Economy

Quickflix enters second trading halt; ASIC releases guidelines for small business structures: Midday Roundup

Eloise Keating /

Perth-based streaming provider Quickflix has entered a trading halt for the second time in a week, with reports suggesting the company is seeking to raise fresh capital.

Quickflix issued a statement to the Australian Securities Exchange on May 19, requesting trading of its securities be suspended “pending the release of an announcement by the company”.

The trading halt is expected to remain in place until the start of trading on Thursday or until an announcement is made.

The company entered a trading halt last Wednesday before announcing to shareholders on Thursday it had entered into an agreement with rival streaming service Presto to distribute its movie and TV content.

 

ASIC releases guidelines for small business structures

 

The Australian Securities and Investments Commission has released a number of resources for small business owners, as well as a redeveloped guide for the directors of small companies.

The resources, available from the business.gov.au site, include online tools that outline the key differences between operating as a sole trader and a company, how to change business structures and the responsibilities of company directors.

The redeveloped guide to being a small business director includes information about the key responsibilities of directors, directors’ liabilities when things go wrong and how to resign as a director.

“All company directors, regardless of the size of their business, need to understand their duties and legal obligations,” ASIC commissioner Greg Tanzer said in a statement on Tuesday.

 

Shares down on open

 

Aussie shares have traded lower again this morning, as lower commodity prices continue to affect the local market.

Ric Spooner, chief market analyst at CMC Markets, said in a statement investors will also be keeping a close eye on rising bond yields today.

“The good news is bad news theme returned to international markets in the form of strong bounce in US housing starts during April,” said Spooner.

“It appears that housing starts have emerged from their winter hibernation and are again trending at about 1 million per annum. This makes a welcome relief from the run of generally soft data on the US economy for March and April.”

“However, the good news on housing starts brings with it the prospect of rising interest rates. US bond yields continued to edge higher and whether or not Australian yields follow suit today is likely to determine whether local bank stocks continue to fall.”

The S&P/ASX 200 benchmark was down 12.2 points to 5603.3 points at 12.14pm AEST. On Tuesday, the Dow Jones closed 13.51 points higher, up 0.07% to 18312.4 points.

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Eloise Keating

Eloise Keating is the editor of SmartCompany. Previously, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry.

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