☕️Barren Bourse

Good morning.

Regulatory filings seen by Capital Brief show that during FY24, the Sydney Stock Exchange (SSX) generated a measly $5,667 in listing fees, down 85% on the year prior, and made $0 revenue from ongoing quotation and delisting.

Once home to the likes of Sigma, SPC Ardmona and Brumby's Bakeries, the SSX has become the financial equivalent of a pub with no beer.

🏆 LOI Subscriber #TBD

Market movers

Shares in Ora Banda fell Friday after it cut production guidance, dragging gold stocks like West African Resources lower.

The quick sync

• Australia risks losing its edge in AI, say founders like Heidi Health’s Thomas Kelly, who are building healthcare tools. (Capital Brief)

• Economists warn Angus Taylor’s scrapped inflation-linked tax rebate would risk fuelling inflation and undermine efforts to control the economy. (Capital Brief)

• Lex Greensill breaks his silence in a US$677m court battle, accusing SoftBank of hiding financial risk behind a restructuring deal now at the heart of Credit Suisse’s lawsuit. (Bloomberg)

• Trump and Musk’s messy split exposes the limits of their uneasy political alliance. (Capital Brief)

Trading floor

M&A

• US firm bids for collapsed airline Rex, sale decision imminent. (AFR)

• Regis leads Bellevue Gold sale amid competition from Vault and United Tractors. (The Australian)

• Proxy advisers oppose Cosette’s attempt to withdraw its $672m bid for Mayne Pharma. (AFR)

• GIC and Future Fund to acquire 20% of Transgrid for $2b. (The Australian)

• Citi to advise NZ on toll road sales for infrastructure funding. (The Australian)

Capital Markets

• Warner Bros. will split into two companies by mid-2026 to boost value and focus operations more effectively. (Capital Brief).

• Kailo Medical is seeking investors amid rising radiology sector interest. (AFR)

• Permira plans refinancing and IPO for I-MED after sale falls through. (The Australian)

• ASIC fast-tracks ASX IPO approvals with new rules to cut delays and boost listings over a two-year trial. (Capital Brief)

• Aura Energy backs Swedish-focused uranium explorer Neu Horizons ahead of its planned 2026 IPO. (AFR)

• SkyCity weighs property options after carpark sale fallout. (The Australian)

• JumpStart Fertility gets backing from Sydney investor Proto Axiom to boost IVF success rates. (AFR)

• New Hope discusses rescue options amid Coronado’s refinancing uncertainty. (The Australian)

• GemLife pitches $750m IPO, citing strong pipeline advantage. (AFR)

VC

• Tech unicorn founders launch $50m venture capital fund, Glitch Capital, to support new local startups. (AFR)

People moves

• Jefferies banker Gordon Kerley moves to Goldman Sachs. (AFR)

The watercooler