Live markets, Monday, November 8, 2021


JobKeeper’s disclosures reveal some very intriguing things about companies listed on ASX. Remember, all companies that filed their financial results before September 14 must report their JobKeeper details by the end of this week.

There are several big companies that dipped their toes in the water, took some money, and then comfortably paid it all back.

For example, the $ 21 billion REA group accepted funding for 6 employees and has since repaid the $ 170,000 to the government. Its shares are down 4% today to $ 169.75 after hitting an all-time high of $ 180.67 on Friday.

And logistics giant Brambles, with a market cap of nearly $ 15 billion, took about $ 300,000 in JobKeeper benefits for 12 employees, and paid it off. Brambles shares are down 0.6% today at $ 10.40.

Grant Blackley of Southern Cross Media defended the company’s decision not to reimburse JobKeeper for $ 47.4 million in benefits. Credit:Louise Kennerley

At the other end of the spectrum is Southern Cross Media, which accepted $ 47.42 million in JobKeeper benefits for more than 1,700 employees between March 2020 and January 2021, when it ceased to be eligible. His total salary costs for 2020-2021 were $ 188 million.

It is a company that survived the pandemic by raising $ 170 million from shareholders in May 2020 by issuing 1.8 billion shares. A few months later, he made a one-in-10 consolidation to reduce the issued shares from 2.6 billion to 264 million.

“JobKeeper was essential for SCA to maintain its business, operations and workforce during this time and before the advertising markets started to recover,” the company’s latest annual report states.

He did not reimburse any part of JobKeeper’s money, with managing director Grant Blackley publicly declaring the pandemic a health crisis.

“The government has responded accordingly for all businesses to support these businesses, and the media industry has been hit very hard because we run on consumer and business confidence,” Blackley told the website recently. Radio Today industry information.

“And when the borders are closed by the government, restrictions are put in place and confidence falls, the government naturally wanted to make sure that we, for the most part, continued to operate and kept our employees largely in the dark. during the period. . “


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