ASX Announcements
Market Sensitive
Fitch Revises Outlook on Downer to Stable. Affirms at 'BBB'
Credit Rating
- May 13, 2024
- 12 pages
Market Sensitive
DOWNER AWARDED $320 MILLION ROAD MAINTENANCE CONTRACT IN VIC
Progress Report
- Apr 10, 2024
- 1 page
April
Downer EDI employees, council workers ‘seriously corrupt’, ICAC finds
Two former employees of Downer EDI were corrupt on transport projects and the company did not always comply with rules dealing with subcontractors, investigators found.
- Jenny Wiggins
March
Downer EDI gets ready to reboot mineral processing division auction
Sources said the contractor is sticking with Barrenjoey, and a sales process is expected to launch in the coming months.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Scyne too slow in bid to stop former partner moving to Downer: judge
The PwC spin-off failed in a bid to temporarily restrain an ex-partner from working at services contractor Downer EDI because it took too long to bring the action.
- Updated
- Edmund Tadros
KPMG knew AusNet contract was a ‘risk,’ Downer claims
The firm had flagged the agreement with the utilities group and should have discovered revenue was overstated, the contractor had alleged.
- Jenny Wiggins
- Opinion
- Chanticleer
Downer’s stoush with KPMG a big test for corporate Australia
Cosy relationships between big four audit firms and directors have greased corporate Australia’s wheels for decades. Now they are coming under pressure.
- Anthony Macdonald
Downer EDI sues KPMG for failing to detect accounting irregularities
The contractor has sought to blame its auditor for the scandal, which wiped some $500 million from its valuation, forcing the firm to quit as auditor.
- Jenny Wiggins
February
- Opinion
- Chanticleer
What we learnt from Seven, Dexus, Downer and AMP’s results
Seven thrills investors with yet another profit upgrade, Downer and AMP claw back lost ground and Dexus’ departing boss stands firm on a key project.
- James Thomson and Anthony Macdonald
Downer EDI net profit rises 6pc on turnaround
Downer EDI’s shares surged to their highest levels in more than a year after profits beat expectations and the contractor deepened its cost-cutting targets.
- Jenny Wiggins
November 2023
Grant Fenn should be accountable for Downer woes, proxy groups say
Downer EDI is poised to cop a protest vote against exec pay at this week’s AGM after advisers queried share rights awarded to its former CEO.
- Jenny Wiggins
Citi, Skye advise Palisade on winning bid for Downer’s Repurpose It
The sale price is understood to have valued it at less than seven-times EBITDA. It’s at the lower end of the multiples that waste management companies have traditionally fetched.
- Sarah Thompson, Kanika Sood and Emma Rapaport
October 2023
- Exclusive
- Industrial relations
Labour hire loopholes ‘shamelessly exploited’ by ADF contractor: union
The sparkies union has called on Defence Minister Richard Marles to help stop Downer from outsourcing ADF jobs, saying it clashes with proposed labour laws.
- David Marin-Guzman
September 2023
- Opinion
- Chanticleer
‘The gloves are off’: Investors turn against boards
Reporting season’s done, AGMs are coming, and fund managers are throwing their weight around behind closed doors. It’s popcorn time.
- Anthony Macdonald
August 2023
Downer EDI boss pledges ‘first-grade’ governance after $386m loss
The troubled contractor has put a former Lendlease executive in charge of risk management as it tries to get back into the black.
- Updated
- Jenny Wiggins
Downer EDI boss claims to have ‘good grip’ on problems
The contractor’s new CEO, Peter Tompkins, is writing off almost $550 million of goodwill and assets ahead of the company’s annual results.
- Updated
- Jenny Wiggins
Downer reveals another sorry tale of M&A
Downer buying Spotless in 2017 was a ripper story, but Downer’s new brigade now realises it either overpaid or did not get the integration right.
- Anthony Macdonald
July 2023
Investors turn more bullish on Downer EDI
As the management team comes under pressure to deliver on revised earnings forecasts next month, the company’s shares are up 24 per cent in two months.
- Jenny Wiggins
June 2023
Downer’s Repurpose It locks in preferred bidder, $250m price tag
Florida-headquartered private equity investor I Squared Capital has emerged as the mooted buyer of the ASX-listed contractor’s waste management outfit.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Mining union open to carve-out on same job, same pay laws
The MEU is open to excluding service contractors from Labor’s same job, same pay laws provided it does not open up more loopholes for labour hire to undercut pay.
- David Marin-Guzman
May 2023
Downer’s Repurpose It sale hits a snag; bidders reprice on Vic budget
It’s one step forward, two steps back at Downer and fellow shareholders’ sale process for waste management business Repurpose It.
- Sarah Thompson, Kanika Sood and Emma Rapaport
ACTU names companies in firing line over ‘same job, same pay’ laws
The ACTU wants the government’s same job, same pay laws to target corporate giants in construction, stevedore, mining and airline industries for ‘suppressing wages’.
- David Marin-Guzman
