Latest news with #CorporationsAct
The Advertiser
3 days ago
- Business
- The Advertiser
Newcastle Airport's transformation is a golden opportunity for region
Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy. Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy. Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy. Newcastle Airport has come a long way since commercial flights began operating out of a tin shed in 1948. It is not among the signature rural or remote airfields that provide limited, but essential, services for emergency, flight training, charter flights and industry. Newcastle Airport instead services a catchment of more than 1.1 million, connecting 1.2 million passengers a year to capital cities, regional centres and tourism hotspots. It directly supports more than 5700 local jobs and generates $1 billion in economic impact. With scale comes complexity and risk, and the airport has a corporate structure, board and a big balance sheet. The reporting that readers have seen provides insights into governance and risk management frameworks in action. As a government-owned asset, the airport also reports to councils under frameworks mandated by the Local Government Act. Aviation is one of the most regulated sectors in Australia, bringing heavy compliance and reporting obligations. Add requirements under the Corporations Act, Newcastle Airport is not a business that can avoid transparency and accountability: to shareholders, markets, regulators or the public. As the airport expands, so do the obligations, revenue and operational costs, requiring more ambitious investment to maintain standards and competitiveness. More flights to more destinations, more competition on airfares, more freight options for NSW suppliers, more jobs, and the option to avoid driving to Sydney or risk a domestic connection to another city for an international flight. Newcastle Airport is advanced in plans to be the airport we deserve, with investment in an international runway and terminal. This week, direct flights to Perth were announced, providing one-stop links to London and Europe. No different to strategies progressed by most major airports, the airport is investing in property development that diversifies services and income. A 2023 Deloitte Access Economics report shows employment and economic contribution from Australian airport precincts eclipsing that of core aviation activities. Even land owners near Newcastle Airport get the opportunity, as complementary development proposals are pursued. Air freight is also an economic driver, comprising 13 per cent of Australian exports. We expect the airport to review opportunities to build this, as they have in partnership with the Joint Organisation of Councils in the proposal for an air cargo terminal. The region has much more at stake in the success of the airport than just securing that coveted flight to Singapore or the US, made possible by airport upgrades. We are a $91 billion economy entering structural adjustment as the contribution of coal declines, with 55,000 jobs at risk over the next 15 years. These government figures are not modelled on demand for coal. They reflect the supply-side hard baked into our future, including dates for the closure of coal-fired power stations and planning approvals for mines. You can hear the urgency from Upper Hunter mayors as they join advocacy for investment in the airport as part of the solution. When developments in the airport precinct, international upgrades and a cargo terminal are realised, these collectively will replace more than 16 per cent of the predicted jobs deficit. This is not a game for our region. Real jobs, communities and economic security are at risk. The committee is advocating hard with government and business for focus and investment, including the airport, positioning the region as grown-up, unified, professional and a sure bet. But the expression of local politics on airport matters shows that narrower interests are at play. In an own goal for the Hunter, this has bled into federal politics, with the Opposition threatening to air the matter in Senate Estimates. This is damaging negotiations on airport deals to secure the partnerships we need. The entire region, not just Newcastle, has an interest in the success of the airport. With the new terminal opening within months, now is the time to back-in one of the region's most important economic engines. Efforts should be focused on how to increase the feasibility of this generational opportunity and maximise benefits for Hunter residents, businesses and the economy.
West Australian
26-05-2025
- Business
- West Australian
Queensland coal baron creeps to 23.5% of Venus share register
There's an adage in the markets that still rings true for savvy punters chasing the next big win: 'Follow the money.' It's simple, time-tested and often spot-on. So when Venus Metals Corporation released an ASX regulatory notice last week revealing that Chris Wallin, the owner of QCoal Group, had been busy mopping up shares in the Western Australian junior explorer, punters might be wise to take note. Wallin is ranked 50th on The Australian newspaper's latest richest 250 list, with an estimated wealth of $3.13 billion. The Queenslander made his fortune from the ground up by building a coal mining operation 36 years ago, turning it into one of his home state's biggest resource companies. With five producing coal mines and an estimated $400 million in annual dividends, the veteran resource executive has plenty of ready cash to deploy into his pet projects and it seems, Venus is one of them. Wallin's recent buying spree of a further 2.43M shares has now taken his total holding in Venus to 23.53 per cent. The Corporations Act rules state a shareholder can own up to 19.9 per cent of a company before triggering a compulsory takeover bid. However, a creep provision within those rules allows the same investor to accumulate a further 3 per cent of the register every six months. Given that Wallin has invoked the creep rules to take his holding in Venus to 23.5 per cent, it would seem fair to suggest he may not want to stop there. The seasoned miner first stepped up to the plate as a Venus shareholder in 2019 after taking a 5 per cent stake in the junior company through a placement. He has been a stalwart supporter since, accumulating a further 40M shares in the past six years. At the time of the initial raising, funds were earmarked for exploration at the company's Western Australian Youanmi gold project in a joint venture (JV) with Rox Resources. The rest is history, with the JV partners now moving towards a final investment decision to develop a 2.3-million-ounce gold mine just as the gold price booms. Two years ago, Venus sold its interests in the project to Rox in exchange for 110M Rox shares after the partners agreed to consolidate ownership of the project. Half those shares were distributed in specie and as a bonus to Venus' shareholders, leaving Wallin a beneficiary with 2.4 per cent of the Rox register. He has continued to build on that initial stake and now owns 8.5 per cent of the register. Whatever plays out next in the Venus story, one thing is clear: Wallin has made his move and, given that he is such an astute operator, punters will take note. On the face of it, he might be onto something. Venus appears to be shaping up as an under-the-radar gold play, thanks to its $17.5M stake in Rox. That's against Venus's market capitalisation of just $20M. On top of that, Venus holds a 1 per cent royalty over the Youanmi gold project, which is due to pour first gold by early 2027. The royalty was independently valued last June at $9.5, when gold was selling for $3155 per ounce. With gold now booming at $5162 per ounce, Youanmi's value appears light on. Venus's market capitalisation could be justified alone on the back of its gold-laced royalty stream and a swag of Rox shares. However, its own exploration plays are quickly becoming just as compelling. At its Sandstone gold project, 70 kilometres from Rox's Youanmi mine, the company is fast-tracking development at its Bellchambers deposit, which already has a 30,500-ounce gold resource. Venus has lodged a new mining lease application over the JORC resource at site and is eyeing a potential mine gate deal with Rox with metallurgical studies already in motion. The company has also just completed a fresh reverse circulation to upgrade the resource with results pending and is about kick off a diamond drilling campaign to further its metallurgical studies. Venus isn't just chasing gold. At the company's Pincher base metal project, 15km from Youanmi, it's also hunting a major copper prize. A recent survey uncovered a massive 5000-Siemens anomaly, already tested with RC drilling. Now, with a WA Government exploration incentive grant in hand, the company is gearing up to drill diamond tails next month. At the same prospect, drilling has also uncovered shallow zinc hits. Metallurgical test work has already been completed on the mineralisation and an infill drilling program is now in the pipeline as the company eyes a potential resource. Adding to the company's value proposition, Venus has bagged a $6M farm-in JV with IGO Limited, right next door to the world-class Greenbushes lithium mine. The early signs look promising, with spodumene crystals spotted at its Cow Slip and Flying Duck prospects. Gravity surveys are now homing in on drill targets. Meanwhile, Venus is quietly stockpiling a portfolio of specialty assets. Near Youanmi, it holds a calcrete deposit that could supply acid neutralisation material to Rox's future gold plant, and it has filed a provisional patent tied to a titanium-vanadium-iron project with breakthrough hydrometallurgical potential. With a billionaire backer steadily upping his stake, an interest in Youanmi already worth almost as much as the company's entire market cap and a pipeline of high-impact exploration plays across gold, copper, lithium and critical minerals, Venus Metals appears to be quietly transforming from a sleeper stock into a serious gold player with a multi-commodity twist. Is your ASX-listed company doing something interesting? Contact:
Sydney Morning Herald
30-04-2025
- Business
- Sydney Morning Herald
Rebel Sport boss threatens lawyer: ‘Whistleblowers never fare well'
Documents filed with the Federal Court have detailed explosive allegations of an affair between Super Retail boss Anthony Heraghty and its then HR chief Jane Kelly, which triggered a multimillion-dollar legal battle and corporate turmoil implicating the group's board. In the statement of claim filed this week by Amelia Berczelly – one of two former lawyers for the retailer who allege their careers were derailed by the fallout from the affair - it is alleged that Heraghty threatened her and her colleague, Rebecca Farrell, during a mediation session in April last year. 'Heraghty had threatened the applicant and Farrell at the mediation through their solicitors, including by stating words to the effect: 'whistleblowers never fare well',' the document stated. Farrell, the former chief legal officer, is the other applicant taking legal action against the $3 billion retailer, its former chair Sally Pitkin, and Heraghty. Both Berczelly and Farrell are pursuing a settlement against Super Retail in the Federal Court, claiming that the alleged affair, conducted while both Heraghty and Kelly worked for the company, led to workplace bullying and breaches of the Corporations Act. Farrell's updated statement of claim alleges that Heraghty and Kelly were seen late at night at the latter's five-star Brisbane hotel, The Calile, in June 2023 by Berczelly and another company employee. 'Heraghty and Kelly had acted in a manner that was very suspicious and suggestive that they were engaged in an intimate or personal relationship that had not been disclosed to the board,' the document said. The document also alleges that Heraghty's executive assistant (EA) told a whistleblower at the group that Heraghty's wife had accessed his mobile in March 2023 and discovered an affair had been ongoing with Kelly for around three years.
The Age
30-04-2025
- Business
- The Age
Rebel Sport boss threatens lawyer: ‘Whistleblowers never fare well'
Documents filed with the Federal Court have detailed explosive allegations of an affair between Super Retail boss Anthony Heraghty and its then HR chief Jane Kelly, which triggered a multimillion-dollar legal battle and corporate turmoil implicating the group's board. In the statement of claim filed this week by Amelia Berczelly – one of two former lawyers for the retailer who allege their careers were derailed by the fallout from the affair - it is alleged that Heraghty threatened her and her colleague, Rebecca Farrell, during a mediation session in April last year. 'Heraghty had threatened the applicant and Farrell at the mediation through their solicitors, including by stating words to the effect: 'whistleblowers never fare well',' the document stated. Farrell, the former chief legal officer, is the other applicant taking legal action against the $3 billion retailer, its former chair Sally Pitkin, and Heraghty. Both Berczelly and Farrell are pursuing a settlement against Super Retail in the Federal Court, claiming that the alleged affair, conducted while both Heraghty and Kelly worked for the company, led to workplace bullying and breaches of the Corporations Act. Farrell's updated statement of claim alleges that Heraghty and Kelly were seen late at night at the latter's five-star Brisbane hotel, The Calile, in June 2023 by Berczelly and another company employee. 'Heraghty and Kelly had acted in a manner that was very suspicious and suggestive that they were engaged in an intimate or personal relationship that had not been disclosed to the board,' the document said. The document also alleges that Heraghty's executive assistant (EA) told a whistleblower at the group that Heraghty's wife had accessed his mobile in March 2023 and discovered an affair had been ongoing with Kelly for around three years.
