

Westpac cops ‘first strike’ at AGM

If a ‘second strike’ is passed next year (another 25% or higher ‘no’ vote on remuneration), it will result in an automatic board spill motion.

As we tocuhed on this morning, the Australian Shareholders Association (ASA) voted no on remuneration. It stated the following on why the ASA has taken issue with Westpac:

The last few years for WBC and their stakeholders has been tough, and unfortunately, there are still significant issues on Westpac’s plate which the company acknowledges. 

With all their transformation programs, as they turn over stones, more issues reveal themselves. It is considered that the problems have not been fixed fast enough… it is very concerning what customers have suffered, and both stakeholder groups, customers and shareholders, have a right to be angry.

Westpac share price snapshot

Despite this strike vote at Westpac’s AGM, the bank’s shares had a decent day of trading today. The Westpac share price ended up closing at $20.99, up 0.29% for the day. That puts its 2021 gains at around 7% year to date. Westpac shares are also up 4.5% over the past 12 months, but have slid a depressing 35% or so over the past 5 years.

At today’s closing share price, Westpac has a market capitalisation of $77.04 billion, with a dividend yield of 5.62%.

The post Here’s why Westpac (ASX:WBC) just copped a grilling from angry shareholders appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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 Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The HUB24 Ltd (ASX: HUB) share price was again on the move today following an update on the terms for its planned takeover of Class Ltd (ASX: CL1).

At market close, the HUB24 share price finished at $27.12, 7.25% lower than its previous close.

Let’s take a look at the new changes made to the part cash, part scrip takeover offer.

HUB24 share price slips on takeover correction

Another change has been made to HUB’s recently updated takeover offer posed to Class.

It follows on from Tuesday’s news which saw the HUB24 share price tumble before correcting itself to gain 1.7%.

While the potential acquirer only recorded a slight gain, the Class share price surged 5.36%.

Yesterday, the companies announced HUB24 had upped the cash portion of its offer to 12.5 cents for each Class share. Originally, it proposed to pay just 10 cents per share.

Additionally, the scrip portion of the offer – which would see Class shareholders receiving 1 HUB24 share for every 11 Class shares they own – was amended to allow Class shareholders access to any dividends and franking credits paid by HUB24 for the first half of financial year 2022.

That is, if the scheme is implemented before HUB24’s ex-dividend date.

Today, Class has corrected a mistake it made on yesterday’s release to the market. Here’s what the company said:

[Yesterday’s] announcement stated that HUB24 shares issued as scrip consideration would now include the ‘right’ or ‘entitlement’ to the interim dividend paid by HUB24 in respect of [the first half of financial year 2022] …

It should instead state the HUB24 shares issued as scrip consideration include an ‘unconditional right’ or ‘unconditional entitlement’ to the interim dividend paid by HUB24.

The inclusion of the word “unconditional” seems to have spooked the market on Wednesday.

Interestingly, the Class share price suffered just as much as HUB24’s.

It closed the day 5.09% down at $2.61.

The post Here’s why the HUB24 (ASX:HUB) share price slid 7% today appeared first on The Motley Fool Australia.

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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. owns and has recommended Hub24 Ltd. The Motley Fool Australia owns and has recommended Class Limited. The Motley Fool Australia has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AnteoTech Ltd (ASX: ADO) share price is in the red during late afternoon trading. This comes after the company provided an update on its COVID-19 rapid antigen test.

At the time of writing, the biotechnology company’s shares were trading for 17 cents apiece, down 2.86% on yesterday’s close

Let’s take a look at what may be impacting the company’s shares today.

What did AnteoTech announce?

AnteoTech informed the market it had heard from the Therapeutic Goods Administration (TGA) on its SARS CoV (COVID-19) rapid antigen test and Eugeni reader platform.

The TGA has asked AnteoTech to review how its diagnostic test will cover COVID-19 variants.

The regulatory body has also requested that AnteoTech update the TGA on how it plans to monitor for new strains of the virus.

The company says it will also need to provide an update on other technical and performance details.

The AnteoTech share price received a shot in the arm in September when the company announced it had submitted its rapid antigen COVID test to the TGA.

Then, the company said its nasal swab test was able to detect COVID-19 in 1 minute in 97.3% of cases. AnteoTech is also working on a saliva-based sampling method.

Today, the company said it was working to provide the TGA with additional information as quickly as possible.

Anteotech share price snap shot

Despite a 15% fall this month, the AnteoTech share price has skyrocketed by 67% this year to date. It’s also gained about 94% over the last 12 months.

In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 11% in the past year.

The post AnteoTech (ASX:ADO) share price falls on TGA update appeared first on The Motley Fool Australia.

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• Here’s why the AnteoTech (ASX:ADO) share price has withstood today’s sell-off

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 Bruce Jackson.

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The Hydration Pharmaceuticals Company Limited (ASX: HPC) share price has had a great start to its time on the ASX.

The company debuted on the market yesterday after an initial public offering (IPO) that saw its shares going for 29 cents apiece.

At the time of writing, the Hydration Pharmaceuticals Company share price is 38 cents, 7.04% higher than when it experienced its first closing bell.

That means shareholders who got in on the company’s prospectus offer have seen their investment grow by 31% already.

Let’s take a closer look at the ASX newbie and how it’s been performing so far.

What does the company do?

The Hydration Pharmaceuticals Company – more colloquially known as Hydralyte North America – is responsible for a popular household brand that many readers will know well.

That is, Hydralyte – which offers electrolyte-rich powders, drinks, and tablets. Though, the company doesn’t sell Hydralyte products in Australia or New Zealand.

Instead, it has rights to market the products in America, Europe (but not Turkey), China (but not Taiwan), and Hong Kong.  

Hydration Pharmaceuticals Company share price soars following IPO

The Hydration Pharmaceuticals Company hit the ASX at noon on Tuesday, when its share price soared to 35.5 cents on the day.

The company raised $17 million during its IPO by selling approximately 58.6 million shares.  

Most of the funds raised through its IPO will fund its sales and marketing. Though, some will be spent on brand and product development.

Over the 12 months ended 30 September 2020, the company brought in around US$3 million of pro forma revenue. It also saw a pro forma after-tax loss of around US$5.9 million.

For the 12 months ended 30 September 2021, Hydration predicts it will see approximately US$5.4 million of pro forma revenue and a pro forma after-tax loss of around US$6.7 million.

The directors have no intention of paying a dividend soon, though, due to the company being in the development stage.

The company’s IPO offer price would have seen it with a market capitalisation of around $46.7 million.

At its current share price, The Hydration Pharmaceuticals Company has a valuation of approximately $61.2 million.

The post Hydration Pharmaceuticals (ASX:HPC) share price rockets 31% in 2 days following IPO appeared first on The Motley Fool Australia.

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• Fees for no service? ASIC lawsuit against Insignia (ASX:IFL) for potential misconduct
• Here’s why the Antisense (ASX:ANP) share price is climbing 5% today
• Here are the 3 most heavily traded ASX 200 shares this Wednesday
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The author has no positions 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 Bruce Jackson.

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Shares in newly-named Insignia Financial Ltd (ASX: IFL) – formerly IOOF Holdings – are edging higher today amid reports the Australian Securities and Investment Commission (ASIC) has commenced civil penalty proceedings against the firm.

ASIC is suing OnePath, the superannuation trustee under Insignia’s banner, for allegedly charging inappropriate fees for no service whilst concurrently supplying false and misleading statements to members.

We’ve been down this path before, the path of fees for no service, as apart of the Royal Commission into Banking and Financial Services in 2018. The outcomes weren’t pretty for those involved in the reprehensible conduct.

Today Insignia acknowledged it recognised the action ASIC is taking against the company in a statement released before the open.

What’s the deal here?

ASIC alleges that OnePath incorrectly charged its members over $4 million in fees without providing a service, moves that impacted over 18,000 individual accounts.

The company is not allowed to do this, and doing so is considered reprehensible conduct by the regulator – not less by its members, as well.

Deputy chair of ASIC, Sarah Court stated that “superannuation is important for the future financial security of Australians. Consumers must be able to trust they are being charged fees correctly by their superannuation providers. ASIC’s case alleges that OnePath failed to do so in this case”.

Specifically, ASIC’s case submits OnePath charged fees for financial advice to customers who had been disconnected from superannuation plans sponsored by their employers.

Apparently, as ASIC says, OnePath sent correspondence to its members until May last year, however, the letters failed to inform customers of their rights to terminate the fees, or any rights regarding the fees at all for that matter.

The regulator has it that OnePath made false statements regarding its right to continue charging these particular fees, thereby breaching its fiduciary duties as a financial services license holder.

In a statement today, Insignia noted that it and OnePath are carefully considering ASIC’s action. It also noted that “separate to any question of liability”, both OnePath and former owner ANZ are “remediating impacted members, with [OnePath’s] remediation expected to be completed by the end of this month”.

It remains committed to ensuring the identified plan service fee issues are appropriately resolved. The date for the first court hearing hasn’t yet been scheduled.

At the time of writing, Insignia shares are swapping hands at $3.64 apiece, a small gain of around 1% on the day.

Insignia Financial share price snapshot

It’s been a horrendous year for the Insignia share price, having slipped more than 1% into the red during the last 12 months.

This year to date, it has climbed a paltry 3%, and has fallen back into the red by 7% over the past month.

Each of these returns have lagged the benchmark S&P/ASX 200 index (ASX: XJO)’s return of around 10% in the last year.

The post Fees for no service? ASIC lawsuit against Insignia (ASX:IFL) for potential misconduct appeared first on The Motley Fool Australia.

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The author has no positions 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 Bruce Jackson.

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The Antisense Therapeutics Limited (ASX: ANP) share price is moving higher today. This upwards movement comes amid the company’s annual general meeting (AGM). Usually, these events are not considered to be price-sensitive. However, the biotech’s AGM was tagged as a price-sensitive market announcement today.

In afternoon trade, shares in the biotechnology company are up 5.56% to 19 cents. Despite the gain, shareholders are still nearly 46% away from the 52-week high set in October.

Let’s take a closer look at what could be driving the Antisense share price higher today.

What has Antisense been up to?

Investors are bidding up the Antisense share price today as they are reminded of what the company has been doing in recent times.

As per the AGM presentation, the company’s key focus remains developing ATL1102. Antisense informed shareholders of its United States regulatory plans today. As already known, the company has submitted its protocol synopsis to the US Food and Drug Administration (FDA) for a 9-month chronic monkey toxicology study.

Furthermore, the company highlighted it could be in a position to receive a rare pediatric disease priority review voucher (PRV). In order to land the PRV, Antisense will need to get FDA approval for ATL1102 in use for people with Duchenne Muscular Dystrophy before 30 September 2026.

Notably, in the past (2017 to 2021) PRVs have sold for between US$80 million to US$150 million. Such a deal would be significant for the company considering its annual revenue has been sub-$1 million since 2017.

In addition, the Antisense share price might be finding strength today as the company emphasises its ambition to expand the clinical application of ATL1102 beyond DMD.

Lastly, Antisense shareholders may be pleased with the company’s current financial position. Thanks to a recent $20 million placement, Antisense is funded into the second half of the 2023 calendar year. This includes costs associated with setting up the Phase IIb/III DMD trial in Europe.

Antisense share price recap

Despite losses widening to about $8 million in the past financial year, the Antisense share price has performed strongly in 2021.

Since January, the company’s shares have gained 35.7% in value. For context, the S&P/ASX 200 Index (ASX: XJO) is up 9.7% over the same time span.

The post Here’s why the Antisense (ASX:ANP) share price is climbing 5% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler 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 Bruce Jackson.

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The post Here are the 3 most heavily traded ASX 200 shares this Wednesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is down 0.4% in afternoon trade, having recovered some of its earlier, steeper losses.

The ASX 200 is following US and European share markets lower as investors fret over 2 of the biggest concerns that could impact their portfolios in 2022.

Namely the newly emerged Omicron COVID variant, and hot running inflation that looks increasingly likely to be less transient than central bankers were forecasting just a few months ago.

Keeping in line with our headline, we’ll leave COVID-19 aside and maintain the focus on the inflation issue. The issue for investors is that higher inflation could lead to higher interest rates sooner than expected, and impact the relative outlook for almost every ASX 200 share.

In the US, the inflation rate – as measured by core personal consumption expenditures – is up 4.1% year-on-year. That’s running hotter than any time in the past 30 some years.

It’s running higher Down Under as well. As the Australian Financial Review (AFR) notes, futures markets are now pricing in at least 3 interest rate hikes by the Reserve Bank of Australia (RBA) in 2022.

Two inflation resilient ASX 200 shares

Hugh Dive is the chief investment officer at Atlas Funds Management. And he’s keeping a close eye on inflation and the potential for interest rate hikes.

According to Dive (quoted by the AFR), “Rate rises will be a big thing in 2022 and following on from that, we’re definitely seeing inflation through the economy.”

As for the ASX 200 shares that are likely to outperform in a higher inflation and interest rate environment, Dive points to international toll road developer and operator Transurban Group (ASX: TCL), and global packaging giant Amcor PLC (ASX: AMC).

Among the ASX 200 shares which could struggle in this setting, he named Inghams Group Ltd (ASX: ING), the largest integrated poultry producer across Australia and New Zealand.

Dive said:

We’ll be looking at how companies can pass on those price rises. For a company like Transurban it might be easier but for a company like Ingham that’s a much harder conversation. You want things in your portfolio where you can pass those prices on like Transurban and Amcor.

How have Transurban and Amcor been performing?

Both ASX 200 shares have underperformed the benchmark in 2021.

Year-to-date the ASX 200 is up 9.9%. The Amcor share price has gained 8.6% over that same period while the Transurban share price is up 1%.

Amcor also pays a 3.9% trailing dividend yield, unfranked. Transurban pays a 2.7% trailing dividend, also unfranked.

The post Two inflation resilient ASX 200 shares revealed: fund manager appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Amcor Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Challenger Ltd (ASX: CGF) share price has jumped today after the retirement income and investment company announced it has appointed a new CEO.

Nick Hamilton will replace former CEO Richard Howes, who retired in August this year. 

At the time of writing, the Challenger share price sits at $6.70, a rise of 1.50%.

More on the appointment

After operating as chief executive of Challenger’s Fund Management business since 2019, in which he oversaw funds of up to AUD$100 billion, Mr Hamilton will take over the reins on 1 January 2022.

However, the company said today Mr Howes would remain available in the first quarter of next year to oversee the transition. 

Chair Peter Polson said Mr Hamilton’s appointment came after an extensive search process amongst a number of candidates.

Under his leadership, our Funds Management business has gone from strength to strength and is now one of the fastest growing active asset managers in the country…

With a deep understanding of our business, a clear vision for the future and the acumen to maximise the significant opportunities ahead, Nick is ideally placed to lead Challenger through this exciting next chapter.

How has the Challenger share price performed this year? 

Challenger shares have had a mixed year, recovering from a major drop of more than 27% in mid-April following the release of a disappointing third-quarter update. 

The Challenger share price rebounded in early July with the announcement that leading international retirement services company, Athene, and Apollo Global Management, agreed to buy a 15% minority interest in Challenger from an existing approval.

The company has a market capitalisation of almost AUD$4.5 billion and a one-year return of 15.9%.

The post Here’s why the Challenger (ASX:CGF) share price has lifted today appeared first on The Motley Fool Australia.

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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 Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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