Stocks of the Hour: CIMIC Group, TechnologyOne & Pepper Money

Company News

by Michael Luu

Civil engineering heavyweight CIMIC has formally submitted a takeover bid for full ownership of residential property developer Devine, targeting the remaining stake in the ASX-listed company. The $6.6 billion infrastructural developer currently possesses a 59.11 per cent stake in Devine and aims to snap up the the remaining interest in the home builder for a total cash consideration of $15.6 million.

Shares in CIMIC Group (ASX:CIM) are trading 1.1 per cent higher at $21.45

Enterprise software developer TechnologyOne (ASX:TNE)’s earnings soared 48 per cent to $28.2 million in the first half of the company’s fiscal year. TechnologyOne has linked the upward trajectory to the booming demand for the company’s software-as-a-service (SaaS) products for enterprise data security. TNE’s number of high-profile enterprise customers signing up for SaaS solutions surged 21 per cent to 576.

Shares in TechnologyOne (ASX:TNE) are trading 2.22 per cent higher at $9.19

Pepper Money (ASX:PPM) has returned to the Australian sharemarket after nearly four years as a private entity and become the second non-bank provider of loans to list on the index this year. The company successfully raised $500.1 million by issuing 173.2 million new shares at $2.89 per security through its initial public offering (IPO). The lender’s target market consists of borrowers who fail to satisfy the stringent lending requirements of mainstream banks. The alternative lender provides flexible home, car and personal loans to customers who are overlooked by the major banks’ difficult credit policies.

Shares in Pepper Money are trading at $2.62