Daily Brief Australia: Seven West Media, Rox Resources, REA Group Ltd, Actinogen Medical, Provaris Energy , APA Group, Aura Energy and more

• Back on the 30th September, television broadcaster and publisher Seven West Media (SWM AU) entered into a Scheme with radio network play Southern Cross Media (SXL AU).
• SXL will issue 0.1552 new shares for every SWM share. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.
• The Scheme Booklet is now out, with a Scheme Meeting on the 22nd December, and expected implementation on the 7th January. The IE (Lonergan) says “fair & reasonable“. Clean deal.

• Rox Resources (RXL AU) is looking to raise around US$131m from a primary placement.
• This is a large deal to digest, representing 281.1 days of the stock’s three month ADV, and 58.4% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Context: The REA Group (REA AU) vs. News Corp (NWS AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long REA Group (REA AU) and short News Corp (NWS AU) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Actinogen Medical reported that the independent Data Monitoring Committee (DMC) of the company’s pivotal Phase IIb/III XanaMIA study in patients with mild-to-moderate Alzheimer’s disease (AD) has met for the first time, and it has recommended that the study continues without modifications. The DMC has reviewed all available safety data to date from 153 XanaMIA study participants and has determined that no study modifications are indicated. This suggests that the drug continues to be well-tolerated and that its safety profile remains very favourable, which could be a key differentiator (provided it receives eventual regulatory approval), given well-recognised safety concerns with anti-amyloid treatments in AD. Actinogen plans to report a pre-planned interim efficacy (futility) analysis in early Q1 CY26 and final top-line study data in mid-Q4 CY26.

• Provaris Energy Ltd (ASX.PV1) represents a unique investment opportunity as a leveraged play on the growing shift globally to alternative energy and carbon reduction, but particularly in Europe.
• With the recommencement of hydrogen tank fabrication, commercial progress should accelerate from this point with testing and class certification of its proprietary tank design through Q1 2026.
• In parallel, the company is also progressing its CO2 business stream currently in the Front End Engineering Design (FEED) development phase and advancing at a more rapid pace than we had anticipated.

• APA Group is a dominant player in Australia’s energy infrastructure sector, owning and operating a vast network of gas pipelines that deliver approximately half of the nation’s gas.
• The company’s business model is largely underpinned by regulated returns and long-term, capacity-based contracts, which provide relatively stable and predictable cash flows, supporting a consistent history of dividend distributions.
• APA is navigating the long-term energy transition by investing in electricity transmission and renewable energy projects, including solar and wind, while facing key risks such as a heavy debt load, regulatory uncertainty, and the long-term decline of natural gas.

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• * A corporate client of Hybridan LLP.
• ** Potential means Intention to Float (ITF) or similar announcement has been made.
• ***Arranged by type of listing and date of announcement.