In today’s briefing:
- FleetPartners (FPR AU): A Three-Way to Potentially Four-Way Tussle
- Cleanaway Waste (CWY AU): EQT’s A$3.13/Share NBIO Is Fair
- Pm Capital Global Opportunit (PGF AU): Synthetic Expert Call Transcript (12 Aug 2026)
FleetPartners (FPR AU): A Three-Way to Potentially Four-Way Tussle
- FleetPartners Group (FPR AU) has disclosed that Sg Fleet (SGF AU) has increased its offer to A$4.00, and that a third bidder, Orix Corp (8591 JP), has offered A$3.80.
- Element Fleet Management (EFN CN)’s request for hard exclusivity was denied. All three proposals were made without due diligence access, which suggests there’s still room for further raises.
- The AFR reports that Smartgroup Corp (SIQ AU) is also contemplating a bid. The competitive auction could push the final winning bid towards the A$4.20 to A$4.50 range.
Cleanaway Waste (CWY AU): EQT’s A$3.13/Share NBIO Is Fair
- It’s been pretty quiet on the M&A front for Cleanaway Waste (CWY AU). KKR was rumoured to be interested four years ago. Around the time Cleanaway acquired Suez Sydney Assets.
- Now Swedish PE outfit EQT has proposed taking Cleanaway private, via a Scheme, at A$3.13/share, a 32.1% premium to undisturbed. EQT has been afforded nine weeks of exclusive due diligence.
- The indicative offer is subject to FIRB, ACCC, MACs, plus the standard Scheme vote from Cleanaway shareholders. Pricing appears fair. The board is supportive at A$3.13/share.
Pm Capital Global Opportunit (PGF AU): Synthetic Expert Call Transcript (12 Aug 2026)
- The Structural Decline of the LIC Format: The broader Listed Investment Company (LIC) sector is facing structural headwinds as retail and SMSF capital moves decisively toward active ETFs and dual-registry structures. This shift is driven by the structural elimination of discount-to-NTA risk, leaving only top-performing, highly franked managers like PM Capital Global Opportunities Fund (PGF) capable of raising primary capital at or near NTA.
- The Capital Raising Conundrum: PGF’s recent $195 million capital raise (comprising a $175 million placement and $20 million SPP at $3.07 per share, matching its August 7, 2026 pre-tax NTA) is priced at a 10.8% discount to its last trading price of $3.44. While priced at NTA to prevent immediate balance-sheet dilution, it places a heavy burden on cash deployment into a concentrated 25-to-45 stock portfolio and risks diluting the fund’s historical dividend-paying capacity if cash drag persists.
- Underlying Portfolio and Fee Dynamics: PGF has successfully maintained a premium to NTA due to its stellar historical performance and a high-yielding, fully franked dividend stream (backed by guidance of a 16.0 cents minimum dividend for FY27). However, its 1.00% p.a. management fee and performance fees contrast sharply with lower-cost peers like MFF Capital Investments, making PGF highly dependent on the ongoing alpha generation of Chief Investment Officer Paul Moore, whose key-man risk remains unmitigated despite Regal Partners’ acquisition.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
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