☕ Bronze Asset Management

Good morning. A couple more earnings reports today will cap off a big week. It'll be a lot quieter next week, with half the number of reports to come + mostly from smaller/mid-cap companies. That's it for this week folks ✌

February 24, 2023

Good morning. A couple more earnings reports today will cap off a big week. It'll be a lot quieter next week, with half the number of reports to come + mostly from smaller/mid-cap companies.

That's it for this week folks ✌

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: Platinum Asset Management is back to around where it was trading at the end of last year — giving back YTD gains after a weak earnings report.

The company's co-founder and former CEO, Kerr Neilson, has been calling for change at the company, specifically pushing for the CEO and CIO roles at the asset manager to be separated. Neilson owns 126m shares worth — meaning he lost about $50m in yesterday's share price drop.

TRADING FLOOR

M&A:

  • Pengana Capital puts $1b roll-up plan to E&P’s private equity funds. (AFR)

  • Potentia Capital lobs a fresh $2.17-$2.25 bid for Nitro; that's higher than the Alludo offer of $2.15. (AFR | AFR)

  • Atlas Arteria will not take on cross-town rival Transurban for a stake in EastLink. (AFR)

  • Downer EDI has sold its construction services arm Australian Transport Projects (ATP) to Malaysia’s Gamuda Berhad for $220m. (AFR)

  • Rumours of renewed private equity interest in Iress. (The Australian)

  • MinRes to pay $970m for China lithium assets. (AFR)

Capital Markets:

  • Star recap: $800m at $1.20 a share, rights issue and placement. (AFR | AFR |BNA)

    • Oaktree is believed to have been talking to Star before equity raising. (The Australian)

    • Bruce Mathieson joins Chow Tai Fook and Far East Consortium to chip in to save fallen Star. (The Australian)

  • Silex Systems chases $120m equity at $4.05 a share. (AFR)

  • FCT Combustion has called in KPMG to find a new investor to fund expansion plans. (AFR)

VC:

  • None

Others:

  • Aware Super has lost two portfolio managers from its equities team, Tim Riordan and associate PM Mike Teran. (AFR)

  • MA Financial saw its earnings drop 37 per cent in 2022. (The Australian)

THE QUICK SYNC

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, send your business card/contact details to Brendan Henry on [email protected]. The winner will be drawn on Friday 10th March.

THE WATERCOOLER

THE TRADE

  • Investment Associate, Ventures — IAG (Learn More)

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