Australia

• GoldArc Resources Limited (ASX:GA8) is a junior gold company that is progressing both exploration and production activities at its Leonora projects.
• The focus for GA8 in 2026 has been to support the pathway to production via two joint ventures (JV) across its projects.
• These JVs are capital-light options to support small scale mining and if they are successful in generating cash flows, will enable GA8 to significantly scale up exploration activities across its projects to drive further resource growth and discovery.

• Peet Ltd (PPC AU) entered into a scheme with Ingenia Communities (INA AU) at A$0.68 cash + 0.3367 INA shares per PPC share + an A$0.065 dividend (total value A$2.185).
• Regulatory approvals (ACCC) are low-risk. While a discount to peers’ EV/EBITDA multiples, the offer is attractive compared to historical price ratios, precedent transactions and peers’ P/NTA multiples. 
• The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a 10% decline since offer announcement). 

• Woodside Energy is reassessing one of the most prominent investments in its lower-carbon portfolio only two years after agreeing to acquire it.
• The company has launched a strategic review of its Beaumont New Ammonia facility in Texas, a project purchased for $2.35 billion in 2024 and originally positioned as a cornerstone of Woodside’s ambitions in lower-carbon fuels.
• CEO Liz Westcott has said the company will examine all options and that there is no predetermined outcome, leaving retention, restructuring, partial monetization or a potential divestiture within the range of possibilities.

• Defensive Volume Growth at a Cost: CBA’s record FY26 cash net profit of $11.0 billion and 14.0% ROE were achieved by abandoning some pricing discipline to grow at or above system across all 5 domestic categories. However, this volume growth compressed front-book margins, causing the Net Interest Margin (NIM) to slip to 2.05% and consuming 30 basis points of Common Equity Tier 1 (CET1) capital.
• Structural Constraints on Credit: Evolving macroprudential settings—specifically the ongoing 3.0% mortgage serviceability buffer and the newly implemented APRA debt-to-income (DTI) limits (restricting loans with DTI $\ge$ 6x to 20% of new originations) as of February 1, 2026—have put a structural ceiling on high-leverage lending, pushing CBA further into lower-yielding owner-occupier segments.
• Simplification Complete, Execution Essential: With the PT Bank Commonwealth divestment in Indonesia completed on May 1, 2024, and offshore minority stakes liquidated in 2025, CBA is now a pure-play domestic operator. Future efficiency gains must come from grinding out operational cost savings and scaling generative AI benefits (expected to exceed $400 million in FY27) rather than corporate transaction windfalls.

• Real estate developer Peet Ltd (PPC AU) has entered into a Scheme with Ingenia Communities (INA AU).
• Ingenia is offering 0.3367 new shares plus A$0.68/share in cash for each Peet share, or an implied price of A$2.185/share (when including the A$0.065/share final dividend – 8th September ex-date). 
• Major shareholder (Anthony Lennon; ~14.5%) and board are supportive. Mix-and-match facilities afforded (subject to clawback). Expected late-December implementation. Looks clean

• Alma Metals Limited (ASX:ALM) is a junior resource company that is progressing its flagship Briggs Copper Project (Briggs).
• Briggs is a copper porphyry deposit located in Queensland that hosts 2.0mt of contained copper alongside molybdenum and silver credits.
• ALM is the majority owner (51% earning to 70%) and operator of the project which is managed under a joint venture.

• Mastermyne Group Ltd (ASX:MYE) is a leading Australian underground coal contractor.
• The company’s audited FY26 result confirmed revenue of $237.7m (+13.1%) and underlying EBITDA of $20.3m (+47.1%), both above the top end of guidance ($230m/$18.0m).
• Underlying NPBT of $15.7m was up 148%, though a $7.6m legal penalty provision (subject to appeal) and other non-underlying items held statutory net profit to $2.2m from continuing operations.

• Back on the 27th July, gold/copper exploration play Carnaby Resources (CNB AU) entered into a Scheme with Evolution Mining (EVN AU).
• Evolution offered  0.0682 new shares for each Carnaby share, or an indicative Offer price of A$0.77/share, a 60.4% premium. Post merger, Carnaby shareholders would hold ~0.9% in the enlarged entity.
• Carnaby’s board unanimously support terms. Directors hold 7.3%. Retail pushback should be limited: scrip terms are now up ~41% since the Offer was announced.

• Financial Architecture Inflation: Mayne Pharma’s reported gross margins and EBITDA are structurally inflated by its balance sheet treatment of the TherapeuticsMD (TXMD) royalties. Instead of flowing through the P&L as Cost of Goods Sold (COGS) or operating expenses, the 8% royalty payments to TXMD are treated as a reduction of the balance sheet’s AUD 336.0 million deferred consideration liability, shielding operating profits from true commercial costs.
• The Cosette Transaction Double-Bind: While the NSW Supreme Court ruled in Mayne’s favor in October 2025, declaring that Cosette did not validly terminate its AUD 672.0 million takeover bid on MAC grounds, the deal was ultimately killed by the Australian Treasurer (FIRB) on national-interest grounds in November 2025. Current litigation is now a damages battle, with Mayne accusing Cosette of intentionally sandbagging the FIRB process to walk away from a deteriorating asset base.
• DistributeRx Execution Risk: Launched in March 2026, the DistributeRx direct-to-patient model is an aggressive attempt to disintermediate the traditional U.S. payer-wholesaler value chain. While prescription volumes rose to 62,000 in its first full quarter, the strategy shifts commercial risk entirely onto Mayne’s balance sheet, requiring a major capital outlay for Adelaide Apothecary’s new Lexington facility to support a target capacity of 2.5 million annual prescriptions.

• Valuation Disconnect and SOTP Opportunity: The Board’s rejection of Oaktree’s NZ$0.70 and Iris Capital’s NZ$0.75 unsolicited bids in May 2026 highlights a massive SOTP gap. Auckland is priced as a distressed asset despite its flagship status and NZ$179.8 million in FY26 underlying EBITDA. Applying a standard 9.0x to 10.0x EV/EBITDA multiple to Auckland alone yields an implied asset value of NZ$1.62 billion to NZ$1.80 billion, significantly exceeding the entire group’s current enterprise value of roughly NZ$1.15 billion.
• Regulatory Drag and Margin Compression: Ongoing structural compliance opex remains sticky, driven by Adelaide’s Building a Better Business (B3) remediation program being delayed to early FY28. This, combined with the NZ$20 million to NZ$30 million EBITDA hit from the mandatory carded-play rollout in New Zealand and a NZ$32.0 million increase in labor costs to NZ$373.7 million, has compressed reported EBITDA margins to 13.7% and underlying EBITDA margins to 22.1%.
• Management Execution and Back-Office Cost-Outs: Newly appointed CEO Jason Walbridge’s execution under his NZ$2.72 million compensation package faces deep skepticism. While the legacy Performance Incentive Plan (PIP) has been phased out, the board’s alignment with minority shareholders is under pressure. The market is highly critical of the board’s preference for a standalone turnaround over a clean buyout, especially as the group pushes a painful restructuring targeting NZ$30 million in FY27 savings (potentially impacting 200 to 250 roles) and NZ$70 million by FY28.

• Pure-Play Simplification Triggers Takeover Interest: Following the completion of the Suncorp Bank sale to ANZ in July 2024 and the Asteron Life NZ divestment in January 2025, Suncorp is now a highly attractive, clean general insurance target. Tokio Marine’s rumored interest is a direct consequence of this “pure-play” corporate simplification, which removes conglomerate complexity and lowers absolute acquisition hurdles.
• Favorable Regulatory Path for Foreign Entrants: Unlike a domestic merger (e.g., Suncorp-IAG) which would face an insurmountable veto from the Australian Competition and Consumer Commission (ACCC), a foreign-led buyout by Tokio Marine is highly likely to clear regulatory hurdles. APRA and FIRB will focus extensively on data sovereignty, capital adequacy, and keeping operational functions local, but historic precedents like Dai-ichi’s acquisition of TAL suggest these are administrative hurdles rather than deal-killers.
• Reinsurance and Weather Resilience Redefine Valuation: Suncorp’s newly established five-year aggregate reinsurance arrangement (effective July 1, 2026) and its newly structured FY27 catastrophe reinsurance tower (covering $500 million to $6.4 billion) successfully cap earnings volatility. By transferring natural hazard risk off the balance sheet, Suncorp becomes a far more predictable utility-like cash generator, justifying the rumored A$20.00 to A$21.50 per share takeover valuation range.

• Dalrymple Bay Infrastructure has appeal to investors seeking dependable and growing yield and defensive elements for their portfolio.
• Dalrymple Bay Infrastructure’s first half result in line with consensus Full year dividend guidance suggests 8% growth Approximately $371m of NECAP projects underway The company benefits from attractive risk mitigants

• Maritana Minerals Limited (ASX:MRT) is an emerging junior gold producer with 1.9moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
• MRT is underway on the Black Swan Processing Hub (BSPH) development, which transforms the company into a standalone gold producer.
• The study detailed production of 102kozpa, which at the current gold price would result in significant cash flows.

• Charter Hall Group posted an FY26 result in line with consensus but FY27 guidance slightly missed consensus.
• Analysts point to a track record of upgrading guidance through the year.
• Charter Hall’s FY26 result in line with guidance and consensus FY27 guidance a small miss to consensus Analysts are unperturbed, noting a history of guidance upgrades Positive views all round

• Turnaround and Enterprise Expansion: MSL Solutions Limited has engineered an operational and financial turnaround, transitioning from legacy platforms and pandemic-related headwinds to an enterprise-grade sports and hospitality SaaS business, delivering FY22 revenue of A$33.93 million (up 37.6% YoY) and a 3-year revenue CAGR of 7.20%.
• Dominant Footprint in High-Concurrency Venues: The company has established a market-leading position across Australia, New Zealand, and the UK, powering major sporting arenas, convention centers, and golf federations (over 8,000 venues globally) through core proprietary platforms including SwiftPOS, OrderMate, and GolfBox.
• Strong Cash Flow Conversion and Balance Sheet Health: Operating cash flow increased to A$4.09 million in FY22 (reflecting a 3-year CAGR of 39.13% and 3-year Free Cash Flow CAGR of 38.61%), supported by gross margin expansion to 45.93%, positive EBITDA margins of 14.06%, and zero interest-bearing debt.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The FT reports that Tokio Marine Holdings (8766 JP) has identified Suncorp (SUN AU) as its preferred acquisition target. Tokio Marine has previously flagged an interest in Australia.
• A potential acquisition would likely require approvals from FIRB, APRA and the ACCC. While the process can be lengthy, the approvals should be forthcoming.
• My analysis suggests a potential offer price range of A$20.00 to A$21.50 per share, a 3.3% to 11.0% premium to the last close of A$19.37. 

• TherapeuticsMD trades at a 50%+ discount to its royalty-based asset value, with Rubric Capital holding a 25.5% stake.
• TXMD’s strategic review aims to unlock asset value, hindered by high G&A expenses and Mayne Pharma litigation.
• Mayne Pharma values TXMD royalties significantly higher than TXMD’s estimates, suggesting potential undervaluation of assets.

• Rumours swirled this morning that Oaktree Capital Management was running a ruler over gaming/hospitality play SkyCity Entertainment (SKC AU).
• In response to media speculation, SkyCity announced it had received two NBIOs in May: one at NZ$0.70/share from Oaktree; and one at NZ$0.75/share from “another party”.
• The AFR reckons the mystery buyer is Sam Arnaout’s Iris Capital, the owner of Casino Canberra and Alice Spring’s Lasseters Hotel Casino. SkyCity rejected both Offers.

• Making brain data actionable at scale. Founded in 2019 by neurosurgeon Dr. Michael Sughrue and data scientist Dr. Stephane Doyen and led by the former CEO of Facebook Australia and New Zealand, Omniscient commercializes connectomic analysis and visualization, turning scans from MRI machines hospitals already own into patient-specific views of brain wiring and network activity. 
• Quicktome received its first FDA clearance in 2021 for turning diffusion MRI into maps of the brain’s white-matter wiring and in 2023 became the first FDA-cleared platform to generate motor, language, and vision correlation maps from resting-state functional (fMRI); it has been used in ~20,000 processed cases at ~100 US hospitals and clinics.
• Neurosurgery alone could become a multi-hundred-million-dollar business. 

• In this insight, we present our final expectations for ASX 300, 200, 100, 50, and 20 for the September 2026 index rebal event.
• We expect two changes for ASX 50, one change for ASX 100, and five changes for ASX 200. Separately, we see 13 ADDs and 10 DELs for ASX 300.
• The Vault minerals deal could trigger index changes after the September 2026 index review.

• Back on the 10th June, Steadfast (SDF AU)entered into a process deal with Amwins/Dragoneer/KKR at A$6/share by way of a Scheme, a 51.9% premium to undisturbed.
• The suitors were provided with eight weeks of exclusive due diligence access, which was extended to the 21st August, all while telegraphing negotiations were progressing nicely.
• On the 21st August, Steadfast announced Amwins/Dragoneer/KKR had firmed their $6/share Scheme bid. Mid-late December implementation expected. The board is unanimous. The Offer price is not final.

• Auric Mining Limited (ASX:AWJ) is a junior gold producer and developer that owns a portfolio of gold assets around the Kalgoorlie and Norseman regions of Western Australia (WA).
• The release of the Integrated Study is a major milestone for AWJ in becoming a standalone gold producer, with the study detailing attractive economics from a five-year operation.
• AWJ has net cash of ~$38m as of June 2026, which we think can support ongoing exploration, support further tolling opportunities, complementary asset acquisitions, and potentially provide a material contribution towards funding the Burbanks redevelopment.

• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• ILA has commissioned a second manufacturing campaign of GMP-grade Galidesivir with PI Health Sciences, which will increase its available inventory to approximately 700-800 treatment courses in Q4 CY26.
• This inventory will improve ILA’s ability to rapidly respond to the active Bundibugyo Ebola outbreak, deploy Galidesivir under the MEURI framework and engage with government and biodefence agencies without waiting for a new manufacturing campaign.

• FY26 yet again highlighted Universal Store as a quality retail operator against an increasingly challenging macro backdrop.
• Universal Store defies a tough retail backdrop, catching shorters on the back foot Perfect Stranger emerges as a growth engine Record store rollout and market share gains underpin FY27 growth outlook

• Australia’s ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 17th August, published on the 21st August.
• The largest industry net increase in the past week was A$0.1bn into “Media/Services“; the largest industry net decrease was A$0.4bn out of “Banks“. Net shorts declined A$0.7bn week-on-week.
• Companies mentioned in this regular weekly report include: PLS Group (PLS AU), Woodside Energy Group (WDS AU), CAR Group (CAR AU), Xero Ltd (XRO AU), and Wisetech Global (WTC AU).

• Louisiana LNG’s capital risk has been heavily mitigated by the twin sell-downs in 2025 to Stonepeak (40%) and Williams (10% HoldCo, 80% PipelineCo). This structural partnering shifted $7.6 billion in capital obligations away from Woodside’s balance sheet, though Woodside remains exposed to $11.8 billion in capex and is actively searching for a third partner to acquire a further 20% stake.
• Scarborough is on the home stretch at 98% complete as of mid-2026, with first gas achieved and first LNG cargo locked in for Q4 2026. This project is the linchpin for Woodside’s near-term deleveraging strategy, as it must generate substantial free cash flow to offset a balance sheet currently carrying $9.3 billion in net debt and a 21% gearing ratio.
• Decommissioning liabilities are an immediate cash drain, with a US$6.89 billion restoration provision on the balance sheet as of Dec 31, 2025 and guided spend of US$500 to US$800 million for 2026 alone. This liability remains highly sensitive to regulatory changes, specifically NOPSEMA’s strict insistence on full removal over in-situ abandonment, which could drive long-term costs significantly higher.

• On the 18th August, EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.
• TPG requested four weeks of exclusive due diligence. Terms appeared opportunistic. But conscious of the ongoing ASIC litigation and super-exit restructuring costs, I wasn’t overly bullish. I was wrong.
• BGH Capital has now made a A$24.75/share NBIO, by way of a Scheme. EQT is evaluating both proposals. The share price is up ~9% as I type to A$22/share. 

• Steadfast (SDF AU) has entered a SID with Amwins, Dragoneer and KKR at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.
• Since the disclosure of the non-binding proposal, the peers have materially re-rated, and the offer remains light compared to precedent transactions. 
• However, the scheme vote should pass, as the offer is reasonable relative to peer multiples and AusSuper, the largest shareholder, has not publicly opposed it.  

• Muted Retail Headcount Risk Due to Share Price Appreciation: The initial risk of retail shareholders blocking the 0.0682 all-scrip exchange ratio has been heavily neutralized. Strong financial performance and a subsequent run-up in Evolution Mining’s stock have lifted the implied deal value of Carnaby Resources from A$0.77 at announcement to approximately A$1.03, securing the support of key institutional holders like Queensland Investment Corporation (QIC) and aligning retail sentiment.
• Strategic but Dilutive Restructuring of the Glencore Relationship: To clear the path for the scheme, Carnaby entered a binding agreement to terminate its complex tolling and offtake arrangements with Glencore in exchange for issuing 28.57 million new shares (valued at roughly A$22 million). While diluting existing holders by nearly 10%, this restructuring is highly accretive in the long term, as it allows Evolution to fully integrate Greater Duchess’s ore into its nearby Ernest Henry operations without legal or commercial friction.
• Unfunded Standalone Alternative and Extreme Capital Barriers: Although Carnaby’s March 2026 Pre-Feasibility Study (PFS) touted a pre-production capital expenditure of just A$11 million, this figure was entirely contingent on leveraging third-party processing infrastructure. As an independent developer with a cash balance of A$10.8 million as of June 30, 2026, and a quarterly burn rate exceeding A$2 million, Carnaby would face massive capital hurdles and destructive dilution to fund a standalone mill, making the Evolution transaction the only economically rational pathway.

• On 27 July, Carnaby Resources (CNB AU) entered a scheme with Evolution Mining (EVN AU) at 0.0682 EVN shares per CNB share, a 60.4% premium to the last close.
• Regulatory approvals (ACCC) are low-risk. The exchange ratio is broadly in line with the 3-year average price ratio. 
• Despite retail opposition, the scheme vote should pass, particularly as Evolution’s share price strength has increased the implied deal value by 33% from A$0.77 (deal announcement) to A$1.03 (last close). 

• Breville had to navigate tariffs, war-related supply shocks and forex headwinds in FY26, yet still delivered a solid result, and growth prospects abound.
• Breville Group delivered strong FY26 sales growth (constant currency) Exceptional growth in new geographies New product development pipeline strongest in years Growth drivers line up for FY27

• On the latest WTR Healthcare Happenings podcast, we were joined by Luke McFarlane, CEO and Co-Founder of Natural MedTech (NMT), an Australia-based privately held pharmaceutical API manufacturer and supplier that specializes in hard-to-synthesize psychedelic molecules, including psilocybin and MDMA for pharmaceutical and clinical-trial use to unlock neurologic potential. 
• We discussed NMT’s proprietary biosynthesis platform, manufacturing strategy, the role of AI in drug development, and the company’s ambitions across the medicinal psychedelic supply chain, including opportunities beyond API manufacturing
• Meet the CEO. Luke McFarlane came to psychedelic manufacturing from financial markets rather than pharma. 

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: In Australia, currently four pair trade opportunities persist across four sectors.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Back on the 19th May 2026, European Lithium (EUR AU) entered into a reverse Scheme via a scrip deal with ~34.4% held Critical Metals (CRML US). 
• CRML intended to issue 0.035 new CRML shares for each EUR share. Prior to today’s amended Scheme announcement, CRML’s share price had fallen ~57% from the 28th April 2026 NBIO.  
• The amendment involves a floating share Scheme transaction ratio, subject to a cap and collar, replacing the previous fixed ratio.

• Critical Metals (CRML US) has replaced its previous European Lithium (EUR AU) exchange ratio with a cap-and-floor ratio to partially offset a 48% decline in CRML shares since 28 April.
• Based on CRML’s current 20-day VWAP, the maximum exchange ratio of 0.045x applies, implying a revised consideration 28.6% higher than the previous offer.
• If the CRML 20-day VWAP increases above US$12.00, EUR shareholders will be worse off with the revised offer. However, the likelihood of CRML’s shares almost doubling is remote.

• Context: The BHP (BHP AU) vs. Rio Tinto (RIO AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Rio Tinto (RIO AU) and short BHP (BHP AU) targets a 4% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Bain Capital raised around US$440m via selling some of its stake in Virgin Australia (VAH AU) IPO in June 2025. All of Bain’s stake could be released from escrow soon.
• Virgin Australia (VA) is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
• In this note, we will talk about the lockup dynamics and possible placement.

• Ionic Rare Earths is pioneering high performance magnet rare earth oxide production while securing a circular economy for REEs and Neodymium-Iron-Boron (NdFeB) magnets with a combination of advanced recycling, refining, and manufacturing capabilities.
• The company has a three pronged platform with potential operations in the U.K., Brazil and Uganda.
• Opportunities in the U.S. are also being explored.

• Chinese steel mill margins are deteriorating, raising the risk of August maintenance, lower hot-metal output and weaker iron ore demand.
• CMRG is tightening control over China’s iron ore procurement, with restrictions hitting Australian miners and contributing to weaker shipments.
• Across SLX’s top 10 holdings, 7/10 beat EPS estimates, while 8/10 carry positive average analyst price target upside.

• OceanaGold moved to expand its Australian footprint on August 17, 2026, agreeing to acquire Ausgold through a court-approved scheme of arrangement that values the target at about A$776 million, or US$549 million.
• Ausgold shareholders would receive 0.03365 OceanaGold shares for each share held, with a limited cash election, and are expected to own roughly 6% to 8% of the combined company after closing.
• The centerpiece is the Katanning Gold Project in Western Australia, an advanced open-pit development asset expected to produce more than 100,000 ounces annually over an initial 10-year mine life, with first gold targeted for 2029.

• The valuation inflection point relies on separating the software platform from hardware distribution. To achieve a premium SaaS multiple, the market must value the company on its high-margin recurring revenue, rather than penalizing it for the lumpy, capital-intensive hardware cycles that drove the drop from $19.4 million in FY23 to $15.8 million in FY24.
• The integration of data into legacy clinical workflows is the ultimate gatekeeper for retention. Platforms that do not seamlessly write back to primary Electronic Health Records (EHR) like Telstra Health or AutumnCare face high churn risk, as clinicians will not tolerate dual-data entry or managing disconnected “alerting” dashboards.
• Partner-led customer acquisition remains highly inefficient in aged care. While strategic channel partnerships (e.g., monitoring centers, tier-1 telcos) are designed to lower customer acquisition costs (CAC), the actual sales execution still requires high-touch direct support, creating a hybrid sales model that drags down short-term operating leverage.

• CSL’s FY26 result and FY27 guidance suggest a recovery may be underway following a long run of downgrades.
• CSL’s FY26 result beat low expectations Slowing declines in the second half from the first imply positive trends More constructive commentary around Ig markets the highlight of FY27 guidance The worst appears over, but most analysts remain cautious

• Industrial conglomerate SGH Ltd reported a lacklustre FY26, slightly below consensus, while guidance for more of the same disappointed the market.
• SGH Ltd’s FY26 performance falls slightly short Management’s FY27 guidance perceived as underwhelming Analysts agree FY27 is a transition year, unless M&A success follows Growth is anticipated to return from FY28

• Gold fever continues Down Under as Ausgold Ltd (AUC AU) enters into a Scheme with OceanaGold Corp (OGC CN).
• OceanaGold is offering 0.03365 new shares for each Ausgold share, or an indicative Offer price of A$1.36/share, a 28% premium. A capped cash option is afforded, also at A$1.36/share.
• Post merger, Ausgold shareholders would hold ~7.9% (if 100% scrip consideration). A key shareholder and directors (collectively holding 9.1%) are supportive. December completion expected.  Clean deal. Interlopers possible.

• EQT Holdings (EQT AU) disclosed a non-binding proposal from TPG at A$24.55, a 41.8% premium to the undisturbed price of A$17.31.
• The timing is opportunistic, as the shares are down 39% over the last twelve months due to ASIC litigation. The offer is below sell-side price targets and the 52-week high.
• TPG has requested a period of exclusivity to conduct due diligence. The Board should offer limited due diligence to facilitate a higher offer. 

• Cleanaway Waste Management received a non-binding takeover proposal from EQT at A$3.13/share, with an 18% spread.
• Priority Technology Holdings is reviewing a $6.00-$6.15/share privatization offer, with a 14% spread currently.
• DoubleDown Interactive’s Q2 results showed no update on the offer review; stock trades 11% above the offer.

• Reliance Worldwide Corp (RWC AU) disclosed a non-binding proposal from Brookfield at A$4.75, a 31.6% premium to the undisturbed price.
• The Board has entered into a process deed providing Brookfield with exclusivity for four weeks, from 17 August to 15 September.
• The timing is opportunistic (given depressed earnings and the outlook) and is light relative to peers’ multiples. However, the lack of a credible alternative path suggests low resistance from shareholders.

• EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced yesterday morning a NBIO from TPG of A$24.55/share, by way of a Scheme.
• TPG has requested four weeks of exclusive due diligence to further its proposal.
• EQT is evaluating the proposal. Given the ASIC litigation and super-exit restructuring costs, I’d tilt opportunistic, and EQT rejects. But that’s not to suggest TPG will reload higher.

• CSL Ltd (CSL AU) announced FY26 result, reporting revenue of $15.8B, down 1% YoY. After one-off restructuring costs and impairments, the company reported a net loss of $2.6B.   
• In FY27, CSL expects underlying NPAT growth of 5% on flat revenue. NPAT outlook exceeds market consensus expectations, thereby cementing CSL’s core operational rebound.
• Despite CSL Vifor headwinds (revenue decline of 25% YoY mainly due to generic competition in iron products), Behring and Seqirus are expected to return to growth path.