Daily Brief Australia: Equinox Resources Ltd, Guzman Y Gomez, Mesoblast Ltd, SelfWealth Ltd, Global Traffic Network, Amaero International Ltd, WRKR and more

• Equinox and Calibre announced a deal that was met with mixed reactions, with shareholders on both sides expressing dissatisfaction.
• The deal, which includes Equinox acquiring Calibre in an all-script deal, has led to a 7% drop in Calibre’s share price.
• The deal will result in a combined group with nine producing mines and a mine under construction, with a pro forma ownership of 65% Equinox and 35% Calibre.

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• Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its IPO linked partial lockup expiry is due soon.
• GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
• In this note, we will talk about the lockup dynamics and possible placement.

• There could be ad hoc change for the S&P/ASX 200 (AS51 INDEX) prior to the announcement of the changes at the March rebalance.
• Arcadium Lithium (LTM AU) could stop trading next week following the acquisition by Rio Tinto Ltd (RIO AU). The Royal Court of Jersey could sanction the scheme on 5 March.
• Mesoblast (MSB AU) is a high probability inclusion to the index, followed by DigiCo Infrastructure REIT (DGT AU). The stock that misses out will be added at the regular rebalance. 

• After online trading player SelfWealth (SWF AU) entered into a SID with Bell Financial (BFG AU) on the 25th November, Singaporean-based wealth manager Svava gate-crashed the party earlier this month. 
• Svava tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme, versus Bell’s A$0.25/share. Svava also built an effective blocking stake – 18.83% of shares out.
• After Bell said it won’t make a counterproposal yesterday, SelfWealth has now entered into Scheme with Svava. Expect implementation in May. 

• RaaS has published an update on media group GTN Ltd following its H1 FY25 results in which it reported an 11% increase in adjusted EPS to $0.034.
• NPAT was 10% below our estimates, although normalising for additional Australian inventory spots and non-recurring costs, it was closer to our estimates.
• The H1 dividend was higher than we expected with 100% of NPATA paid out versus prior policy of 50% payout.

• RaaS Research Group has published an update on advanced materials manufacturing group Amaero International (ASX:3DA) following recent events including execution of the credit agreement for the US$22.8m loan from the Export-Import Bank of the United States, the $22m institutional share placement and release of the H1 FY25 results.The company recently announced a $22m institutional placement, priced at $0.30/share, concluding a series of six strategic capital raises since May 2022 to raise $98.5m.
• The company says the proceeds from the raise together with the now executed credit agreement for a US$22.8m (A$36.2m) loan from the Export-Import Bank of the United States (EXIM), will fund Amaero’s planned capital expenditure and operations through to anticipated EBITDA break-even in FY26.
• Separately, Amaero has also released its H1 FY25 accounts, delivering a better-than-forecast underlying EBITDA loss of $7.5m versus our forecast for $9.1m.

• RaaS has published an update on superannuation and payroll compliance solutions business Wrkr (ASX:WRK) following its H1 FY25 results in which it delivered a result in line with our expectations and an improvement on H1 FY24.
• Revenue growth was 26%, aided by higher float interest income and project work, while costs were well maintained, rising 13% on the back of higher staff costs (new hires in readiness for client onboarding).
• RaaS adjusted EBITDA was -$0.13m, in-line with forecasts and lower than the -$0.5m in H1 FY24.