☕️Conference Confessions

David Di Pilla drove the droll at the Maq Australia conference.

Good morning.

The Macquarie Australia conference earlier this week gave HMC Capital’s David Di Pilla a soapbox not only to parade his appointment of Julia Gillard as chair of HMC’s $2 billion energy transition fund, but to bring that much needed cheek to the conference floor.

Sadly for David Pobucky, the entertainment came at his expense when Di Pilla flipped the questions back on the Macquarie analyst who dared question how comfortable HMC is with the valuations of health care property assets on its books. “Maybe I’ll ask you, why is your price target so low? What do you not see that I see?” the fund manager joked. “If you get a bit more imaginative, maybe you’ll get to the share price and I’ll start making you look good at some point.”

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

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Market movers

Shares in Temple & Webster plummeted almost 18% during trading on Thursday to close at $10.36, despite the homewares and furniture retailer reiterating its full-year earnings guidance in a trading update. In the update on Thursday, the company said business remained strong during the second half, with sales from 1 January to 5 May up 30% compared to the prior corresponding period.

E&P Capital analysts noted that Temple & Webster was "growing in a shrinking market", with the overall furniture and homewares sector down 4% in the half to date. However, the analysts flagged that the company's 2% guidance target was below current consensus expectations of 2.4%. 

The quick sync

  • Swimwear label Seafolly acquires rival brand Tigerlily ten weeks after it tumbled into administration. (Capital Brief)

  • T-Mobile and Verizon are in talks to carve up one of the US’s last major regional wireless carriers, U.S. Cellular. (Wall Street Journal)

  • Industry super funds, led by investors, considered taking over the ASX amid challenges including a botched system upgrade. (AFR)

  • French AI startup Mistral AI nears deal to raise funds at a valuation of US$6 billion ($9.08 billion), tripling its valuation in just six months. (Wall Street Journal)

  • Bank of England holds rates at a 16-year high of 5.25%, signals possible June rate cut. (Capital Brief)

M&A

  • KPMG seeks new management for its super fund, currently handled by Future Super's smartMonday. (AFR)

  • Aussie Broadband gains approval to increase Superloop stake after being ordered to lower it earlier this year. (Capital Brief)

  • Macquarie plans to sell Kinetic Group, aiming for a sale north of $4b. (AFR)

  • Allen & Overy's merger with Shearman & Sterling forms a $5.3b firm targeting US clients. (AFR)

  • Quadrant Private Equity is reportedly set to tap UBS to advise on selling its confectionery business, including Darrell Lea. (The Australian)

  • Thomson Geer has acquired a 4.9% stake in ASX-listed Qantm Intellectual Property. (AFR)

  • Magellan is reportedly tied to ASIC’s legal action against Magnis Energy and its chairman around alleged disclosure failures regarding plans for an electric vehicle battery plant. (AFR)

Capital Markets

  • NexGen Energy's shares plunged 12.3% on the Toronto Stock Exchange due to a dilutive deal, drawing attention to its upcoming performance on the ASX. (AFR)

VC

  • Startup SupplyScope secures $300,000 from investor Skalata. (Startup Daily)

  • AgriWebb raised $11m via a convertible note, surpassing its target, to support path to profitability. (AFR)

  • V2 Digital received a $30m investment from Columbia Capital 12 months after launch. (Startup Daily)

  • Hysata raises $111m to expand green hydrogen electrolyser production, led by BP Ventures and Templewater. (Capital Brief)

People moves

  • None

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

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