Announcement • Feb 20
River Capital Pty Ltd. completed the acquisition of Midway Limited (ASX:MWY) from Chebmont Pty Ltd and Gregory McCormack. River Capital Pty Ltd. entered into a binding Scheme Implementation Deed to acquire Midway Limited (ASX:MWY) from Chebmont Pty Ltd and Gregory McCormack for approximately AUD 100 million on November 14, 2024. The consideration consist of AUD 1.19 cash per Midway share which is inclusive of a partially franked special dividend expected to be paid of AUD 0.38 per Midway share. Under the agreement Midway shareholders may instead of receiving the Cash Consideration elect to receive scrip consideration or a mix of cash and scrip, provided that the holders of at least 5% of Midway shares elect to take scrip, and subject to a cap of 49.99%. The transaction has been unanimously approved by the board of Midway Limited and is pending approval of Midway shareholders, Court and include various customary conditions. Transaction has been approved by Federal Court of Australia. The deadline for Election Time for Midway Shareholders to elect to receive a Scrip Consideration Option was on January 20, 2025. As of January 22, 2025, 317,755 Shares in respect of which valid Elections to receive a Scrip Consideration Option have been made representing 0.36%. The Minimum Scrip Threshold will only be satisfied if valid Elections made would result in Midway Shareholders holding, in aggregate, at least 5%. Based on the indicative outcome of Elections, the scrip election didn't reach the Minimum Scrip threshold. Therefore, unless BidCo gives notice to Midway that it waives or reduces the Minimum Scrip Threshold, it is likely that no Scrip Consideration will be issued and all Midway Shareholders (including those who made a valid Election for a Scrip Consideration Option) will receive All Cash Consideration in respect of their Midway Shares held on the Scheme Record Date. Midway will make a further announcement to the ASX prior to the Scheme Meeting in the event that BidCo decides to waive or reduce the Minimum Scrip Threshold. Final outcome of Elections to be determined on February 11, 2025. The transaction is subject to Midway shareholders approving the Scheme by the requisite majorities at the Scheme meeting to be held on 30 January 2025, the Court hearing to approve the Scheme will take place on 4 February 2025 in the Federal Court of Australia. As of January 30,2025, the transaction is approved by shareholders of Midway Limited. As of February 4, 2025 the Federal Court of Australia (Court) has today made orders approving the scheme of arrangement under which RCM BidCo Pty Ltd, an entity owned and controlled by funds managed and advised by River Capital Pty Ltd. As of February 5, 2025 The Scheme is now legally effective, and it is expected that quotation of Midway Shares on the ASX.
Pricewaterhousecoopers Securities Limited, Investment Banking Arm acted as financial advisor for Midway Limited. Nicholson Ryan Lawyers Pty Ltd acted as legal advisor for Midway Limited. Ashurst Australia acted as legal advisor for River Capital Pty Ltd. Computershare Investor Services Pty Limited acted as registrar to Midway Limited.
River Capital Pty Ltd. completed the acquisition of Midway Limited (ASX:MWY) from Chebmont Pty Ltd and Gregory McCormack on February 18, 2025. Gordon Davis, Kellie Benda, Leanne Heywood, Nils Gunnersen, Tom Gunnersen and Andy Preece have resigned from the Midway board with effect from the implementation of the Scheme. James Craig and Joshua Ludski have today been appointed as directors of Midway. Announcement • Feb 18
Midway Limited Announces Board Changes Midway Limited announced that Each of Gordon Davis, Kellie Benda, Leanne Heywood, Nils Gunnersen, Tom Gunnersen and Andy Preece have resigned from the Midway board with effect from the implementation of the Scheme. James Craig and Joshua Ludski have been appointed as directors of Midway. Upcoming Dividend • Jan 30
Upcoming dividend of AU$0.38 per share Eligible shareholders must have bought the stock before 06 February 2025. Payment date: 18 February 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.3%. Lower than top quartile of Australian dividend payers (6.0%). Lower than average of industry peers (2.8%). Announcement • Jan 24
Midway Limited Announces Special Dividend , Payable February 18, 2025 Midway Limited announced Special dividend of AUD 0.38350000. Ex Date: February 6, 2025, 2024, Record date: February 7, 2025, Payment date: February 18, 2025. Announcement • Nov 15
River Capital Pty Ltd. entered into a binding Scheme Implementation Deed to acquire Midway Limited (ASX:MWY) from Chebmont Pty Ltd and Gregory McCormack for approximately AUD 105 million. River Capital Pty Ltd. entered into a binding Scheme Implementation Deed to acquire Midway Limited (ASX:MWY) from Chebmont Pty Ltd and Gregory McCormack for approximately AUD 105 million on November 14, 2024. The consideration consist of AUD 1.19 cash per Midway share which is inclusive of a partially franked special dividend expected to be paid of AUD 0.38 per Midway share. Under the agreement Midway shareholders may instead of receiving the Cash Consideration elect to receive scrip consideration or a mix of cash and scrip, provided that the holders of at least 5% of Midway shares elect to take scrip, and subject to a cap of 49.99%. The transaction has been unanimously approved by the board of Midway Limited and is pending approval of Midway shareholders, Court and include various customary conditions. Pricewaterhousecoopers Securities Limited, Investment Banking Arm acted as financial advisor for Midway Limited. Nicholson Ryan Lawyers Pty Ltd acted as legal advisor for Midway Limited. Ashurst Australia acted as legal advisor for River Capital Pty Ltd. New Risk • Nov 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 23% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 32% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (AU$66.8m market cap, or US$43.2m). Announcement • Oct 10
Midway Limited, Annual General Meeting, Nov 28, 2024 Midway Limited, Annual General Meeting, Nov 28, 2024. New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (AU$82.1m market cap, or US$56.1m). Upcoming Dividend • Sep 12
Upcoming dividend of AU$0.16 per share Eligible shareholders must have bought the stock before 19 September 2024. Payment date: 04 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.5%. Lower than top quartile of Australian dividend payers (6.2%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 30
Full year 2024 earnings released: EPS: AU$0.01 (vs AU$0.03 loss in FY 2023) Full year 2024 results: EPS: AU$0.01 (up from AU$0.03 loss in FY 2023). Revenue: AU$279.6m (up 47% from FY 2023). Net income: AU$858.0k (up AU$3.47m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Aug 15
Midway Limited to Report Fiscal Year 2024 Results on Aug 29, 2024 Midway Limited announced that they will report fiscal year 2024 results on Aug 29, 2024 Board Change • Mar 05
Less than half of directors are independent Following Non-Executive Director Andy Preece's arrival on 01 March 2024, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Kellie Benda was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
First half 2024 earnings released: AU$0.02 loss per share (vs AU$0.043 profit in 1H 2023) First half 2024 results: AU$0.02 loss per share (down from AU$0.043 profit in 1H 2023). Revenue: AU$119.0m (down 2.8% from 1H 2023). Net loss: AU$1.41m (down 141% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Midway Limited Announces the Appointment of Andrew (Andy) Preece to the Board as a Non-Executive Director, Effective as of 1 March 2024 Midway Limited announced the appointment of Mr. Andrew (Andy) Preece to the Board as a Non-Executive Director, effective as of 1 March 2024. Andy has held several executive roles including Managing Director and Chief Executive Officer of Spicers Limited and prior to that Executive General Manager, Australia, New Zealand, and Asia. He has a manufacturing, merchanting, and wholesaling career spanning 30 years, originating in the UK packaging industry. Announcement • Feb 15
Midway Limited to Report First Half, 2024 Results on Feb 29, 2024 Midway Limited announced that they will report first half, 2024 results on Feb 29, 2024 Announcement • Nov 29
Midway Limited Announces Fully Franked Special Dividend, Payable on 22 December 2023 Midway Limited announced a 5.0 cent fully franked special dividend to be paid on 22 December 2023 with a record date of 08 December 2023. This special dividend is being paid out of the net proceeds of the sale of the plantation estate. Announcement • Oct 12
Midway Limited, Annual General Meeting, Oct 30, 2023 Midway Limited, Annual General Meeting, Oct 30, 2023, at 10:00 AUS Eastern Standard Time. Location: 10 The Esplanade, North Shore Victoria Victoria Australia Reported Earnings • Aug 25
Full year 2023 earnings released: AU$0.03 loss per share (vs AU$0.10 loss in FY 2022) Full year 2023 results: AU$0.03 loss per share (improved from AU$0.10 loss in FY 2022). Revenue: AU$189.8m (down 1.9% from FY 2022). Net loss: AU$2.61m (loss narrowed 72% from FY 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 18
Midway Limited to Report Fiscal Year 2023 Results on Aug 24, 2023 Midway Limited announced that they will report fiscal year 2023 results on Aug 24, 2023 Reported Earnings • Feb 24
First half 2023 earnings released: EPS: AU$0.043 (vs AU$0.04 loss in 1H 2022) First half 2023 results: EPS: AU$0.043 (up from AU$0.04 loss in 1H 2022). Revenue: AU$122.5m (up 31% from 1H 2022). Net income: AU$3.41m (up AU$7.06m from 1H 2022). Profit margin: 2.8% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Feb 16
Midway Limited to Report First Half, 2023 Results on Feb 23, 2023 Midway Limited announced that they will report first half, 2023 results on Feb 23, 2023 Announcement • Oct 27
Midway Limited Announces Board Changes Midway Limited announced that Tom Keene and Greg McCormack have advised the Board that they would not seek re-election and accordingly they will retire from the Board at the conclusion of the AGM. Announcement • Oct 10
Midway Limited, Annual General Meeting, Nov 28, 2022 Midway Limited, Annual General Meeting, Nov 28, 2022, at 10:01 E. Australia Standard Time. Location: The Esplanade, North Shore Victoria. Victoria Australia Announcement • Oct 06
Midway Limited Announces Appointment of Ms Kellie Benda as Non-Executive Director Midway Limited announced that Ms Kellie Benda has been appointed as a non-executive director, effective 5 October 2022. Kellie is an experienced non-executive director having served on a number of boards since 2003 including Federal and State government trading enterprises and various not-for-profits. She has served as a non-executive director of the WA Forest Products Commission and IMX Resources Limited, a dual listed ASX and TSX mining company, including a period as Chair. After commencing her career with Mallesons (now King & Wood Mallesons) as a corporate lawyer, she moved into investment banking and most recently held senior executive positions as Chief Risk Officer, Chief Operating Officer and Executive General Manager in organizations including AGL Limited, Origin Energy Limited, Emeco Holdings Limited and Aurizon Limited. She holds a Bachelor of Law, Bachelor of Arts (Industrial Relations), Master of Applied Finance and is a graduate of the Harvard Advanced Management Programme. She is a graduate of and has been awarded a fellowship by the Australian Institute of Company Directors. Announcement • Aug 30
Midway Limited to Pay Dividend for the First Half of 2023 Midway Limited to pay dividend for the first half of 2023. It was not an option to pay a dividend to shareholders based on these results. However, the sale of the Victorian plantation land and trees gives directors the ability to use the first tranche of the proceeds to reduce debt, repay the strategy finance liability and pay a fully franked dividend of up to $0.195 per share in first half of 2023, subject to final completion and other conditions. Reported Earnings • Aug 29
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: AU$0.15 loss per share (down from AU$0.061 loss in FY 2021). Revenue: AU$203.3m (down 28% from FY 2021). Net loss: AU$13.0m (loss widened 142% from FY 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.9%, compared to a 6.8% growth forecast for the Forestry industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
Midway Limited to Report Fiscal Year 2022 Results on Aug 29, 2022 Midway Limited announced that they will report fiscal year 2022 results on Aug 29, 2022 Major Estimate Revision • Jun 07
Consensus EPS estimates fall by 88% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$204.0m to AU$191.4m. Losses expected to increase from AU$0.08 per share to AU$0.15. Forestry industry in Australia expected to see average net income growth of 9.9% next year. Consensus price target broadly unchanged at AU$1.20. Share price was steady at AU$0.89 over the past week. Announcement • May 13
Midway to Sell Plantation Estate in Southwest Victoria for AUD 154.1 Million Midway Limited (ASX:MWY) to sell its existing 17,000 hectare plantation estate in south-west victoria for AUD 154.1 million. A special purpose vehicle established by unit of Munich Re committed to invest additional $200 million for land purchases. The use of net proceeds will include reducing bank debt, investment in growth initiatives, returns to shareholders. Price Target Changed • Apr 27
Price target decreased to AU$1.22 Down from AU$1.78, the current price target is provided by 1 analyst. New target price is 37% above last closing price of AU$0.89. Stock is down 16% over the past year. The company is forecast to post a net loss per share of AU$0.079 next year compared to a net loss per share of AU$0.061 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Leanne Heywood was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 06
Midway Limited Appoints Michael McKenzie as CFO, Effective 1 July, 2022 Midway Limited announced that Michael McKenzie will become Chief Financial Officer from 1 July, 2022. Mr. McKenzie has been Financial Controller at Midway since shortly after the Company was listed in 2016. Reported Earnings • Feb 28
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: AU$0.04 loss per share (down from AU$0.02 loss in 1H 2021). Revenue: AU$91.2m (down 40% from 1H 2021). Net loss: AU$3.65m (loss widened 174% from 1H 2021). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 1.7%, compared to a 9.6% growth forecast for the industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Feb 17
Midway Limited to Report First Half, 2022 Results on Feb 24, 2022 Midway Limited announced that they will report first half, 2022 results on Feb 24, 2022 Price Target Changed • Oct 26
Price target increased to AU$1.42 Up from AU$1.12, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of AU$1.46. Stock is up 32% over the past year. The company is forecast to post earnings per share of AU$0.083 next year compared to a net loss per share of AU$0.061 last year. Board Change • Sep 22
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Leanne Heywood was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 29
Full year 2021 earnings released: AU$0.061 loss per share (vs AU$0.14 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: AU$280.8m (up 7.0% from FY 2020). Net loss: AU$5.36m (loss narrowed 55% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 01
Price target decreased to AU$1.08 Down from AU$1.18, the current price target is an average from 3 analysts. New target price is 17% above last closing price of AU$0.92. Stock is down 9.8% over the past year. Reported Earnings • Feb 26
First half 2021 earnings released: AU$0.02 loss per share (vs AU$0.01 profit in 1H 2020) The company reported a soft first half result with weaker earnings and weaker control over costs, although revenues improved. First half 2021 results: Revenue: AU$153.9m (up 21% from 1H 2020). Net loss: AU$1.33m (down 261% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 70% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Feb 17
Midway Limited to Report First Half, 2021 Results on Feb 24, 2021 Midway Limited announced that they will report first half, 2021 results on Feb 24, 2021 Is New 90 Day High Low • Feb 02
New 90-day low: AU$0.79 The company is down 22% from its price of AU$1.01 on 04 November 2020. The Australian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$1.23 per share. Is New 90 Day High Low • Jan 08
New 90-day low: AU$0.87 The company is down 13% from its price of AU$1.01 on 09 October 2020. The Australian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$1.26 per share. Is New 90 Day High Low • Dec 06
New 90-day low: AU$0.95 The company is down 5.0% from its price of AU$1.00 on 07 September 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$1.12 per share. Is New 90 Day High Low • Oct 16
New 90-day high: AU$1.11 The company is up 40% from its price of AU$0.80 on 17 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$1.20 per share. Announcement • Oct 13
Midway Limited Announces Retirement of Anthony Bennett as Non-Executive Director Midway Limited announced that Non-Executive Director, Anthony Bennett, has advised the Board that he will not seek re-election as a director at the forthcoming Annual General Meeting (AGM), and will thus retire from the Board at the conclusion of the meeting. Announcement • Aug 20
Midway Limited to Report Fiscal Year 2020 Results on Aug 27, 2020 Midway Limited announced that they will report fiscal year 2020 results at 10:13 PM, GMT Standard Time on Aug 27, 2020 Announcement • Jun 22
Midway Limited(ASX:MWY) dropped from S&P/ASX All Ordinaries Index Midway Limited(ASX:MWY) dropped from S&P/ASX All Ordinaries Index