From Street Talk’s perspective, the highlight was The Star Entertainment Group, which completely capitulated with an $800 million equity recapitalisation that no one saw coming only a month or two ago.
The Star went from talks with Oaktree Capital about a convertible note structure and smaller equity raising, to a whopper deal that would see it increase its shares on issue by about two-thirds.
It was a timely reminder that Australia’s funds management community - fuelled by the massive superannuation bid - will be there to chip into discounted raisings, even for tough situations. It’s all about price.
The Star story is a long way from done yet. In Street Talk tonight, we take a look at who’s been buying in recent days, and all roads lead to pubs billionaire Bruce Mathieson and his family.
We’ve also got our hands on some eye-opening data on secondary sales in the venture capital market - which is timely given the blocked IPO pipeline and a tough exit market for VC fund managers.
Street Talk’s never seen details like it on just how much of a discount VC investors have to accept if they want to trade out of a position early.
Happy reading, Anthony Macdonald, Sarah Thompson and Kanika Sood Street Talk editors
Larry Kestelman’s private equity group Queens Lane Capital is thinking about an exit of its first-ever investment, European stone and tiles business Petra Industries.
Quick loans business Nimble is getting into the education sector, acquiring smaller player ZeeFi, which lends to students not eligible for government funding.
Just in case you were wondering how hard it is for VC and PE firms to get out their tech positions right now - we’ve spotted a pitch desk that says they are willing to sell for discounts as high as 50 per cent.
Macquarie Capital is on the scene at wealth management back-office software business Bravura, as it delays its results scheduled for 9.30am on Tuesday and readies an institutional placement.
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