PEP finds a perfect private-equity target in ASX darling-turned-dog
It's funny how life works. Late last month, news broke that Scott Didier, the managing director and talisman of ASX-listed building group Johns Lyng Group, had spent a staggering $140 million to buy one of Australia's most iconic pubs, The Beach Hotel in Byron Bay.
Two weeks later, Johns Lyng, in which Didier holds an 18 per cent stake, is in the sights of local private equity giant Pacific Equity Partners, in a deal that could value the business at just over $900 million.
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West Australian
an hour ago
- West Australian
Dale Henderson keeps the faith amid deteriorating lithium market with $1m splurge on PLS shares
The chief of PLS keeps buying millions of dollars worth of his company's stock amid a share price slide showing no signs of abating. Dale Henderson last week bought 755,000 shares in PLS, formerly known as Pilbara Minerals, for a total of $1.01 million — according to filings released to the ASX on Monday. This on-market outlay equates to $1.34 per share and comes seven months after a $1.1m spend on PLS shares. Mr Henderson bought 500,000 shares at $2.23 apiece during this December cash splash. But the spending sprees are unlikely to make a big dent in his bank balance. Mr Henderson's package of salary, shares and performance rights totalled $4.5m for the 2024 financial year. He now owns almost 2.1 million PLS shares, worth approximately $2.5m at current prices, and 2.1m of performance rights. PLS shares have sunk 61 per cent over the past year and 78 per cent since a November 2022 peak of $5.37. Its shares were in the red on Monday despite Mr Henderson's top up, trading down 2 per cent to $1.20 by 11.30am. Mr Henderson has been a vocal lithium bull, even in comparison to his other lithium CEO counterparts. While most miners of the battery mineral were battening down the hatches during the latter half of last year, PLS inked a deal to buy Brazilian-focused lithium developer Latin Resources for $560m. Mr Henderson described the major acquisition as 'counter-cyclical'. At the time of the Latin deal, the benchmark price of the spodumene concentrate lithium product PLS produces was over $US900 per tonne. And a year prior to the date of the deal it was about $US3500/t. It is now currently languishing at just over $US600/t, as slower-than-expected uptake of electric vehicles plus booming supply out of South America, Africa and China drags prices down.
West Australian
an hour ago
- West Australian
Estrella strikes near-surface manganese paydirt in Timor-Leste
ASX-listed Estrella Resources has wasted little time making its mark in Timor-Leste, after the company revealed a high-impact 7.76-metre manganese oxide hit from just 30 centimetres below surface at its Ira Miri project in the country's northwest. The discovery came from a diamond drill hole using an upgraded rig, which twinned the project's first hole. The maiden hole pulled up short in mineralisation earlier this month. Drilling is now being powered by a repurposed Boart Longyear Deltabase 525 rig, which has been modified for exploration and fitted with an appropriate drill bit capable of churning through the harder material. The company says it significantly boosted core recovery at the project by switching the drill bit and improving the drilling fluids. The updated equipment is likely to be vital for generating results that meet the rigorous standards needed to define a resource under the JORC code. While assays for the first hole are still a few weeks away, the new hit is already shaping up as a significant moment for Estrella and Timor-Leste's emerging minerals. Initial visual estimates from the core show thick, continuous zones of manganese mineralisation, with some sections appearing to contain up to 100 per cent manganese oxide. Estrella says the material appears to be in-situ supergene enrichment from the Noni Formation and looks extremely well preserved beneath ancient overburden. Daws added the latest results, which twin the company's first hole, are strategically important, and provide Estrella with complete core for geological analysis and data on the depth of its initial manganese discovery. While Estrella is keen to point out that visual estimates aren't a stand-in for lab assays, the geology on show looks the real deal. Notably, the thickness of the manganese hit stacks up against Australia's legendary Groote Eylandt deposit, which averages just 3 metres. Estrella says drilling at Ira Miri will continue with step-out diamond holes designed to test the continuity and scale of the mineralised horizon. At the same time, reconnaissance mapping of the company's southern Lautém manganese grounds has continued. Environmental approvals - in conjunction with community input - are also being worked up at its Werumata site. It plans to drill a large 3.9 square kilometre target area at Werumata when the permits are secured. Estrella's boots-on-the-ground efforts are earning widespread recognition. Timor-Leste Prime Minister Xanana Gusmão met with the company's management, offering strong support for the project and for Estrella's broader exploration activities across the country. Estrella also organised a full site visit for more than 50 investors, national media representatives and senior government officials. The party toured the Ira Miri manganese site and its Werumata limestone project in Baucau. Attendees witnessed drilling in action and inspected a trench dug into a new discovery of massive manganese oxides 350m northwest of the current drilling, hinting at the project's potential scale. Backed by community support, government enthusiasm and early geological success, Estrella appears to be on track to cut out a new mineral province. With assays imminent and more drilling on the cards, punters are likely to keep a close eye on what comes next out of Timor-Leste. Is your ASX-listed company doing something interesting? Contact:
The Age
2 hours ago
- The Age
Rupert Murdoch's right-hand man made $42m last year. He has just landed a new deal
Rupert Murdoch's most senior and one of his last remaining lieutenants, Robert Thomson, who hails from a Victorian town with a population of 279, has been granted a five-year contract extension to 2030, cementing his status as one of Australia's top paid executives. Data published by the Australian Council of Superannuation Investors (ACSI) last week revealed him to be the highest-paid Australian executive, with take-home pay of $41.9 million in the last financial year. News Corp is co-listed on the ASX and Nasdaq. Thomson is chief executive of News Corp, the global media, technology and information company most famous for a raft of newspapers including The Australian, Herald Sun and Daily Telegraph in Australia, and The Sun, The Times and The Wall Street Journal overseas. The move puts to bed some internal speculation that Almar Latour, the Dow Jones chief executive, which holds the company's Wall Street Journal, was in line to succeed Thomson, who has led News Corp since its inception in 2013, when the Murdoch family's media assets were split in two, creating both Fox and News Corp. Thomson has made more than $200 million in total remuneration since taking on the job over a decade ago, the Australian Financial Review has previously reported. Loading Born in the Victorian town of Torrumbarry and educated at St Kilda's Christian Brothers College, Thomson got his start at The Melbourne Herald, now known as The Herald Sun. He went on to hold senior journalism roles at The Sydney Morning Herald and The Financial Times. After he was passed over for the latter's top editorial job in 2001, he was poached by Murdoch to edit his prestigious London broadsheet, The Times. He eventually went on to edit FT rival, the Wall Street Journal. Thomson and Rupert Murdoch developed a long-standing relationship despite the 30-year age gap (to the day). He is known to be one of the few executives willing to offer full and frank advice, or criticism, to the media mogul. It is now Lachlan Murdoch who has extended Thomson's time at News Corp, in one of his most significant moves since becoming sole chair 18 months ago. The News Corp chair praised Thomson's role in transforming the company over his 12-year tenure, saying his vision and leadership are vital as it navigates an era of rapid change.
