Company news: Centuria REIT merger, HT&E, TZ Limited and BHP
The merger of the Centuria Urban REIT (formally the 360 Capital Office Fund) and the Centuria Metropolitan REIT was formally approved, and will be implemented shortly. It was done on a "NTA-to-NTA" basis.
HT&E (formally APN News & Media) confirmed its FY-17 guidance, including that group revenue will be in line with FY-16. It also released a presentation reaffirming the strong radio and outdoor advertising assets and capabilities that the company now has.
TZ Limited released a downgrade of its expected revenue for the FY-17 year. Although disappointing, the company does have volatility in revenue recognition, depending on the timing of contracts. It has a strong backlog leading into FY-18.
And to wrap up company news this week - hot off the press - BHP has named its new Chairman, who will replace Jac Nasser on 1-Sep-17. It is Ken MacKenzie, the very well regarded former CEO of Amcor, and a current director of BHP.