Daily Roundup

NEXTDC Raises A$1.1 Billion to Fund Data Center Expansion

Data center operator NEXTDC has successfully priced A$1.1 billion of convertible notes, locking in funding for its ambitious development pipeline. The 1.75% subordinated convertible notes are due in 2031 and carry an initial conversion price of A$16.6950 per share—a 32.5% premium over the current reference price. The company expects to pocket around A$1,006 million in net proceeds from the offering, which will be listed on Vienna's Multilateral Trading Facility rather than the ASX. The deal also includes a delta placement of 18.6 million existing shares at A$12.60 each, alongside capped call transactions designed to hedge against sharp share price movements. For NEXTDC, this move strengthens its balance sheet while preserving flexibility to chase customer-led growth opportunities.

Lion Selection Group's Portfolio Surges Despite Profit Decline

Meanwhile, investment firm Lion Selection Group has reported a mixed year, with its portfolio value jumping 68% to $106.5 million but profits tumbling 77% to $8.89 million for the year ended 31 July 2026. The company strategically deployed $22.5 million into micro-capitalization resources companies, with standout gains including a $5.1 million increase in Medallion Metals and a $4.8 million jump in Sunshine Metals. Not all bets paid off—Brightstar and Koonenberry saw declines of $2.9 million and $2.6 million respectively. The company maintains a robust balance sheet with $36 million in cash and term deposits, positioning it well to capitalize on what management sees as a compelling cyclical recovery in the junior resources market.

Novonix Faces Immediate Cash Demand

Battery materials company Novonix has hit a speed bump, with an amortisation event triggered under its funding agreement after the share price dipped below A$0.12. The company must pay US$7 million by 21 September 2026 from existing cash reserves. If the share price remains below the floor price, further payments of 20% of the outstanding amount will follow on a rolling 30-day basis until either the share price recovers or the debt is fully repaid.

However, there's a brighter spot in Novonix's story. The company received encouraging feedback from its lead customer on synthetic graphite samples, with the material meeting 12 out of 14 specification parameters. While two specs fell short—though one was within approximately 1% of target—Novonix's own testing showed the material hitting all requirements. The company plans to fine-tune the remaining parameters and expects to kick off mass production sales in the second half of 2027, as it works to establish a secure North American battery materials supply chain.

X2M Connect Lands Third Data Center Partnership

Tech infrastructure player X2M Connect has signed a non-binding partnership agreement with Ethical Development Fund Australia to develop high-density GPU data centers in North Queensland. The partnership, X2M's third data center deal, targets facilities ranging from 10MW to 100MW capacity, with the initial phase focusing on a 20 to 45MW scalable data center. X2M will handle infrastructure delivery and potentially ongoing management, generating revenue across both development phases. The project emphasizes green energy integration, positioning it as a carbon-neutral operation.

Nine Entertainment Locks in Premier League Through 2034

Media giant Nine Entertainment has extended its Australian streaming and broadcast rights for the Premier League through 2033-34, securing another six years of the competition that's become crucial to Stan Sport's growth. The deal covers all 380 annual matches and will see the rights fee remain flat in FY29 before growing at 3% annually over the contract period. Nine plans to leverage its full broadcast arsenal—from Stan to traditional TV to outdoor advertising—to maximize audience reach. The company expects to absorb any cost increases through efficiency gains and revenue initiatives, keeping the Premier League a cornerstone of its streaming strategy.