Coal miner, New Hope Corporation says it expects to report a near doubling in after-tax profit (before one-off items) for the year to July 31 when it releases its 2017-18 figures tomorrow.
In a short statement to the ASX on Friday, New Hope said its Net Profit After Tax (NPAT) before non-regular items will be in the range of $248 million to $253 million.
“In addition to the above, the Company is also likely to record non-regular items after tax of approximately $103 million which predominantly relates to an impairment of the group’s Colton exploration project,” the company said.
That will give a net after-tax profit after one-off items of between $145 million and $150 million.
The company reported a net profit after regular items a year ago of $140.6 million.
The miner earned a net profit of $115.6 million for the first half of 2017-18.
Investa Office Fund has agreed to the request from Canadian investor, Oxford Properties to further adjourn the meeting of Investa security holders set down for today to allow Oxford to formulate its higher $5.60 a security.
Oxford last Thursday offered $5.60 for each share in Investa, 10 cents higher than Blackstone’s offer and valuing Investa at $3.35 billion.
Blackstone can’t counter with a higher offer as it declared its $5.52 price “final” in its latest bid statement ahead of the security holders meeting originally scheduled for last Monday.
Investa said on Friday said will seek judicial advice to adjourn the meeting set for today, where it had intended to ask shareholders over a takeover offer from Blackstone.
A new date for the meeting was yet to be determined.
Investa also said it would engage with Oxford Properties a binding proposal which would include access for full due diligence.
Blackstone had made a public $3.08 billion play for Investa in May and increased its offer in August. Then Oxford came in with a $5.50 a share offer earlier this month.
Trumping Oxford’s first approach last week by 2 cents, Blackstone suggested its A$5.52 bid would be “best and final, in the absence of a superior proposal”.
Under the takeover rules, bidders must wait four months to re-approach a target after declaring an offer unequivocally final.
