☕️Wising up on AI

WiseTech CEO the target of AI deepfakes.

Good morning.

WiseTech Global founder Richard White claims that he was impersonated three times last week alone, as fraudsters made extortion attempts on his tech company. Capital Brief reports that three WiseTech staff members were confronted by a WhatsApp call with White on video, telling the staff member to give them money. Unlike Arup’s expensive brush with deepfakes earlier in the year, the WiseTech staff wised-up to the fraud attempt before anything too nefarious took place.

Detailing the encounters at the Australian Shareholders’ Association conference on Monday, White warned that the Pandora’s Box that is AI has already been opened: “This is unstoppable. No matter how concerned you are, or how bad or good you think this is, this has happened already and it’s now unstoppable.”

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Shares in Star Entertainment shot up 20% to close at $0.54 yesterday, after the casino operator confirmed acquisition interest from a consortium involving Florida entertainment group Hard Rock Hotels and Casinos' Pacific partner. Earlier on Monday, the AFR reported that Florida entertainment group Hard Rock Hotels and Casinos was considering taking control of the Star. The reported proposal would see the Star rebranded and its properties separated from the casino operator. es

The quick sync

  • Questions circle about whether BHP's bid to acquire Anglo American for $64.4b is likely to succeed by Wednesday’s deadline due to disagreement on the offer's value. (AFR)

    • Former BHP boss Don Argus urges Anglo American to engage in talks. (The Australian)

  • Square Peg Capital set for pay day after Nvidia buys AI start-up, Deci. (AFR)

  • Magellan Financial Group, through Airlie Funds Management, has acquired a 5.2% stake in Tabcorp. (Capital Brief)

  • US fast food chain Red Lobster has filed for bankruptcy after its ‘Ultimate Endless Shrimp’ promotion cost the company US$11m ($16.6m). (Bloomberg)

  • Pro Medicus CEO confident on competitors as dizzyingly expensive share price keeps rising. (Capital Brief)


  • Comvita's mystery suitor is revealed to be private equity firm CVC. (AFR)

  • US engine maker Briggs & Stratton is selling its Australian arm, including iconic Victa lawnmowers, via 333 Capital. (AFR)

  • Optus could offload fibre assets to investors like Kohlberg Kravis Roberts, creating a potential Telstra competitor. (The Australian)

  • TPG Capital treats investors to a fancy meal ahead of a potential $4b sale of Novotech. (AFR)

  • Goat milk company Nuchev acquires Adelaide supplier bWellness for $7m, following a recent capital raise. (BNA)

  • Investor group AMCI is selling $47.4m of Jupiter Mines shares at a discount through Barrenjoey. (AFR)

  • Quinbrook Infrastructure Partners plans a $3.5b green iron project in Gladstone, Queensland. (Capital Brief)

  • Cyan Renewables needs to raise its offer for MMA Offshore as its stock price is now higher than the $1b bid made earlier this year. (The Australian)

Capital Markets

  • GO.FARM, backed by the Costa family and Qantas Super, is raising a $300m fund to invest in undervalued agricultural assets. (AFR)

  • Peninsula Energy raised $106m at 10c a share, with stock price surging to 12c. (The Australian)

  • Telix Pharmaceuticals dipped on the ASX after filing to IPO on the Nasdaq. (Capital Brief)

  • Adamantem Capital has deployed $80m from its environmental fund across two businesses in 12 months. (AFR)

  • Patriot Battery Metals, backed by Chris Ellison, is raising $45m at 85c a share for further drilling after ending its partnership with Albemarle. (The Australian)


  • Innovation Bay has secured $700k strategic investment to fund membership drive. (Capital Brief)

  • Music licensing startup Melodie secured $1m to fuel European expansion through a convertible note. (Smart Company)

  • Two surgeons launch a $50m medical research VC fund in the Southern Highlands, believing they can outperform traditional investors. (AFR)

People moves

  • Westpac chief sustainability officer Siobhan Toohill will depart the bank in July. (LinkedIn)

  • Australian Unity has appointed former CFO of Sentient Impact Group, Darren Dawson as its new general manager, social infrastructure funds. (Press release)

  • Core Lithium names Paul Brown, ex-mineral resources exec, as new CEO effective from 4 June. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

Together with Tribe Global Ventures

The go-to podcast for founders and venture capital investors. 

Join co-hosts Aaron Birkby, Don McKenzie and Jack Butler with two formats:

  1. Weekly news: News from Australia’s start-up ecosystem, and what you need to know to build and invest in companies.  

  2. Deep dive conversations: Actionable interviews with Australia’s leading entrepreneurs and investors. Learn how founders built their companies, and how investors approach finding the best companies. They also cover deal evaluation, portfolio construction, due diligence and post investment support.

Episodes include Luke Anear of Safety Culture ($2.7Billion valuation), Vu Tran of Go1 ($3 Billion valuation), Adrian Di Marco of Technology One ($5 Billion market cap ASX top 100 company), and many more. Learn how they did it and what you can learn.

 You’ll find the entire episode list here.

The watercooler

If you like LOI, try The Edition

The Edition is a free afternoon newsletter that goes beneath the surface of the biggest stories in Australian business.