☕️ Pie face incident

Another CEO has been hit in the face by a pie.

September 08, 2023

Good morning.

Ryanair chief executive Michael O’Leary was pied in the face by a climate protestor in Brussels overnight. He joins a lengthy list of public figures who have received the pie face treatment, including a few CEOs.

Qantas CEO Alan Joyce and Rupert Murdoch have both received the pie face treatment. Perhaps most famously Microsoft founder Bill Gates was hit by a pie in the face, also in Brussels, in 1998. O’Leary, like most before him, shrugged off the incident.

It serves as a reminder of the need for companies to put appropriate security measures in place for their top executives.

LOI Subscriber #TBD

MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market News: Liontown Resources was the standout gainer on a soft day for the markets, and when other lithium plays like Mineral Resources and Pilbara Minerals declined. As discussed in this very section of this very newsletter earlier in the week, Liontown is under a $6.6 billion takeover offer from US chemicals giant Albermale. But the stock was lifted after big line of shares changed hands yesterday, and fingers are being pointed at Gina Rinheart. Which means things could get interesting in this situation from here.

THE QUICK SYNC

  • Apple shares have taken a hit amid widespread reports Chinese government workers could be banned from using iPhones. (CNBC)

  • China is seeking better access to semiconductors in exchange for progress on climate change at the G20 summit. (Bloomberg)

  • General Motors’ offer of a 10% wage hike to US workers has been dismissed by unions as ‘insulting’. (Reuters)

  • Inside Musk’s Twitter transformation (Wall Street Journal)

  • Here comes the SunCable.(Capital Brief)

TRADING FLOOR

M&A:

  • Grok Ventures has successfully acquired SunCable from administration. (SMH | AFR | Capital Brief)

  • Seneca Capital gears up to meet potential Recreation Brands investors. (AFR)

  • Telstra is focusing on IT services and is in the process of preparing a binding offer for Versent. (AFR)

  • ESR Australia has joined forces with Solar Bay to invest up to $500m in renewable infrastructure across its $15 billion portfolio of office and industrial assets throughout the country. (BNA)

  • Dexus Healthcare Property Fund (DHPF) acquires Southport Private Hospital on the Gold Coast for $51m. (BNA)

  • The sale process for Cura Group has commenced, with bids expected to be submitted starting next month. (The Australian)

  • Red 5's significant reduction in debt has increased speculation that Genesis Minerals may accelerate its plans and make a move sooner than anticipated. (The Australian)

Capital Markets:

  • Audinate plans to raise $50m in capital from publicly-listed equity investors. (AFR)

  • AMA Group has initiated a $55m equity raise, enlisting stockbroker Canaccord Genuity to attract investors. (AFR)

    • Major lenders are planning to withdraw from AMA Group during the refinancing process. (The Australian)

  • IFM Investors' private equity division has injected $80 million into Tally Group. (AFR)

VC:

  • Why Canva, Heaps Normal and Square Peg are betting on Southeast Asia (Capital Brief)

Others:

  • Chris Scott, the co-head of equities at UBS, has departed from his position. (AFR)

  • ResMed and the great Ozempic debate raging on the ASX (Capital Brief)

  • Gina Cass-Gottlieb’s ACCC scores another court victory. (Capital Brief)

THE WATERCOOLER