Stocks of the Hour: Qube, Magellan Financial & Eagers Automotive

Company News

by Lauren Evans

Register - Investor event

Our next investor event is tomorrow at 12.30 AEST. Make your way to to register for your free online spot.

Qube (ASX:QUB) has announced a $400 million off-market buyback program via a tender process. At its half-year results in late February, Qube said it intended to return $400 million of capital to shareholders in FY22 following completion of the Moorebank Logistics Park transaction. Shares are trading 2.2 per cent higher at $3.08.

Hamish Douglass has resigned from Magellan Financial’s (ASX:MFG) board following its decision to step down as chairman in February on medical leave, which has now led him to resign as a director. The board will continue to search for another independent director. Shares are trading over 1 per cent higher at $15.90.

Eagers Automotive (ASX:APE) has entered into a non-binding agreement with Australian Motor Group to sell its Bill Buckle Auto business and associated properties in Sydney’s Northern Beaches for around $92 million. Eagers said the proceeds will provide the company with additional capacity to invest in organic growth. Shares are trading 2.6 per cent higher at $12.85.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.