In today’s briefing:
- Star Entertainment Entitlement+Placement – Would You Rescue Me? Again?
- InvoCare: Shareholder Vote On 31st Oct. IE Says Fair
- Carly Holdings (ASX:CL8) – 100% Revenue Growth Follows from Fleet Expansion
Star Entertainment Entitlement+Placement – Would You Rescue Me? Again?
- Star Entertainment Group (SGR AU) (SGR) plans to raise around US$480m (A$750m) via an entitlement offer cum institutional placement.
- SGR undertook a similar sized raising earlier this year in Feb 2023, at a price which was double the current deal price.
- In this note, we will talk about the deal dynamics.
InvoCare: Shareholder Vote On 31st Oct. IE Says Fair
- On 9 August, PE outfit TPG and InvoCare (IVC AU), Australia’s leading funeral services provider, entered into a Scheme Implementation Agreement at A$12.70/share, inclusive of a A$0.60/share fully franked dividend.
- TPG’s had previously tabled A$12.65/share on the 7 March, which InvoCare summarily rejected.
- The Scheme Booklet is now out. InvoCare shareholders vote on the transaction on the 31 October, with implementation on the 24 November. The IE says terms are “fair and reasonable“.
Carly Holdings (ASX:CL8) – 100% Revenue Growth Follows from Fleet Expansion
- Carly Holdings has announced 100% growth in subscription revenue in July/August against the September 2022 quarter.
- The annualised revenue run rate is now $3.0m vs $2.5m in the June 2023 quarter and Carly has maintained a strong ratio of subscription revenue to transaction value at 66%.
- These outcomes are in line with our base-case expectations for H1 FY24.
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