Commercial television operator Ten Network Holdings Ltd
(ASX:TEN) has confirmed its earnings guidance for the financial year, and announced a fully underwritten equity raising of approximately $138 million.
In an update to the market, Ten says it confirms all earnings guidance provided at the time of its third quarter results announcement and reiterated previous guidance that it will be within the requirements of its banking covenants at the end of the financial year on August 31.
Ten says that August banking covenants will be achieved without the inclusion of funds from the equity raising.
The company says the bookbuild to place 120 million new shares will be conducted at a price of $1.15 a share, representing an 8.4 per cent discount to Ten Holdings’ closing price on August 3.
The television broadcaster also reported that TV revenue fell 13 per cent for the nine months to May 31. Ten Network Holdings 2008 net profit was the company’s highlight in the last five years.
Bendigo & Adelaide Bank Ltd (ASX:BEN) has cut its full year earnings forecast after taking provisions for its exposure to the collapsed agribusiness group Great Southern, and deteriorating asset values in the commercial property sector.
The bank says it now expects earnings per share for the full year to June 30, of approximately 63 cents, down from previous guidance of between 70 and 75 cents a share.
The company says it will take $20.2 million in specific and collective provisions relating to loans which form the Great Southern portfolio.
Bendigo & Adelaide Bank will also take an additional $14.4 million in provisions primarily due to the deterioration in asset values in the commercial property sector.
The bank says it does not expect any goodwill impairment in its full year results, to be provided on August 10. Bendigo & Adelaide Bank’s 2008 net profit was its best in five years.
Mineral exploration company Mirabela Nickel Ltd (ASX:MBN) says it has begun mining at its Santa Rita project in Brazil.
The company says the mine will start with a production capacity of 4.6 million tonnes per annum increasing to a capacity of 6.4 million tonnes per annum in the second quarter of 2009.
Mirabela says the mine has a life of 19 years based on proven and probable reserves.
Managing director Nick Poll says it has only been five years since the company made the largest nickel sulphide discovery in over a decade and it remains on track to be the largest independently-owned nickel sulphide project worldwide. Mirabela Nickel posted a profit in 2008 after losses the three years previous.
