☕️ Covert funding

Good morning.

The latest report from Techboard has exposed a surprising undercurrent in Australia's fintech investment scene—more than half of 2023's capital raises were kept under wraps.

As Capital Brief’s Bronwen Clune reports, founders and VCs are increasingly choosing stealth over spotlight, driven by reasons ranging from protecting intellectual property to hiding unattractive down rounds.

With over $684 million in unannounced deals discovered, the secretive trend nearly doubles the reported figures.

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Market movers

Tabcorp's shares nosedived 15% on Wednesday as new boss Gillon McLachlan binned the former team's turnaround plans and posted a wider than expected $1.36b loss for the year.  

Investors, clearly unimpressed with the AFL legend's first punt in Tabcorp’s boardroom, were left reeling as the company shelved dividends and waved goodbye to any hopes of growing its share in the digital wagering field to 30%. And with costs ballooning, it’s no wonder the market gave the new strategy the cold shoulder.

The quick sync

• Cettire’s results are shaping up as one of the most highly anticipated local results of this earnings season. Here's what both sides of the stock battle are looking out for. (Capital Brief)

• AEMO has almost halved its expectations for the take-up of EVs over the next decade as more motorists turn to hybrid cars, taking pressure off the power grid. (AFR)

• Lander & Rogers' CEO Genevieve Collins learned plenty of lessons from establishing a startup hub inside the firm, including unexpected common traits between founders and lawyers. (Capital Brief)

• Crossbench senator David Pocock and the peak motoring group are urging the government to mandate state car crash data sharing in a new road funding deal. (Capital Brief)

• APRA boss John Lonsdale expects ANZ’s board to consider bonus reductions for senior executives in the wake of its bond trading scandal. (AFR)

Trading floor

M&A

• Brett Blundy has sold his 14.7% stake in Accent Group to Frasers Group for around $160m. (AFR)

• Paladin Energy’s $1.3bn acquisition of Fission Uranium is delayed because some supportive shareholders haven't registered to vote. (The Australian)

• Partners Group is eyeing I-MED Radiology, expected to generate $1.35bn in revenue, as part of a potential $4bn exit orchestrated by current owner Permira. (AFR)

• AirTrunk's $20bn sale is unlikely to impact data center valuations publicly because of the deal's opacity, says NextDC CEO Craig Scroggie. (AFR)

• Aware Super and a consortium have invested in UK-based euNetworks, drawn by its AI-driven growth potential. (Capital Brief)

• Anchorage Capital Partners awaits a critical creditors' vote on Scott's Refrigerated Logistics. (AFR)

• John Wylie's Tanarra Capital is looking to sell WoolWorks, a New Zealand lanolin supplier, before Christmas. (AFR)

• The Albanese government is reconsidering a government-owned bank using Australia Post to improve banking access in rural areas, following branch closures and job cuts by traditional banks. (The Australian)

Capital Markets

• Tabcorp's shares fell 13% after reporting a $1.4bn loss, raising speculation about a possible fundraise, with UBS expected to assist. (The Australian)

• Pacific Smiles' net profit surged to $8.5m, making it a highly valuable target. (The Australian)

VC

• InDebted is nearing a $US30m Series C capital raise to boost its U.S. expansion and valuation. (AFR)

People moves

• Steve Maartensz, a veteran institutional equities stockbroker, has died after battling cancer for two years. (AFR)

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The watercooler