In today’s briefing:
- MMG Rights Issue – Prospectus Issued
- MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update
- Rent.com.au Ltd – Additional capital raised, RentPay customers up 64%
MMG Rights Issue – Prospectus Issued
- The stock price has corrected to the anticipated level and rebounded
- Dates announced for acceptance and payment for the rights issue
- There may be more weakness once the rights shares start trading
MMA Offshore Ltd – Increased Scheme Offer of $2.70/Share; Trading Update
- Cyan MMA Holdings Pty Ltd (Cyan) has increased its scheme consideration to $2.70 cash per share, up from $2.60 per share and has designated the offer as best and final.
- A supplementary Scheme Booklet is expected to be released 21 June; scheme voting is for 1 July.
- MMA Offshore Ltd (MRM) recently released a 2H24 trading update, noting earnings visibility and performance across the current half has continued to improve.
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Rent.com.au Ltd – Additional capital raised, RentPay customers up 64%
- RaaS Research Group has published an update report on purpose-led proptech Rent.com.au (ASX:RNT) following its fully-underwritten entitlement offer to raise $2.5m at $0.02/share, with one quoted option for every two shares issued.
- Separately and on June 3, RNT provided a trading update in which it announced that RentPay’s customers at the end of May were up 64% to 9,271.
- We have incorporated the capital raise in our forecasts, but having already modelled an additional $2.5m raise in H2 FY25, the impact to our forecasts is only due at the EPS line.
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