GetSwift (ASX:GSW) Federal Court hearing today: Aus shares to open modestly lower

Market Reports

by Katrina Bullock

Australian shares are set to open slightly lower, following a quiet night of international trade due to the closure of US markets for the Thanksgiving holiday and UK markets ending relatively flat.


Wall Street was closed yesterday.

European markets closed lower, London’s FTSE lost 0.4 per cent, Paris fell 0.1 per cent and Frankfurt closed 0.02 per cent lower.

Asian markets closed higher, Tokyo’s Nikkei gained 0.9 per cent, Hong Kong’s Hang Seng added 0.6 per cent and China’s Shanghai Composite closed 0.2 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.3 per cent fall.

Yesterday, the Australian share market closed 0.7 per cent lower at 6636.

Company news

The Federal Court of Australia will hold a second hearing at 11am today, for the proposed scheme of arrangement between logistics software company GetSwift (ASX:GSW) and its shareholders. GetSwift is planning to redomicile to Canada. However, two contingent creditors have raised objections to the proposed scheme – one of whom is ASIC, the other, Raffaele Webb. In response to the objections GetSwift Technologies has offered to provide undertakings to GetSwift indemnifying it in respect of potential costs arising out of the current ASIC and Webb proceedings. The court will hear submissions today regarding the enforcement of an order of the court giving effect to the indemnity. Meanwhile, the company is still to receive the Foreign Investment Review Board approval which is a pre-condition to proceeding with the scheme. Shares in GetSwift (ASX:GSW) closed 3.64 per cent lower at $0.27 yesterday.


Civmec (ASX:CVL) is paying 1 cent fully franked.
Gryphon Capital (ASX:GCI) is paying 0.71 cents unfranked.
Perpetual Credit Income Trust (ASX:PCI) is paying 0.2845 cents unfranked.
Qualitas Real Estate Income Fund (ASX:QRI) is paying 0.8076 cents unfranked.


One Australian Dollar at 7:15 AM was buying 73.64 US cents, 55.14 Pence Sterling, 76.77 Yen and 61.82 Euro cents.


Iron Ore has added 0.8 per cent to US$128.39.
Iron Ore futures suggest 1.7 per cent gain.
Gold has gained $3 to US$1814 an ounce.
Silver was down $0.03 to US$23.42 an ounce.
Oil was down $0.72 to US$44.99 a barrel.

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