In today’s briefing:
- S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions
- Sayona (SYA AU)/Piedmont (PLL AU)’s Merger Of Equals
- DigiCo REIT – The Negatives – Not All Engines Are Firing
S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions
- With the review period nearly complete, there could be one change for the S&P/ASX 50 Index and one change for the S&P/ASX 200 (AS51 INDEX) in December.
- Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.
- There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in CAR Group (CAR AU) recently.
Sayona (SYA AU)/Piedmont (PLL AU)’s Merger Of Equals
- North American hard-rock lithium plays Piedmont Lithium (PLL AU) and Sayona Mining (SYA AU) are to combine in all-stock merger with a ~50%/50% ownership split on a fully diluted basis.
- Sayona will be the ultimate/surviving parent, via issuing 5.27 Sayona ordinary shares for each Piedmont share. Various equity raisings will also take place, before and after the merger.
- EGMs for both Sayona and Piedmont shareholders are expected to be held in 1H25, with expected completion also in the 1H25.
DigiCo REIT – The Negatives – Not All Engines Are Firing
- DigiCo REIT (DIGICO AU) aims to raise over US$1bn in its Australian IPO.
- DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities
- In this note, we talk about the not-so-positive aspects of the deal.
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