Daily Brief Australia: PointsBet Holdings , Freelancer Ltd, Novonix , Pureprofile Ltd and more

• Mixi (2121 JP)‘s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.
• Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. 
• PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.

• BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer’s opening is delayed by the Panel’s interim orders.
• Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
• Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. 

Over the last year, Freelancer has optimised its cost base, invested in AI tooling for internal use and to enhance freelancers’ skills, and focused on product quality to improve demand for its services. In H125, revenue was up 8.0% y-o-y even while gross marketplace volume (GMV) was down 2.4%, as the business improved the take rate in Escrow.com and Loadshift. The company was net cash flow positive in H125 and reported a year-on-year increase in adjusted operating profit. With the cost base right-sized and cash being generated at this level of revenue and GMV, we see scope for significant operational leverage if the company can stimulate GMV growth.

• We believe the expected increased need in North America for critical materials, including anode, is a key factor behind the non-dilutive funding the company has been able to obtain from the DOE, Canada Industrial Research Assistance Program and other sources, as NVX moves forward with the construction of a 2nd Tennessee plant.
• Production capacity of its existing Riverside plant has been pre-sold via multiple offtake agreements and NVX plans to construct a 2nd facility in the state, recently obtaining approval and expected tax credits toward this project.
• NVX has secured additional liquidity, recently entering into a funding agreement for up to US$100m convertible debentures with Yorkville Advisors Global.

• Pureprofile Ltd (ASX:PPL) is a data analytics and consumer insights company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.
• Pureprofile has reported unaudited results for FY25 including revenue growth of 19% to $57.2m (including 17% growth in Q4) and an 18% uplift in EBITDA to $5.2m, both measures within the company’s FY25 guidance range for FY25 revenue to fall between $57m and $58m and for EBITDA, excluding significant items, to be between $5.2m to $5.8m (company release 28 January).
• FY25 revenue and EBITDA were a little behind our forecast for $58.0m and $5.7m respectively but also included the absorption of a $0.15m forex loss and a similar investment in the new Platform solutions rolled out at the end of Q4.