Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 31 this week
A running index of Australian special situations covered in the Special Situations Digest. Below: the 100 most recent situations spanning 15 categories — activist campaigns, going-private deals, tender offers, divestitures, restructurings, and more. Earlier coverage includes 310+ additional Australian situations from prior issues. Each item links to the underlying filing or news source.
The full weekly digest covers 500 to 700 situations across 25+ markets every Sunday (608 in Digest #29), with Excel/PDF/JSON exports, Copy-for-LLM and a searchable database of 9,500+ situations. Subscribe for full access.
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Acquisitions 25 situations
Patronus Resources Limited PTN.AX (AU) · A$0.05 · MCAP $56M
Greenvale Energy Limited (ASX:GRV) is acquiring uranium rights over the Pine Creek Project from Patronus Resources Limited (ASX:PTN).
Featured in Issue #29 · Aug 23, 2026
Ausgold AUC.AX (AU) · A$1.40 · MCAP $546M · EV $506M
OceanaGold is acquiring Ausgold (AUC.AX) for A$776 million (~$557M) through a scheme of arrangement.
Featured in Issue #29 · Aug 23, 2026
Australian Strategic Materials Limited ASM.AX (AU) · A$1.17 · MCAP $228M · EV $181M
Australian Strategic Materials Limited (ASM.AX) will be delisted from the ASX following the Federal Court of Australia's approval of its scheme of arrangement.
Featured in Issue #29 · Aug 23, 2026
European Lithium Limited EUR.AX (AU) · A$0.30 · MCAP $377M · EV $317M
European Lithium Limited (EUR.AX) amended its scheme of arrangement with Critical Metals Corp. to replace a fixed exchange ratio with a floating ratio subject to a cap and collar.
Featured in Issue #29 · Aug 23, 2026
Loyal Metals Limited LLM.AX (AU) · A$0.45 · MCAP $48M · EV $44M
PT Bumi Resources TBK is acquiring Loyal Metals Limited (LLM.AX) for A$0.45 per share in cash.
Featured in Issue #29 · Aug 23, 2026
Zenith Minerals Limited ZNC.AX (AU) · A$0.09 · MCAP $40M · EV $34M
Zenith Minerals Limited (ZNC.AX) entered into an amended and restated takeover implementation deed with Forrestania Resources Limited to progress a takeover bid.
Featured in Issue #29 · Aug 23, 2026
Cygnus Metals Limited CY5.AX (AU) · AUD 0.15 · MCAP $130M · EV $112M
Central Asia Metals PLC (AIM: CAML) will acquire 100% of Cygnus shares via a scheme of arrangement under Part 5.1 of the Corporations Act.
Featured in Issue #28 · Aug 16, 2026
Locality Planning Energy Holdings Ltd LPE.AX (AU) · AUD 0.10 · MCAP $13M · EV $9M
Locality Planning Energy Holdings Limited (LPE.AX) is acquiring 100% of PowerHub Pty Ltd for up to $5.803M in cash to expand its embedded network platform into Tasmania and South Australia.
Featured in Issue #28 · Aug 16, 2026
Vault Minerals VAU.AX (AU) · AUD 5.91 · MCAP $4.3B · EV $4.0B
Genesis Minerals displaced Regis Resources with a higher proposal for Vault Minerals.
Featured in Issue #28 · Aug 16, 2026
FleetPartners Group Limited FPR.AX (AU) · A$4.21 · MCAP $628M
FleetPartners Group Limited (FPR.AX) is weighing three competing non-binding cash offers for the company.
Featured in Issue #28 · Aug 16, 2026
BetMakers Technology Group BET.AX (AU) · AUD 0.22 · MCAP $175M · EV $155M
Tabcorp is acquiring Betmakers Technology Group Ltd (BET.AX) for AUD 0.24 per share in cash, valuing the equity at AUD 282.9 million (~$200M).
Featured in Issue #28 · Aug 16, 2026
European Lithium EUR.AX (AU) · A$0.29 · MCAP $360M · EV $301M
Critical Metals Corp is acquiring European Lithium Limited (EUR.AX) via a scheme of arrangement.
Featured in Issue #28 · Aug 16, 2026
Australian Strategic Materials Limited ASM.AX (AU) · A$1.22 · MCAP $235M · EV $188M
EFR Critical Materials Pty Ltd, a wholly owned subsidiary of Energy Fuels Inc., proposes to acquire 100% of ASM's fully paid ordinary shares via a members' scheme of arrangement, with a concurrent scheme for 100% of…
Featured in Issue #28 · Aug 16, 2026
Liberty Metals Ltd LIB.AX (AU) · A$0.003 · MCAP $17M · EV $16M
Liberty Metals Ltd (LIB.AX) executed a binding four-year option agreement to acquire a 90% interest in the Oko North and Oko South Gold Projects to establish a district-scale footprint in Guyana.
Featured in Issue #28 · Aug 16, 2026
Sports Entertainment Group Limited SEG.AX (AU) · AUD 0.29 · MCAP $58M · EV $60M
SEG has signed a binding SPA to acquire 100% of MediaWorks Topco Limited for an enterprise value of NZ$130 million (~$77M) (approximately A$107.4 million (~$76M)) on a cash and debt free basis.
Featured in Issue #28 · Aug 16, 2026
Hammer Metals Limited HMX.AX (AU)
Austral Resources (AR1) entered into a binding scheme of arrangement to acquire 100% of Hammer Metals (HMX) for A$80.7 million (~$57M).
Featured in Issue #28 · Aug 16, 2026
Hammer Metals HMX.AX (AU) · A$0.09 · MCAP $54M · EV $52M
Hammer Metals Limited engages in the exploration and extraction of mineral resources in Australia.
Larvotto has five business days to match; the matching period expires Monday 10 August 2026. Austral's proposal represents a 50.8% premium to Larvotto's offer price and would give Hammer shareholders ~31.1% of the enlarged Austral.
Featured in Issue #27 · Aug 9, 2026
Australian Strategic Materials Limited ASM.AX (AU) · A$1.11 · MCAP $213M · EV $167M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 16.1x · LTM EV/Sales: 23.3x · LTM EV/GP: 63.4x
Australian Strategic Materials Ltd operates as an integrated producer of critical metals for technologies in Australia. The company also constructs and operates Korean metals plant located in Ochang, South Korea.
Second Court Hearing to approve the Share Scheme and Option Scheme set for 10:15am AWST on 18 August 2026 in the Federal Court of Australia, Western Australian Registry. Share Scheme Meeting and Option Scheme Meeting scheduled for 12 August 2026, with shareholder and optionholder approval required by the requisite majorities. Acquisition by EFR Critical Materials Pty Ltd, a wholly owned subsidiary of Energy Fuels Inc., for 100% of ASM ordinary shares and quoted options via concurrent schemes of arrangement under Part 5.1 of the Corporations Act. Scheme Booklet released 18 May 2026. Supplementary Scheme Booklet released 28 July 2026.
Featured in Issue #27 · Aug 9, 2026
Cygnus Metals Limited CY5.AX (AU) · A$0.14 · MCAP $126M · EV $103M
Cygnus Metals Limited engages in the exploration of mineral properties in Canada and Australia. The company explores for lithium, gold, nickel, and copper deposits, as well as rare earth elements and platinum group elements.
Central Asia Metals PLC is acquiring Cygnus Metals Limited (CY5.AX) via a scheme of arrangement. Cygnus Metals has lodged a draft scheme booklet with ASIC, with an initial court hearing to approve the booklet targeted for 13 August 2026. A scheme meeting is expected in mid-September with implementation in early October 2026. North Macedonian merger clearance has been obtained, while Kazakhstan's review remains in progress. The Cygnus board unanimously recommends the scheme absent a superior proposal. The defined timetable and existing regulatory clearance provide a near-term arb window. The 13 August hearing is the next gating item required to dispatch the booklet and proceed to the shareholder vote.
Featured in Issue #27 · Aug 9, 2026
Vault Minerals Ltd VAU.AX (AU) · A$5.84 · MCAP $4.3B · EV $3.9B
Fwd P/E: 11.8x · Fwd EV/EBITDA: 4.9x · Fwd EV/Sales: 2.5x · LTM EV/Sales: 3.6x · LTM EV/GP: 13.3x
Vault Minerals Limited engages in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate in Australia and Canada. The company operates through Leonora Operations (King of the Hills and Darlot operations), Mount Monger Operation.
Genesis Minerals will acquire Vault Minerals Ltd (VAU.AX) for $5.6 billion in a mixed consideration deal that ends a bidding contest. Vault shareholders are to receive 0.7629 new Genesis shares plus 47.5 cents cash per share. Completion is subject to a scheme vote, court sanction, and ACCC review of Leonora-district processing infrastructure concentration. The arbitrage spread now tracks the cash-and-scrip offer value against Vault's trading price.
Featured in Issue #27 · Aug 9, 2026
Pepper Money Limited PPM.AX (AU) · A$1.83 · MCAP $581M
Fwd P/E: 7.7x
Pepper Money Limited operates as a non-bank lender in the mortgage and asset finance markets in Australia and New Zealand. The Mortgages segment engages in the financing for residential home loans, small balance commercial real estate loans.
Pepper Money is part of a consortium with KKR and PIMCO that acquired the RAMS home loan portfolio from Westpac. The portfolio comprised approximately $15.4 billion in residential mortgages at completion. Pepper Money has been appointed servicer of the portfolio and holds a small investment in the securitisation vehicle.
Featured in Issue #27 · Aug 9, 2026
Australian Strategic Materials Limited ASM.AX (AU) · A$0.99 · MCAP $190M · EV $144M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 14.0x · LTM EV/Sales: 20.2x · LTM EV/GP: 55.0x
Australian Strategic Materials Ltd operates as an integrated producer of critical metals for technologies in Australia. The company also constructs and operates Korean metals plant located in Ochang, South Korea.
Australian Strategic Materials Limited (ASM.AX) rescheduled its Share Scheme Meeting to August 12, 2026, following the dispatch of a Supplementary Scheme Booklet on July 31. The transaction involves a stock consideration acquisition by Energy Fuels. Proxy forms for the meeting must be lodged by 11:30 am AWST on August 10, 2026, with a second court hearing for scheme approval set for August 18 and an Effective Date of August 19. Directors unanimously recommend a vote in favor. The August 12 vote is the next binary catalyst for the acquisition, where the proxy deadline and scrip election mechanics create a near-term window for arbitrage positioning.
Featured in Issue #26 · Aug 2, 2026
Energy One EOL.AX (AU) · A$14.30 · MCAP $316M · EV $324M
Fwd P/E: 39.5x · Fwd EV/EBITDA: 19.4x · Fwd EV/Sales: 6.1x · LTM EV/Sales: 6.9x · LTM EV/GP: 16.0x
Energy One Limited engages in the provision of software products, outsourced operations, and advisory services to wholesale energy, environmental, and carbon trading markets in the Australasia, and Europe. The company also provides enTrader, an ETRM solution for energy markets.
Volue, an Oslo-headquartered private-equity owned rival, made a $17 per share scheme bid for Energy One. The bid represents a 57% premium to Energy One's last traded price. The offer values Energy One at approximately $565 million. Energy One is an energy markets software provider with a market capitalization of $344 million.
Featured in Issue #26 · Aug 2, 2026
ClearView Wealth Limited CVW.AX (AU) · A$0.65 · MCAP $285M
Fwd P/E: 8.8x
ClearView Wealth Limited engages in the life insurance business in Australia. The company also provides administration services.
Zurich Financial Services Australia Limited is acquiring ClearView Wealth Limited (CVW.AX) for $0.65 per share in cash via a scheme of arrangement. The consideration consists of $0.60 in scheme consideration and a $0.05 fully franked special dividend. Eligible shareholders may realize up to $0.0214 per share in franking credits, bringing the potential aggregate value to approximately $0.67 per share. If approved, the scheme is expected to be implemented on August 20, 2026, with the special dividend paid August 12, 2026. A scheme meeting was held July 27, 2026, followed by a second court hearing on July 30, 2026. The total cash return of $0.65 per share, plus potential franking credits, sits at the low end of the independent expert's $0.625–$0.764 valuation range.
Featured in Issue #26 · Aug 2, 2026
Carnaby Resources CNB.AX (AU) · A$0.73 · MCAP $142M · EV $131M
Carnaby Resources Limited, together with its subsidiaries, engages in the exploration and development of mineral properties in Australia. The company explores for gold, lithium, copper, nickel, platinum group elements, and base metal deposits.
Evolution Mining Limited is acquiring 100% of Carnaby Resources (CNB.AX) via a Scheme of Arrangement for approximately A$213 million. Carnaby shareholders will receive 0.0682 Evolution shares per Carnaby share, implying A$0.77 (A$0.769978), a 60.4% premium to A$0.48 on July 24, 2026, a 46.2% premium to the 15-day VWAP, and a 31.4% premium to the 30-day VWAP. The Carnaby board unanimously recommends the scheme, and directors holding 7.3% intend to vote in favor. An implementation deed was signed on July 27, 2026; shareholder, regulatory, and court approvals remain required. The source had not disclosed dates for the scheme meeting, shareholder vote, or Independent Expert report.
Featured in Issue #26 · Aug 2, 2026
Capital Returns 14 situations
Guzman y Gomez GYG.AX (AU) · A$23.97 · MCAP $1.7B · EV $1.9B
Guzman y Gomez (GYG.AX) declared a special dividend of 14.4 cents per share as part of a total full-year dividend of 48 cents.
Featured in Issue #29 · Aug 23, 2026
La Trobe Private Credit Fund LF1.AX (AU) · A$1.91 · MCAP $186M
LF1 is proceeding with a September 2026 quarter off-market buy-back of up to 1.76% of units.
Featured in Issue #29 · Aug 23, 2026
Regis Resources Limited RRL.AX (AU) · A$8.50 · MCAP $4.6B · EV $3.8B
Regis Resources Limited (RRL.AX) will return capital to shareholders via a total distribution of AUD 0.20 per share, including a special dividend funded by a break fee paid by VAU.
Featured in Issue #29 · Aug 23, 2026
Maas Group Holdings MGH.AX (AU) · A$5.82 · MCAP $1.5B · EV $2.3B
Maas Group Holdings (MGH.AX) is seeking shareholder approval at its upcoming AGM to increase its share buyback capacity to 20% of issued capital.
Featured in Issue #29 · Aug 23, 2026
Solvar Limited SVR (AU) · A$1.74 · MCAP $233M
Solvar Limited (SVR.AX) is returning capital through a series of special dividends tied to the rundown of its New Zealand loan book.
Featured in Issue #29 · Aug 23, 2026
Challenger Limited CGF.AX (AU) · A$9.69 · MCAP $4.7B
Challenger Limited (CGF.AX) is returning excess capital to shareholders via a $300 million on-market share buy-back and a special dividend.
Featured in Issue #29 · Aug 23, 2026
Suncorp Group SUN.AX (AU) · A$19.70 · MCAP $14.8B
Suncorp Group Limited (SUN.AX) is returning capital to shareholders through a 10 cent per share fully franked special dividend and an on-market buy-back of up to $250 million in FY27.
Featured in Issue #28 · Aug 16, 2026
Bravura Solutions BVS.AX (AU) · AUD 3.59 · MCAP $1.1B · EV $1.1B
The FY26 dividends of 25.23 cents per share, unfranked, have a record date of 25 August 2026 and payment date of 3 September 2026.
Featured in Issue #28 · Aug 16, 2026
Helia Group HLI.AX (AU) · AUD 5.69 · MCAP $1.1B
Helia Group reported half-year net profit of $100 million, down year on year.
Featured in Issue #28 · Aug 16, 2026
Bank of Queensland BOQ.AX (AU) · AUD 6.46 · MCAP $3.0B
Bank of Queensland Limited (BOQ.AX) is returning approximately $295 million to shareholders via a fully franked special dividend and on-market share buyback.
Featured in Issue #28 · Aug 16, 2026
Venus Metals Corporation Limited VMC.AX (AU) · A$0.28 · MCAP $41M · EV -$7M
Venus Metals Corporation Limited (VMC.AX) declared a special dividend of AUD 0.1697 per ordinary fully paid security.
Featured in Issue #28 · Aug 16, 2026
Australian Foundation Investment Company AFI.AX (AU) · A$6.77 · MCAP $5.9B
Australian Foundation Investment Company Limited is a publicly owned investment manager. The firm invests in the public equity markets of Australia and New Zealand.
Australian Foundation Investment Company (AFI.AX) is returning capital to shareholders through a combination of a special dividend and ongoing share buybacks. The company declared a fully franked special dividend of 5 cents per share for FY26, supported by a strong franking position. AFI continues to buy back its own shares while they trade at a discount to net tangible assets. This combination of tax-advantaged returns and buybacks below NTA is intended to shrink the discount to intrinsic value.
Featured in Issue #27 · Aug 9, 2026
Mirrabooka Investments Limited MIR.AX (AU) · A$2.52 · MCAP $396M
LTM EV/Sales: 27.5x · LTM EV/GP: 27.5x
Mirrabooka Investments Limited is a publicly owned investment manager. The firm primarily invests in value stocks of small-cap and mid-cap companies, targeting companies which fall outside the top 50 listed companies, by market capitalization, on the Australian Stock Exchange.
Mirrabooka Investments Limited (MIR.AX) declared a fully franked A$0.03 special dividend for FY2026, payable on 21 August 2026 to shareholders on the 31 July register. The company’s dividend history shows A$0.57 in fully franked special dividends from 2013 through the 2026 declaration.
Featured in Issue #26 · Aug 2, 2026
Australian Foundation Investment Company Limited AFI.AX (AU) · A$6.84 · MCAP $5.9B
LTM EV/Sales: 24.5x · LTM EV/GP: 24.5x
Australian Foundation Investment Company Limited is a publicly owned investment manager. The firm invests in the public equity markets of Australia and New Zealand.
Australian Foundation Investment Company Limited (AFI.AX) paid a $0.025 special dividend and a $0.145 final dividend, totaling $0.17 per share. The company also bought back $243 million of shares during the year. Management stated it will consider further capital management initiatives, including special dividends, for future financial years. An update regarding any FY2027 special dividends is expected at the AGM. The company's franking credit reserve of $0.55 per share signals capacity for additional special dividends, with the October AGM serving as the next potential catalyst.
Featured in Issue #26 · Aug 2, 2026
Strategic Reviews 13 situations
Encounter Resources ENR.AX (AU) · A$0.21 · MCAP $86M · EV $62M
Encounter Resources (ENR.AX) has initiated a strategic review of its copper assets in Western Australia and the Northern Territory to evaluate new partnerships and alternative corporate structures.
Featured in Issue #29 · Aug 23, 2026
Ovanti Limited OVT.AX (AU) · A$0.002 · MCAP $2M · EV -$582.0K
Ovanti Limited (OVT.AX) will exit all buy now, pay later (BNPL) products and operations globally to refocus on iSentric.
Featured in Issue #29 · Aug 23, 2026
Image Resources NL IMA.AX (AU) · A$0.019 · MCAP $15M · EV $24M
Image Resources NL (IMA.AX) has commenced a strategic review of its asset portfolio to address valuations not reflected in its market capitalization.
Featured in Issue #29 · Aug 23, 2026
Magnum Mining and Exploration Limited MGU.AX (AU) · A$0.008 · MCAP $18M · EV $14M
Magnum Mining and Exploration Limited (MGU.AX) is conducting a strategic review of its project portfolio to identify joint venture and divestment opportunities.
Featured in Issue #29 · Aug 23, 2026
Sierra Nevada Gold Inc SNX.AX (AU) · AUD 0.10 · MCAP $34M · EV $28M
Sierra Nevada Gold Inc. (SNX.AX) is conducting a strategic review of its Nevada exploration assets to redirect capital and management focus toward Saudi Arabia.
Featured in Issue #28 · Aug 16, 2026
FleetPartners Group Limited FPR.AX (AU) · A$4.21 · MCAP $628M
FleetPartners received indicative, non-binding, conditional proposals from SG Fleet Topco Limited, Element Fleet Management Corp., and ORIX Corporation to acquire 100% of outstanding shares via a Scheme of Arrangement.
Featured in Issue #28 · Aug 16, 2026
Treasury Wine Estates TWE.AX (AU) · AUD 5.91 · MCAP $3.4B · EV $4.6B
Treasury Wine Estates Limited (TWE.AX) is restructuring its U.S. operations and taking an after-tax charge of A$558.4 million (~$396M).
Featured in Issue #28 · Aug 16, 2026
Elixir Energy EXR.AX (AU) · AUD 0.05 · MCAP $68M · EV $53M
Elixir Energy Limited (EXR.AX) launched a strategic review of its Queensland gas portfolio and secured $5 million in placement funding to support the process.
Featured in Issue #28 · Aug 16, 2026
Ionic Rare Earths Limited IXR.AX (AU) · A$0.32 · MCAP $50M · EV $42M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 2.5x · LTM EV/Sales: 36.6x · LTM EV/GP: 36.6x
Ionic Rare Earths Limited engages in the mining, refining, and recycling of magnet and heavy rare earth elements in Australia, Uganda, and United Kingdom. The company refines and recycles magnet and heavy rare earth elements for energy transition, manufacturing.
Ionic Rare Earths Limited (ASX: IXR) initiated a strategic review of the Makuutu Heavy Rare Earths Project, held through its 60%-owned subsidiary Rwenzori Rare Metals. The review will assess strategic, structural and funding alternatives, including strategic or government-backed partners, new investment structures and potential listings in alternative jurisdictions. The company cited interest from US and Western-aligned stakeholders, Makuutu's FORGE designation, expected Chinese export restrictions from November 2026, and Executive Order 14415's 1 January 2027 restrictions on non-compliant rare-earth materials in the US defence supply chain. No timeline, financial terms or outcome was disclosed.
Featured in Issue #26 · Aug 2, 2026
Bougainville Copper Limited BOC.AX (AU) · A$0.21
LTM EV/Sales: 68.3x · LTM EV/GP: 68.3x
Bougainville Copper Limited focuses on exploration operations in Papua New Guinea. The company holds interests in the Panguna mine project.
Bougainville Copper Limited (BOC.AX) formed an independent committee of directors to address the suspension and subordination of Exploration Licence EL01. The company has had no production since 15 May 1989. The committee is tasked with considering legal and strategic issues and possible next steps, though no timing or expected outcomes were disclosed. This action signals the board is formally addressing the suspended licence, which is the company's primary exploration asset.
Featured in Issue #26 · Aug 2, 2026
Chimeric Therapeutics Ltd. CHM.AX (AU) · A$0.04 · MCAP $2M · EV -$120.0K
Chimeric Therapeutics Ltd. is a clinical-stage Australian cell therapy company developing CAR T and NK cell therapies for cancer, with four clinical-stage programs including its CDH17 CAR T and CORE-NK platforms.
Chimeric Therapeutics (CHM.AX) secured a $1.62 million advance from Endpoints Capital to fund operations and a strategic review. The funding, secured against the company's anticipated FY26 R&D Tax Incentive, supports Phase 1/2 clinical trial activities and general working capital. The facility is repayable by 31 December 2026 upon receipt of the tax incentive. Chimeric also repaid and discharged a prior R&D funding facility with Radium Capital. This non-dilutive liquidity reduces near-term equity-raise risk for the A$2.14M (~$1.5M) market-cap company while the board conducts its review.
Featured in Issue #26 · Aug 2, 2026
Rio Tinto RIO.AX (AU) · A$170.57 · MCAP $165.9B · EV $185.8B
Fwd P/E: 13.9x · Fwd EV/EBITDA: 6.5x · Fwd EV/Sales: 3.0x · LTM EV/Sales: 3.0x · LTM EV/GP: 10.1x
Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore; Aluminium and lithium; and Copper segments.
Rio Tinto (RIO.AX) is evaluating monetization options for its Kennecott copper smelter in Utah. CEO Simon Trott confirmed the review on an analyst call, marking the first explicit signal that the asset is in play. The smelter is one of only two in the United States. A sale would advance the company's stated target to release $5 billion to $10 billion in cash through portfolio optimization. No buyer, timeline, or process details were disclosed. The asset's scarcity as one of two US copper smelters makes it strategically significant.
Featured in Issue #26 · Aug 2, 2026
Lion Energy Limited LIO.AX (AU) · A$0.013 · MCAP $4M · EV $4M
LTM EV/GP: 43.7x
Lion Energy Limited, together with its subsidiaries, invests in, explores for, develops, and produces oil and gas properties in Indonesia.
Lion Energy reported a closing cash balance of A$889,000 (~$624.6K) with an estimated 0.98 quarters of funding available based on current outgoings. The company expects A$400,000 (~$281.0K) net proceeds from the termination of its hydrogen project, announced on 24 July 2026 as part of a strategic review. The sale of its 2.5% interest in the Seram (Non-Bula) Production Sharing Contract, valued at approximately US$1.2 million, is anticipated to complete in Q3 2026. Net cash used in operating activities was A$582,000 (~$408.9K) for the quarter, while investing activities generated a net inflow of A$373,000 (~$262.0K).
Featured in Issue #26 · Aug 2, 2026
Tender Offers 12 situations
Canyon Resources Limited CAY.AX (AU) · A$0.05 · MCAP $78M
A2MP Investments FZCO extended its off-market takeover bid for all ordinary shares of Canyon Resources Limited (CAY.AX) to 21 September 2026.
Featured in Issue #29 · Aug 23, 2026
Zuleika Gold Limited ZAG.AX (AU) · A$0.039 · MCAP $26M · EV $15M
CZR Resources Ltd is launching an off-market takeover bid for Zuleika Gold Limited (ZAG.AX) to acquire all ordinary shares.
Featured in Issue #29 · Aug 23, 2026
Kip McGrath Education Centres Limited KME.AX (AU) · A$0.72 · MCAP $27M · EV $25M
Crimson Consulting Australia Pty Ltd launched an off-market takeover bid for Kip McGrath Education Centres Limited (KME.AX) to acquire all securities not already owned by the bidder.
Featured in Issue #29 · Aug 23, 2026
Canyon Resources Limited CAY.AX (AU) · AUD 0.05 · MCAP $73M · EV $57M
A2MP Investments FZCO launched a cash off-market takeover bid for Canyon Resources Limited (CAY.AX) at A$0.05 per share to provide certain value over potential equity dilution.
Featured in Issue #28 · Aug 16, 2026
Zenith Minerals Limited ZNC.AX (AU) · A$0.09 · MCAP $38M · EV $32M
Forrestania Resources Limited extended its off-market takeover bid for Zenith Minerals Limited (ZNC.AX) for a fourth time to 5:00pm AWST on 31 August 2026.
Featured in Issue #28 · Aug 16, 2026
Reef Casino Trust RCT.AX (AU) · A$3.85 · MCAP $68M · EV $66M
Fwd P/E: 13.4x · Fwd EV/EBITDA: 4.9x · Fwd EV/Sales: 3.8x · LTM EV/Sales: 3.5x · LTM EV/GP: 3.9x
Reef Casino Trust operates as an owner and lessor of the Reef Hotel Casino complex located in Cairns in North Queensland, Australia. The company provides various dine options comprising Tamarind Restaurant, Soy Kitchen Street Food, Merchant Café.
Iris freed the offer from all remaining conditions on 6 August 2026, making it unconditional. Iris has acquired a relevant interest in more than 80% of RCT units and will not extend the offer beyond 7:00pm Sydney time on 14 August 2026. Iris intends compulsory acquisition if it reaches 90%.
Featured in Issue #27 · Aug 9, 2026
Far East Gold Ltd FEG.AX (AU) · A$0.13 · MCAP $38M · EV $36M
Far East Gold Ltd is an ASX-listed copper and gold exploration company with six advanced projects in Australia and Indonesia.
Xingye Gold (Hong Kong) Mining Company Limited completed its off-market takeover offer for Far East Gold Ltd (FEG.AX) on 29 July 2026. Xingye's voting power in the company totaled 34.57% at the close of the offer. This position is above the 20% takeover threshold but below the 50% control threshold. The close crystallizes Xingye's stake, leaving the remaining free float and whether the bidder extends or increases the offer as the primary open questions.
Featured in Issue #27 · Aug 9, 2026
Kip McGrath Education Centres Limited KME.AX (AU) · A$0.71 · MCAP $26M · EV $22M
Fwd P/E: 17.3x · Fwd EV/EBITDA: 4.8x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.0x · LTM EV/GP: 1.8x
Kip McGrath Education Centres Limited provides tutoring services in Australasia, Europe, the United States, and internationally. The company provides tutoring services for english and maths skills to primary and secondary students; and in-person and online tutoring services.
Kip McGrath Education Centres received an unsolicited approach from Crimson Consulting Australia Pty Ltd. The board has appointed Houlihan Lokey as financial advisor and Norton Rose Fulbright as legal advisor to evaluate the approach. Shareholders are advised to take no action at this time while the board assesses whether the offer is in the best interests of the company and its shareholders.
Featured in Issue #27 · Aug 9, 2026
Canyon Resources Limited CAY.AX (AU) · A$0.05 · MCAP $72M · EV $57M
Canyon Resources Limited, together with its subsidiaries, engages in the expedition and development of mineral properties in West Africa. The company mines for bauxite, alumina, and silica.
A2MP Investments FZCO warned it may terminate its off-market takeover bid for Canyon Resources Limited (CAY.AX) following a proposed issue of options at a $0.255 exercise price. The controlling shareholder filed a first supplementary bidder's statement on 31 July 2026, noting that such an option issue would trigger the No Prescribed Occurrences Condition. A2MP also alleged that the target's June 2026 Quarterly Report omitted previously stated timelines for first ore shipment from the Minim Martap Bauxite Project. Non-Executive Chairman Mark Hohnen resigned from the board effective 25 August 2026. The bidder's statement signals potential deal risk as A2MP argues the project's economics have materially changed and flags a potential condition breach.
Featured in Issue #26 · Aug 2, 2026
Zenith Minerals Limited ZNC.AX (AU) · A$0.08 · MCAP $34M · EV $28M
Fwd P/E: NM · Fwd EV/EBITDA: NM · Fwd EV/Sales: 19.9x · LTM EV/Sales: NM
Zenith Minerals Limited, together with its subsidiaries, engages in the exploration of mineral properties in Australia. The company was formerly known as Zinc Co Australia Limited and changed its name to Zenith Minerals Limited in November 2010.
Forrestania Resources Limited extended its off-market takeover bid for all ordinary shares in Zenith Minerals Limited (ZNC.AX) to August 17, 2026. This marks the third extension of the offer period, which previously ended August 7. Forrestania must provide notice on the status of defeating conditions by August 10, 2026. As of July 31, 2026, none of the defeating conditions outlined in the Bidder's Statement have been fulfilled. The bid remains conditional and unfulfilled, leaving the outcome uncertain for shareholders.
Featured in Issue #26 · Aug 2, 2026
Kip McGrath Education Centres Limited KME.AX (AU) · A$0.70 · MCAP $26M · EV $22M
Fwd P/E: 16.9x · Fwd EV/EBITDA: 4.7x · Fwd EV/Sales: 1.2x · LTM EV/Sales: 1.0x · LTM EV/GP: 1.7x
Kip McGrath Education Centres Limited provides tutoring services in Australasia, Europe, the United States, and internationally. The company provides tutoring services for english and maths skills to primary and secondary students; and in-person and online tutoring services.
Crimson Consulting Australia Pty Ltd intends to launch an off-market takeover offer for Kip McGrath Education Centres Limited (KME.AX) at $0.73 per share in cash. The buyer signed a pre-bid acceptance deed with a shareholder committing to accept the offer within 21 days of the offer date, provided no superior third-party offer matching right is exercised. Crimson Consulting Australia Pty Ltd must launch the bid within two months of the deed date or the agreement terminates. This pre-bid commitment sets a floor under the bid and creates a potential auction dynamic via the matching right if a higher third-party offer emerges. Crimson Consulting Australia Pty Ltd launched an unsolicited off-market takeover proposal for Kip McGrath Education Centres Limited (KME.AX) on July 30, 2026.
Featured in Issue #26 · Aug 2, 2026
Far East Gold Ltd FEG.AX (AU) · A$0.14 · MCAP $40M · EV $37M
Far East Gold Ltd is an ASX-listed copper/gold exploration company with six advanced projects in Australia and Indonesia.
Far East Gold Ltd (FEG.AX) is rejecting a hostile cash takeover bid from Xingye, which the company's board describes as opportunistic and materially undervaluing. Xingye currently holds a 33.90% relevant interest and has offered A$0.13 per share, with a conditional increase to A$0.15 if it reaches more than 50% relevant interest by 7:00pm Sydney time on 29 July 2026. An independent expert valued the company at A$0.324 to A$0.444 per share, and the board notes a non-binding US$40M proposal for its Trenggalek project alone exceeds the total offer for the company. The offer closes on 29 July 2026 with Xingye well short of the 50% threshold needed to trigger the conditional price. The wide gap between the offer and the expert valuation range creates a catalyst for rejection and potential bid revision. The situation centers on whether Xingye can cross the 50% threshold by the closing date given the wide gap between the bid and the expert valuation.
Featured in Issue #26 · Aug 2, 2026
Going-Private 9 situations
Steadfast Group SDF.AX (AU) · A$5.65 · MCAP $4.5B
Amwins Australasia and Starboard BidCo, an entity indirectly owned by Dragoneer and Kohlberg Kravis Roberts & Co. L.P., will acquire Steadfast Group Limited (SDF.AX) via a scheme arrangement for an enterprise value of…
Featured in Issue #29 · Aug 23, 2026
EQT Holdings Limited EQT.AX (AU) · A$22.10 · MCAP $425M
BGH Capital proposed to acquire 100% of EQT Holdings via a scheme of arrangement at A$24.75 (~$18) cash per share, less any dividends declared or paid.
Featured in Issue #29 · Aug 23, 2026
Noumi NOU.AX (AU) · A$0.12 · MCAP $24M
FY26 group net revenue reached $648.4 million; statutory net loss after tax was $67.2 million, an $82.8 million improvement year-over-year.
Featured in Issue #29 · Aug 23, 2026
Reliance Worldwide Corporation RWC.AX (AU) · A$4.41 · MCAP $2.4B · EV $2.7B
Brookfield Capital Partners LLC made an unsolicited, non-binding indicative proposal to acquire 100% of RWC via scheme of arrangement at A$4.75 cash per share.
Featured in Issue #29 · Aug 23, 2026
Cleanaway Waste Management Limited CWY.AX (AU) · A$2.71 · MCAP $4.3B · EV $5.9B
An affiliate fund managed by EQT AB (publ) proposed to acquire Cleanaway Waste Management Limited for AUD 6.8 billion (~$4.8B) on August 13, 2026.
Featured in Issue #28 · Aug 16, 2026
oOh!media OML.AX (AU) · AUD 1.67 · MCAP $573M · EV $1.3B
I Squared Capital agreed to acquire oOh!media Limited (OML.AX) for A$898 million ($631 million) in equity value to take the company private.
Featured in Issue #28 · Aug 16, 2026
FleetPartners Group Limited FPR.AX (AU) · A$3.47 · MCAP $516M
Fwd P/E: 9.8x
FleetPartners Group Limited provides fleet management services in Australia and New Zealand. The company operates through three segments: Australia Commercial, Novated, and New Zealand Commercial.
SG Fleet seeks to acquire 100% of FleetPartners Group Limited (FPN) via a scheme of arrangement. The buyer submitted an unsolicited, non-binding indicative offer to purchase all outstanding shares. This proposal is subject to conditions including due diligence and regulatory approvals from FIRB, the ACCC, and the NZCC. The board is currently evaluating the proposal. FleetPartners shares surged 17.31% to $3.32 on the ASX following the disclosure.
Featured in Issue #27 · Aug 9, 2026
Noumi Limited NOU.AX (AU) · A$0.12 · MCAP $22M
Fwd EV/EBITDA: 10.7x · Fwd EV/Sales: 1.0x · LTM EV/Sales: 1.1x · LTM EV/GP: 3.8x
Noumi Limited develops, sources, manufactures, markets, sells, and distributes plant-based and dairy beverages and dairy and nutritional products in Australia, New Zealand, China, Southeast Asia, South Africa, and the Middle East. Noumi Limited is a subsidiary of Arrovest Pty Limited.
Arrovest is taking Noumi Limited (NOU.AX) private via a scheme of arrangement to resolve A$703 million (~$494M) in debt obligations. Arrovest, which holds a 52.5% stake, will acquire all remaining equity for A$0.1234 per share and listed options at A$0.002 each in an all-cash transaction. The total enterprise valuation is A$737 million (~$518M), which includes a mandatory A$610 million (~$429M) convertible note redemption due May 2027. Scheme implementation is expected to finalize by November 2026, pending regulatory approvals and shareholder votes. The buyout provides a cash exit for minority shareholders ahead of the May 2027 convertible note cliff.
Featured in Issue #26 · Aug 2, 2026
Perpetual Limited PPT.AX (AU) · A$18.96 · MCAP $1.5B · EV $1.9B
Fwd P/E: 11.1x · Fwd EV/EBITDA: 7.4x · Fwd EV/Sales: 2.1x · LTM EV/Sales: 2.0x · LTM EV/GP: 4.4x
Perpetual Limited is an ASX-listed global financial services firm operating a multi-boutique asset management business, wealth management, and corporate trust services.
Windflower Pte. Limited, an entity Perpetual understands is indirectly controlled by EQT AB, submitted a further revised, conditional and non-binding proposal on 26 July 2026 to acquire 100% of Perpetual (PPT.AX) via a scheme of arrangement at A$22.50 per share. The proposal is subject to due diligence, binding documentation, regulatory approvals and completion of the sale of Perpetual’s Wealth Management business to Bain Capital; the board is assessing it and has made no recommendation, and there is no certainty a transaction will proceed.
Featured in Issue #26 · Aug 2, 2026
Divestitures 8 situations
RAM Essential Services Property Fund REP.AX (AU) · A$0.42 · MCAP $151M · EV $486M
Conditions to completion of the contracts of sale for 5 retail assets have been satisfied.
Featured in Issue #29 · Aug 23, 2026
Growthpoint Properties Australia GOZ.AX (AU) · A$2.17 · MCAP $1.2B · EV $2.5B
Growthpoint Properties Australia (GOZ.AX) agreed to sell a Woolworths distribution centre to Hesperia for $267.7 million in cash to reduce its leverage.
Featured in Issue #28 · Aug 16, 2026
Austal ASB.AX (AU) · AUD 4.36 · MCAP $1.3B · EV $1.2B
Hanwha has revised its approach to Austal Limited (ASB.AX) by pivoting from a full takeover bid to a carve-out offer for the Austal USA Mobile shipyard.
Featured in Issue #28 · Aug 16, 2026
Wellnex Life Limited WNX.AX (AU) · A$0.12 · MCAP $6M · EV $12M
Fwd EV/GP: 2.1x · LTM EV/Sales: 0.7x
Wellnex Life Limited, together with its subsidiaries, develops, markets, and sells health and wellness products in Australia, New Zealand, and the United Kingdom. The company offers topical anti-inflammatory creams, sprays, and roll-ons under the Pain Away brand.
Wellnex Life signed a binding agreement to sell its Pain Away business to Mentholatum Australasia, a subsidiary of Tokyo-listed Rohto Pharmaceutical. Total maximum consideration is up to A$21.3 million (~$15M) in cash: A$19.8 million (~$14M) upfront plus up to A$1.5 million (~$1.1M) earn-out tied to 12-month post-completion EBITDA. Proceeds will fully retire all company borrowings, leaving Wellnex debt-free; remaining funds earmarked for working capital, growth, and a potential return of capital. Shareholder vote scheduled; sunset date for conditions is 30 October 2026.
Featured in Issue #27 · Aug 9, 2026
Woodside Energy Group Ltd WDS.AX (AU) · A$31.88 · MCAP $42.9B · EV $55.3B
Fwd P/E: 13.4x · Fwd EV/EBITDA: 5.5x · Fwd EV/Sales: 3.6x · LTM EV/Sales: 4.3x · LTM EV/GP: 12.2x
Woodside Energy Group Ltd engages in the exploration, evaluation, development, production, marketing, and sale of hydrocarbons in the Asia Pacific, Africa, the Americas, and the Europe.
Woodside agrees to sell its 70% interest in the Calypso project to BP.
Featured in Issue #27 · Aug 9, 2026
Dynamic Metals Limited DYM.AX (AU) · A$0.40 · MCAP $15M · EV $13M
Dynamic Metals Limited engages in the exploration and development of minerals in Western Australia and Tasmania. The company explores for lithium, nickel, gold, copper, magnesite, palladium, and platinum deposits.
Dynamic Metals Limited (DYM.AX) signed a binding Heads of Agreement to divest non-core gold assets within its Widgiemooltha Project to Corazon Mining Limited for up to $3.5 million plus a 1.5% net smelter return royalty. Upfront consideration consists of $500,000 cash and $1.0 million in Corazon shares, with $2.0 million in deferred cash payments triggered by JORC-reported Mineral Resource Estimates of 150,000 oz and 300,000 oz gold. The deal includes exploration licence E15/1802 and exclusive gold rights over E15/1705 and E15/1721, while existing lithium rights with Mineral Resources Limited remain unaffected. Completion is subject to due diligence, regulatory approvals, and MinRes pre-emptive rights, with a 60-day condition satisfaction deadline. The divestiture monetizes non-core ground for material upfront proceeds against Dynamic's $22.8 million market cap while retaining upside optionality through the milestone structure and royalty.
Featured in Issue #27 · Aug 9, 2026
Maas Group Holdings Limited MGH.AX (AU) · A$4.96 · MCAP $1.2B · EV $1.7B
Fwd P/E: 18.0x · Fwd EV/EBITDA: 10.4x · Fwd EV/Sales: 1.9x · LTM EV/Sales: 2.0x · LTM EV/GP: 4.3x
MAAS Group Holdings Limited, together with subsidiaries, engages in the provision of construction materials to the civil infrastructure, renewable energy, building and construction, and mining sectors. The Construction Materials segment supplies quarry materials, aggregates, and pre-mix concrete.
Maas Group Holdings Limited (MGH.AX) is divesting its construction materials business to Heidelberg Materials Australia for up to $1.703 billion in cash. The deal includes $1.583 billion at settlement and up to $120 million in commercial milestone payments. The ACCC has approved the acquisition provided Heidelberg divests three concrete plants and a quarry. The transaction remains subject to FIRB approval and shareholder approval at the AGM on 24 September 2026, with founder/CEO Wes Maas and Emma Maas intending to vote in favor. ACCC clearance removes the primary antitrust risk, leaving FIRB approval and the September shareholder vote as the next catalysts before an expected October 2026 settlement.
Featured in Issue #26 · Aug 2, 2026
Somerset Minerals Ltd SMM.AX (AU) · A$0.0085 · MCAP $9M · EV $6M
LTM EV/GP: 55.5x
Somerset Minerals Limited, together with its subsidiaries, explores and extracts mineral properties in Australia, Canada, and Ecuador. The company explores for copper, silver, zinc, lead, cadmium, gold, chalcocite, bornite, chalcopyrite, precious metal, and base metal deposits.
Lundin Gold Inc. submitted a non-binding indicative proposal to acquire Condor Gold S.A., an Ecuadorian subsidiary of Somerset Minerals Ltd (SMM.AX), for US$5.25 million in cash. The proposal includes a suggested 90-day exclusivity period and is subject to due diligence and definitive documentation. Condor Gold S.A. holds the Río Zarza and Valle del Inca 1 mining concessions and approximately 500 hectares of freehold surface rights in south-east Ecuador. The US$5.25 million consideration is material relative to Somerset's market capitalization and would fund its Canadian copper exploration program.
Featured in Issue #26 · Aug 2, 2026
Activist Campaigns 5 situations
Whitehaven Coal WHC.AX (AU) · A$7.76 · MCAP $4.5B · EV $5.1B
Market Forces is pressuring Whitehaven Coal (WHC.AX) to disclose the viability of expansion projects under lower coal price and weaker demand scenarios.
Featured in Issue #29 · Aug 23, 2026
Northern Star Resources NST.AX (AU) · AUD 22.52 · MCAP $22.7B · EV $23.4B
Elliott Investment Management has nominated six director candidates to the board of Northern Star Resources Limited (NST.AX) after private talks failed to reach an agreement.
Featured in Issue #28 · Aug 16, 2026
Cleanaway Waste Management CWY.AX (AU) · A$2.71 · MCAP $4.3B · EV $5.9B
Tanarra Capital CEO John Wylie owns a 9% stake in Cleanaway.
Featured in Issue #28 · Aug 16, 2026
Acumentis Group Limited ACU.AX (AU) · A$0.10 · MCAP $15M · EV $11M
Acumentis Group Limited sent a letter to shareholders on August 12, 2026 regarding its notice of meeting announced July 31, 2026.
Featured in Issue #28 · Aug 16, 2026
Southern Cross Media Group SXL.AX (AU) · A$0.53 · MCAP $177M · EV $620M
Fwd P/E: 3.3x · Fwd EV/EBITDA: 5.1x · Fwd EV/Sales: 0.5x · LTM EV/Sales: 1.9x · LTM EV/GP: 6.4x
Southern Cross Media Group is the entity formed by the recent merger of Southern Cross Austereo and Seven West Media, operating Australian radio and television assets.
19 Cashews Pty Ltd increased its stake in Southern Cross Media Group (SXL.AX) to 8.56% to support a board seat contest. The entity, run by Alex Waislitz and Antony Catalano, acquired 4.9 million shares over five months to reach a total holding of nearly 41 million shares. Waislitz supports Bruce McWilliam for a board seat. McWilliam has separately increased his stake to 9.15% with assistance from Gina Rinehart. Sandon Capital filed an ASX notice on June 12 demanding the removal of any new director appointed before the next general meeting. This board-seat contest involves three aligned shareholders and faces flashpoints at the August 11 FY results and the likely November AGM.
Featured in Issue #25 · Jul 27, 2026
Litigation Outcomes 4 situations
GWR Group Limited GWR.AX (AU) · A$0.14 · MCAP $33M · EV $8M
LTM EV/Sales: 7.0x · LTM EV/GP: 7.0x
GWR Group Limited explores for, evaluates, and develops mining projects in Australia. The company explores for magnesite, tungsten, and gold deposits.
Shareholder Jeremy Raper applied to the Australian Takeovers Panel alleging an undisclosed association controlling ~48% of GWR's voting power. The application names Antelle, Wynnes, and Bluebay as alleged associates, with nominee holdings through Citicorp Nominees and HSBC Nominees. Interim orders sought include restraining voting rights and share disposals by the alleged associates pending the Panel's determination. Final orders sought include vesting the relevant shares in ASIC for sale if a breach of s 606 is established.
Featured in Issue #27 · Aug 9, 2026
DGR Global Limited DGR.AX (AU) · A$0.033 · MCAP $24M
DGR Global Limited, together with its subsidiaries, engages in the exploration and development of mineral properties.
The Panel extended interim orders originally made 8 July 2026 against Tenstar Trading Limited to now also cover Samuel Holdings Pty Ltd and its associates. The orders freeze all parties from selling, disposing of, transferring, charging, or otherwise dealing with any DGR shares in which they have a relevant interest. Benn Whistler gave a parallel undertaking to the same effect, continuing until the earliest of the proceedings' determination or 2 months from 30 July 2026.
Featured in Issue #27 · Aug 9, 2026
Highfield Resources Ltd HFR.AX (AU) · A$0.019 · MCAP $6M
Highfield Resources is an ASX-listed potash developer advancing the Muga Potash Project in northern Spain. The project spans multiple mining concessions across regional boundaries.
Highfield Resources (HFR.AX) received two court rulings regarding its Muga potash project concessions. The Superior Court of Justice of Madrid dismissed an environmental challenge against the Fronterizo mining concession and awarded costs against the claimant. Concurrently, Spain's Supreme Court admitted appeals for the Goyo mining concession, initiating a full judicial review of the procedural ruling. The company reduced average monthly payroll by 24% to preserve liquidity, reporting A$1.46 million (~$1M) in cash at the June quarter end plus A$700,000 (~$491.8K) received under its convertible note facility in July. The Fronterizo dismissal removes one legal overhang, while the Supreme Court's admission of the Goyo appeal is a necessary step toward resolving the permitting uncertainty that has stalled the project.
Featured in Issue #26 · Aug 2, 2026
Pengana International Equities PIA.AX (AU) · A$1.16 · MCAP $209M
Pengana International Equities Limited is a closed-ended equity fund launched by Pengana Investment Management Limited. The fund is managed by Harding Loevner LP.
Pengana Capital Group plans legal proceedings against Pengana International Equities and its board to overturn the Monday EGM resolution allowing investors to sell their entire stakes back to the LIC at NTA (net tangible asset value). Pengana has eight weeks to prevent depletion of the $338 million fund; the proposed buyback is scheduled for August 12–September 21.
Featured in Issue #26 · Aug 2, 2026
Insolvency 3 situations
WA Kaolin Limited WAK.AX (AU)
WA Kaolin Limited (WAK.AX) entered voluntary administration on 12 August 2026 and receivership on 13 August 2026, triggering parallel processes to sell assets or recapitalize the company.
Featured in Issue #29 · Aug 23, 2026
Pilot Energy Limited PGY.AX (AU)
Pilot Energy Limited (PGY.AX) is undergoing a governance transition while under voluntary administration with Cor Cordis acting as administrators.
Featured in Issue #29 · Aug 23, 2026
Oldfields Holdings Ltd OLH.AX (AU) · A$0.012 · MCAP $1.8M
Oldfields Holdings Ltd (OLH.AX) is transferring its core manufacturing, engineering, and construction operations and most related assets to Oldfields Group Services Pty Ltd. The company, which is in liquidation…
Featured in Issue #29 · Aug 23, 2026
Rights Offerings 2 situations
Impact Minerals IPT.AX (AU) · A$0.031 · MCAP $11M · EV $9M
Impact Minerals (IPT.AX) is launching a renounceable rights issue to raise up to $4.1 million for the Lake Hope HPA project, Alluminous investment, and exploration at Broken Hill and Lake Irwin.
Featured in Issue #29 · Aug 23, 2026
Babylon Pump & Power Limited BPP.AX (AU) · A$0.08 · MCAP $7M · EV $26M
Fwd P/E: 5.8x · Fwd EV/EBITDA: 5.3x · Fwd EV/Sales: 0.8x · LTM EV/Sales: 1.1x · LTM EV/GP: 2.0x
Babylon Pump & Power Ltd provides specialty mining services to the resources sector in Australia. The company offers high-pressure pumping, dewatering and project water management with supplying and maintaining equipment in remote and offshore locations.
Babylon Pump & Power Limited (BPP.AX) is conducting a rights issue to recapitalize as a pure-play water management rental business and fund rental fleet investment. Blue Hire founder Byron Ynema will convert a significant portion of deferred cash consideration into shares via sub-underwriting. The company has not disclosed the offer size, issue price, or the value of the deferred consideration being converted. This recapitalization follows the sale of Ausblast and the announced sale of the maintenance business. The conversion of deferred cash into equity by the Blue Hire founder serves as a signal of insider confidence.
Featured in Issue #26 · Aug 2, 2026
Busted M&A 1 situation
Strata Investment Holdings PLC SRT.AX (AU)
Freedom Bidco Inc. has withdrawn its mixed-consideration offer to acquire Strata Investment Holdings PLC (SRT.AX), removing the A$0.22 per share cash bid as a price floor.
Featured in Issue #29 · Aug 23, 2026
Liquidations 1 situation
Excelsior Capital Limited ECL.AX (AU) · A$0.95 · MCAP $20M · EV -$40M
Excelsior Capital Limited (ECL.AX) is winding up and will delist from the ASX at the end of August 2026.
Featured in Issue #29 · Aug 23, 2026
Deal Terminations 1 situation
Larvotto Resources Limited LRV.AX (AU) · AUD 1.17 · MCAP $429M · EV $483M
Larvotto Resources Limited (LRV.AX) is conceding its acquisition of Hammer Metals Limited after the board decided not to match a superior proposal from Austral Resources.
Featured in Issue #28 · Aug 16, 2026
SPACs 1 situation
Jindalee Lithium Limited JLL.AX (AU) · A$0.34 · MCAP $30M · EV $26M
Jindalee Lithium filed an amended Form S-4 with the SEC, responding to initial SEC comments received in late July 2026.
Featured in Issue #28 · Aug 16, 2026
Delistings 1 situation
Almonty Industries Inc. AII.AX (AU) · A$16.27 · MCAP $3.2B · EV $3.1B
Fwd EV/EBITDA: 11.2x · Fwd EV/Sales: 7.7x
Almonty Industries Inc. engages in mining, processing, and shipping of tungsten concentrates. The company explores for tin and tungsten deposits.
Almonty Industries Inc. (AII.AX) is voluntarily delisting its CHESS Depositary Interests (CDIs) from the ASX to concentrate listing on the Nasdaq. Trading of CDIs will be suspended on 28 August 2026 and delisted on 1 September 2026. CDIs represent approximately 0.80% of all issued shares, with an average trading volume of 0.47% of combined Nasdaq and TSX volume over the prior six months. Holders may convert to Nasdaq shares on a 1:1 basis, sell before suspension, or use a Voluntary Sale Facility opening 8 September 2026. Remaining CDIs will be sold via a Compulsory Sale Facility ending 9 December 2026. The structured sale facilities create a forced-sale overhang for non-acting holders through December 2026.
Featured in Issue #26 · Aug 2, 2026
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