What a week on markets!
One guy who seems to rise above it all is a gentlemen by the name of Elon Musk.
His company SpaceX has started discussions about selling insider shares at a price that values the closely held company at $175 billion or more, sources say.
Yes, with a B!
A $175 billion valuation would make SpaceX one of the world’s 75 biggest companies by market capitalisation, on par with Nike!
Across Markets…
Shares rebounded from early losses on Friday as a sharp rally in Santos and strength in iron ore prices sent the benchmark 1.7 per cent higher for the week in the second straight period of gains.
The S&P/ASX 200 rose 0.3 per cent or 21.6 points higher to 7194.9. The All Ordinaries also rose 0.3 per cent.
Energy and materials led gains. Santos was the second-biggest outperformer after leaping 6.2 per cent to $7.25, the largest one-day rise in more than a year as investors cheered a possible merger with Woodside.
“It’s quite typical for risk arbitrage outcomes to behave this way,” said Roger Gamble, executive director at MA Financial Group. “Woodside is seen as the larger ‘bidder’ in what is being called a merger, so short the bidder and long the target.”
Indeed, Woodside shares eased 0.5 per cent to $29.81 on concerns that it may leave too much on the table.
Yet, some investors were optimistic about the deal.
“A proposed merger unlocks plenty of value for Santos shareholders in the short term and the notable cost synergies will benefit Woodside over the medium term,” said George Boubouras, head of research at K2 Asset Management.
Meanwhile, iron ore prices jumped 1 per cent on robust Chinese demand and lifted miners. Rio Tinto shares added 0.9 per cent to $128.89, the highest level since August 2021. BHP gained 0.7 per cent to $47.74 and Fortescue rallied 1.1 per cent to $25.775.
Source: Stockhead
Australia’s two leading local oil and gas companies, Woodside Energy (ASX: WDS) and Santos (ASX: STO), have officially confirmed they are involved in discussions that would create a mega petroleum business.
In separate statements to shareholders and the media, Woodside and Santos confirmed speculation that they have been in talks regarding a potential merger.
“Discussions remain confidential and incomplete and there is no certainty that the discussions will lead to a transaction,” Woodside said in its statement.
“As a global energy company, Woodside continuously assesses a range of opportunities to create and deliver value for shareholders.”
“Woodside will continue to update the market in accordance with its continuous disclosure obligations.”
Santos reviewing opportunities
Santos said the discussions were part of the company’s continuous review of opportunities to create and deliver value for shareholders.
“Concurrently, Santos is assessing a range of alternative structural options with a view to unlocking value as referred to on Santos’ investor day on 22 November 2023,” the company said.
“The consideration of any merger is at an early stage and there is no agreement between the parties. There is no certainty that any transaction will eventuate from these discussions.”
“Santos will continue to update the market in accordance with its continuous disclosure obligations.”
Source: Small Caps
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.005 Unchanged
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.13 with 1:1 T92O
Today’s Price Change: $0.13 Unchanged
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.13 +4%
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.005 Unchanged
Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.019 +5.56%
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.007 with 1:2 VRCOB
Today’s Price Change: $0.006 -14.29%
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.01 with 1:2 CDTOA
Today’s Price Change: $0.01 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.012 Unchanged
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.04
Today’s Price Change: $0.057 +1.79%
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.17 Unchanged
Company: Excite Technology Services (ASX:EXT)
Sector: Cloud
Deal Type: Placement
Latest Entry Price: $0.005 with a 1:2 EXTOD
Today’s Price Change: $0.007 -12.5%
Sector: Mining
Deal Type: Placement
Raise Amount: $1.65M
Latest Entry Price: $0.006 with a 1:1 ESRO
Today’s Price Change: $0.005 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.38 -1.3%
Company: Sabre Resources (ASX:SBR)
Sector: Energy
Deal Type: Placement
Raise Amount: $2.6M + $700k strategic
Latest Entry Price: $0.04 with a 1:1 SBROB
Today’s Price Change: $0.028 +3.7%
Company: Carly Holdings Ltd (ASX:CL8)
Sector: AI and Car subscription
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.025 with a 1:2 CL8O
Today’s Price Change: $0.015 -11.76%
Company: Avecho Biotechnology (ASX:AVE)
Sector: CBD
Deal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.003 Unchanged
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.023 Unchanged
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