Optus parent company Singtel to delist from the ASX; Tasmanian real estate agent fined $1400 for misleading “waterfront” property: Midday Roundup

Singapore Telecommunications, the parent company of Australian phone giant Optus, has told investors it plans to delist its shares from the ASX, citing low trading volume, liquidity and market demand.

In a statement, Singtel advised investors holding its ASX-listed CHESS Depositary Interests (CDIs) they will either be able to exchange them for Singapore Exchange (SGX)-listed shares on a one-for-one basis, or alternatively sell their shares in the company.

Singtel also said the delisting, which will occur on June 5, will not affect Optus, and the company remains committed to its Australian businesses.

“Singtel has invested over $13 billion in building infrastructure and improving communication services in Australia. There will be no change in Singtel’s business strategy as it remains committed to growing and investing in its Australian business,” the company said.

Singtel claims delisting will also reduce the costs associated with having a dual listing, and said more detailed information will be sent to shareholders over the coming weeks.

Tasmanian real estate agent fined $1400 for misleading “waterfront” property

A Hobart magistrate has fined Tasmanian Private Realty (TPR) $1,400 for a misleading statement about a “waterfront” property, reports the ABC.

The charge centred around the realtor advertising a property in Dover, 79km south-west of Hobart, as “absolute waterfront”, which magistrate Sam Mollard found incorrect given that there are pieces of land between the property in question and the water.

Mr Mollard dismissed TPR of two other charges, accepting the defence’s claim of “real estate puffing”.

TPR pleaded not guilty last Thursday to all three counts of false or misleading representations about the location of land, with lawyers acting for TPR telling the Hobart Magistrates Court TPR’s description fit the public’s understanding of “waterfront”.  

TPR sales director, Ken Studley, said it is a good outcome for the company.

“We’ll just have to make sure our advertising’s correct in the future,” Studley told the ABC.

Shares up on open

Aussie shares have traded high this morning, following gains on Wall Street overnight.

Tristan K’Nell, head of trading at Quay Equities, said in a statement market turnover into lunch was lower than usual at $1.403 billion as the market waited for the release of the minutes from the Reserve Bank’s April meeting.

“The RBA minutes showed the central bank commenting that further easing may be appropriate, while also commenting on low rates possibly fuelling housing market imbalances, with inflation within its target bank, while the Australian dollar is likely to depreciate lower,” K’Nell said.

“The minutes not really telling us anything new that we didn’t hear from Glenn Stevens overnight.”

The S&P/ASX 200 benchmark was up 37.2 points to 5870.4 points at 12.09pm AEST. On Monday the Dow Jones closed 208.63 points higher, up 1.17% to 18034.9 points.