Stocks of the Hour: QBE Insurance, PolyNovo & Qube

Company News

by Lauren Evans

QBE Insurance (ASX:QBE) has appointed Yasmin Allen from both Cochlear and Santos, as a non-executive director for QBE following the retirement of two current directors John Green and Stephen Fitzgerald. John and Stephen will leave the company in May, while Yasmin will start on July 1, subject to shareholder approval. Shares are trading 0.5 per cent lower at $10.86.

PolyNovo (ASX:PNV) has completed due diligence for the $6.35 million sale of its Port Melbourne headquarters.The medical device company said it will leaseback the building for 10 years with two 5-year options, while $3 million will be used to reduce debt and the balance for working capital. Shares are trading 0.9 per cent higher at $1.11.

Meanwhile, the Australian Competition & Consumer Commission (ACCC) will not pursue enforcement action on Qube’s (ASX:QUB) acquisition of Newcastle Agri Terminal, but remains concerned with the supply chain for bulk grain export through the Port of Newcastle, and will continue to monitor developments. Qube completed the acquisition in September last year, before the ACCC was able to properly review the transaction, leading the Australian watchdog to launch an investigation the following month. Share are trading 0.7 per cent lower at $2.99.

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