In today’s briefing:
- Mayne Pharma (MYX AU): A Case of Buyer’s Remorse
- S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices
Mayne Pharma (MYX AU): A Case of Buyer’s Remorse
- Mayne Pharma (MYX AU) disclosed that Cosette asserts that a material adverse change has occurred due to its trading performance, litigation and FDA untitled letter.
- Cosette has not quantified the impact, and Mayne disputes the assertion. Mayne’s trading performance is likely the largest contributor to Cosette’s MAC-related claims.
- Precedent schemes suggest a lower offer is the best-case scenario. An unwilling bidder looking for angles, contractually, to exit suggests the likely outcome is a scheme termination.
S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices
- With the review period nearly complete, there could be one change each for the S&P/ASX20 Index, S&P/ASX50 Index and S&P/ASX200 INDEX and two changes for the S&P/ASX100 Index in June.
- Passive trackers will need to buy between 1-12.5 days of ADV in the forecast adds and sell between 0.6-9.8 days of ADV in the forecast deletes.
- While cumulative excess volume has increased in the forecast adds and deletes, there could be underpositioning relative to the estimated passive flow in Perseus Mining, Viva Energy and Nick Scali.
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