Two former Broadspectrum employees and four subcontractors face charges. The Serious Fraud Office has filed charges against six people in relation to alleged corrupt behaviour in the provision of road maintenance contracts in South Auckland. The SFO alleges two

SFO lays bribery charges over South Auckland roading contracts

Six people have been accused of corruption by the Serious Fraud Office (SFO) over roadworks contracts allegedly awarded for kickbacks in Auckland. 

The agency claims two former employees of Broadspectrum ...

SFO charges six over alleged bribes for roadworks contracts

. Ventia maintains all kinds of infrastructure, including water treatment plants. Ventia expects each of its key sectors – defence, telecommunications, transport and other infrastructure services like water and oil & gas – to grow at the same rate as the broader market and “hopefully take a bit of share through our strategy around service excellence,” the chairman said. The services group, which is jointly owned by construction group CIMIC and US private equity group Apollo Global Management, expects to price at between $2.75-$3.15 per share and start trading on the Australian Securities Exchange on November 19 under the ticker symbol VNT. CIMIC and Apollo will aim to sell more than half their current stakes but hang onto at least 22.3 per cent each until Ventia releases its results for the year ending December 2022. Advertisement
About 4.8 per cent of the floated company is expected to be held by current and former employees, while Capital Research Global Investors will buy up to 5.6 per cent. Ventia reported a statutory net profit of $28 million for calendar 2020, and is forecasting a $4.2 million loss for 2021 partially due to costs associated with its acquisition services group Broadspectrum from Spain’s Ferrovial, and $35 million of IPO-related expenses. It expects to return to a statutory profit of $150 million in 2022, according to its prospectus. The company’s pro forma numbers, which exclude IPO costs and the repayment of existing debt facilities along with several other items, forecast a $140 million profit in 2021 and a $172 million profit in 2022. Investors have been told to expect a dividend yield of 5.4-6 per cent in 2022. Advertisement
Ventia cautions that the pro forma forecasts “do not represent the company’s actual or prospective financial performance or cash flows.” Deloitte has reviewed the financial forecasts but has not audited them. The forecasts assume that COVID-19 pandemic has “a reducing impact” on operations for the rest of 2021 but no material impact in 2022. Ventia said the pandemic had delayed in the award of some new projects and slowed revenues on others. But the company, which provides services in Australia and New Zealand to both governments and corporations, expects to benefit from the energy transition by providing remediation services on oil and gas refineries that shut down. Chief executive Dean Banks said 80 per cent of Ventia’s revenue for 2022 was covered and the company had a $15.5 billion work pipeline. “That’s a very healthy place to be in.”
Ventia has a complicated history, being merged together from entities previously owned by Leighton Holdings, Telstra and Broadspectrum (formerly known as Transfield Services) and still has a complex corporate structure made up of 25 entities. Advertisement
The prospectus discloses that Ventia has a receivables financing arrangement with a bank and $40.8 million factoring balance at the end of June. Mr Moffatt said factoring – financial schemes that allow companies to collect cash owed on customer invoices from banks – had been used when Ventia was a highly leveraged private company and wouldn’t be needed in the future when it was a public company generating more cash. The prospectus discloses a number of risks, including the potential for claims related to its Gateway Motorway project in Queensland following allegations of defects. It also reveals that the Australian Taxation Office (ATO) is conducting an audit into the way Broadspectrum formerly allocated profits associated with its Regional Processing Centre contracts between Australia and Nauru and Manus Island. The ATO has not raised any concerns that the allocation of profits was motivated by a tax avoidance purpose, Ventia said. The ATO could, however, cancel carry forward losses of up to $101 million and make an assessment for up to $107 million of cash tax payable, Ventia said. “The ATO has not conveyed its position on administrative penalties and shortfall interest.”
Ventia is also required to keep paying annual guarantee fees to CIMIC for previous contract arrangements until they are replaced or cancelled. It has paid around $1 million annually in guarantee fees over the past three years. Jenny Wiggins writes on business, specialising in infrastructure and transport. Connect with Jenny on Twitter . Email Jenny at jwiggins@afr.com
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Ventia IPO leapfrogs on infrastructure boom

Sandra Dodds. Contact Energy has announced that Sandra Dodds will join the board as an independent director on September 1, 2021. The board has also appointed her as chair of its Audit and Risk Committee, replacing director Dame Therese Walsh who departs the board at the end of August 2021. Dodds is based in Melbourne and is a dual citizen of New Zealand and Australia. She has more than 30 years’ experience as a senior leader in complex infrastructure businesses in Australia, New Zealand, and Asia. She has held regional chief executive, chief financial officer, and operations roles. Dodds has worked as a member of the group executive teams in ASX-listed environments at Downer EDI and Broadspectrum Ltd (formerly Transfield Services). Until recently, she led the infrastructure sector team at Broadspectrum. She is an experienced non-executive director, and is currently on the boards of Snowy Hydro Ltd, Beca Group, OceanaGold Corporation, and MACA Ltd (mining and resources). Dodds holds a Bachelor of Commerce from the University of Otago and is a fellow of Chartered Accountants Australia and New Zealand. Contact chair Rob McDonald said the combination of Dodds’ infrastructure experience and financial expertise made her an exceptional appointment. “We are excited to welcome Sandra Dodds to the board. She brings an international infrastructure perspective, as well as strong financial skills and governance experience, and we look forward to her contribution to Contact.”
Dodds will fill a casual vacancy on the board from September 1 but will stand for election by shareholders at the annual meeting in November. This is supplied content and not commissioned or paid for by NBR. Tags:

Contact Energy appoints independent director to board

NewsnReleases
 
Sandra Dodds to join Contact Energy Board
August 5, 2021
AUCKLAND, NEW ZEALAND: Sandra Dodds will join the Board of Contact Energy as an independent director on 1 September 2021, a news release said. The Board has also appointed her as Chair of Contact’s Audit & Risk Committee, replacing director Dame Therese Walsh who departs the Board at the end of August 2021. Sandra Dodds is based in Melbourne and is a dual citizen of New Zealand and Australia. She has more than 30 years’ experience as a senior leader in complex infrastructure businesses in Australia, New Zealand, and Asia. She has held regional Chief Executive, Chief Financial Officer, and operations roles. Ms Dodds has worked as a member of the group executive teams in ASX listed environments at Downer EDI and Broadspectrum Ltd (formerly Transfield Services). Until recently, she led the infrastructure sector team at Broadspectrum. Sandra Dodds is an experienced non-executive director, and is currently on the boards of Snowy Hydro Limited, Beca Group, OceanaGold Corporation and MACA Limited (mining and resources). She holds a Bachelor of Commerce from the University of Otago and is a fellow of Chartered Accountants Australia and New Zealand. Contact Chair Rob McDonald said the combination of Ms Dodds’ infrastructure experience and financial expertise made her an exceptional appointment. “We are excited to welcome Sandra Dodds to the Board. She brings an international infrastructure perspective, as well as strong financial skills and governance experience, and we look forward to her contribution to Contact.”
Ms Dodds will fill a casual vacancy on the Board from 1 September 2021 but will stand for election by shareholders at the annual shareholder meeting in November. Contact Energy Limited is a New Zealand electricity generator, natural gas wholesaler and electricity, natural gas, broadband and LPG retailer.

Sandra Dodds to join Contact Energy Board

Jacobs (NYSE: JEC) is a diverse provider of technical, professional, and construction services. Services include scientific and specialty consulting as well as all aspects of engineering and construction, and operations and maintenance.

Jacobs

DALLAS , Dec. 19 , 2019 / PRNewswire / -- A Jacobs , Broadspectrum and Downer joint venture , Confluence Water Pty Ltd , has been announced as one of three consortia to deliver services under Sydney Water 's Partnering for Success program .

Jacobs :, in Partnership with Broadspectrum Australia and Downer EDI, announce new joint venture, Confluence Water Pty Ltd, to deliver services for Sydney Water

University of Sydney is a public higher education and research institution. It provides both undergraduate and graduate degrees.

University of Sydney

Broadspectrum , Social and Critical Infrastructure , Rhys Barker , said : `` It is significant to be selected as the University of Sydney 's prime maintenance services provider and to provide services to its distinct mix of heritage-listed buildings and modern architecture in the heart of Sydney .

Broadspectrum expands education services to maintain the University of Sydney

Austin Health provides cancer, infectious diseases, obesity, sleep medicine, intensive care medicine, neurology, endocrinology, mental health and rehabilitation services. It is based in Heidelberg, Victoria.

Austin Health

Broadspectrum has successfully renewed a three-year contract extension with Austin Health .

Broadspectrum renews contracts with Austin Health

BP (LSE: BP) (FWB: BPE) (NYSE: BP) is an oil and gas company. The company provides fuel for transportation, energy for heat and light, retail services, and petrochemicals products. The company has operations in Europe, the U.S., Canada, Russia, South America, Australasia, Asia, and parts of Africa. It also operates Launchpad, an investment vehicle for disruptive technologies in the energy sector.

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Broadspectrum designs, funds, constructs, operates, and maintains major projects and infrastructure assets across diverse industries.On June 30th, 2020, Broadspectrum was acquired by CIMIC Group.85M.

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