☕️ Call & Raise

Good morning.

Sydney-based VC EVP has fronted up $750,000 just to keep its lawsuit seeking to recover $10.4 million from the collapse of Strong Room Technology alive.

The Federal Court ordered the firm to lodge the sum as security before it can continue pursuing claims against entities linked to businessman Divesh Dipak Sanghvi.

A source close to the matter, who did not have permission to speak publicly, told Capital Brief EVP’s willingness to pay the security demonstrates it is serious about recovering its funds.

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Market movers

Shares in CSL fell 5% to a one-month low on Tuesday after the company announced at 4:05pm that chief executive Paul McKenzie would step down immediately, prompting a trading halt mid-close that delayed the stock’s final trade to 4:17pm.

The unusually timed statement landed during the market’s closing auction, reportedly leaving investors furious and dragging the index into the red despite earlier gains.

The quick sync

• Telstra’s bid to block $7.3b in spectrum fees gets little traction with Anika Wells ahead of ACMA’s final decision. (Capital Brief)

• Contented raises NZ4.1m to grow in Australia with AI that turns voice into documents for 200+ global clients. (Capital Brief)

• Clive Dickens launches $4.2m fund through Meliora Ventures to invest in 15 to 20 AI-focused telco and media startups by mid-2027, mostly outside Australia. (Capital Brief)

• CSL defends sudden removal of CEO Paul McKenzie on eve of results, citing urgency to improve execution and performance. (Capital Brief)

• Macquarie holds over $5b in AI-related equity and $29b in private credit exposure on its balance sheet as it moves to manage growing risks. (Capital Brief)

• Macquarie signals stronger second half as global deal momentum builds and volatile weather boosts trading returns. (Capital Brief)

Trading floor

M&A

• PLS Group signs two-year lithium offtake deal with Canmax. (Capital Brief)

• PEP looks to sell Cranky Health, hiring Cannon Capital for review. (AFR)

• Sims to buy Tri Coastal Trading assets for $94m. (Capital Brief)

• Reside Communities retirement villages put up for sale via Morgan Stanley. (AFR)

• McKinsey hands $20b investment arm MIO Partners to Neuberger Berman. (Capital Brief)

• Jarden may attract acquisition interest from global banks like Evercore. (The Australian)

• Shell-backed Corporate Carbon seeks buyers, hires bankers. (AFR)

• Paramount offers $2.8b breakup fee to boost its Warner Bros takeover bid. (Capital Brief)

• Apax Partners targets $6.8b sale of Trade Me, pitched to global PE firms. (AFR)

Capital Markets

• Region Group beats HY estimates and upgrades FY26 guidance. (Capital Brief)

• Macquarie invests $5.7b in private credit as profits rise. (Capital Brief)

• Revolution raises $60m for ASX-listed private credit trust. (AFR)

• Amotiv’s HY profit jumps 39% but misses consensus. (Capital Brief)

• KPMG cuts audit fees using AI cost-saving argument. (AFR)

• Revolution Private Credit seeks $60m capital raise. (Capital Brief)

• Gupta puts Tahmoor coal mine into administration amid lender pressure. (AFR)

• Treasury Wine shares rally after US distributor settlement. (Capital Brief)

• Treasury moves to boost ASIC powers after fund failures. (Capital Brief)

• NDIS providers face crackdown for false ads, breaches, and overcharging. (AFR)

• G8 Education shares slide on $350m impairment charge. (Capital Brief)

• Up to 40,000 Optus customers still face “no service” issue. (Capital Brief)

• Payments platform pay.com.au plans IPO with Goldman Sachs, Morgans, valuing business up to $1b. (The Australian)

• Radio stations must disclose AI voices from July 1. (Capital Brief)

• PLS CEO Dale Henderson calls for lithium price floor amid rising global demand. (AFR)

• Consumer sentiment dips 2.6% after RBA hike, decline “muted”. (Capital Brief)

• Macquarie sees stronger H2, more deals expected by March. (Capital Brief)

• Macquarie’s AI and private credit exposure sits on its own balance sheet. (Capital Brief)

• Suncorp taps JPMorgan as new defence adviser. (The Australian)

• Computershare lifts first-half revenue 4%, raises full-year EPS guidance, and declares a higher interim dividend. (Capital Brief)

• HAMR Energy secures $10m to produce low carbon fuels, including aviation fuel. (Capital Brief)

• Alphabet seeks $11b via pound and franc bonds, including a 100-year note, to fund AI and operations. (Capital Brief) (Bloomberg)

• Telstra lobbies Anika Wells over potential billions spectrum fees; minister unconvinced. (Capital Brief)

• Newly released DOJ files debunk the myth Jeffey Epstein triggered Bear Stearns’ collapse before the 2008 crisis. (FT)

• Epstein paid Victoria’s Secret boss Les Wexner USD100m in 2008 after being accused of massive theft, newly released documents show. (FT)

• DOJ files show how Epstein donated and leveraged connections as girlfriend was admitted to Columbia without a bachelor’s degree. (Bloomberg)

• Tesla’s Kimbal Musk linked to Epstein’s ‘girls’ in latest emails. (Bloomberg)

• One of Dubai’s most powerful executives discussed s**x, business with Epstein. (Bloomberg)

VC 

• New Zealand AI startup Contented raises NZ$4.1m to fund Australian expansion of its AI conversation tool. (Capital Brief)

• Deel’s The Pitch offers $21m to support Seed-stage startups globally. (Startup Daily)

• Sydney VC firm EVP posts $750k to keep $10.4m Strong Room lawsuit alive. (Capital Brief)

• Clive Dickens’ Meliora Ventures debuts $4.2m fund for AI startups. (Capital Brief)

People moves

• Westpac CIO Scott Collary to retire after six years. (Capital Brief)

• Cooper Investors sees 11 exits as top staff leave to start their own funds. (AFR)

• DroneShield names Michael Powell as COO. (Capital Brief)

• Christine O’Reilly, director of BHP and ANZ, faces court claims over Melbourne Airport fund dispute. (AFR)

• CSL CEO Paul McKenzie steps down; Naylor named interim CEO. (Capital Brief) (Capital Brief)

• Westpac loses treasurer Jo Dawson to Macquarie in poaching battle. (AFR)

• ASX CEO Helen Lofthouse to resign in May after overseeing CHESS transformation; replacement search underway. (Capital Brief)

• Telstra will cut 209 AI JV jobs, partly offshoring some to India for cost efficiency. (Capital Brief)

• Lenore Taylor steps down as Guardian Australia editor after 10 years; replacement search begins. (Capital Brief)

• HESTA CEO Debby Blakey to step down in 2026 after 11 years, leaving a $100b-plus fund and key sustainability and digital initiatives. (Capital Brief)

• Michael Grimes returns to Morgan Stanley after Trump administration stint, as banks vie for the SpaceX IPO. (FT)

The watercooler