In today’s briefing:
- MMG Rights Issue – Prospectus Issued
- [ETP 25/2024] Energy Majors Bounce Back; Their Expansion Spree Continues
- 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
[ETP 25/2024] Energy Majors Bounce Back; Their Expansion Spree Continues
- The gap between OPEC and IEA’s oil demand forecasts widened: OPEC kept its 2024 forecast at 2.25m bpd, while IEA lowered its forecast to 960k bpd from 1.1m bpd.
- Europe’s attempt to cut Russian LNG imports grows stronger, as the French Senate Committee recommends cutting Russian dependence.
- Since 17/June, Energy majors began recovering. Berkshire increased its holdings in Occidental, while Shell expanded its LNG market access by acquiring Pavilion Energy.
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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