Daily Roundup

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Aussie Broadband Powers Ahead With Major Acquisitions

Aussie Broadband has completed its acquisition of AGL Energy's telecommunications business, marking a significant expansion of its customer base. The company will migrate AGL's 350,000 NBN services and mobile connections during Q2 FY27, with the deal expected to deliver $21 million in underlying EBITDA within the first 12 months post-migration. Meanwhile, the migration of More and Tangerine Telecom customers remains on track for completion by the end of June 2026, and is forecast to contribute $12 million in annualized underlying EBITDA from FY27 onwards.

For the current financial year, Aussie Broadband is guiding FY26 earnings toward the middle of the $162 million to $167 million range, with capital expenditure expected at the upper end of the $55 million to $60 million range. The company believes these strategic transactions will contribute immediately to earnings with limited incremental capital requirements or execution risk once migrations are complete.

Southern Cross Electrical Engineering Raises the Bar

Southern Cross Electrical Engineering has secured over $150 million in new works awards and significantly lifted its earnings guidance. The company has raised its underlying FY26 EBITDA guidance to at least $75 million and is forecasting FY27 EBITDA of at least $100 million. Key wins include initial electrical and communications works for Multiplex at NEXTDC's S4 Data Centre and switchboard orders for Trivantage Manufacturing.

To support this growth trajectory, the company is launching a fully underwritten institutional placement to raise $150 million, alongside a non-underwritten share purchase plan targeting up to $15 million. The company is also increasing its financing facilities and strengthening its executive leadership team. Trading in SXE securities has been halted pending the announcement of equity raising results, with trading expected to resume on 16 June 2026.

Accent Group Faces Frasers Takeover Bid

Frasers Group plc has launched an on-market takeover bid for Accent Group Limited at A$0.65 per share, with the offer period running from 30 June to 30 July 2026. Frasers already owns approximately 22.9% of Accent Group and has expressed concerns about the company's recent financial performance and strategic direction.

However, Accent Group's board is urging shareholders to take no action and wait for a formal recommendation. The board has noted that Frasers' recent share purchases were at higher prices than the current offer, and that accepting the bid would prevent shareholders from benefiting from any future price increases or superior proposals. Accent has appointed Luminis Partners and Arnold Bloch Leibler as advisers as it evaluates the offer.

EOS Reports Strong Demand Amid Global Tensions

Electro Optic Systems Holdings Limited is experiencing elevated enquiry levels for its products, driven by ongoing global conflicts. The company has secured a new £85 million contract with a Middle Eastern customer and a $5 million order with L3Harris for a counter-drone weapon system. EOS is also launching its combined EOS/MARSS business at the Eurosatory Defence and Security Exhibition in Paris, with MARSS headquarters relocated to Nice, France.

For 2026, EOS anticipates full-year revenue of $240 million to $270 million for its base business, excluding MARSS. The company is currently assessing the timing of revenue recognition for MARSS contracts and expects to provide a further update on the MARSS revenue outlook within the next two months.

Peel Mining Shareholders Back Aeris Acquisition

Peel Mining Limited shareholders have overwhelmingly approved the proposed scheme of arrangement under which Aeris Resources Limited will acquire 100% of Peel. An impressive 99.99% of shareholders also voted in favor of the demerger of Spectre Metals Limited from Peel. Both the scheme and demerger remain subject to approval from the Supreme Court of New South Wales and satisfaction of other conditions.