Daily Roundup

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Acrow Ltd is making bold moves with a major acquisition spree and capital raise. The company announced plans to acquire both Ausgroup Industrial Services and Preston SuperDeck, bolstering its capabilities in industrial access and construction services. To fund these deals, Acrow is launching a fully underwritten $70 million equity placement, with an additional share purchase plan targeting up to $10 million from retail investors. The company will also allocate $19.5 million towards debt reduction from the placement proceeds.

The numbers look encouraging for shareholders. The acquisitions are expected to be mid-single-digit EPS accretive, and Acrow's pro-forma net debt to EBITDA ratio should improve to 1.5x, putting it on track for a longer-term target of 1.0x to 1.5x. Perhaps most notably, the company has upgraded its FY27 guidance significantly—revenue is expected to jump 21% to between $405-425 million, while EBITDA should climb 15% to $102-112 million.

Over at Emeco Holdings, the equipment rental giant is navigating a softer finish to the financial year. The company expects FY26 operating EBITDA between $290-295 million and operating EBIT of $145-150 million, with free cash flow around $100-110 million. Wet weather, supply chain hiccups, and fuel price uncertainty all weighed on the close of the year. Looking ahead to FY27, Emeco anticipates stable earnings and continued strong free cash flow as it redeployes its fleet and improves utilisation rates, targeting 90% surface utilisation and 80% underground utilisation.

Melbana Energy is hitting pause on its Cuban operations. The company has suspended its direct participation in its Cuban Production Sharing Contract after the U.S. Department of State designated Cuba's state-owned oil company, CUPET, as a Specially Designated National. This designation generally prohibits U.S. entities from transacting with CUPET and opens the door to secondary sanctions. Melbana, which holds a 30% interest in the contract, has already instructed its expatriate personnel and contractors to leave Cuba. The company is now engaging external legal counsel and sanctions experts to assess the implications for its operations and contractual obligations. Trading in Melbana's shares was temporarily suspended but has since been reinstated following the announcement.

Aruma Resources is celebrating some impressive drilling results from its Canadian copper project. The company reported exceptional wide, high-grade copper-silver intersections from Phase 1 diamond drilling at the Tillex Project in Ontario's Timmins mining district. The results confirm the scale and continuity of shallow, high-grade mineralisation and suggest a large-scale copper-silver system with broad mineralised zones. Importantly, mineralisation remains open along strike and at depth, signalling strong expansion potential. Aruma is moving ahead with Phase 2 drilling, which will comprise approximately 3,500 to 4,000 metres and is scheduled to commence next month.

Electro Optic Systems Holdings has requested a trading halt pending a major announcement. The company is working on disclosing a material contract for the sale of Remote Weapon Systems and a material joint venture agreement. Trading will remain halted until the announcement is made or Monday, 22 June 2026, whichever comes first. The halt ensures the company can manage its continuous disclosure obligations properly.