In today’s briefing:
- Aussie Broadband’s Non-Binding Indicative Offer for Superloop
- Alumina (AWC AU) Agrees To Alcoa’s Offer
- Guidance and scheme of arrangement on track
- Millennium Services Group Ltd – Guidance and Scheme of Arrangement on Track
Aussie Broadband’s Non-Binding Indicative Offer for Superloop
- Right on the heels of acquiring Symbio Holdings (SYM AU), Aussie Broadband (ABB AU) has made a non-binding indicative offer to take Superloop (SLC AU) private.
- Superloop (SLC AU) had initiated the proposal to take Symbio Holdings (SYM AU) private before Aussie Broadband (ABB AU) swooped in. Now ABB has SLC in its sights.
- The offer is a small premium and Aussie Broadband Pty Ltd (ABB AU)‘s 33.2% premium claim is disingenuous at best. Expect pushback from the Superloop Ltd (SLC AU) Board.
Alumina (AWC AU) Agrees To Alcoa’s Offer
- Pittsburgh-Based Alcoa (AA US) is offering 0.02854 of its own shares for each Alumina Ltd (AWC AU) share, a 13% premium to last close. Alumina recommends the Offer to shareholders.
- Alumina owns a 40% stake in Alcoa World Alumina & Chemicals, a JV with Alcoa that operates bauxite mining, alumina refining, and aluminium smelting operations. Alcoa owns the remaining 60%.
- Separately, Alcoa announced it has entered into an agreement with Allan Gray Australia that gives it the right to acquire up to 19.9% of Alumina. CITIC also holds 18.9%.
Guidance and scheme of arrangement on track
- Human services company Millennium Services Group Ltd (ASX:MIL) has released its H1 FY24 interim result, with both revenue (pre-disclosed) and EBITDA in line with RaaS estimates.
- Adjusted H1 FY24 EBITDA increased ~100% on the back of 15% revenue growth, a 20bps increase in gross margin and a well-controlled cost base.
- Management has reiterated both revenue and EBITDA guidance for FY24 which are reflected in current RaaS estimates.
Millennium Services Group Ltd – Guidance and Scheme of Arrangement on Track
- Human services company Millennium Services Group Ltd (ASX:MIL) has released its H1 FY24 interim result, with both revenue (pre-disclosed) and EBITDA in line with RaaS estimates.
- Adjusted H1 FY24 EBITDA increased ~100% on the back of 15% revenue growth, a 20bps increase in gross margin and a well-controlled cost base.
- Management has reiterated both revenue and EBITDA guidance for FY24 which are reflected in current RaaS estimates.
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