☕ Succession countdown

Good morning. For Succession fans, just a couple of eps to go. Who do we think ends up running Waystar as the CEO? LOI poll here. On the tipping front... @How's the Serenity is making a calm and measured move through the pack — now sitting in second and just one behind @Tim Cudlipp.

May 22, 2023

Good morning. For Succession fans, just a couple of eps to go. Who do we think ends up running Waystar as the CEO? LOI poll here.

On the tipping front... @How's the Serenity is making a calm and measured move through the pack — now sitting in second and just one behind @Tim Cudlipp.

—

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: The post-COVID retail washout continues. With only 7 weeks left in the financial year, Dusk felt the need to provide guidance for the first time — and boy did they disappoint.

The company expects revenue to dip a little to $135-137m, but its EBIT is projected to be $16-17m for FY23 — that compares to $38m in FY21 and $27m in FY22.

(ps. in a throwback for the OG LOI fans... Dusk was the topic of the very first LOI piece published)

THE QUICK SYNC

  • Russia now knows who hacked Medibank, but it’s doing nothing about it. (SMH)

  • Millions of HECS debts are about to soar, so should you pay yours off? (AFR)

  • PwC tax scandal

    • Why the PwC scandal is tip of the iceberg. (SMH)

    • PwC’s UK, US operations caught up in tax scandal investigation. (SMH)

    • How the tax leaks scandal forced PwC out of the shadows. (AFR)

  • New York ‘will sink if more skyscrapers are built. (SMH)

  • This obscure Perth business could shape crypto’s future. (AFR)

  • China fails Micron's products in security review, bars some purchases. (RT)

TRADING FLOOR

M&A:

  • St Barbara is struggling to support Silver Lake Resources’ improved $722m bid. (AFR)

  • Bigtincan investors were not told of Siris Capital's bid made in March or April. (AFR)

  • nib had expressed interest in Crescent Capital Partners’ 24-7 Healthcare. (AFR)

    • 24-7 sale process is gathering pace with PE, Medibank and nib expected to be interested. (The Australian)

  • NatWest Group Pension Fund hires RBC to drum up buyers for its roughly 20% interest in Australian Registry Investments. (AFR)

  • MA Financial has expanded its platform with the acquisition of the d’Albora marina portfolio worth $225m. (SMH)

  • Pub baron Chris Feros has paid $35m for the Engadine Tavern on the Princes Highway. (SMH)

  • Metcash will be absent from 7-Eleven's auction. (The Australian)

Capital Markets:

  • Sekuro, the cyber security company, is said to have BoA exploring an IPO. (The Australian)

  • Technology Metals Australia had two brokers building support for a $10m capital raising. (AFR)

VC:

  • Cannaponics, a medical cannabis startup, raised $5m in an equity crowdfunding campaign via Birchal. (StartupDaily)

  • The Volte, an Australian designer fashion rental marketplace, has closed an oversubscribed $4m Series A funding round, which was led by eBay Ventures. (SmartCompany)

Others:

  • Auscap portfolio manager Matthew Parker has left the long short boutique he co-founded. (AFR)

  • PWC is stepping up its efforts to placate restive retired partners. (AFR)

  • Goldman Sachs dealmaker Zac Haines has agreed to join Sayers Group. (AFR)

  • UBS has hired Credit Suisse banker Tim Usasz for its ECM team. (The Australian)

    • Credit Suisse's bankers are expected to gain some clarity soon over whether they will be joining UBS. (The Australian)

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