Former Aristocrat Leisure duo Jamie Odell and Toni Korsanos have spent the past few days with fund managers in Melbourne and Sydney, this time for their new gaming employer Nasdaq-listed Light & Wonder.
Former Aristocrat Leisure duo Jamie Odell and Toni Korsanos have spent the past few days with fund managers in Melbourne and Sydney, this time for their new gaming employer Nasdaq-listed LightThe pair are rustling up Australian institutions for their $US5 billion poker machines and digital gaming group, which is considering listing on the ASX and filling a gaming sector void left by Crown Resorts.
Fund managers said they explained the business - similar to Aristocrat, but perhaps smaller in pokies and futher down the digital gaming path - and sought feedback on what could get Aussies interest in an ASX-listed LightPeter BraigWonder’s focus on big global markets , strong balance sheet , and growth targets.Wonder wanted to lift in earnings by 15 per cent a year in the next few years, to take it from US$913 million in 2022 to $US1.4 billion in 2025.
For fundies with Australia-only mandates, there’s little point covering it any closer than just to get a read on Aristocrat unless the ASX-listing is liquid. If a big cap fund manager cannot throw $50 million at it without the fear of getting stuck in the stock, then what’s the point of being listed?Wonder to solve in coming months. Amcor and ResMed show secondary listings can be meaningful and work for Aussie investors, but there’s also examples of ones that haven’t worked .Wonder to make it work, it would need some of its Aussie backers to repatriate some of its stock back to Australia.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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