☕️StrongRoomAI undone

Good morning.

StrongRoom AI is heading to liquidation after EVP secured a last-minute court order recognising its $10 million claim. The move gave it the numbers to block InterValley’s DOCA and back a wind-up instead. As Capital Brief’s Bronwen Clune reports, the order arrived the day before the vote, tilting it decisively in EVP’s favour.

EVP backed liquidation on the basis it preserved their ability to pursue the founders in court. InterValley tabled a competing asset offer above pharmaceutical entrepreneur Joe Zhou’s $3 million bid. But EVP’s existing asset freeze could still block any sale that isn’t to Zhou. Creditors backed liquidation on the view that legal recoveries (including $9.9 million in potential clawbacks) offered a better return than a rescue, but the final call on who gets the assets is still to come.

🏆 LOI Subscriber #TBD

Market movers

Shares in Mineral Resources jumped on Thursday, leading the ASX 200 higher after the US government granted Albemarle $US150 million ($230 million) to fund a new lithium processing facility. That triggered a rally across lithium stocks. Pilbara Minerals, IGO and Liontown Resources all rose.

The quick sync

• Sky News and Network 10 remain locked in talks over a soon-to-expire regional broadcast deal that could reshape political media access ahead of the 2025 election. (Capital Brief)

• David Jones plunges into $74m loss as Anchorage juggles debt and reshapes strategy for Australia’s oldest department store. (AFR)

• From Star to Macquarie, ASIC is finally getting serious, hitting record prosecution levels and talking tougher after years on the regulatory sidelines. (Capital Brief)

• Ex-fraudster Kalpi Prasad builds $400m private credit empire as non-bank lending booms in Australia. (AFR)

Trading floor

M&A

• Catapult buys MIT spinout Perch for $28m to boost AI athlete tracking. (Capital Brief)

• L1 Capital buys 16.85% of Platinum Capital amid ongoing Platinum Asset Management merger talks. (AFR)

• IperionX wins $153m US defence deal for titanium fasteners. (Capital Brief)

• Tanarra Capital sells Health Metrics to Accel-KKR for its second PE exit. (AFR)

• Bain exits Insignia bid with the remaining bidder CC Capital silent amid doubts over its offer. (AFR)

• Three Sydney private equity firms, including Healthe Care, Genesis Capital, and Mercury Capital, are preparing to bid on parts of Healthscope’s hospital portfolio in an upcoming auction. (The Australian)

Capital Markets

• Google and Chile have signed a deal to build first undersea cable from South America to Australia. (Capital Brief)

• Bell Potter ups Austal target by 26% but downgrades to ‘hold’ on valuation. (Capital Brief)

• Morgan Stanley promotes Hunter and Bailey to co-lead diversified industries group after key advisory wins. (AFR)

• Maas Group reaffirms FY25 guidance, shares edge higher. (Capital Brief)

• GemLife targets $1.57b valuation, $750m raise and July 4 ASX listing, locking in cornerstone investors by King’s Birthday weekend. (The Australian)(AFR)

• Toys R Us enters administration after failed recapitalisation plan. (Capital Brief)

• Virgin secures $685m IPO backing for ASX relisting. (AFR)

• StrongRoom AI liquidated after EVP wins court order, blocks rescue bid. (Capital Brief)

• Wise to move main listing to New York to tap US investors and growth. (Capital Brief)

• Tetratherix, backed by Xero’s Rod Drury, is set to raise $25m in an ASX float to fund its healing “medical Lego” device. (AFR)

• ECB cuts rates to 2% amid easing inflation and US trade tensions. (Capital Brief)

• JPMorgan and Morgan Stanley tap private credit for US$350m TeraWulf data centre deal as AI infrastructure demand accelerates. (Bloomberg)

• Private credit firms are turning to continuation funds to return investor cash as exits stall, with record deal volume set to grow in a volatile market. (Bloomberg)

• Cresset Capital boosts private credit bets and cuts US equities as Trump’s tariff shocks shake markets.(Bloomberg)

• Private credit’s covert rise is shaking up Australian finance. ASIC’s preparing to crack it open. (Capital Brief)

• Stablecoin issuer Circle shares double in IPO as Trump administration’s crypto push revives investor appetite. (WSJ)

VC

• Syfe raises $83m to expand digital wealth advice for affluent Australians. (Capital Brief)

• Annie Cannon-Brookes sets her new family office SMART Collective in motion with a multimillion-dollar push into school food education. (AFR)

People moves

• Tyro CEO Jon Davey resigns, will stay on temporarily during transition. (Capital Brief)

• Citi appoints John McLean as head of equity capital markets ANZ. (Capital Brief)

• ABA nears decision on new CEO, likely another ex-politician to replace Anna Bligh. (AFR)

• Ramsay CEO Carmel Monaghan joins EMVision board, shares rise. (Capital Brief)

• Entain CEO Dean Shannon to resign amid AUSTRAC anti-money-laundering probe and fines. (AFR)

• Quantum pioneer Michelle Simmons joins Tech Council board, increasing female representation and deeptech leadership. (Startup Daily)

The watercooler