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Afterpay s AP Ventures weighs up listing and capital raising plans
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God knows what Appens at the Macquarie Conference
May 6, 2021 – 11.30pm
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Confusion reigned on Thursday over why machine learning outfit Appen had $337 million or 19 per cent of its market value wiped out in frenzied morning trade before a trading halt imposed by the ASX.
Appen said it had no specific explanation for the price action and noted it gave a presentation to select institutional investors at the Macquarie Conference on Thursday.
The presentation’s speaking notes provided to the public via the ASX platform referenced a downturn in advertising markets and the issue of major customers reprioritising product development. But analysts suggested the selling came about as Appen skipped the opportunity to reiterate its calendar year 2021 guidance, which was for EBITDA between $120 million to $130 million. This, it seems, was a profane omission for skittish shareholders already worried about Appen’s sales pipeline and performance over the first four months of 2021.
Afterpay soars after US rival doubles on Nasdaq debut
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Buy now, pay later stocks surged on Thursday after US rival and sector pioneer Affirm jumped 98 per cent in its first day of trading, earning Afterpay s founders a $194 million pay day.
Shares in Australian-born payments juggernaut Afterpay soared 9.7 per cent to $121, just shy of its December 29 record close of $122.09. It added $2.7 billion to its market capitalisation and took the personal wealth of each of its founders, Nick Molnar and Anthony Eisen, to $2.39 billion.
Anthony Eisen and Nick Molnar of Afterpay earned $194m each in Thursday s trade.
James Brickwood
The ASX-listed challengers all climbed, with Sezzle adding 7.5 per cent to $6.99 and Zip Co firming 5 per cent to $5.72. Openpay was up 1.8 per cent to $2.32 and Splitit added 1.8 per cent to $1.81, while Laybuy jumped 13.7 per cent to $1.45.
Cant and lawsuits: Rear Windowâs year in review
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Any bona fide review of the calendar year that corporate and political Australia have endured would necessarily run to hundreds of pages. In this format, sadly, we can only scan through the highlights of the highlights.
âUnprecedentedâ was, intolerably, the word of 2020. And all of it was: the border closures, the market meltdown, the lockdowns, the government spending, the market recovery, and the gruesome spectacle of the health crisis mishandled elsewhere.
Out the door: Treasury Wine Estates CEO Mike Clarke. Â
David Rowe
The Prime Minister began the year a national outcast after his spectacularly poor handling of last summerâs bushfires. But after his command performance throughout the pandemic, ScoMoâs Hawaiian snafu is ancient history and his ascendancy is seemingly entrenched.
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