IIR LMI Monthly Report – 1 June 2022

June 1, 2022

The IIR LMI Monthly Report provides key LMI market news for the month of May as well as IIR research updates and key data points as at 30 April 2022.

Key news items include:

  • VGI Shareholders Vote in Favour of Merger With Regal: At the VGI Partners Limited (ASX: VGI) Annual General Meeting (AGM) held on 27 May 2022, shareholders voted in Favour of the merger of VGI with Regal Funds Management Pty Limited (Regal). The merger is expected to be complete on or around 3 June 2022. As was previously announced, upon the completion of the merger, VGI is expected to change it’s name to Regal Partners Limited with the ticker to change to RPL.
  • WHF Reports Investment Income Uplift of 55.8% in Full Year Results: Whitefield Limited (ASX: WHF) released its full year results on 18 May 2022 for the year ended 31 March 2022. The Company reported a strong uplift in Investment Income, increasing 55.8% on the pcp to $19.87m. Net profit increased 71.0% on the pcp to $16.8m. The Company maintained the final dividend at 10.25 cents per share, fully franked, payable in June, with a total full year dividend of 20.5 cents per share, fully franked. The Dividend Reinvestment Plan (DRP) and Bonus Share Plan (BSP) will be available for use with the dividend declared for ordinary shares. The BSP provides shareholders the opportunity to elect to relinquish their right to a dividend, and instead receive bonus shares of equivalent market value. The Retained Earnings and Reserves as at 31 March 2022, provide substantial dividend coverage.
  • MXT Seeking to Raise Up To $235.6m Through Placement to Wholesale Investors: Metrics Master Income Trust (ASX: MXT) announced a Wholesale Investor Placement on 30 May 2022. MXT is seeking to raise up to $235.6m through the issue of up to 117.8m units at $2.00 per unit. The new units are being issued under the Trust’s available placement capacity and therefore does not require unitholder approval. New units issued are expected to commence trading on 8 June 2022. In
    the event the Placement is fully subscribed, MXT will have 903.3m units on issue.
  • BTI Pockets $118m Cash From Sale of Instaclustr: As was reported in our previous monthly update, on 8 April 2022, Bailador Technology Investments Limited (ASX:BTI) announced Instaclustr entered into an agreement to be acquired by NetApp, a global cloud-led, data-centric software company that is listed on the NASDAQ. On 25 May 2022, BTI confirmed that all conditions of the sale
    agreement had been satisfied and the transaction has been completed. As a result of the transaction, BTI received net cash proceeds of AUD$118m through the sale of its investment in Instaclustr. The net cash proceeds represent a return of 14.2x on BTI’s investment.
  • Mike Baird to Become Chair of Future Generation Australia: Future Generation Australia Limited (ASX: FGX) announced that Mike Baird will join board of directors as Chairman, effective 31
    July 2022. Mr. Baird will be taking over from Jonathan Trollip, who is retiring from the board after being the Chairman of FGX since its inception in 2014.