Company Interview / Market Update | ASX, Northern Star, Genus Plus, KMD Brands

The corporate regulator has slammed the ASX (ASX:ASX) saying it has compromised critical market infrastructure to deliver high shareholder returns. ASIC has handed down its final report into the ASX after a nine month analysis focusing on governance, capability and risk management frameworks. It says the market operator lacks the aspiration to be a steward of critical market infrastructure. ASIC also says governance arrangements fail to provide the necessary focus on critical market infrastructure. The ASX says its progressing a comprehensive plan to address the problems.

Northern Star Resources (ASX:NST) is launching a five-hundred million dollar on market share buyback next month. The gold miner says the program represents up to 1.6 percent of issued capital. The buyback will run over the next 12 months subject to market conditions and won't affect dividend policy.

GenusPlus Group (ASX:GNP) has completed its acquisition of Railtrack Holdings. The acquisition to be funded though existing cash reserves and debt facilities expands the company's geographic and service capability in the rail systems sector. GenusPlus expects the acquisition to be immediately earnings accretive.

KMD Brands (ASX:KMD) has resumed trading today on the ASX and the New Zealand market. The move follows the submission of its financial accounts to the ASX, which were late. And a 65-million NZ dollar capital raising.