☕ Betr valuation

Good morning. It's March 1, which is apparently World Compliment Day so to all the LOI readers...

Good morning. It's March 1, which is apparently World Compliment Day so to all the LOI readers...

ps. if this was fowarded to you, sign up here > letterofintent.com.au 

LOI Subscriber #TBD

MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: Pointsbet hits new 52W lows after its half-year results showed losses widen, despite its US business doubling revenue.

The company is selling off its Aussie operations to Betr (backed by News Corp), with rumours it could get up to $250m for the business. Based on this the CEO reckons they deserve a betr(?) valuation given they're worth just $400m (market cap).

THE QUICK SYNC

  • Metal mystery: The inside story of a bizarre $856m scandal. (SMH)

  • Former Big Un CEO to surrender passport amid insider trading charge. (AFR)

  • Adidas could set fire to $500 Million of unsold Yeezys. (Robb Report)

  • Murdoch admits Fox commentators ‘endorsed’ Donald Trump’s 2020 election lie. (SMH)

  • TD Bank agrees US$1.2bn settlement related to US Ponzi kingpin. (Proactive)

  • Foxtel poised to ink multi-year deal with Warner Bros Discovery. (Australian)

  • Shell has attacked the Albanese government’s planned changes to the LNG export trigger. (Australian)

TRADING FLOOR

M&A:

  • Queens Lane Capital is thinking about an exit at European stone and tiles business Petra Industries. (AFR)

  • Nimble acquires education-focused lender ZeeFi. (AFR)

  • Fujifilm is expected to have paid around $100m for IT services company MicroChannel Services. (AFR)

  • PEP is said to be in talks to buy lifestyle communities business Serenitas. (The Australian)

  • Korda Mentha are closing in on a short-term funding deal with Coles and Woolworths for the failed Scott’s Refrigerated Logistics. (The Australian)

  • Tribe, the contract brewer, has called in FTI Consulting as voluntary administrators. (AFR | The Australian)

  • Financial Planning Association and Association of Financial Advisers voted to merge to pave the way for the creation of a new peak body. (AFR)

Capital Markets:

  • Bravura delays its results as it looks to do a discounted institutional placement. (AFR)

  • UBS trades a 2% block stake in Pilbara Minerals worth $250m. (AFR)

  • Goldman’s desk crossed a 5.2% block stake of Ventia Services Group. (AFR)

  • Ord Minnett's desk is still vacuuming up Star Entertainment shares. (AFR)

  • Earlypay may also have to go cap in hand to investors. (The Australian)

  • Mortgage House puts a $400m RMBS deal to investors. (AFR)

  • National Australia Bank is prepping its Tier 2 transaction. (AFR)

VC:

  • VC-backed tech secondaries are trading at deepest discounts since GFC (AFR)

  • Mint Innovation, an e-waste miner, got a $55m cash injection from Liverpool Partners. (AFR)

  • SpeeDx, a biotech company, has raised $26m including a $5m from Dr Andrew Forrest’s new $250m VC fund Tenmile. (StartupDaily)

  • Curtin University has revealed the startups in its newly redesigned accelerator program. (StartupDaily)

Others:

  • Credit Suisse’s head of equities syndicate has left after 7yrs with the bank. (AFR)

  • Tyro Payments sees no sign of slowing down in consumer spending. (AFR)

TOGETHER WITH ALLIANCE ADVISORS

Alliance Advisors is an independent advisory firm that supports public & private companies with strategic shareholder & investor advisory services through our global network.

We Go Beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

Join us at the Mergermarket M&A Conference in Sydney on Thursday 16th March, where we have a pair of tickets to give away!

📢 To enter the draw:

The winner will be drawn on Friday 10th March.

THE WATERCOOLER

THE TRADE

  • Investment Associate, Ventures — IAG (Learn More)

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