Monday, 7 March 2011

Kings Park. 'Not aware' of takeover buyer

The founders and major shareholders of womenswear retailer Noni B have rejected speculation that the group's weak share price has made it a takeover target. “I am not aware of any speculation that the company is a takeover target and I am not aware of anyone who is interested in buying the company," says joint managing director David Kindl, who shares the top job with his identical twin. "We have no thoughts about selling the company. It's not on the radar. We are simply focused on selling frocks, pants, jackets and jewellery." Kindl is the first to admit the womenswear chain of 218 stores around the country is struggling in conditions described as the toughest in 20 years.


Region. Repossessions in the region

Fairfield and Kellyville each had nine mortgage repossessions lodged in the December quarter in the NSW Supreme Court, while Rooty Hill, St Clair and Greenacre each had six. Broken Hill, in far west NSW, and Narara, on the central coast, were the two locations that stood out in the quarter figures. Broken Hill had 18 repossession actions and Narara had 12. Mortgagee repossession actions lodged totalled 2564 last year. By comparison, during 2009 there were 3800 and 4000 in 2008. The peak was 5370 in 2006 in the wake of the low-doc price boom that swept Sydney's outer-west.


Camellia. API into insurance for women

Fierce competition from the big supermarket chains and a strong customer loyalty program have prompted Australian Pharmaceutical Industries’ (API) Priceline retail chain to step into the insurance sector, according to The Australian Financial Review. The first products from API’s agreement with AIA Insurance were introduced last week and are aimed squarely at women. Priceline’s research found women were “chronically under-insured” Policies start at $20 a month.

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Region. Approvals up in middle-ring suburbs

BIS Shrapnel expects building approvals for multi-unit developments in Sydney’s middle-ring suburbs to hit more than 65 per cent of total approvals during the next five years, and remain steady in the outer areas. The middle-ring suburbs from Hornsby through Parramatta to Sutherland are areas which buyers are targeting, according to the company’s MD, Robert Mellor. “In the outer-ring areas you have Blacktown to Penrith, Fairfield, Liverpool and Camden, for instance,” he said.


Oran Park. UWS Oran Park Town MOU

The University of Western Sydney and the Oran Park Town partners have signed a memorandum of understanding to address the community's social plan. Landcom MD Sean O'Toole said the partnership and bilateral agreement would help develop the medical precinct, communication infrastructure and further information technology in the growing area. "UWS brings significant academic and research resources. For Oran Park Town these projects have the potential to deliver innovative and world-class services to the new community which are not found in similar greenfield developments in Australia," Mr O'Toole said. The UWS tie was also a move towards transforming the town into an education hub in the future.


Region. Bookstores to close

Administrators Ferrier Hodgson have closed a number of Borders and Angus and Robertson stores across Australia, operated by RedGroup Retail, including the Borders’ store in Rouse Hill, and the Angus and Robertson’s outlet in Liverpool.