☕ Prediction poll

Good morning. The first Tuesday of the month is upon us, so as is becoming tradition, we’ve got the LOI Interest Rate Prediction Poll™ up and running to get the pulse on whether folks think rates will rise or stay flat.

—

ps. if this was forwarded to you, you can sign up for LOI at letterofintent.com.au

LOI Subscriber #TBD

MARKET MOVERS

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

Market News: With 4 weeks to go until the end of the year, Adairs dropped their FY23 EBIT guidance from around $70-80m to closer to $62-65m

A familiar story among retailers, with Adairs seeing their second half sales significantly slow — currently tracking to a 7% in the second half compared to last year.

THE QUICK SYNC

• Inside Cannon-Brookes’ ‘big swing’ to sell sunshine to Singapore. (SMH)

• Sydney house prices: Why bankers aren’t popping champagne despite rising house prices. (SMH)

• HWL Ebsworth issued ‘final warning’ by Russian cybercriminals. (AFR)

• Tabcorp takes control of Melbourne Cup rights. (Australian)

• ACCC warns Qantas-Virgin duopoly slugging passengers. (SMH)

• UBS warns of painful jobs decisions after Credit Suisse takeover. (RT)

• OPEC+ meets to debate production quotas, new cut. (CNBC)

TRADING FLOOR

M&A:

• St Barbara has unanimously rejected Silver Lake’s latest offer for the Gwalia mine. (AFR)

• RBC is pitching the sale of NatWest Group Pension Fund’s one-fifth slice of NSW Land Registry Services. (AFR)

• Oaktree Capital is back doing deals in Australia after emerging as a major buyer of distressed debt in GenesisCare. (The Australian)

• Suitors join the queue as Ticketek owner TEG puts itself on sale. (The Australian)

• AutoZone Auto Parts is pointed as the party interested in Australia’s Bapcor. (The Australian)

Capital Markets:

• Bowen Coking Coal is raising $50m to speed up production at its Burton Complex. (AFR)

• IFM, Australian Ethical, Fidelity, Antares, Perennial, and Milford will participate in Immutep’s $80m raise. (AFR)

• Redox’s IPO bookbuild begins settling on pricing that values the business at between $1.3bn and $1.4bn. (AFR | The Australian)

• Education Centre of Australia is giving fund managers a chance to grab a piece of the business as it eyes an ASX listing. (AFR)

VC:

• CUREator, a biotech incubator, has allocated $12m in venture funding to 19 projects. (StartupDaily)

• SparkLabs Cultiv8, an agri-food tech accelerator, has selected 10 startups for its initial cohort. (StartupDaily)

• OVRcome, a Kiwi virtual reality startup, is looking for Australian investors. (StartupDaily)

Others:

• Crown Resorts’ Steve Blackburn will join Ashurst’s risk consulting division in Melbourne. (AFR)

• Sun Cable’s three founders exit the business after being bought by Grok Ventures and Infrastructure Partners. (AFR)

• CPE Capital’s Graham Brooke is retiring from the private equity firm at the end of September. (AFR)

PARTNER WITH ALLIANCE ADVISORS

Alliance Advisors is an independent corporate advisory firm that supports public and private companies with strategic shareholder & Investor advisory services through our global network.

We go beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

For more information, please contact Brendan Henry on [email protected]

THE WATERCOOLER

i