In today’s briefing:
- Red 5/Silver Lake: US$1.5bn Aussie Gold Merger
- Rent.com.au Ltd – Strong Across the Board Growth in Revenue in Q2
- Pointerra Ltd – Customer Programme Delays Defer Cash into H2
- Wrkr Limited – The Investment Case Continues to Come Together
Red 5/Silver Lake: US$1.5bn Aussie Gold Merger
- Aussie gold miners Red 5 Ltd (RED AU) and Silver Lake Resources (SLR AU) have announced a “merger of equals” via a Scheme of Arrangement.
- Red is offering 3.434 new shares for every SLR share, and will hold ~51.7% of the merged entity, with SLR shareholders holding the remaining 48.3%.
- This has the unanimous backing of both boards. Yet SLR appears to be given short shrift on the merger ratio. Plus SLR holds ~11.9% of shares out in Red.
Rent.com.au Ltd – Strong Across the Board Growth in Revenue in Q2
- Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through its technology platform and a growing number of aligned transactional services.
- The company has reported a 33% year-on-year increase in Q2 FY24 revenue to $0.808m, in what is seasonally the weakest quarter for the group.
- Search portal revenue grew 11% on the previous corresponding period (pcp) but, not unexpectedly, dropped 7% on Q1 due to seasonal factors.
Pointerra Ltd – Customer Programme Delays Defer Cash into H2
- Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using, and sharing massive 3D point clouds and datasets.
- Pointerra3D is a proprietary digital twin SaaS platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
- Pointerra has reported Q2 FY24 cash receipts of $1.33m, down 32% on the previous corresponding period (pcp) and down 35% on Q1 FY24, with the company commenting that delays in customer programmes, invoicing, and receivables collection had deferred an additional $1.5m in potential customer receipts into Q3 and Q4.
Wrkr Limited – The Investment Case Continues to Come Together
- Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
- (ASX:LNK) has moved from ‘discovery and planning’ payments ($425k in H1 FY24) to a full feature trial with a named super fund (REST).
- We now expect onboarding during Q1 FY25, a quarter behind previous assumptions. Link has announced an MoU to extend its contract with Australian Super out until 2028 (from June 2025).
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