According to a report in The Sydney Morning Herald, Bendigo and Adelaide Bank Ltd
(ASX:BEN) has asked staff to take 10 days in unpaid leave as it tries to cut costs amidst stiff competition in the market.
The paper says more than 5000 employees received an email asking them to consider the unpaid leave and decide by the end of the month.
Zero credit growth is being blamed for the measure, with the paper reporting spokesperson Owen Davies saying the economy is so flat and although the bank is still getting its share of lending it’s just flattened out.
In recent news, Bendigo and Adelaide Bank announced the appointment of Mike Hirst as CEO, replacing Rob Hunt. Bendigo and Adelaide Bank’s 2008 result was its best in five years.
Gold miner Dioro Exploration NL (ASX:DIO) has urged shareholders to reject Avoca Resources Ltd (ASX:AVO) sweetened takeover offer for the company.
On April 14 Avoca announced its intention to make an off-market bid to acquire all the issued shares in Dioro. Since then the company has amended its offer twice.
Avoca increased its offer for the company from one Avoca share for every 2.82 Dioro shares, to one Avoca share for every 2.4 Dioro shares.
Since making the sweetened offer Avoca says less than one per cent of shareholders have accepted the bid to date.
Dioro says it is in discussions with third parties that may potentially result in an offer to Dioro shareholders superior to the amended offer.
Dioro Exploration has posted net losses in the last three years.
Uranium explorer Energy and Minerals Australia Ltd (ASX:EMA) has announced a $12.16 million capital raising.
The company hopes to raise $9.16 million through a placement of ordinary shares at 21 cents a share, and $3 million via a share purchase plan.
The proceeds from the capital raising will be used to provide working capital and advance the development of the company’s Mulga Rock Uranium deposits in Western Australia.
Energy and Minerals Australia says the placement has garnered strong support and has seen the introduction of a number of new domestic and offshore institutional shareholders to EMA’s register.
Energy and Minerals Australia has posted losses in the last two years.
