In today’s briefing:
- Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn
- StubWorld: The Murdoch Succession Into News Corp, Fox & REA
- PointsBet (PBH AU) And Mixi Double Down Ahead Of Offer Closing
- Mesoblast (MSB AU): Secures New Fund Amid Ongoing Commercialization of Ryoncil and Pipeline Progress
Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn
- The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
- The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
- The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.
StubWorld: The Murdoch Succession Into News Corp, Fox & REA
- After a protracted succession stoush, Rupert Murdoch’s son Lachlan is set to take control of News Corp (NWS US) and Fox (FOXA US).
- Preceding my comments on News Corp and 62%-held REA Group Ltd (REA AU) are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
PointsBet (PBH AU) And Mixi Double Down Ahead Of Offer Closing
- On the 29th August, Mixi (2121 JP) cleared 50% of the voting power in PointsBet (PBH AU). It’s Offer was automatically extended, and will now close on the 12th September.
- Mixi has 51.59%. betr Entertainment (BBT AU) said it holds 20.45%, plus 6.5% in the IAF, the instructions for which can be withdrawn. betr said it won’t accept Mixi’s Offer.
- Mixi adds betr will have no PBH board representation “either now or in the future”; and betr will continue to be a clear competitor. Additionally, PBH questions betr’s buyback funding,
Mesoblast (MSB AU): Secures New Fund Amid Ongoing Commercialization of Ryoncil and Pipeline Progress
- Mesoblast Ltd (MSB AU) entered into convertible note subscription agreements with SurgCenter principals and existing shareholders, Gregory George and William Gueck, to issue up to $50M of unsecured convertible notes.
- The maturity date of the convertible notes will be five years after the first issuance of notes. The convertible notes have a coupon of 5% p.a. on the face value.
- Mesoblast recorded maiden revenue of $13.2M from Ryoncil in FY25. Current revenue stream is anticipated to expand based on Ryoncil performance for existing as well as upcoming indications.
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