☕️ Code count

CBA’s x15 secret sauce? Black screens and green lights.

July 29, 2024

Good morning.

At CBA’s x15 Ventures, black screens are in vogue.

Boss Toby Norton-Smith, tells Capital Brief’s Andrew Cornell that the presence of these screens—showing engineers in their coding element—serves as a live metric of a tech company’s focus and productivity.

“Not to imply that other work isn’t valuable,” Norton-Smith says, “, but good technology companies really pride themselves on having a very high ratio of engineers and technologists to other roles.”

ASX as at market close. Commodities and crypto in USD.

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Market movers

Bellevue Gold’s share price crashed last week after the miner surprised the market with an equity raise, despite previous denials of any plans for a cash grab.

CEO Darren Stralow’s talk of 'unlocking value' did little to prevent investors from pushing the stock down by a fifth on Friday, following news that the $175m raise was at a 15.3% discount to its previous closing price.

The quick sync

  • Cbus has consolidated several equities mandates and handed as much as $1b to Magellan Financial Group’s Airlie Funds Management. (The Australian)

  • Australian AI pioneer Jeremy Howard is dubious of the legal tech industry. Rather than develop AI technology to licence, he's set up a new law firm to build AI in from the ground up. (Capital Brief)

  • More M&A will be able to be blocked under federal government laws that give the competition watchdog stronger discretionary powers than previously thought, lawyers say. (AFR)

  • Leadership changes at legacy mastheads like the AFR are rarely simple, or bloodless. But the changing of the AFR guard as James Chessell steps into Michael Stutchbury’s shoes comes at a pivotal juncture for the title - and its parent. (Capital Brief)

  • Carbon and gas trading will be a key driver of the ASX’s growth plans in the next five years, beginning with this week’s debut of environmental futures contracts. (AFR).

Trading floor

M&A

  • Quadrant Private Equity will join Madison Dearborn Capital Partners in acquiring APM. (AFR)

  • The battle between Crescent Capital and Genesis Capital for Pacific Smiles hinges on founder Alex Abrahams' decision, as he holds a 12.6% stake. (The Australian)

  • Seeka and Oztix partner to introduce first-party tracking for the entertainment and events industry, as most iOS users reject third-party tracking. (BNA)

  • Allianz is close to acquiring the Royal Automobile Club of Queensland's insurance business, potentially valued between $500m and $1bn. (The Australian)

  • GIP is in talks to join a rival consortium led by IFM Investors and DigitalBridge for the $20bn sale of AirTrunk. (AFR)

  • RetireAustralia, advised by Jefferies Australia, is exploring potential buyers and gauging interest from private equity firms and infrastructure players. (The Australian)

  • Super Group plans to sell its 53% stake in SG Fleet, valued at $572m, to repatriate funds to South Africa, possibly spurring industry consolidation. (The Australian)

Capital Markets

  • BNRG Renewables and Leeson Group are seeking $65m in capital expenditure for a 30MW solar and battery storage project portfolio in Victoria. (AFR)

  • Fashion industry leaders are working to save the iconic Adelaide knitting mill Silver Fleece, which recently went into administration. (BNA)

VC

  • None

People moves

  • None

☝️ Know about a deal or people move we don’t? Hit reply.

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The watercooler