A quick summary of the companies in the news today
Life 360 (+16.80%) was the best performer on the ASX200 index after reporting that it had added 4.9 million net new users during the first quarter of FY24, taking its total monthly active users to 66.4 million as of the end of March. Qoria (+33.33%) shares spiked to close at $0.42 after the technology company rejected a takeover proposal from K1 Investment Management valued at $0.40 per share.APM Human Services (-29.45%) took a tumble after providing a trading update stating that it anticipates Net Profit to be between $95 million and $105 million, falling below market expectations. APM also said that it had received a non-binding takeover offer from Madison Dearborn Partners for $1.40 per share, which currently owns a 29% stake in the company. APM shares closed at $1.145 per share.
Elders (-24.42%) shares plummeted after the company reported that first-half trading for FY24 was “significantly below expectations” due to the impact of El Niño, low farmgate prices, and sustained margin pressures. Underlying EBIT is expected to be between $120 million and $140 million for FY24, down from $170.8 million in FY23. Beach Energy (-15.04%) sank after it said it expects costs at its Waitsia gas plant to increase by $200 million following the discovery of quality-related problems at the site.
Ansell shares went into a trading halt today after the company announced the acquisition of Kimberly-Clark Corporation’s PPE business in a deal worth US$640 million. To partially fund the deal, Ansell will raise $400 million from institutional shareholders at $22.45 per share - a 6% discount to its last closing price of $23.89 on Friday. Retail holders will also be able to participate in a further $65 million capital raise.
Full stock market and global news recap for today can be found here for free
