☕️ Regal roulette

Good morning.

Capital Brief's Jack Derwin has delved into Regal’s crafty index-hunting strategy.

With the help of in-house quantitative analysts, Derwin’s reporting shows the fund manager zeroes in on companies poised for ASX 300 inclusion. Among several companies, inductees have included Red5 and Qoria, where the fund became one of their largest shareholders before selling into the wave of index-driven buying.

The strategy isn't infallible, as Derwin points out. Bets on Cettire and DroneShield significantly dented Regal's small cap strategy, which had achieved an 82% return back in April.

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Market movers

WiseTech shares rocketed 18% on Wednesday, on the back of better-than-expected results that showcased robust margins that fattened profits even as R&D spending soared to back its lofty ambitions.

Investors cheered, but none more so than CEO and co-founder Richard White, who saw his stake climb to a breezy $13.2b.

The quick sync

• ASIC is preparing to scrutinise data centre developer AirTrunk’s pending $20b sale as part of its investigation into private market transactions. (AFR)

• Crossbench MPs are urging the Albanese government to extend its proposed gambling ad ban to include audio platforms like Spotify. (Capital Brief)

• In a global consumer business standout, Breville’s earnings highlight its worldwide success in high-end coffee machines, particularly in the US. (Capital Brief)

• Uber is ending its Carshare business in Australia, concluding its $105m car rental experiment. (AFR)

• Visy magnate Richard Pratt’s children Anthony, Fiona and Heloise say their half siblings’ legal claim for a slice of the family fortune should not go ahead. (The Australian)

Trading floor

M&A

• HMC Capital has $2.5bn in available funds for growth after a period of M&A-driven expansion (Capital Brief)

• Private equity funds and strategic buyers like Alliance Aviation are evaluating a Rex acquisition, with non-binding offers due within a week. (The Australian)

• Keppel Infrastructure Trust is set to bid for Waste Services Group, aiming for a $1bn deal, after its recent $600m acquisition of Ventura Group. (AFR)

• Orora is negotiating to sell its US packaging division to Clayton Dubilier & Rice, while Lone Star has offered to buy the entire company. (The Australian)

• Walmart sells its $3.74bn JD.com stake to refocus on its Chinese operations. (Capital Brief)

• Bank of America has paused the sale of RACQ, with buyers like Allianz losing interest. (The Australian)

• Neoen’s Victorian assets are up for sale again, managed by Bank of America’s Sam Watson, after Brookfield’s $10.6bn acquisition of Neoen. (AFR)

• BindiMaps partners with Australia Post to launch the first accessible indoor navigation system, starting with three locations in Melbourne and Sydney. (Smart Company)

• EQT Partners is eyeing Livingbridge’s $1bn Waste Services Group and preparing a first-round offer with help from Azure Capital’s Nick Combes. (AFR)

• Brambles is focusing on capital management rather than acquiring Loscam, with increased dividends and a $500m buyback boosting its stock price. (The Australian)

Capital Markets

• Cuscal is preparing for a new ASX listing attempt, with Bank of America managing the deal and a non-deal roadshow ahead. (AFR)

• MaxCap Group is restructuring with redundancies to reallocate funds for new hires and promotions. (AFR)

VC

• None

People moves

• Perpetual appoints Bernard Reilly as CEO, effective 2 September, succeeding Rob Adams. (Capital Brief)

• Geoff Bazzan joins Leaders Investment Management's wealth division. (AFR)

• Atlas Arteria appoints Hugh Wehby as CEO and managing director. (Capital Brief)

• PEXA CEO Glenn King will retire at the end of the financial year after leading significant growth and a 16% earnings increase. (BNA)

The watercooler