☕️ Historic strike

Good morning.

Macquarie’s AGM day was a clean-out.

First-ever strike on exec pay despite Shemara Wikramanayake’s intervention, Alex Harvey out as CFO and presumed successor, no clear signal on how much longer the CEO will be staying, underwhelming quarterly numbers and a 5% drop in the value of the company.

That wasn’t all. Climate resolutions flopped while showing ESG dissent still simmers, and the board admitted it is actively seeking international directors to address key skills gaps in tech and artificial intelligence.

The message from investors was clear though, if performance or rem won’t change, the people running the Millionaires’ Factory might have to.

🏆 LOI Subscriber #TBD

Market movers

Shares in PEXA skyrocketed Thursday after NatWest formally committed to using its platform for UK remortgages from 2026, with broader property transactions to follow.

The quick sync

• Sofronoff defends leaking Lehrmann inquiry report as Federal Court weighs if conduct was corrupt or just unwise. (Capital Brief)

• Geoff Wilson fires back at Chalmers' super tax with his own $2.4b plan, ditching the most controversial part: unrealised gains.(Capital Brief)

• A wave of global court rulings is reshaping climate risk and exposing businesses to mounting legal pressure, write James Clarke and Erin Eckhoff. (Capital Brief)

• Brandon Capital lands $439m for Australia's biggest biotech fund, backed by $150m from the NRF to keep homegrown medtech onshore. (Capital Brief)

• A whiff of AI and a bold $362 CSL call from $150-a-year unknown Baptista lands its research in Coppo’s daily read, turning heads on the ASX. (AFR)

Trading floor

M&A

• Regis Healthcare buys Rockpool for $135m, adding 600 aged care beds in QLD. (Capital Brief)

• BP pulls out of $54b Pilbara hydrogen project, shifting focus back to oil and gas. (AFR)

• PEXA and NatWest partner to digitise UK remortgage and property sales. (Capital Brief)

• Regis exits Bellevue Gold bid as other suitors weigh high valuation. (The Australian)

• Barrenjoey kicks off $2.5b Sydney Desalination Plant sale for Ontario Teachers’. (AFR)

• Capricorn to acquire Warriedar in $135m all-shares deal with 29% premium. (Capital Brief)

• CIMIC’s $1b UGL transport unit up for sale; PEP and KKR eye possible partial bids amid risk concerns. (The Australian)

• DroneShield wins $5m ADF deal to supply portable anti-drone tech. (Capital Brief)

• MHC and Anchorage deal opens crypto access to Aussie super funds and institutions. (AFR)

• Mercury Capital is selling Tamaki Health, NZ’s largest private healthcare group, in a deal expected to exceed NZ$400m. (The Australian)

Capital Markets

• Alphabet tops revenue forecasts but drops after revealing surprise US$85b AI-driven capex plan. (Capital Brief)

• Tesla revenue sinks 12% in worst quarter in over a decade, as demand drops and Musk’s political moves raise concerns. (Capital Brief)

• FleetPartners’ share slump may revive private equity bid talks amid weak new business and elevated arrears. (The Australian)

• Titomic launches $50m capital raise to fund global growth and reach cashflow breakeven by 2027. (AFR)

• Fortescue hits record FY2025 iron ore shipments but scraps hydrogen projects in Arizona and Gladstone. (Capital Brief)

• Bapcor warns on sales, posts weak FY results, and loses three directors in major board shake-up. (Capital Brief)

• General Pants Co hit with winding-up application amid Alquemie Group struggles. (Smart Company)

• Lynas hits record sales and production in June 2025, eyes Malaysia magnet venture. (Capital Brief)

• Barrenjoey lifts Rokt valuation by 28% after earnings surge. (AFR)

• Northern Star meets Q4 targets, ends gold hedging amid strong outlook. (Capital Brief)

• Calix gets $44.9m to build zero-emissions green steel plant. (Capital Brief)

• Northern Star ends gold hedging amid high prices, but cuts output forecast due to Super Pit issues. (AFR)

• Treasury Wine picks new California distributor, but financial impact is unclear. (Capital Brief)

• Karoon Energy revenue drops 25% in Q2 despite higher output, due to lower oil prices and rising costs. (Capital Brief)

• Ramsay is closing most psychology clinics as demand drops, hitting mental health patients. (AFR)

• ACCC backs digital competition rules to boost fintech innovation and access to platforms like app stores and cloud services. (Capital Brief)

• Academy of Science proposes R&D tax on big firms to fund $75b research future fund. (Capital Brief)

• Seek tells customers Employment Hero misused its data, after agreeing to maintain API access during court proceedings. (Capital Brief)

• Intel forecasts deeper third-quarter loss despite stronger PC sales. (Capital Brief)

VC

• NRF invests $150m in Brandon Capital to grow Australian biotech and medical ventures. (Capital Brief)

People moves

• Macquarie CFO Alex Harvey to exit by year-end; Frank Kwok named successor as profit dips early in FY2026. (Capital Brief)

• Cbus deputy CEO Marianne Walker resigns amid ongoing executive departures. (AFR)

• JPMorgan’s Josh Peel joins private equity firm Wentworth Capital. (AFR)

• Boss Energy CEO Duncan Craib resigns; COO Matt Dusci named successor. (Capital Brief)

• EY’s new energy team, led by ex-PwC partners, joins the race in Australia’s busy renewable energy M&A scene. (AFR)

• TikTok’s Australian staff surged over 30%, nearing 1,000 as local expansion continues. (Capital Brief)

The watercooler