☕️ Dumb and Dubber

Good morning.

It’s been good week for those who get a buzz out of people in power being held accountable. Brad Branducci got Nick McKim’ed, Bruce Lehrmann got Justice Michael Lee’d, and Uber’s former GM, Mike Abbott, was dragged over the coals by GoCatch barrister Michael Hodge during the ridesharing companies’ Supreme Court battle.

Hodge accused Abbott of lying in court over whether he thought Uber had been acting unlawfully, Abbott denied being dishonest. GoCatch is alleging that Uber breached transport laws and allowed unregistered drivers to operate on its ridesharing app while it sought to "squash" its Australian rival. Capital Brief is covering the case.

🏆 LOI Subscriber #TBD

Market movers

Shares in Dubber tanked during trading on Wednesday, plummeting over 72% to close at $0.06 after its month and a half long suspension from trading lifted. Dubber’s trading halt had been in place since 29 February due to the company investigating $26.6 million in lost funds, after former CEO Steve McGovern and a third party trustee were alleged to be involved in the unauthorised use of the missing funds. The company also opened the retail component of its capital raise aimed to recoup lost company funds on Wednesday.

The quick sync

• ASIC’s Sanlam probe sparks calls for reform over ‘shadow licensing’ sector. (Capital Brief)

• Plastics maker Qenos has appointed voluntary administrators, McGrathNicol, putting over 700 jobs on the line. (The Australian)

• NAB and Westpac match CBA’s restrictions on lending to new oil and gas projects. (Capital Brief)

• Microsoft and OpenAI have managed to dodge an EU probe over the tech giant’s US$13b ($20.26b) investment into the AI startup. (Bloomberg)

• Tesla shareholders to vote on relocating company’s state of incorporation to Texas, in order to get Elon Musk’s US$56b pay package over the line. (Capital Brief)

M&A

• RetireAustralia seeks investors with Jefferies Australia for a sale process. (AFR)

• Dexus to use pre-emptive rights to boost Powerco stake by $1b, aligning with QIC's exit. (The Australian)

• GIP advances Pacific National exit with management presentations for potential buyers. (AFR)

• EQT Partners close to acquiring PageUp from Battery Ventures, with other investors also interested. (AFR)

• Rinehart's Lynas investment seen as positive sign that the SQM-Azure will gain regulatory approval. (The Australian)

Capital Markets

• S&P Global downgrades Bingo's credit rating due to weak cash flow, high leverage, and liquidity concerns. (AFR)

• MA Financial taps high-yield bond market with $55m raise. (AFR)

• Archistar and Blackfort have teamed up to offer loans to Archistar's subscribers. (BNA)

VC

• Sophie Purdom's Planeteer Capital leads a $5.3m seed round, her first international investment. (Startup Daily)

People moves

• Belle Lajoie has been promoted to co-CEO of Soda Infrastructure. (BNA)

• David Foster, chair of The Star Entertainment Group, has requested a leave of absence at Bendigo and Adelaide Bank due to the Star's NSW inquiry. (Capital Brief)

• SkyCity Entertainment appoints Jason Walbridge as new CEO, effective July. (Capital Brief)

• Ingenia's new CEO, John Carfi, prompts curiosity about plans for holiday parks, akin to manufactured home assets. (The Australian)

Together with Tribe Global Ventures

Access vetted B2B venture capital opportunities direct from Tribe Global Ventures

Tribe Global Ventures are B2B specialist investors that have built, sold, and listed B2B companies as founders.

We leverage our collective experience to guide our portfolio companies to healthy and sustainable growth and value creation.

Sign-up to receive 4-6 investment opportunities in your inbox each year, chosen from hundreds of deals curated from our networks developed over 20 years in the early-stage innovation ecosystem.

Sophisticated Investors can join here.

No membership fees or obligation to invest. You choose the deals you like.

The watercooler