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Friday News Update: Aconex Limited, Sirtex Medical Limited, DUET Group

Friday News Update: Aconex Limited, Sirtex Medical Limited, DUET Group
Investors can expect building approvals, retail sales and trade balance figures to be released in the upcoming week
Apr 01, 2016 By Kaivalya Kandarpa Tags: ACX, DUE, SRX

The local share market has opened 0.5% lower after a weak lead from Wall Street and Europe, while most commodities were stable overnight. 

There hasn't been much economic data this week. However, investors can expect building approvals, retail sales and trade balance figures to be released in the upcoming week. The interest rate, which is due next Tuesday, is expected to remain unchanged at 2%.

Amongst the company announcements released today, Aconex Limited (ASX:ACX) has announced the completion of the Conject acquisition, Sirtex Medical Limited (ASX:SRX) has received a positive endorsement from NICE and Duet Group (ASX:DUE) has successfully raised $200 million from  placement offer.

Aconex Acquires Conject GmbH for $97 Million

International cloud and mobile solutions provider, Aconex Limited (ASX:ACX) announced the completion of the acquisition of Conject Holding GmbH, which was initiated on the 17th of March. Aconex states that Conject is a leading cloud and mobile collaboration service provider in Europe and other regions.

Aconex raised approximately $120 million on the 17th of March by issuing 23 million ordinary shares at an issue price of $5.20 per share. From these proceeds, the company paid approximately $97 million in cash for the Conject acquisition and aims to use the rest to fund the one-time integration and restructuring costs which are associated with the acquisition. The company also aims to boost the group’s working capital.

The company expects this transaction to be highly accretive to the FY17 earnings per share (EPS), after removing the amortisation of intangibles and other one-off transaction costs related to the acquisition.

Sirtex Receives Positive Endorsement for its Liver Cancer Treatment

Sirtex Medical Limited (ASX:SRX) announced to the market that the UK National Institute of Health and Care Excellence (NICE) has recommended to the NHS (National Healthcare Services, the oldest and one of the largest single-player healthcare systems in the world) doctors to consider SIR-Spheres Y-90 resin treatment as an alternative to the standard therapy treatment for liver cancer patients.

SIR-Spheres Y-90 resin microspheres are Sirtex’s medical devices used in interventional oncology, which are delivered to the liver through a Selective Internal Radiation Therapy (SIRT). This procedure has already been approved for supply in major markets, such as the United States, European Union and Australia.

DUET Group Raised $200 Million to Fund the Alcoa Acquisition

DUET Group (ASX:DUE) has successfully raised $200 million, through a placement offer, issuing approximately 90.9 million shares at $2.20 per new stapled security, representing a 3.5% discount on the last closing price on the 30th of March.

The company is set to use the proceeds of the offer to fund the acquisition of Alcoa of Australia’s 20% interest in DBNGP (DBP) Holdings for $205 million. Following the completion of this transaction, DUET’s aggregate ownership of DBP will increase from 80% to 100%.

In addition to the aforementioned placement offer, the DUET Group aims to undertake a non-underwritten Stapled Security Purchase Plan Offer (SPP Offer), to raise up to $30 million. The company expects to dispatch further details to the eligible security holders on the 7th of April.

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Kaivalya Kandarpa Author: Kaivalya Kandarpa Apr 01, 2016

Kaivalya is an equity analyst and a client advisor at Wise-owl. She specialises in fundamental and technical analysis for large and mid-cap companies. Having completed her bachelor's degree in Business Administration majoring in Finance, Kaivalya has a comprehensive understanding of international stock market movements. She tracks local and overseas markets and compiles analytical reports for various industries.

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