Tech company collapse sparks shareholder battle with $14b chipmaker
A group of shareholders in failed ASX-listed technology firm Nuheara are battling to resurrect the once-promising hearing device maker, but must first defeat a legal challenge from $14 billion Taiwanese semiconductor giant Realtek.
Perth-based Nuheara collapsed into administration last August after it was unable to refinance a $2.5 million loan from Realtek, which was its largest shareholder, amid struggling sales and consistent losses.
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News.com.au
25 minutes ago
- News.com.au
Lunch Wrap: ASX clobbered by war fears, but rising oil keeps it from falling harder
ASX sinks as war nerves rattle stocks Oil surges as Iran threat fuels energy fears Bitcoin tumbles under US$99k (briefly) in market shakeout The ASX fell rather sharply at Monday lunch time in the east, down by 0.6% as war jitters and a Wall Street wobble triggered a risk-off mood. But it could've been worse. A lift in energy names helped soften the blow as they ride the wave of surging oil prices after military strikes in the Middle East. Over the weekend, the US launched stealth bomber raids on three Iranian nuclear sites. What was a localised war is now looking more like a direct war with the US with serious flow-on effects for oil, global trade, and investor nerves. Oil prices surged 2% over the past few hours. Experts warned that if Iran follows through with threats to block the Strait of Hormuz, where around 20% of the world's oil and gas passes through, we could be staring down an oil crisis that's three times worse than the oil shocks of the late '70s. OPEC usually has spare capacity to step in during shocks, but analysts reckon not this time. The US strategic reserves are also near empty after Ukraine, and there's no white knight ready to ride in. The Aussie dollar slipped by 0.5% to 64.3 US cents, while gold climbed on the safe-haven bid this morning. Meanwhile, Bitcoin fell below $US99,000 at one point, before climbing back to US$101k as of the time of writing. Some analysts have suggested traders have been piling in to BTC with a bit too much confidence, expecting a continued rise. This is where things stood on the ASX at around 12:50pm, AEST: In the large caps space, grocery wholesaler Metcash (ASX:MTS) was up 4% after posting a small drop in full-year profit that still beat expectations. Its food business is doing the heavy lifting, with earnings up 18%. Tobacco sales, though, are getting smoked, down 20% as the black market continues to chew into legitimate trade. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 23 : Security Description Last % Volume MktCap CT1 Constellation Tech 0.002 100% 1,066,500 $1,474,734 ENT Enterprise Metals 0.003 50% 333,333 $2,362,635 GMN Gold Mountain Ltd 0.002 50% 308,261 $5,619,759 PV1 Provaris Energy Ltd 0.022 47% 9,036,019 $10,470,019 BDT Birddog 0.067 37% 3,855,173 $7,912,815 ASR Asra Minerals Ltd 0.002 33% 1,000,000 $5,987,547 DTM Dart Mining NL 0.004 33% 900,000 $3,594,167 VFX Visionflex Group Ltd 0.002 33% 339,890 $5,051,791 X2M X2M Connect Limited 0.025 32% 1,175,174 $7,375,455 BEL Bentley Capital Ltd 0.010 25% 20,000 $609,023 CHM Chimeric Therapeutic 0.005 25% 2,623,094 $8,060,777 EDE Eden Inv Ltd 0.003 25% 6,681,301 $8,219,762 OVT Ovanti Limited 0.003 25% 4,994,924 $6,011,030 RDN Raiden Resources Ltd 0.005 25% 5,625,909 $13,803,566 RLG Roolife Group Ltd 0.005 25% 200,000 $6,371,125 ROG Red Sky Energy. 0.005 25% 4,021,527 $21,688,909 SKK Stakk Limited 0.005 25% 464,971 $8,300,319 TEG Triangle Energy Ltd 0.003 25% 24,346,799 $4,178,468 TFL Tasfoods Ltd 0.005 25% 1,402,984 $1,748,382 T92 Terrauraniumlimited 0.033 22% 390,390 $2,751,716 DGR DGR Global Ltd 0.006 20% 213,910 $5,218,480 LOC Locatetechnologies 0.135 17% 4,460,709 $26,293,219 RIM Rimfire Pacific 0.021 17% 2,385,851 $45,322,090 BLU Blue Energy Limited 0.007 17% 1,114,611 $11,105,842 NHE Nobleheliumlimited 0.022 16% 1,187,326 $11,390,975 BirdDog Technology (ASX:BDT) has bumped up its proposed buy-back price by 40% to 7 cents a share, after talking with shareholders about its plan to delist from the ASX. That new offer is more than double what it last traded at before the delisting news dropped in April. It's also rescheduled the shareholder vote, now set for 9am on Tuesday July 22. Aussie IoT company X2M Connect (ASX:X2M) has landed a $3 million deal with the City of Seoul to supply 100,000 smart personal safety devices by the end of 2025. The 'Help Me' keychains connect to Seoul's emergency systems, and send real-time alerts when someone's in trouble. Backed by a new national safety mandate, the project could scale up to a million units, giving X2M a big runway for growth. It also plans to bring similar tech into Australia. SmartPay (ASX:SMP) jumped 10% after confirming a takeover offer from NYSE-listed payments giant Shift4, valuing the Aussie-NZ EFTPOS provider at $274 million. The offer came in at NZ$1.20 per share, a juicy 46% premium to its 90-day average. Directors are backing the deal, which would see Smartpay swallowed into the Shift4 empire. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 23 : Code Name Price % Change Volume Market Cap GGE Grand Gulf Energy 0.002 -33% 201,290 $8,461,275 PKO Peako Limited 0.002 -33% 500,000 $4,463,226 SKN Skin Elements Ltd 0.002 -33% 160,788 $3,225,642 SFG Seafarms Group Ltd 0.002 -25% 162,000 $9,673,198 AGE Alligator Energy 0.030 -25% 44,661,967 $154,943,974 BCB Bowen Coal Limited 0.140 -22% 1,671,194 $19,396,360 ORP Orpheus Uranium Ltd 0.022 -21% 10,708 $7,887,520 H2G Greenhy2 Limited 0.015 -21% 2,339,556 $11,365,499 ADH Adairs Limited 2.040 -21% 4,044,065 $455,994,533 AKG Academies Aus Grp 0.100 -20% 216,171 $16,576,808 NME Nex Metals Explorat 0.020 -20% 180,999 $8,352,645 ALM Alma Metals Ltd 0.004 -20% 250,000 $7,931,727 ALR Altairminerals 0.002 -20% 250,000 $10,741,860 FIN FIN Resources Ltd 0.004 -20% 99,999 $3,474,442 VEN Vintage Energy 0.004 -20% 10,000 $10,434,568 SNX Sierra Nevada Gold 0.021 -19% 794,784 $4,281,137 ORN Orion Minerals Ltd 0.009 -18% 4,169,917 $75,354,926 CAZ Cazaly Resources 0.019 -17% 2,306,319 $10,609,969 AS2 Askarimetalslimited 0.005 -17% 161,500 $2,425,024 EAT Entertainment 0.005 -17% 657,618 $7,852,716 ERL Empire Resources 0.005 -17% 200,000 $8,903,479 ICR Intelicare Holdings 0.005 -17% 781,904 $2,917,129 JAV Javelin Minerals Ltd 0.003 -17% 1,852,944 $18,378,447 TON Triton Min Ltd 0.005 -17% 50,000 $9,410,332 FAL Falconmetalsltd 0.115 -15% 335,790 $23,895,000 Homewares and furniture retailer Adairs (ASX:ADH) tanked 22% after flagging weaker full-year earnings. Promotions may have boosted sales, but they've also crunched margins. The company expects EBIT to come in lower than last year, blaming intense discounting and a weaker Aussie dollar. Its furniture business is struggling the most. IN CASE YOU MISSED IT Neurizon Therapeutics (ASX:NUZ) has reported encouraging new rodent preclinical pharmacokinetic (PK) data for its lead candidate NUZ-001, showing it effectively crosses the blood-brain barrier (BBB). Zenith Minerals (ASX:ZNC) has upgraded resources at its Dulcie Far North project by 41% to 302,000oz of contained gold as part of a broader consolidation of the Dulcie project in WA. Koonenberry Gold (ASX:KNB) has extended mineralisation at the Sunnyside prospect within the Enmore project in NSW, hitting 80.5m at 1.45g/t gold in the sixth hole of drilling. Ausgold (ASX:AUC) has expanded the footprint of its Kulin project in WA after reaching a farm-in agreement to acquire a majority stake in an adjacent exploration licence highly prospective for gold. Development at Hillgrove Resources' (ASX:HGO) Nugent underground mine in South Australia is better than expected, resulting in the early intersection of the orebody and delivering first copper ore for processing. LAST ORDERS Sipa Resources (ASX:SRI) is taking its pick of drilling contractors for the Tunkillia North and Nuckulla Hill gold projects in South Australia after nabbing approvals for a Program for Environment Protection and Rehabilitation. The PEPR is a requirement before any on-ground activities can begin on the projects – they'll be focused on investigating historical gold mineralisation and testing targets to the north and south of the 1.6Moz Tunkillia gold deposit, held by Barton Gold. Lumos Diagnostics (ASX:LDX) is $215,485 richer after bringing in a Research and Development Tax Incentive for the FY2024. The refund is attached to Lumos' ongoing research and development efforts. The company is focused on enhancing its proprietary benchtop and disposable reader technology platform. It supports the detection of a broader range of clinical biomarkers, improves the interpretation of point-of-care test results, and allows for smooth integration with electronic medical records. Aldoro Resources (ASX:ARN) has brought seasoned Chartered Accountant Mauro Piccini on board as a non-executive director. He has extensive expertise in ASX reporting, corporate advisory, and financial management with a background in publicly listed governance disciplines in addition to preliminary financial assessment. Leeuwin Metals (ASX:LM1) has capped off a 3,000m drilling program at the Marda Central prospect of the Marda gold project, with assays due shortly. The program was focused on extensions to shallow, high-grade mineralisation at the previously mined open pits at Python and Golden Orb, part of a greater 10,000m campaign planned for 2025.
News.com.au
44 minutes ago
- News.com.au
Health Check: It's ‘nothing personal' as major US biotech fund calls time on Syntara
San Francisco's BVF Partners has exited all its ASX investments because they are too small for the fund's mandate Alcidion shares soar 15% on earnings upgrade Optiscan enters 'win-win' supplier collab Syntara (ASX:SNT) CEO Gary Phillips says the exit of a long-term US backer should not be seen as a judgment on the company's late-stage myelofibrosis drug program. In a block trade the San Francisco BVF Partners has disposed of its $5 million, 6%, Syntara stake. The shares were taken up by some of Syntara's existing institutional holders. BVF's exit last week sent Syntara shares down by 25%, despite the company's previous Friday's positive update on its phase II myelofibrosis trial update. Phillips says the trial news created a 'liquidity event' which BVF availed of. But it was not a case of BVF (as in Biotech Value Fund) spurning Syntara's drug program. Rather, the fund grew to the extent where it can't justify a minimum investment below US$30-50 million. 'They always liked our science,' Phillips says. 'They have visited our labs and were always encouraged, but they just got bigger and bigger.' With US$9 billion of assets, BVF has called time on all its ASX investments. In May BVF divested its $3 million in Actinogen Medical (ASX:ACW), also via a block trade. The fund had also invested in Opthea (ASX:OPT), but got off before the eye drug developer's' trials went pear shaped. BVF also invested in immune-oncology drug developer Viralytics, famously taken over by Merck for an eyebrow-raising $500 million in 2018. Syntara's blood cancer program looks the goods Syntara's 'liquidly event' stemmed from further data from its phase II myelofibrosis trial, evaluating its drug candidate SNT-5505 in combo with the standard-of-care drug ruxolitinib. The patients had been treated with ruxolitinib, so had symptoms such as enlarged spleen size and blood counts 'indicative of high disease burden'. The results showed eight of 11 evaluable patients (73%) achieved a reduction of more than 50% at 24 weeks, as measured by a standard gauge called TSS50. Four out of nine patients (44%) had a spleen volume reduction of 25% at week 24 or beyond. The ongoing trial enrolled 16 patients with intermediate or high-risk myelofibrosis, for 52 weeks of treatment. However, five dropped out by the 24-week mark. This is a 'withdrawal rate consistent with that seen in other myelofibrosis studies of patients with similar disease severity." Eight patients reaching 38 weeks showed and average 56% reduction in symptoms, while five reaching 52 weeks exhibited a 63% decline. Syntara intends to chat with the FDA in the September quarter about the design of a pivotal phase 2c/3 study. Too much of a good thing for Immutep? With four trial updates on separate programs in less than two months, immunology drug play Immutep (ASX:IMM) must also feel underappreciated. Immutep stock has fallen around 10% in this period and trades at close to five-year lows, despite the upbeat clinical vibes. Too much activity from the multi-tentacled Immutep confusing investors, perhaps? Today, Immutep said a phase I autoimmune study showed 'significant T-cell suppression', thus highlighting potential efficacy of its candidate IMP-761. Initial data from placebo-controlled, double-blinded effort also showed good safety at the highest dosing level to date. By stimulating the LAG-3 (lymphocyte-activation gene-3) agonist antibody, IMP-761 promises to treat conditions including rheumatoid arthritis, Type 1 diabetes and multiple sclerosis. Since May 5 Immutep also has updated investors on its head and neck cancer, lung cancer and soft tissue sarcoma trials. Miya My! Alcidion has upgraded earnings Hospital patient management software supplier Alcidion (ASX:ALC) has upped its full-year earnings outlook, with strong take-up of its flagship Miya prompting clients to adopt its broader wares. 'Over the past few months this has resulted in several customers of varying size seeking extensions or module upgrades," CEO Kate Quirke says. "This has contributed to our improved financial position." Having guided to earnings before interest, tax depreciation and amortisation of $3 million, the company now expects the number to exceed $4.5 million (for the year to June 30 2025). The company earlier guided to revenue of at least $40 million. Alcidion provides to more than 400 hospitals and 87 healthcare organisations in the UK, here and New Zealand. In the UK, the most capacious market, the beloved National Health Service (NHS) is being merged with Department of Health and Social Care. This poses both threat to – and opportunities for – Alcidion, given it sells to NHS organisations. In April, Quirke said the push for more NHS productivity with fewer staff was likely to mean greater demand for Alcidion's digital platforms. 'I see the opportunity increasing,' she said. 'But we are waiting to see what the ten-year plan indicates in terms of where the priority areas are.' PYC gets FDA OK PYC Therapeutics (ASX:PYC) has provided evidence that the FDA continues to function, with the agency approving the company's proposed trial design at a preliminary (Type B) meeting. The company currently is undergoing a phase 1-2 trial of its drug candidate VP-001, to treat the blinding eye disease retinitis pigmentosa type 11 (RP11). With positive data to date, PYC wants to progress to a phase2/3 study pitched at FDA approval. The FDA says PYC can use similar endpoints and says trial design features (such as use of a sham arm and inclusion exclusion criteria) are OK as well. The company will use this guidance to finalise its proposed registrational study design. Tryptamine study aims to put binge eating disorder to BED Meanwhile, Tryptamine Therapeutics (ASX:TYP) has won ethics approval for the world's first trial, to test intravenously infused psilocin for binge eating disorder (BED). BED is the most common eating disorder in the US and second most common here. BED results in multiple other conditions including depression, anxiety, PTSD (post-traumatic stress disorder) and compulsive behaviours. A collaboration with Swinburne University, the local trial will enrol 12 patients and administer them with with Tryptamine's drug candite TRP-8803. They will be given two doses 14 days apart and also undergo psychotherapy. The trial has started recruiting, with first dosing expected in the September quarter. Investors can expect top-line results before the year is out. The good OIL on a 'win-win' collab Optiscan (ASX:OIL) has entered a five-year collaboration agreement with the US based Long Grove Pharmaceuticals, which provides a contrast agent for Optiscan's fluorescence-based endomicroscopic imaging systems. The idea of the collab is to use Long Grove's fluorescein drug, AK-FLUOR, with Optiscan's imaging technology in clinical studies. This potentially will identify new applications for the drug and expedite regulatory submissions. On the Optiscan side of things, the data should support the company' efforts to win FDA approval for its Invue device. Invue enables surgeons to gain real-time pathology insights and make on-the-spot decisions. Optiscan CEO Dr Camile Farah dubs the agreement a 'clear-cut win-win for both companies' development strategies'.
Perth Now
an hour ago
- Perth Now
Trump slump smashes major Aussie company
A brutal two-punch combo of Trump tariffs and inflation shocks is crushing the stock prices of major Australian fashion retailers, with luxury brand Cettire leading the dramatic slump. The company started off the year with a market capitalisation of nearly $600m, but a precipitous 81 per cent decline in its share price since January 2 value means it is now worth just $115m. Moomoo market strategist Jessica Amir warned 'serious alarm bells' were ringing about the survival of the company, which sells high-end products worldwide through its online platform. 'It's safe to say there are some serious questions about a potential receivership,' she said. In a trading update from June 12, Cettire announced just $500,000 in earnings for the financial year ending May 31, though sales revenues lifted 1.7 per cent to $693.8m. Luxury retailer Cettire is leading a slump in ASX-listed fashion stocks this year. Supplied Credit: Supplied City Chic has warned US tariff policies could impact its earnings. Supplied Credit: Supplied The company now has $45m left in cash, down from $79m in March. Cettire founder and CEO Dean Mintz blamed trade uncertainty around US tariff policy in part for the difficult trading environment. 'Recent results from luxury industry participants point to continued challenges in the sector, amplified by trade uncertainty surrounding US tariff policy,' he said. 'As a result, elevated promotional activity persists across the market.' While Cettire's share price is tanking, there are avenues the company could pursue to avoid any fall into administration, for example a capital raise or taking on a new debt facility. It is not the only ASX-listed apparel business to record a disturbing slump in value this year. Footwear retailer Accent Group has slumped 45 per cent, while KMD Brands, which sells the Kathmandu and Rip Curl brands, has tumbled 33 per cent. City Chic has retreated 26 per cent. Graphic Aussie Fashion Stocks - Jan 2-June 23 (2) At the start of the year, KMD was worth about $300m. Now it is worth less than $200m. Some of the retailers point to US President Donald Trump's tariff shock for creating additional challenges in their businesses. In a trading update from June 19, KMD estimated tariffs would strip about $1m in earnings from the company across the 2025 financial year. 'The (company) continues to closely monitor the fluid US tariff situation and it remains too early to estimate the impact on consumer demand in the US,' the company said. 'Given the uncertainty in the US market, agility remains the (company's) main priority heading into 2026.' In an update from May 5, City Chic has warned some 20 per cent of its revenue was generated in the US and 90 per cent of its products were sourced from China, a big target for tariffs. KMD Brands, which owns Kathmandu, has warned tariffs could strip out $1m in earnings for FY25. NewsWire / Gaye Gerard Credit: News Corp Australia 'Due to the tariff situation and its potential impact on consumer demand, USA sales expectations have been reduced for FY26,' the company said. But global trade chaos is not the only pressure mounting on fashion stocks, Ms Amir cautioned. Rising oil and electricity prices are also eating away at consumer spending power. 'The things we're paying every quarter and every month are far higher than they were,' she said. 'Petrol costs are up markedly and that's because the oil price is up. 'It means you've got less money left over to buy things like a luxury designer handbag from Cettire, or that Rip Curl jumper. 'You might want to get out your needle and thread and sow up your Kathmandu. You're not exactly going to go out and buy another one.' The benchmark ASX200, which tracks the 200 largest companies on the Australian stock market, has advanced 3 per cent year-to-date.
