Treasury Wine ends talks with bidders KKR and TPG

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KKR and junior partner Rhone Capital are understood to have offered around $5.20 per share for Treasury Wine in a final bid made late on Friday. Photo: Justin McManus KKR and junior partner Rhone Capital are understood to have offered around $5.20 per share for Treasury Wine in a final bid made late on Friday. Photo: Justin McManus
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KKR and junior partner Rhone Capital are understood to have offered around $5.20 per share for Treasury Wine in a final bid made late on Friday. Photo: Justin McManus

KKR and junior partner Rhone Capital are understood to have offered around $5.20 per share for Treasury Wine in a final bid made late on Friday. Photo: Justin McManus

The board of Treasury Wine Estates has terminated talks with private equity firms Kohlberg Kravis Roberts and TPG Capital about a potential $3.4 billion buyout of the company after deciding that a price of $5.20 per share undervalued the company.

Treasury chairman Paul Rayner said on Monday the company had consulted a wide range of institutional shareholders making up about half of the Treasury share register and they were universal in their views that $5.20 wasn’t enough to justify a change of control.

Mr Rayner said the board had decided that the company’s own fix-it plans under chief executive Mike Clarke were a better bet.

He said the talks with major shareholders indicated widespread support that $5.20 wasn’t enough.

“These discussions provided a forum for these shareholders to express a view on the proposals, with clear feedback from almost every one of these shareholders indicating that they believed a price of $5.20 per share undervalued the company,” Mr Rayner said in a statement to the ASX.

KKR and junior partner Rhone Capital are understood to have offered just under $5.20 per share in a final bid made late on Friday.

It is understood that TPG’s final offer late on Friday was pitched at between $4.50 per share and $4.70 per share, according to lender sources, well below its indicative proposal of $5.20 on August 11.

Treasury has now decided to end formal discussions with KKR and Rhone, and with TPG, and will now go it alone under its own plans.

The decision not to proceed comes five months after an original buyout proposal was made by KKR in a solo offer.

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Show holiday may be no more

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Shops shutting at 12pm and employees having the afternoon off to attend the Annual Young Show may soon be a thing of the past.
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Young Shire Council has thrown its support behind a NSW government proposal for the show’s half-day public holiday to become an “event day” from next year to benefit local businesses.

But the question on people’s lips at the moment is will it benefit the show?

Young Show Society president Tony Starr believes there will be no major impact and that the society “wouldn’t be adverse” to the change.

The new proposal was put forward at council’s last monthly meeting on September 17, at which councillors agreed unanimously to support the half-day event day from 12pm to 6pm for the 2015 Young Show on Tuesday, September 22.

In a report tabled at the meeting, general manager Peter Vlatko said “they have been given a clear indication that in future the half day holiday should only be an ‘event’ and not a public holiday”.

This means, under the NSW Public Holidays Act, banks or shops located within the designated holiday area will be free to open and trade during the show, without incurring paid leave or penalty rates for their employees.

Mr Starr said it was a topic that’s been discussed quite heavily for the last three to four years and “to be honest, most businesses remain open, it’s only the banks who really stick to it”.

“Our numbers usually increase after 5pm anyway… and people take holidays from work during school holidays too,” he said.

“It still recognises it as a day of special significance to the local community… it’s fairer for public businesses.”

In previous years council had always applied for a half day public holiday on the second day – Tuesday – of the Young Show.

This year’s public holiday hours were condensed between 12pm and 6pm – instead of 12pm onwards – to reduce the cost to businesses after 6pm on the day.

NSW Industrial Relations executive director Vicki Telfer said in a letter also tabled at the meeting, it was important for council to be aware of the impact a public holiday or event day had on businesses and the community before applying to the Industrial Relations Minister.

They are also required to consult with the community on the proposal.

“A declared local event day does not automatically mean employers in the particular locality are compelled to treat the day as a public holiday,” Ms Telfer said.

“Entitlements to paid leave or penalty rates on a local event day will only arise where agreed to at the workplace level.”

Mr Vlatko said it was a case of being a “two-bladed edge”, saying either way the day would impact the show and small businesses.

“At least this way it’s the choice of the owner to stay open or not,” he said.

The Young and District Chamber of Commerce agreed the option should be up to businesses, questioning how many employees actually attended the show or used the time for personal errands.

“The show does bring a lot of outside interest to town and having the town open and ready for business is a good look, rather than the majority of businesses closed and turning away potential customers and sales,” Chamber of Commerce vice president Emily Bowker said.

Council is seeking comments from the public, the Show Society and the Chamber of Commerce for the half day to be an “event” only, with submissions closing on October 3.

Submissions and a final decision will be brought back to council at its October monthly meeting.

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State Government foots half the bill for country cup racegoers with new initiatives

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Murtoa-Marma Racing Club director Majella Ballantine believes new State Government initiatives offer great savings for racegoers. Picture: THEA PETRASSMURTOA-MARMA Racing Club has welcomed two State Government initiatives to attract people to country cup meetings.
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The Country Racing Spring Campaign and the Celebrate the Country Races Campaign will involve 99 race days at country racecourses in regional Victoria.

Murtoa-Marma Racing Club director Majella Ballantine said the marketing initiatives offered great savings for racegoers.

“If people book a table of 10, Country Racing Victoria will foot half the bill,” she said.

“It will benefit all the country cups, not just Murtoa’s.

“It’s another sign of the State Government’s commitment to country racing and it will help us develop partnerships with the community and businesses.

“It will also help us attract racegoers from further afield.”

The Country Racing Spring Campaign, which started on Septmber 6 and runs until November 22, provides a range of benefits for racegoers, including two-for-one admission tickets, group ticket discounts and special marquee and hamper offers.

The Celebrate the Country Races Campaign – from October 2 to December 24 – focuses on attracting groups of people to host their celebrations at the track, such as Christmas parties and other corporate and social functions.

The Kand JBaker Murtoa Cup is on Saturday and coincides with Murtoa’s Big Weekend.

Mrs Ballantine said Murtoa Racecourse was in excellent condition ahead of the premier meeting.

“The track is in tip-top order and is in the dead range at the moment,” she said.

“It has a terrific cover of grass and the surrounds are looking the best they’ve looked in years.”

Member for Lowan Hugh Delahunty said race meetings at Murtoa, Horsham and Dunkeld would share in $300,000 of State Government funding.

“A day at the races is a great day out to take in the exhilaration of the horses as well as enjoy the fantastic food, wine, music and fashion,” he said.

He said people could visit www.countryracing老域名出售.au for information about race meetings and entertainment packages.

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Brimming with colour

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BIRDS chirping, frogs croaking and tulips blooming, spring was at every corner of Table Cape Tulip Farm in Wynyardon Saturday, as it opened gates to customers for the first day of the tulip season.
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Van Diemen Quality Bulbs retail manager David Roberts-Thomson shows off the flowering tulips at the Table Cape Tulip Farm. Picture: Katrina Docking.

Green paddocks were filled with Van Diemen Quality Bulb’s signature brightly-colouredtulips, as tourists and locals strolled through the fields.

A dry winter caused many of the tulips to bloom early, according toVan Diemen Quality Bulbs retail manager David Roberts-Thomson.

”Some of the tulips started blooming a week or two ago,” he said.

”We had a dry August compared to last year.The soil temperatures were a bit warmer too, so they’e flowering a lot earlier.”

This year the tulip farm has an extra paddock for customers to walk through.

”People like the journey, so that’s nice for them to walk through,” Mr Roberts-Thomson said.

”When we plant the tulips we’re not thinking about that, we’re thinking about getting the crop-rotation right. We try to have about 6 years between tulip crops.”

The picturesque setting at Table Cape will not disappoint flower-lovers this year, with an array of exciting tulip varietiesavailable.

”It’s over 100 varieties this year, which is an increase, it’s beengoing steadily up over the last few years,” the retail manager said.

”The Triumph tulips are blooming really well at the moment, in purple, hot-pink and yellows.

”Double tulips are the most popular at the moment, I feel like people think you get more bang for your buck. And the new doubles are really beautiful.”

Mr Roberts-Thomson said each tulip blooms for about two weeks, but the season could be shorter this year.

”It all depends on how warm it is and it’s quite warm at the moment,so they could bloom for a little less long,” he said.

”We close on the 17th of October and we’re predicting at the moment that they’ll be finishing up then. Because it’s an earlier season, there won’t be much to see after that.”

The Table Cape Tulip farm is open seven days a week, from 9am to 4.30pm, until October 17.

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Artists showcase an eclectic mix

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Artists Greg Hughes, Phil Robinson, Michelle Musgrave and Geoff Sear will exhibit a diverse range of artwork at the Old Schoolhouse Gallery throughout October. Photo by Mike ScottTHE October exhibition at the Old School House Gallery, Cleveland, features an eclectic mix of work from painter Greg Hughes, photographer Phil Robinson, timber sculptor Geoff Sear and potter Michelle Musgrave.
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A graduate of the Queensland College of Art, Greg draws inspiration from surrealist artists and writers to develop his unique style, which compels the observer to look beneath the surface of his art for their own interpretation.

As a photographer, Phil captures colourful images of flora and fauna, which he presents as framed works and photo prints, mounted on mat-board.

Geoff’s sometimes quirky sculptures and stunning wood carvings are the result of a fertile imagination combined with a passion for nature, and created from a blend of recycled materials and fine Australian timbers.

Michelle, a painter and potter, draws her inspiration from the wildlife found in the Redlands and other areas of South East Queensland.

Titled The Queen and the Three Musketeers, the exhibition will run from Friday, October 3 to Sunday, October 26.

A Meet the Artists event will be held on Saturday, October 4 from 11am to 3pm.

The Old Schoolhouse Gallery is located in Shore Street North, Cleveland, and is open every Friday, Saturday and Sunday from 9.30am to 4.30pm.

Entry is free and off-street parking is available.

For further information, contact the gallery on 3821 2419.

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Hear Julieann Lynch in concert

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Local artist Julieann Lynch will be guest performer at Saturday’s social at Redlands Modern Country Music Club.Saturday’s social at Redlands Modern Country Music Club will feature emerging local artist Julieann Lynch.
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Julieann has been a member of the club for at least 15 years and, in recent times, has won some significant awards at country music festivals, including best overall at Redlands Country Music Festival in May this year.

She is now releasing her new CD and will perform material from it on Saturday night.

The social, on October 4, will start at 5pm at the clubhouse, Pinklands Sports Reserve, 226 Cleveland Redland Bay Road, Thornlands. It is a semi-outdoor venue so dress warmly and bring a rug.

As well as Juliann performing, other club members will be on stage throughout the evening offering a variety of country music entertainment.

Admission is $4 for members, $5 for visitors. A barbecue meal will be available and a licensed bar operating. Free tea and coffee is available through the night and a free country style supper will be served at 8.30pm.

For more, visit www.redlandscountry.asn.au or contact Allen on 0413 877 756.

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Trio to feature at Caloundra festival

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Thornlands singer-songwriter Alex Crook (foreground) sister Rebecca and Scott Williamson will perform at the Caloundra Music Festival this weekend.RISING Redland singer-songwriter Alex Crook and his band will be in esteemed music company when they take to the stage at the Caloundra Music Festival this long weekend. (Oct 3-6)
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Alex, 20, of Thornlands, will be joined on stage by his sister Rebecca, 22, on bass, and drummer Scott Williamson for two festival performances on Friday night and Sunday afternoon.

This year’s festival will also feature Tina Arena, Pete Murray, Megan Washington, John Butler and Wolfmother.

Alex is about to release his second EP Broken Time and the songs from that and his debut Character Building will feature at the festival.

The singer-guitarist describes his music as acoustic folk pop. “It’s an eclectic mix, taken from many influences,” he said.

The band has been making its mark on the South East Queensland music scene, chalking up more than 80 performances this year.

After the release of the new EP, the trio plans to take their catchy songs to audiences across the country.

For a taste of Alex’s music, visit www.alexcrookmusic老域名出售/

For more on the festival, visit www.caloundramusic festival老域名出售/

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Support group for men comes to Young

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A new Men’s Group is set to begin in Young at the end of the month, complimenting the Men’s Group starting in Temora next week.
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Senior mental health worker in Richmond, Aaron Fuller, said while most men would probably benefit from participating in this Men’s Group, “it isn’t for all men”.

“This group is for men who want to learn how to connect with other people on a deeper, more meaningful level,” he said.

“Being part of a Men’s Group is a powerful way to access development and growth for men who want to be more present, powerful, free, passionate, grounded and playful.”

Young will follow Temora’s suit by beginning their group from Monday, October 27.

Mr Fuller is calling on the Young community who may know of a man who is seeking to improve certain aspects of his life and doesn’t know how or where to start.

“Then this group could help him,” he said.

Or maybe his life is working well and he wants to share his wisdom with other men.”

Either way, Mr Fuller said here is a forum where men can feel comfortable being men in a supportive environment.

“Above all, men who want to be part of this new Men’s Group in Young are men who are committed to their own growth and development, committed to the growth and development of other men, and who will commit to the group as a vehicle for that growth and development,” he said.

The Men’s Group in Young will happen every Monday from 10am to about 12 midday or the initial 12 two hour sessions and men of all ages are invited to participate.

Light refreshments will be provided.

Anyone who may think someone might benefit from this Men’s Group, please contact Aaron Fuller on 6382 1287 prior to the group’s commencement.

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TCF cuts a concern

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ALONG with many other Tasmanians, we are very concerned about the government’s plans to abolish the independent Board of the Tasmanian Community Fund.
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Since it was established in 1999, the TCF has provided more than $70 million to nearly 2200 projects that have greatly benefited people in Tasmania, particularly those who are disadvantaged in some way.

The TCF was established after the sale of the Trust Bank.

This money belongs to the Tasmanian community and lies outside of the state budget.

The six-member board is responsible for the huge task of assessing up to 800 applications each year and ensuring that this is done in a professional and equitable way.

The board also manages the fund and makes investment decisions to maintain it in future.

Members often visit projects and talk with local people to find out how they are making a difference.

The stipend board members receive in no way covers the hours they put into their complex role.

We believe that replacing this board with a panel of volunteers as the government is proposing will downgrade the fund, its ability to function independently of government, and the quality of the funding outcomes that the current board has achieved.

— M. ANDREWS, Member, Social Determinants of Health Advocacy Network.

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Part of the Clique

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Alison Buckley’s United Fusion are hard at work again, getting their creativity flowing for their new project; Clique.
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Part of the Clique Zoe Budge, Jemma Pokoney, Chloe Fricker and Hope Martin-Edgar.

Hope Martin-Edgar being pushed by Nicola Carter in to the other dancer’s arms.

The United Fusion dancers are from Cowra High School, Canowindra High School and St Raphael’s Catholic School.

Hope Martin-Edgar being lifted by Chloe Fricker Alyssa Hindmarch.

Jemma Pokoney, Nicola Carter, Hope Martin-Edgar, Amy Gruessing, Chloe Fricker, Alyssa Hindmarch, Madelyn Stead, Mila Gower, Millie Casey.

The United Fusion dancers are from Cowra High School, Canowindra High School and St Raphael’s Catholic School.

Mila Gower, Madelyn Stead.

Jemma Pokoney, Alyssa Hindmarch, Nicola Carter and Mila Gower.

Nicola Carter and Madelyn Stead.

Nicola Carter, Madelyn Stead and Millie Casey.

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