Daily Roundup

HZN.ASX VYS.ASX CUE.ASX RHI.ASX MFG.ASX

Horizon Oil Launches Takeover Bid for Cue Energy

Horizon Oil Limited (ASX:HZN) has announced an off-market takeover offer to acquire all of the shares in Cue Energy Resources Limited (ASX:CUE) that it does not already own. Under the offer, Cue shareholders will receive a combination of $0.008 cash and 0.5625 Horizon shares for each Cue share held.

The offer represents a 10% premium to Cue's closing price on the last trading day and a 16.3% premium to Cue's 30-day volume-weighted average price. If successful, the deal will result in Cue shareholders holding 16.31% of the combined group, while existing Horizon shareholders will own 83.69%.

Horizon believes the combination may deliver strategic and financial benefits, including increased scale, an expanded asset portfolio, and potential synergies of up to $2 million per year. The offer is subject to several conditions, including a 50.1% minimum acceptance threshold and regulatory approvals.

Vysarn Reports Record 1H FY26 Earnings

Vysarn Ltd (ASX:VYS) has delivered a record half-year earnings result, with NPBT of $10.05 million, up 92% year-on-year. Revenue increased 63% to $66.81 million, while EBITDA grew 71% to $13.87 million.

The company reaffirmed its FY26 NPBT target of $20 million, based on its current work in hand and anticipated project awards. Vysarn is well-funded, with net tangible assets of $59.1 million and cash of $13.8 million, providing capacity for future growth.

Looking ahead, Vysarn plans to continue expanding its service, sector, and geographical diversification in the water industry. The company is targeting year-on-year organic growth in CY26, as well as executing earnings-accretive acquisitions and advancing the Kariyarra Water Scheme.

Red Hill Minerals Reports Successful Half Year, Declares Dividend

Red Hill Minerals Ltd (ASX:RHI) has reported a strong half-year performance, with a statutory profit before tax of $15.2 million, up from $5.3 million in the prior period. The company's Onslow Iron Ore Project royalty revenue was $14.9 million.

Red Hill also continued its exploration efforts, spending $4.6 million on key projects. The company paid a fully franked interim dividend of 11.6 cents per share and ended the half-year with a cash balance and receivables of $69.9 million.

Magellan and Barrenjoey to Merge, Creating Diversified Financial Services Group

Magellan Financial Group Ltd (ASX:MFG) and Barrenjoey Capital Partners have announced a proposed merger, creating a diversified financial services group with $40 billion in assets under management.

The combined entity will have a proven talent base across investment management, corporate finance, equities, fixed income, and capital markets. The merger is expected to improve business diversification and resilience, enhance the client proposition, and provide opportunities to retain and attract top talent.

The transaction, which values Barrenjoey at $1,616 million on a 100% basis, is subject to shareholder and regulatory approvals. The merged group will have a strong balance sheet to support future growth.