The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) rose by 0.06% on Friday, it didn’t move on Monday due to Labour Day in the US.
Australian Dollar ($A) (AUDUSD): 67.14US cents
Dow Jones (DJI): up 1.41%
Oil (WTI): $US54.81 per barrel
Gold: $US1,527 per ounce
ASX Sharemarket News
In ASX sharemarket news, it was announced that after the market had closed yesterday AGL Energy Ltd (ASX: AGL) had completed the acquisition of Perth Energy.
A month ago the sale was conditional, but yesterday it completed. AGL paid $53.3 million to Infratil Ltd (ASX: IFT) for its 80% shareholdings, with final proceeds to be adjusted for normal working capital and net debt adjustments.
AGL may pay a further $14.9 million within three years depending on financial performance under a contract and the tax treatment of certain penalty refunds which Perth Energy may become entitled to claim.
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Litigation funder IMF Bentham Ltd (ASX: IMF) announced the pending completion of a law firm portfolio investment funded in the US through its US investment vehicle ‘Fund 1’.
The company currently expects Fund 1 to generate, on completion of the investment, income of around US$4.7 million and profit after capitalised overheads of around $2.1 million.
But completion is still conditional on underlying settlements proceeding to completion with court approval.
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Pioneer Credit Ltd (ASX: PNC) shares are likely to remain in a trading halt after it requested for the share suspension to continue due to a material difference in the company’s expected net profit after tax (NPAT) due to the classification and measurement of its financial assets at Amortised Cost.
This will have a flow on effect to EBIT (click here to learn what EBIT means), which could breach a financial covenant of its financing. The trading halt will also likely default on some of its financing as well.
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