THE NEWS WRAP: Veda set for pre-Christmas IPO

Credit reference agency Veda is joining a string of companies, including Nine Entertainment, set to float before Christmas.

Veda is issuing 272.8 million new shares at $1.25 and hopes to raise around $341.1 million through the float.

“The IPO market is well and truly open, with a flood of IPOs coming between now and Christmas,” Wilson Asset Management chief investment officer Chris Stott told Fairfax.

“We would anticipate that will continue into the new calendar year.”

Three major investors have emergency meetings with David Jones chairman

Three key institutional investors in David Jones have met for emergency talks with embattled chairman Peter Mason amidst a revolt against the board and questions about key corporate governance issues.

The meetings discussed succession plans for outgoing chief executive Paul Zahra and also raised concerns about whether two directors should have been allowed to trade shares in the company.

The investors included two of the retailer’s 10 largest shareholders, including fund manager BT and its third largest shareholder, Perpetual. Representatives from Pengana Capital also met with the chairman.

Warrnambool cheese battle shaping up for a blue

The battle for control of Victorian dairy Warrnambool Cheese and Butter is turning personal, with Bega Cheese executive chairman and former WCB director Barry Irvin accusing rivals of spreading rumours.

“I have never breached my duties as a director of WCB or used any information that was obtained under my role as WCB director (in making Bega’s bid).

“There seems to have been an attempt (during the bidding battle) to denigrate my personal integrity. I have chosen to not be a party to that sort of nasty commentary, and to hope that in my action of not participating in those character assessments, I would demonstrate that what’s being said about me is not correct.”

The claims come as Bega campaigns to farmers in south-western Victoria to sell their shares to Bega, as the WCB board supports a big by Canadian food giant Saputo.

Overnight

The Dow Jones Industrial Average is up 0.02% to 15965.42. The Aussie dollar is up to US93.76 cents.