Daily Roundup

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Biome Secures FaBA Co-investment for IP Development

Biome Australia Ltd has landed a lucrative co-investment agreement with the Australian Food and Beverage Accelerator (FaBA) to jointly fund the development of Biome's BMB18 probiotic strain. This partnership is backed by a hefty $50 million in government funding from the Australian Government Department of Education Trailblazer Program.

Under the deal, Biome will work alongside FaBA and its university partners, including the University of Queensland, Queensland University of Technology, and the University of Southern Queensland, to advance the research and development of the BMB18 probiotic. Biome will contribute up to $550,000 over the next two years, which will be matched by FaBA's government research grants.

The best part? Biome will retain full ownership of the intellectual property related to the Lactobacillius plantarum BMB18 strain, as well as any IP arising from the project. This is a fantastic opportunity for Biome to accelerate the development of its promising probiotic pipeline, supported by substantial government funding.

Fortescue Increased Offer Price of $1.20 per share Triggered

It's been a busy week for Fortescue, as the mining giant's increased takeover offer for Red Hawk Mining has been triggered. After major shareholders accepted the bid, Fortescue now holds a 78% stake in Red Hawk.

The increased offer price of $1.20 per share represents a 14% jump from the initial $1.05 base offer. Fortescue has also stated that it will waive the remaining condition to the offer within the next 14 days, making the takeover unconditional.

The Red Hawk board has unanimously recommended that shareholders accept Fortescue's offer, in the absence of a superior proposal. This move will see Red Hawk delisted from the ASX once the takeover is complete.

Delorean's Q2 FY2025 Quarterly Activities Report

Delorean Corporation Limited has been firing on all cylinders in the second quarter of the 2025 fiscal year. The company reached an internal Financial Investment Decision on its 100%-owned SA1 Bioenergy Project, with the aim of achieving waste acceptance by Q2 FY2026 and first gas by Q3 FY2026.

Construction work also continued on Delorean's $53 million Yarra Valley Water food waste to energy project, with major civil works, tank construction, and the reception building all underway. Additionally, the company progressed the co-development of the NSW1 project with Brickworks Building Products, completing the public exhibition phase for development approval.

Delorean's Engineering Division was primarily focused on these key projects, while the Infrastructure Division secured contracted revenues for SA1 and continued development activities on the VIC1 and QLD1 projects. The company's Energy Retail Division is also gearing up for a strategic scale-up as its infrastructure assets come online.

Midway Ltd Suspended from Quotation

In other news, Midway Ltd (ASX: MWY) has been suspended from quotation following the lodgement of Federal Court orders approving the scheme of arrangement under which RCM BidCo Pty Ltd will acquire all of Midway's issued shares.

BWP Trust reports half-year results to 31 Dec 2024

Lastly, BWP Trust has reported a strong financial performance for the half-year ended 31 December 2024. Total income increased by 22.2% to $100.6 million, while the distributable amount rose by 13.3% to $65.6 million. The Trust also declared an interim distribution of 9.20 cents per unit, up 2.0% from the prior corresponding period.

Looking ahead, BWP Trust is providing distribution guidance of 9.46 cents per unit for the second half of the 2025 financial year, subject to no major economic disruptions. The Trust will continue to focus on optimizing its portfolio and exploring opportunities to grow the core retail portfolio.