DataRoom AM: Carnegie shops around

Venture capitalist Mark Carnegie is reportedly putting together a new consumer goods-focused fund, while David Jones gets the all-clear to hold its takeover scheme meeting this month.

Mark Carnegie reportedly wants another $100m for a new fund with a consumer goods focus; one company is already in the shopping bag.

Elsewhere, the Federal Court has given David Jones the green light to hold its scheme meeting, Smartgroup is licking its wounds after a disappointing debut and it’s deals aplenty in and from New Zealand.

Venture capitalist Mark Carnegie has his eye on fast-moving consumer goods businesses as he looks to raise another $100 million for a new fund.

According to The Australian Financial Review, Carnegie’s private equity firm has picked up a stake in Modern Baking and MH Carnegie investment director Mark De Ambrosis says “six or seven other businesses” are being looked at in the space.

The David Jones scheme meeting for Woolworths’ $2.2 billion takeover offer will go ahead on July 14 after the Federal Court rejected a request from the corporate regulator for an independent expert’s valuation of a claimed “collateral benefit” for retail billionaire Solomon Lew.

Lew owns 9.9 per cent of David Jones and 11.7 per cent of Country Road, which Woolworths has a $17 a share mop-up offer for.

With the Federal Court agreeing with David Jones that the issues raised by the Australian Securities and Investments Commission (ASIC) were taken care of in the scheme booklet, the target’s board continues to recommend the offer in the absence of a superior bid.

Staying with retail, Macquarie analysts have reportedly warned Westfield’s Aussie spin-off Scentre risks diluting its earnings if it flogs half its New Zealand shopping assets.

According to The Australian, Singapore sovereign wealth fund GIC and Canada Pension Plan Investment Board are thought to be having a look at the investment, which could value the nine malls at $NZ3bn ($2.8bn).

Smartgroup booked a very disappointing debut with a 7.2 per cent drop in its opening day of trading. The owner of salary packaging company Smartsalarybegins this morning’s session, where it will be hoping to attract some bargain hunters, with a market cap of $150.7m.

Horizon Oil’s independent expert Deloitte Corporate Finance has recommended the all-scrip merger of equals proposal with Roc Oil. The plan would create a standalone company worth $800m, but Roc is also dealing with a late play by an unnamed third party.

More news from across the Tasman, hospital software provider Orion Health says it is “continuously assessing the optimal capital structure” and “one of the options” is a capital raising. Meanwhile, listed telco Vocus Communications has confirmed it’s after New Zealand’s FX Networks for an enterprise value of $108m.

Meanwhile, the ASX is encouraging companies in New Zealand and the broader Asia Pacific to list in Australia, according to The Australian Financial Review.

Big news in communications, former iiNet boss Michael Malone, also the company’s founder, is no longer a substantial shareholder after offloading $8.5m in shares. Malone began the over company 20 years ago.

And finally, Wesfarmers chief executive Richard Goyder was adamant, once again, that despite Target’s poor numbers the company will not be putting it on the chopping block.