ASX Special Dividend Likely Following Sale of IRESS Stake
We expect wide-moat-rated ASX to use the AUD 385 million raised from the sale of its 18.6% stake in IRESS to pay a fully franked special dividend. This may enable franking credits to be distributed ahead of a potential change in legislation, should the Labor Party win the next federal election, which is likely to be held in May. However, the company has yet to clarify the intended use of the funds. Considering the strength of ASX’s balance sheet and cash flow generation, we don’t think the compa...ASX is a multi-asset class and exchange group. Co.'s principal activities are: providing securities exchange and ancillary services; derivatives exchange and ancillary services; central counterparty clearing services; and registry, depository, settlement and delivery-versus-payment clearing of financial products. Co. services companies and other issuers that list equity and debt securities on the exchange, as well as retail and institutional investors that invest in and trade those securities. While its operations are primarily based in Australia, Co. services both domestic and international customers, and some of its services are accessible from offshores.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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