Latest reporting from the AGMs and other developments for four stocks

Tabcorp Holdings Ltd

Rise in dividends: Tabcorp Holdings Ltd (ASX: TAH) reported an 8.5% rise in NPAT before significant items to $185.9 million in FY16. The company has reported a gain on significant items of $163.2 million in earlier year due to which, statutory profit for FY16 declined 49.3% to $169.7 million. The company declared dividend of 24 cents for FY16, a rise of 20% over previous year. The company is making substantial investment in digital and technology and has been benefited by successful ACTTAB integration. Furthermore, it is partnering with News UK to launch Sun Bets and is also planning an acquisition of INTECQ while TAH has reported that shareholders of INTECQ have voted to approve the scheme of arrangement. Further, the group has also received a nod from the Australian Competition and Consumer Commission (ACCC) which does not intend to oppose INTECQ acquisition. On other developments, the license for NSW Keno is extended to 2050. Tatts Group and Tabcorp Holdings have announced the merger via Tatts Scheme of arrangement in which the shareholders of Tatts will receive 0.80 Tabcorp shares plus 42.5 cents cash for each Tatts share held. Two companies via merger expect the transaction to create a “world-class, diversified gambling entertainment group with a pro forma enterprise value of approx. $11.3 billion. The combined entity is expected to deliver revenues of more than $5 billion, and EBITDA of over $1 billion. The management expects at least $130 million of annual EBITDA synergies and business improvements from the deal. The transaction is not only earning accretive but also value accretive for both Tabcorp and Tatts shareholders.
 

FY16 Financials (Source: Company Reports_AGM Update) 

Bendigo and Adelaide Bank Ltd

Share purchase plan: Bendigo and Adelaide Bank Ltd (ASX: BEN) updated its shareholders about well implemented business strategies and diligent cost management resulting into a solid financial performance. For FY16, the bank reported a cash earnings of $439.3 million and statutory profit after tax of $415.6 million. The bank paid full year dividend of 68 cents. BEN agreed to purchase approx. $1.35 billion of standard residential home loans from Keystart Housing Scheme Trust by equitable assignment and that it intended to undertake a non-underwritten share purchase plan.
 

Key financials (Source: Company Reports)
 
BEN has further agreed to acquire residential mortgage portfolio from Keystart. The portfolio size is approx. $1.35 billion from total loan book of $4 billion. BEN has successfully upsized its TORRENS Series 2016-1 Trust RMBS transaction from $500 million to $700 million.

McMillan Shakespeare Ltd

Strong revenue performance:McMillan Shakespeare Ltd (ASX: MMS) reported a 30% rise in revenues to $503 million while UNPATA surged over 25% to $87.2 million for FY16 vs previous year. The company declared a full year dividend of $0.63 per share, 21% rise over the previous year. Free cash flow was up 42.1% to $93.5 million. Furthermore, MMS has secured a number of new salary packaging/ novated leasing contracts including two organizations in the health sector covering 9,000 employees. 

Key financial metrics (Source: Company Reports)
 
Additionally, its Remuneration Services (QLD) Pty Ltd has been appointed to the novated-leasing panel for the Queensland Government. The appointment is for three years with further scope of extension for 2 years. 

Mirvac Group

Signing of agreements: Mirvac Group (ASX: MGR) has signed an agreement with PAYCE Consolidated to acquire 50% interest in a future retail asset in Kirrawee. The group lately entered into an agreement for lease with one of Australia’s leading professional services firms Deloitte to prelease office space in its new development at 477 collins Street, Melbourne. Deloitte has committed to 22,000 square meters of office space across 12 floors for 12 years commencing in 2H20. The Group has also issued $200 million of seven-year medium term notes under its medium term note program. The issue was oversubscribed 2.5 times with the issuance subsequently increased to $200 million. The bond will pay a fixed coupon of 3.5%. For full year, the group reported statutory profit after tax of $1.03 billion, up 69%. MGR has witnessed a record number of residential lot settlements last year, and is now targeting over 15 per cent growth in FY17. The group is on track to deliver operating earnings growth of between 8 and 11 per cent in FY17 and has reaffirmed distributions per share (DPS) guidance of between 10.2 and 10.4 cpss, which represents growth of between 3 to 5 per cent on FY16. As per 1Q17 highlights, MGR has achieved a strong occupancy of 95.2 per cent, with approximately 4,960 square metres currently under heads of agreement.

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