☕ Qantas upgrade

Good morning. If you’re tired of reading about this PwC tax leak, we’ve done you a favour and only linked to just one extra article today vs the usual 3 to 4.

May 31, 2023

Good morning. If you’re tired of reading about this PwC tax leak, we’ve done you a favour and linked to just one article today vs the usual 3 to 4. Enjoy.

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

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MARKET MOVERS

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

Market News: If you’ve flown Qantas recently, you’ve probably noticed the planes are getting pretty dates — but Qantas expects to reverse that.

At its first investor day since the pandemic started, Qantas flagged it expects capex, including new plane purchases, to cap out at $3.2bn next year.

The airline expects it’ll gradually reduce the average age of its fleet from about 17yrs to just under 10yrs by 2027.

THE QUICK SYNC

  • Intralot emerges in the race for a Victorian wagering license. (AFR)

  • PwC horror show claims fresh casualties, with more damage. (SMH)

  • Crown Resorts and AUSTRAC agree to $450 million penalty. (SMH)

  • Binance Australia selling bitcoin $6k cheaper than other exchanges. (AFR)

  • Company insiders made over US$22bn before the SPAC bust. (WSJ)

  • Nvidia hits $1 trillion market cap. (CNBC)

TRADING FLOOR

M&A:

  • Murray & Roberts is running out of time to buy back RUC. (AFR)

  • Modica Group, an SMS service company, has mandated Lazard to find a buyer. (AFR)

  • Education Perfect has acquired a former maths teacher’s edtech company, Essential Assessment in a deal believed to be worth $40m. (AFR | StartupDaily)

  • A third investor has called on St Barbara directors to embrace a competitive auction for its assets. (AFR)

    • Silver Lake Resources appears to be digging in over its fight for St Barbara. (The Australian)

  • Kelly Partners has pushed into the US market for the first time through an acquisition. (BNA)

  • Blackstone is closer to closing books on Crown liabilities after AUSTRAC’s $450m fine. (SMH)

  • Hairydog Group acquired BoozeBud’s assets a month after the business was placed in administration. (StartupDaily)

  • Wesfarmers expects EC Healthcare’s competing bid for Silk Laser Clinic to fallover. (The Australian)

Capital Markets:

  • Nido Early School has MA Financial, Canaccord Genuity, and Wilsons teeing up investor meetings for its $250m listing. (AFR)

  • Chariot Corp has booked meetings with local fund managers to build support for a $25m IPO. (AFR)

  • Redox IPO pricing outcome is likely to take longer. (The Australian)

VC:

  • ‘Raw’ milk startup Made by Cow has been placed in voluntary administration last week and closed its doors. (StartupDaily)

  • Lilly’s Little Lunchbox seeking to raise up to $1m from everyday investors via equity crowdfunding platform Birchal. (AFR)

Others:

  • None

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