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bevans
Site Admin
Joined: Jan 11, 2003
Last Visited: Jan 8, 2009
Location: Melbourne, Australia
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| bevans |
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Posted: Fri Oct 17, 2008 6:23 pm
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ASCIANO said today its funding review was "progressing well" and it has begun preliminary talks with potential financial partners.
Chief Financial Officer Peter McGregor said the partial sale of one or more of its business units was still the Australian port and rail operator's preferred option.
"We've started having some preliminary discussions with some potential financial partners," he told Dow Jones Newswires in an interview.
However, he said no final decision has yet been made.
"There are a wide range of parties out there that have interest in our businesses given the outlook" for the businesses.
Mr McGregor declined to say which unit the Asciano was considering partially divesting.
"Any of our businesses would attract significant demand."
Despite the economic downturn, he remained confident of the group's outlook, but flagged caution for the first half of 2009.
"There is a degree of uncertainty around the June half but at this stage, given that uncertainty, we remain confident in the business, our business is positioned as such and is sufficiently resilient that we think we can ride out any downturn," he said.
The company is confident the Australian government's forthcoming infrastructure package will include rail projects.
Mr McGregor said he has had discussions with Infrastructure Australia chairman Rod Eddington and was "extremely confident" the body would include rail projects in its recommendations.
Dow Jones Newswires
RP2 - Project Director
The Hon Peter Garrett, every performance a sell-out!
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ParkesHub
Chief Commissioner
Joined: Jul 29, 2003
Last Visited: Jan 8, 2009
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Posted: Fri Oct 17, 2008 6:40 pm
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They should have taken the four bucks when it was offered a few months ago. Although, in respect to them, they could hardly have seen this sh1te coming down from above.
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bingley hall
Chief Commissioner
Joined: Nov 09, 2005
Last Visited: Jan 8, 2009
Location: gone fishin
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| bingley hall |
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Posted: Tue Nov 11, 2008 11:37 am
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Things are not looking good for the nation's rail freight.....
| Quote: | Asciano falls 60pc on debt fears and "sell" rating
SHARES of Asciano Group plunged 60 per cent today as investors continued to fret about its large debt burden and a brokerage previously bullish on the stock told clients to dump their holdings.
Asciano shares were placed in a trading halt after they plunged $1.03, or 60 per cent, to 69 cents in the first 17 minutes of the trading today.
The port and rail infrastructure company wasn't immediately available for comment.
In a research note titled "Crisis of Confidence", Citigroup today downgraded Asciano to “sell” from “buy” and slashed its price target for the stock to 82c from $6.08.
Citigroup said it expected Asciano to post a loss over the next four financial years and said the company needed to raise around $2.1 billion to reduce its gearing.
"In conclusion, we like the underlying assets and see long-term value in Asciano; however, the share price is in no mood to take prisoners," Citigroup's analysts said. "With more pain expected in the near term before any gain emerges, we advise investors to cut their losses."
Merrill Lynch also issued a research note today on Asciano, keeping an “underperform” rating on the stock and saying that like Babcock & Brown Infrastructure and Babcock & Brown Power, Asciano needed to sell assets to pay down debt and fund capital expenditure.
"The assets are better than BBI/BBP, but the debt squeeze is the same," Merrill said. |
http://www.theaustralian.news.com.au/business/story/0,28124,24634583-20142,00.html
Life is just a bowl of All Bran...you wake up every morning and it's there
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tranzitjim
Chief Commissioner
Joined: Jun 09, 2006
Last Visited: Jan 6, 2009
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Posted: Tue Nov 11, 2008 12:06 pm
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What are they going to start selling off?
Will they sell rolling stock?
Will they sell other railway equipment?
Will the ACCC stand in and require they sell that to other operators?
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Deep Throat
Chief Commissioner
Joined: Mar 21, 2004
Last Visited: Jan 8, 2009
Location: Hanging out with Donald Snerd
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| Deep Throat |
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Posted: Tue Nov 11, 2008 12:50 pm
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| tranzitjim wrote: | What are they going to start selling off?
Will they sell rolling stock?
Will they sell other railway equipment?
Will the ACCC stand in and require they sell that to other operators? |
Heck, they may be even going that bad they might entertain any offers you make.
Anonymous - and proud of it.
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DalyWaters
Chief Commissioner
Joined: Oct 31, 2006
Last Visited: Jan 8, 2009
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| DalyWaters |
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Posted: Tue Nov 11, 2008 9:20 pm
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| Quote: | | What are they going to start selling off? |
Asciano has been desperate to raise some cash to finance the Queensland coal expansion and to provide them with working capital as they have burnt plenty to now, making a significant loss over the past year.
They have decided the best way to raise cash is to sell 50% of Pacific National. Their aim is to get some super funds here to make a passive investment, leaving current management to continue their fine work!
If that fails, they are off to Asia looking for investors with spare cash.
After today's share market decimation, they are poised on the precipice. On Thursday the government removes the ban on short selling of non financial stocks. Today may have been a sell off by those in the know that see Thursday as being a bloodbath for Asciano.
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aussiebbq
Chief Train Controller
Joined: Jan 01, 2004
Last Visited: Jan 6, 2009
Location: Ballarat, Australia
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| aussiebbq |
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Posted: Tue Nov 11, 2008 9:56 pm
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| tranzitjim wrote: | What are they going to start selling off?
Will they sell rolling stock?
Will they sell other railway equipment?
Will the ACCC stand in and require they sell that to other operators? |
Victoria Intermodal
Tasmania System
Rural Grain
Basically anything that does not make money (or at least a healthily profit), all that will be left will be Inter-Capital intermodal and export coal.
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M636C
Chief Commissioner
Joined: Aug 18, 2005
Last Visited: Jan 2, 2009
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Posted: Tue Nov 11, 2008 10:32 pm
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I wonder how many of the 92 class are paid for?
Anyone interested in leasing a few 4270 HP GEs?
M636C
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freightgate
Chief Commissioner
Joined: Feb 11, 2003
Last Visited: Dec 19, 2008
Location: Albury, New South Wales
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Posted: Wed Nov 12, 2008 6:23 am
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Just wait. Asciano are in big trouble. They have a massive debt and will be making banks nervous at this point. I predict they will need to look closely at reducing debt and therefore sell assets. This is if the board does not accept to put the sale offer to their shareholders soon, which I consider to be the only way forward for the group.
Bill
CNNNN - "Mr. Howard, what do you think of our new ethanol flavoured lollypops?" Umm Mr. Howard? ..... Mr. Howard??????? ..........
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sandown
Deputy Commissioner
Joined: Jan 24, 2004
Last Visited: Jan 7, 2009
Location: sydney
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| sandown |
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Posted: Wed Nov 12, 2008 4:19 pm
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Just what is Chris Corrigan up too these days ?
Innuendo is not Italian for suppository
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GeoffreyHansen
Minister for Railways
Joined: Apr 13, 2004
Last Visited: Dec 22, 2008
Location: Waiting for the next commuter service to Bathurst
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| GeoffreyHansen |
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Posted: Wed Nov 12, 2008 4:32 pm
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A few years ago it appeared that PN was trying to buy up everything it could eg Freight Australia, ATN in Tasmania. Toll bought the New Zealand Railways and PN was expanding into Queensland.
Now the picture seems to be changing dramatically.
Bring the 3900s back to Brisbane
Bring Karlsruhe Tramtrains to Australian cities
Extend the proposed Metro to Taylor Square
Extend the Gold Coast line to the Tweed
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sas85
Deputy Commissioner
Joined: Nov 19, 2006
Last Visited: Jan 5, 2009
Location: 9km 000m in the Mile End to Belair section
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Posted: Thu Nov 13, 2008 3:02 am
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Can someone remind me of the massive benefits selling National Rail and Freight Corp were?
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TW10
Station Master
Joined: Sep 06, 2007
Last Visited: Jan 8, 2009
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Posted: Thu Nov 13, 2008 8:06 am
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| sas85 wrote: | | Can someone remind me of the massive benefits selling National Rail and Freight Corp were? |
It's not the business that's a problem. Asciano was created after rivalry between Paul Little and the Asciano CEO.
The CEO was so full of himself that he jumped at the chance to run his own empire but Paul Little then transferred all the debt from Toll Holdings to the new company. The banks now want their money.
Don't forget this involves the port operations of Patricks also.
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sas85
Deputy Commissioner
Joined: Nov 19, 2006
Last Visited: Jan 5, 2009
Location: 9km 000m in the Mile End to Belair section
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Posted: Thu Nov 13, 2008 8:38 am
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Totally understand that, my comment was more aimed at questioning why there was a need to sell a government(s) controlled business to corporations who are only out to look after themselves. (not that I blame them for that, that's the corporate world)
Excluding employees and the like who are given shares, I can't understand why anyone would be interested in purchasing shares in such a debt laden company that continues to spend in such a manner.
Be interested to hear just how much CBA stands to lose if they go under.
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johnboy
Chief Commissioner
Joined: Nov 22, 2004
Last Visited: Jan 7, 2009
Location: Maybe Blue Mtns, Maybe Gulgong...
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Posted: Thu Nov 13, 2008 11:28 am
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| M636C wrote: | | I wonder how many of the 92 class are paid for? |
I thought they were leased.
| sas85 wrote: | | Can someone remind me of the massive benefits selling National Rail and Freight Corp were? |
mmmmm ... still thinking.... mental blank.....
but it must of been a good reason because we were told it was good.
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