In today’s briefing:
- Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well
- Westpac – Non-Performing Exposures in Australia Mortgages Surge in June & NZ Non-Performing Loans
- Premier’s (PMV AU) Four-Way Split
Ventia Services Group US$450m Placement Lockup Expiry – Past Deals Have Done Well
- Ventia Services Group Pty (VNT AU)’s two largest shareholders, Apollo Global Management and CIMIC Group, will come off their placement linked lockup soon.
- The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
- In this note, we will talk about the likely placement and past deal performance.
Westpac – Non-Performing Exposures in Australia Mortgages Surge in June & NZ Non-Performing Loans
- New release shows surge in Australia residential mortgage non-performing exposures QoQ
- From March 2023 to June 2023 these NPLs rose by 10.5% and this is not an annualized rate
- Its total NZ non-performing loans rose from AUD671m to AUD741m or 10.4% QoQ
Premier’s (PMV AU) Four-Way Split
- In tandem with a trading update this morning, Aussie retailer Premier Investments (PMV AU) announced a break-up of the empire. And the departure of the CEO.
- Premier said it is exploring the demerger and creation of (at least) three new separate companies, encompassing Peter Alexander, Smiggle, and Apparel Brands (Just Jeans, Dotti and Portmans, etc.).
- Separately, Richard Murray, who joined Premier from JB Hi-Fi Ltd (JBH AU) two years ago, will exit the company on September 15.
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