With David Robb, Partner
The Australian capital markets have been alive and well in the second half of 2004.
Notwithstanding the federal election, strong economic conditions have resulted in a broad range of capital market initiatives. The range of financial products available for investors has continued to broaden, with Westpac entering the funds market with its Bluewater prospectus; Macquarie and Deutsche Bank issuing further series of their listed CDOs; Tishman Speyer and Galileo Shopping America Trust offering interests in more US properties; and Macquarie Bank, through its listed trusts, offering opportunities in the energy sector through DUET, airports through MAp and roadways through Connect East.
The IPO market has also continued strongly with listings of Babcock & Brown and biotech entrants Proteome Systems Limited and Sunshine Heart, among a range of other offerings.
Capital management has also been a feature of the last half of the calendar year with Lend Lease, BHP Billiton and St.George entering the market in different ways for capital management purposes.
In this edition of In the money, we focus on how BHP Billiton and St.George have been managing their capital and also discuss a new tax ruling that has relevance for Australian borrowers.
As this will be our last edition for the year, we wish you all the best over the holiday season and a happy New Year.
Click on the links below to access this issue's articles:
In this edition
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BHP Billiton: Australia's biggest buy-back
The drive for an efficient capital structure has seen a number of high-profile Australian companies conduct off-market share buy-back tenders in the past year. We advised BHP Billiton on its recent buy-back, the largest off-market buy-back in Australian history. Lead partner on the transaction, David Wenger, and Lawyer Tim Turton discuss some of the unique features of this buy-back. More» -
St.George SAINTS
Partner Alex Ding and Senior Associate Victoria Poole examine the issues St.George needed to address as a result of the unique features of its recent share offering. More» -
Tax treaty relief from Australian interest withholding tax for US or UK financial institutions
Partner Diccon Loxton and Senior Associate Thomas McAuliffe highlight certain aspects of a new draft Taxation Ruling on withholding tax and discuss the practical implications for Australian borrowers. More» - Small change
- ATO audit activity – GST and IPOs
- Dollar disclosure regulations
- More»
