☕ Tough market

Good morning. Apparently the Sydney rental market's so tough these days that frustrated renters are resorting to having to simply buy... $3.8m terrace houses instead 😒

February 14, 2023

Good morning. Apparently the Sydney rental market's so tough these days that frustrated renters are resorting to having to simply buy... $3.8m terrace houses instead 😒

From an AFR article yesterday...

"There’s a terrible shortage of rental properties. A father decided – he had two sons and a daughter, all in their 20s – because nobody would rent to them in Paddington, he said, “I’ll buy you a [$3.8m] house”. They’re all moving in. That’s their new share house."

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MARKET MOVERS

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

Market news: The Nuix dead cat bounce was short-lived. Its shares were massively sold off yesterday on rumours that ASIC might drop them as a service provider when it renews its 10yr eDiscovery contract.

While it's likely a relatively immaterial contract in the grand scheme of things, the broader market concern is that Nuix is losing clients to its US-rivals (and potential takeover suitors)

TRADING FLOOR

M&A:

  • Pantoro Limited and Tulla Resources finalised a merger deal and were expected to seek $75m of fresh equity. (AFR)

  • QIC pops up in Quadrant-owned TEEG's debt stack. (AFR)

  • Star Entertainment Group has fund managers running the numbers on potential capital raising and asset sale scenarios. (AFR)

  • Newcrest Mining is delaying formal talks with institutional shareholders until after the company’s first-half results. (AFR)

  • KKR and QIC declare their preliminary interest in Melbourne’s EastLink stake. (AFR)

  • Seven West Media executives are sizing up plans for an M&A tie-up with HT&E. (AFR)

  • Sener is trying to carve out a niche for itself in Australia’s infrastructure market after buying a 60% stake in Tactix last year. (AFR)

  • KKR is understood to have progressed in its negotiations to sell Australian Venue Co to BGH Capital. (The Australian)

  • Teys family and Cargill are putting the finishing touches on a deal to sell their Australian abattoir business. (The Australian)

Capital Markets:

  • Emirates NBD Bank has mandated four banks to round up investors for a new 10-year Kangaroo note (AFR)

  • Janus Electric taps Acton Advisory for $75m in fresh funding. (AFR)

  • Lumitron, an Aussie-led X-ray tech company, is tapping investors for $US20m for a possible $1bn Nasdaq listing. (AFR)

  • Star Entertainment is widely expected to launch an equity raising. (The Australian)

  • Banks are still pitching for a role in the Virgin Australia listing. (The Australian)

VC:

  • Tattarang (the Forrest famliy investment company) has become a financial backer of Startmate. (AFR)

  • Tracksuit, a New Zealand brand tracking startup, has raised NZ$7.5m in a Seed round led by Blackbird. (StartupDaily)

  • Getahead, a Brisbane recruitment tech startup, has raised $1.38m in pre-Seed funding led by Pipeline Capital. (StartupDaily)

  • Plaza, a web3 platform for brands, raised a pre-seed round. (AFR)

THE QUICK SYNC

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THE WATERCOOLER

THE TRADE

  • Corporate Development Manager — Suncorp (Learn More)

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