12 August 2025
📊 A$530M raised across 16 deals | 6 sectors | Market sentiment: Mixed | Guidance updates: 3
↑ 3 deals positive
↓ 4 deals negative
→ 9 deals neutral
💡 3 guidance updates
Guidance Updates
PEXA Group Limited (PXA)
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$66M-$70M specified items
Market Cap: $2.80B +0.38% ● 0.38x volume
$66M-$70M specified items
Market Cap: $2.80B +0.38% ● 0.38x volume
FY25 Specified Items: $66M-$70M (vs $35M-$40M previously)
Primary Driver: $31M-$35M non-cash impairment charge
Reason: Strategic exit from non-core Digital Solutions businesses
Primary Driver: $31M-$35M non-cash impairment charge
Reason: Strategic exit from non-core Digital Solutions businesses
Management Insight: "Following this assessment and in collaboration with the broader team at PEXA, it was deemed necessary to undertake a strategic review of the Digital Solutions business to assess its fit within the broader PEXA Group."
Key Context: Exit driven by outdated technology and changing market conditions in non-core segments
Iress Limited (IRE)
Update
Adjusted EBITDA reaffirmed
Market Cap: $1.76B -2.08% ● 8.32x volume
Adjusted EBITDA reaffirmed
Market Cap: $1.76B -2.08% ● 8.32x volume
FY25 Guidance: Adjusted EBITDA reaffirmed (continuing business)
Performance: Underlying EPS +19.2% (16.7c vs 14.0c in 1H24)
Offset: Core growth vs divested businesses & R&D investment
Performance: Underlying EPS +19.2% (16.7c vs 14.0c in 1H24)
Offset: Core growth vs divested businesses & R&D investment
Management Insight: "Iress' continuing business has delivered a strong performance in the first half, underpinned by solid revenue growth in our Global Trading & Market Data business and continuing positive momentum in our UK wealth business."
Key Context: Market reacted negatively despite strong core performance, likely due to reduced visibility from divestments
Metro Performance Glass (MPP)
First-Time Guidance
$27M-$37M net debt
Market Cap: $7.79M 0.0% ● 0.1x volume
$27M-$37M net debt
Market Cap: $7.79M 0.0% ● 0.1x volume
FY26 Target: $27M-$37M net debt (by 31 March 2026)
Previous State: "Unsustainably high" debt levels
Primary Driver: $10M debt forgiveness via equity raise
Previous State: "Unsustainably high" debt levels
Primary Driver: $10M debt forgiveness via equity raise
Management Insight: "We have taken the time to understand and improve the business before coming to market."
Key Context: Balance sheet reset enables operational turnaround in distressed manufacturing business
Major Capital Raisings
Tuas Limited (TUA)
Acquisition Financing
A$416M equity
Total Deal Value: S$1,430M
A$416M equity
Total Deal Value: S$1,430M
Target: Acquisition of M1 Limited
Structure: A$416M equity + S$1,100M debt
Synergy: Combines Simba's digital business with M1's network
Structure: A$416M equity + S$1,100M debt
Synergy: Combines Simba's digital business with M1's network
Strategic Rationale: Create stronger Singapore telco with EPS accretive from Year 1 (~4.0x pro-forma debt/EBITDA)
Key Metric: Requires approval from Singapore's Infocomm Media Development Authority
Santana Minerals (SMI)
Placement & SPP
A$63M
Market Cap: $455.3M +3.28% ● 1.12x volume
A$63M
Market Cap: $455.3M +3.28% ● 1.12x volume
Lead Manager: Canaccord Genuity
Structure: A$60M placement + A$3M SPP
Pricing: A$0.58/share (1.6% discount to 10-day VWAP)
Structure: A$60M placement + A$3M SPP
Pricing: A$0.58/share (1.6% discount to 10-day VWAP)
Use of Funds: Accelerate Bendigo-Ophir Gold Project development
Key Metric: Strong international resources fund participation, especially from New Zealand investors
Imugene Limited (IMU)
Share Purchase Plan
$15M
Market Cap: $76.5M 0.0% ● 0.58x volume
$15M
Market Cap: $76.5M 0.0% ● 0.58x volume
Take-up Rate: 79% response rate
Extension: Closing date extended to 25 August 2025
Status: $15M target fully raised
Extension: Closing date extended to 25 August 2025
Status: $15M target fully raised
Strategic Note: Extended timeline to accommodate shareholder participation
Key Metric: Strong institutional interest despite neutral market reaction
Strategic Investments & Smaller Rounds
RooLife Group (RLG)
Strategic Placement
$2M
Market Cap: $12.7M +60.0% ● 132.86x volume
$2M
Market Cap: $12.7M +60.0% ● 132.86x volume
Lead Manager: Alpine Capital
Pricing: $0.007/share (12.5% discount)
Standout: +75% premium to prior close
Pricing: $0.007/share (12.5% discount)
Standout: +75% premium to prior close
Use of Funds: Global sales expansion (China, India, Southeast Asia, UK)
Equity Story Group (EQS)
Strategic Investment
$200K
Market Cap: $4.17M +13.64% ● 1.28x volume
$200K
Market Cap: $4.17M +13.64% ● 1.28x volume
Pricing: 2.8c/share (12% premium)
Distinction: Only premium-priced deal in market
Significance: Strong strategic endorsement
Distinction: Only premium-priced deal in market
Significance: Strong strategic endorsement
Management Note: "The Board welcomes this strategic investment as a strong endorsement"
Microba Life Sciences (MAP)
SPP
$2.2M
Market Cap: $46.9M 0.0% ● 0.3x volume
$2.2M
Market Cap: $46.9M 0.0% ● 0.3x volume
Take-up: 109.8% oversubscribed
Structure: $0.09/share + 1:2 attached options
Use of Funds: Clinical adoption of microbiome testing
Structure: $0.09/share + 1:2 attached options
Use of Funds: Clinical adoption of microbiome testing
Key Metric: Strong shareholder support despite low trading volume
+9 smaller placements including GT3, GTR, WHK, AXP, DAL, KNI, ATV, LMS, IBX
Market Insights
Highest volume reaction: RLG (132x)
Most significant premium: EQS (12%)
Oversubscription trend: MAP, SMI, RLG
Thanks for reading Capital Signal
Data as of 12 August 2025 | ASX Market Intelligence
Highest volume reaction: RLG (132x)
Most significant premium: EQS (12%)
Oversubscription trend: MAP, SMI, RLG
Thanks for reading Capital Signal
Data as of 12 August 2025 | ASX Market Intelligence