Oil Prices Set To Go To The Moon

September 06, 2022

Good Morning,

Gas prices soar 26%, Liz Truss is the new PM of the UK, Australia has confirmed it will restore the full exercise on fuel at the end of the month, the Kiwi aerospace industry will be given $15.7m (NZD) in funding for new space-centric initiatives, Germany announced a €65B package to combat the threat of rising energy costs, and China has cut its foreign exchange reserve in a bid to support the Yuan.

Let's jump in.

Before The Bell

Markets

  • The NZ market was down slightly, whilst the Australian Market was up slightly due to an energy sector rally. (AFR)

  • The US market is closed on Monday due to labour weekend. Whilst the UK and European markets have slid down on opening due to rising fears of an energy crisis after Russia halted gas delivery. (BBG)

  • The OPEC+ meeting will have occurred overnight the expected result was for oil output quotas to remain unchanged there was a small probability of a small decrease in outputs. (RT)

  • The Reserve Bank of Australia meet today.

News Summary

  • The NZ Government is working to strengthen ties with Papua New Guinea and other pacific nations. (Stuff)

  • The Kiwi aerospace industry will be given $15.7m (NZD) in funding for new space-centric initiatives. (NBR)

  • Millions of Australians will receive a boost in their welfare payments. (9 News)

  • Nick Kyrgios has advanced to the quarter-finals of the US Open after beating Daniil Medvedev. (9 News)

  • Australia has confirmed it will restore the full exercise on fuel at the end of the month. (AFR)

  • Gas prices soar 26%. (BBC)

  • Germany announced a €65B package to combat the threat of rising energy costs. (BBC)

  • Euro-zone business activity dropped in August. (RT)

  • The Euro dropped to a 20-year low whilst the Sterling was at a two and half year low. (RT)

  • Liz Truss is the new PM of the UK. (BBC)

  • Business output dropped in the UK unexpectedly. (BBG)

  • Cyrus Mistry, an Indian billionaire, has died in a car crash. (BBC)

  • A deadly quake has rocked southwest China. (BBC)

  • China has cut its foreign exchange reserve in a bid to support the Yuan. (BBG)

  • Kenya's Supreme Court has upheld Ruto's presidential victory. (BBG)

Deal Flow

Investments/ M&A

  • Vector has ramped up its plans to sell half of its share in its $3B (AUD) Australia/New Zealand metering unit, with first-round bids due on the 27th of September. (AFR)

  • Vistry Group, a UK homebuilder, has agreed to buy fellow UK homebuilder Countryside in a deal worth ~$1.4B (USD). (BBG)

  • Investment firms DIF Capital Partners and Amber Infrastructure have bought locomotive and wagon leasing company Rail First Assessment Management from Anchorage Capital Partners for $425m (AUD). (AFR)

  • Versent, an Australian cloud transformation and consulting group, has called in Goldman Sachs to sell their business in a deal that could be worth ~$300m (AUD). (AFR)

  • The Cushingsfamily has offered to buy an additional 3.5% of the farm investment company Rural Equities. The offer was at $6.35 (NZD) for 1 million shares for a total value of $6.35m (NZD). (NBR)

  • DGL founder and CEO Simon Henry has bought an additional $500k (AUD) of DGL stock after a nearly 50% fall in the price post earnings. (NBR)

  • France's bid to counter Netflix via a merger of two of its biggest TV companies, TF1 and M6, looks set to be blocked due to regulatory concerns. (BBG)

  • KKR are thinking about possible exit opportunities for the pub group Australian Venue Co. (AFR)

  • Corner Capital has acquired a minority stake in Geelong pre-mixed concert business Cubic Mini Mix. (AFR)

VC & Fundraising

  • Former international cricketer Kumar Sangakkara has teamed up with a group of Australian entrepreneurs to form a new esports company called Behaviol. It has raised $3.7m (AUD) in seed funding. (AFR)

Equity Raises

  • Dubai is selling a 20% stake in Salik, a road toll collection system, via an IPO, which could raise ~$1b (USD). (BBG)

  • Aston Martin aims to raise $660m (USD) in a 4-1 rights issue at 103 pence per share. This is part of a previously announced equity raise and is fully committed and underwritten. (RT)

  • The Welkin Fund, a Chinese-focused PE fund, is seeking up to $300m (USD) in its planned London IPO. (BBG)

  • Regal Partners has confirmed a one to five accelerated non-renounceable entitlement offer for 42.3 million new shares. These will be offered at $2.60 (AUD) a share, an 8.5% discount, bringing the total raise to ~$110m (AUD). (AFR)

  • Hasting Tech Metals is seeking $100m (AUD) at an 18.8% discount. (AFR)

  • Pro-Pac has launched a $30.2m (AUD) rights offer to investors, which is priced at a 52.2% discount. (AFR)

Debt Raises

  • ION Holding Limited, an Australian electrical retailer, is considering a $30-$40m (AUD) debt raise. (AFR)

Love our newsletter? Please share it with your friends, family, colleagues or anyone who needs to stay on top of the market.

Also, if you have any feedback or questions, don't hesitate to hit us up via email or Instagram.

Reply

or to participate.