Daily Brief Australia: Infomedia Ltd, Corporate Travel Management, Intermin Resources, Percheron Therapeutics , Recce Ltd and more

• The Infomedia Ltd (IFM AU) IE considers TPG’s A$1.70 offer fair and reasonable, as it falls within its A$1.57 to A$1.79 valuation range.
• The scheme is conditional on FIRB approval, German FDI approval, and shareholder approval. Shareholders should be supportive, as the offer is reasonable and Infomedia’s history of non-binding bids.
• The scheme vote is low-risk. At the last close and for a 3 December payment, the gross/annualised spread is 1.2%/7.4%.  

• Back on the 11th July,Infomedia Ltd (IFM AU), a automotive software firm, entered into a Scheme Implementation Deed with PE-outfit TPG.
• TPG offered A$1.72/share, a 30% premium to last close. The Offer had the unanimous backing of Infomedia’s boards. All in, terms looked clean.
• The Scheme Booklet is now out, with a Scheme Meeting on the 18th November, and expected implementation on the 3rd December. The IE (Grant Thornton) says “fair & reasonable“.

• Corporate Travel Management (CTD) is well-positioned to capitalize on the continued recovery and growth of the global corporate travel market, driven by its proprietary technology, global scale, and diversified client base.
• The company’s asset-light business model and focus on small and medium-sized enterprises (SMEs) contribute to high margins and a sticky customer base, although recent performance has been impacted by macroeconomic uncertainty and weaker-than-expected government contract contributions.
• Future growth is expected to be supported by strategic acquisitions, continued investment in technology and automation (including AI) to drive efficiencies, and the recovery of key markets like North America and Asia.

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• Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
• HRZ released an update covering progress on drilling at the Burbanks project which is a two-stage, 30km drilling program covering both infill and extensional drilling.
• Initial results from stage one demonstrates continuity in the existing resource model which should support conversion of the resource from inferred to indicated.

Percheron Therapeutics has reported final results from the Phase I dose escalation study of HMBD-002, its monoclonal antibody targeting VISTA, a novel immune checkpoint protein. The data confirmed the compound’s favourable safety and tolerability profile (maximum tolerated dose not reached with <10% of patients experiencing grade 3 or greater adverse events), with early signs of disease control in advanced solid tumours. The trial was not designed or sufficiently powered to demonstrate efficacy; however, evidence of stable disease (28% of cases) in an otherwise heavily pre-treated patient population (median four to five prior lines of treatment) supports Percheron’s move towards Phase II development in CY26. We expect the announcement on the Phase II design and target indications, due in Q4 CY25, as the next big catalyst for the company.

Recce has reached a key milestone with the start of patient dosing in its Phase III Indonesian-focused study of the topical gel formulation (R327G) of its lead anti-infective therapeutic drug candidate, RECCE® 327 (R327), for the treatment of diabetic foot infections (DFIs). DFIs are the leading cause of limb morbidity in diabetic patients and an area of unmet need, as currently available topical drugs have limited effectiveness. Positive Phase III results could lead to Recce’s earliest commercialisation opportunity, through a launch of R327G in South-East Asia in the DFI indication in H2 CY26. We now determine an rNPV valuation of A$600.2m (or A$2.24 per share), versus A$615.1m (or A$2.51 per share) previously.