☕️Dirty Laundry

Good morning.

Major Victoria’s Secret investor, BBRC International, which owns around 12.9% of the lingerie brand’s shares, has sent a very angry letter calling out “dismal total stockholder returns” and a “lack of accountability” by the board.

Bloomberg reports that the letter criticised the company’s buyback timings and poor acquisition decisions. BBRC made the call to air its dirty laundry by publishing the letter “given the lack of productive two-way dialogue that we would expect with a top stockholder.” 

Elsewhere in undergarments, former Expedia boss Peter Kern has bought luxury lingerie label La Perla for a cool €25 million ($43.8 million). Bellissimo!  

🏆 LOI Subscriber #TBD

Market movers

Monash IVF shares plunged Tuesday after it revealed a second embryo transfer mistake, this time at its Clayton clinic, deepening a reputational crisis and triggering a broader internal and independent investigation.

The quick sync

• Tim Ayres defends the government's $940m PsiQuantum bet, flags faster investments in Australian manufacturing and AI regulation shake-up. (Capital Brief)

• As Trump-era shocks fade, risk-hungry investors are driving a funding shift that’s quietly reshaping the fortunes of smaller lenders like MONEYME. (Capital Brief)

• CloudTech banks $11m in Bitcoin and USDT to bet on custody as the next big crypto play for institutions.  (Capital Brief)

• Clean energy investors say red tape is scaring off global capital, and stalling Australia’s renewables rollout. (Capital Brief)

Trading floor

M&A

• Metcash is merging Total Tools with Independent Hardware Group, leading to the departure of Total Tools CEO Richard Murray. (Capital Brief)

• PEP eyes Johns Lyng buyout after share slump, now in exclusive due diligence. (AFR) (Capital Brief)

• CBRE buys Burgess Rawson east coast arm to tap wealthy investor network. (AFR)

• EQT is preparing to sell cancer-care business Icon Group next year, with Jefferies tipped to manage the deal, while Morrison is also planning a healthcare asset sale, including radiology group Qscan. (The Australian)

• Mystery investor buys 9.7% of NobleOak Life and hires UBS. (AFR)

• Coronado signs $230m coal deal with Stanwell to improve liquidity and margins. (Capital Brief)

• Ontario Teachers’ Pension Plan is selling its 60% stake in Sydney’s $2.5b desalination plant, with Barrenjoey Capital Partners leading the sale process. (AFR)

• KKR eyes full Spark NZ buyout as it sells 50% of data centres, with others like EQT and Next DC also showing interest. (The Australian)

• Lifull Connect acquires Digital Classifieds Group to boost Southeast Asian real estate platforms. (AFR)

• Betashares eyes Drummond and InvestSense to expand into managed accounts. (AFR)

Capital Markets

• Apple debuts Liquid Glass UI, disappoints on AI and Siri delay. (Capital Brief)

• OpenAI doubles annual revenue to US$10b amid rapid expansion. (Capital Brief)

• NextDC's data centre use rose 7% in May, with revenue impact starts in 2027. (Capital Brief)

• Tali Resources pushes for ASX float in WA’s promising West Arunta region. (AFR)

• Space Machines Company and UTS are launching Australia's largest spacecraft factory to boost local space manufacturing and capabilities. (Capital Brief)

• GemLife may become the first company to use ASIC's new fast-track IPO process. (AFR)

• Perpetual and Partners Group to develop combined public-private investment products. (Capital Brief)

• NAB to boost mortgage growth by cross-selling to business clients, says retail boss Ana Marinkovic. (AFR)

• Austal seeks US confirmation on Hanwha’s claimed approval to boost stake. (Capital Brief)

• Barrenjoey trades 5% of Cettire shares at a small discount. (AFR)

• Big banks rally as CBA hits record high and completes share sale. (Capital Brief)

• The Clean Energy Investor Group urges FIRB reform to speed up renewables investment. (Capital Brief)

• Treasury Wine invests $15m to launch Sorbet, a low-alcohol wine brand aimed at matching beer’s mid-strength appeal. (AFR)

• Blackstone to invest US$500b in Europe over 10 years, citing growth potential. (Capital Brief) (Bloomberg)

• Amazon launches business-focused marketplace in Australia, challenging local retail giants. (AFR)

VC

• CloudTech raises $14m Series A, mostly in crypto, to launch digital asset custody service. (Capital Brief)

• Lyrebird Health raises $12m to grow AI medical scribe and expand overseas. (Capital Brief)

People moves

• Westpac adds NZ chair Philippa Greenwood to its board. (Capital Brief)

• Senior ART executive Julie Bingham resigns after extended absence, prompting leadership reshuffle. (AFR)

• Perseus Mining COO Amanda Weir resigns; Brett Hartmann takes interim role. (Capital Brief)

• Jarden hires ex-UBS trader Chris Gardener and Barrenjoey’s Sam Shires to boost equities team. (AFR)

• Cameron Price to retire from Future Fund and join CSL board in October. (Capital Brief)

• Fortescue’s hydrogen CEO Cameron Smith exits amid shift back to core iron ore focus. (AFR)

The watercooler