Philanthropy 50: Which Australians gave away the most?
Likewise, Mike and Annie Cannon-Brookes' divorce may lead to greater levels of giving from both, through Mike's Boundless Earth and the Cannon-Brookes Foundation, which is led by the former couple. It's all been pioneered globally, says JBWere's John McLeod, by MacKenzie Scott, ex-wife of Jeff Bezos, who set in motion a wave of impressive philanthropic giving in 2020, currently totalling $US19 billion ($31.7 billion). Next year's Philanthropy 50, in other words, could be quite different from 2025's.
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West Australian
29-07-2025
- West Australian
Three-year $3.3m Minderoo and Regional Arts partnership to benefit Mid West and Gascoyne creative groups
A new $3.3 million partnership between the Minderoo Foundation and Regional Arts WA is set to inject vital support into regional arts, with three Mid West and Gascoyne organisations among the first to benefit. Announced on Tuesday, the three-year collaboration will support the delivery of Regional WA's Thrive! Arts, Culture and Creativity Investment Framework 2025-2029, a Statewide strategy to strengthen local arts organisations, boost community engagement and build a more resilient creative sector. 'This strategic partnership represents a pivotal moment for regional arts in Western Australia,' said Pilar Kasat, CEO of Regional Arts WA. 'Minderoo Foundation's investment is a timely and powerful endorsement of sustained, place-based arts development that supports the people, skills, and creative capacity that underpin vibrant regional communities.' The partnership builds on a collaboration that began in 2019 with the establishment of the Regional Arts Network, and will continue to support a Statewide group of 20 not-for-profit arts and cultural organisations — including Yamaji Art and North Midlands Project in the Mid West, and Creality in the Gascoyne. 'We believe in the transformative power of the arts to connect, inspire, and uplift communities, especially in regional Western Australia,' Minderoo Foundation co-chair Nicola Forrest said. 'Through Thrive, Minderoo is proud to support a strategy that will expand access, deepen participation, and ensure that regional voices continue to shape the cultural landscape of our state.' The Regional Arts Network currently reaches 44 local government areas, generating over $19 million in annual turnover, employing more than 200 creative workers and 1200 artists, and engaging more than 2000 volunteers each year. 'Minderoo Foundation is backing the Thrive Framework to help build more vibrant and connected communities across regional Western Australia,' Minderoo Foundation CEO John Hartman said. 'This partnership is about strategically aligning resources and amplifying impact to give the regional arts sector and artists the long-term support they need to thrive.' More than 70 per cent of the funding will go towards industry connection, capacity-building, and a new creative collaboration fund designed to accelerate impact across the regions. Representatives from the network expressed their eagerness for the partnership. 'The Regional Arts Network knows first-hand that the arts contribute to community vibrancy, local job creation, and wellbeing,' they said. 'This funding ensures that we will strengthen our capacity of 20 organisations across the State and build long-term sustainability for creatives who are the cultural backbone of our communities.'
News.com.au
27-06-2025
- News.com.au
Criterion: Virgin's trumphant float means more IPOs should be cleared for take-off
Several IPOs are scheduled in the wake of Virgin's successful re-listing – and some have already taken off Virgin's IPO defied investor scepticism about private equity divestments Debt-oriented income fund and gold plays have dominated the small number of IPOs in 2025 With Tuesday's Virgin Australia (ASX:VGN) listing maintaining altitude, float promoters have been buoyed by the prospect of getting long-mooted IPOs up, up and away. Raising $685 million, the Virgin lift-off was admirable given the Middle East unpleasantries that threaten ski-high oil prices. They also disrupted the literal flight plans of Virgin's 23% equity partner, Qatar Airlines. And did we mention the IPO was a private equity spin-off? Investors still remember that Myer float – and not for the Jennifer Hawkins cover. Investors credited Virgin's owners for pricing the float at metrics that make the airline look cheaper than its more fancied red-tailed rival. Another theory goes that with several ASX200 plays being taken over, there hasn't been enough quality equity for domestic-focused fundies generally. An IPO revival? So far, the investor zeal looks to be contagious, although it helps to have the right vibe … such as mining for gold. In the shadow of Virgin's debut, Greatland Resources (GGP) listed strongly on Tuesday, having raised $490 million. Backed by Andrew and Nicola Forrest, Greatland owns the WA Telfer gold mine – one of the country's biggest and once the largest. NSW based gold and copper explorer Linq Minerals is due to list – takeoff time TBA – having raised $10 million from a conga line of keen institutions. Infragreen Group (IFN) shares surged 15% on Wednesday's debut. The owner of recycling and renewable projects, the infrastructure group raised $40 million. Credit where credit's due Debt-based income funds have also featured in IPOs. The Latrobe Private Credit Fund (LF1) listed yesterday, having raised $300 million in an oversubscribed offering that further tested investor interest in the burgeoning asset class. The Dominion Income Trust 1 (DN1) debuted on March 4 and the MA Credit Income Trust (MA1) followed a day later. The former is not a private credit fund, strictly peaking, as it also invests in government bonds and structured credit (including public and private debt). With the banks curtailing hybrid debt securities, Wilson Asset Management's Geoff Wilson sniffed an opportunity for income-starved retirees. Hence the late April launch of the $165 million WAM Income Maximiser (WMX), which invests in debt and equity with the promise of monthly distributions currently targeting around 6%. Spicy Mexican trade paved the way Virgin was the biggest IPO since Mexican food chain Guzman y Gomez (ASX:GYG) listed in June last year, raising $335 million. This one also faced a sceptical audience, but it proved a spicy 'taco trade' of a different kind and the shares remain well above listing price. Also one of the biggest raisings, payment processing intermediary Cuscal (ASX:CCL) is 22% to the good after listing last November. Otherwise, smaller IPOs have disappointed. Of the 29 stocks to debut in 2014, 19 are under water. Fulcrum Lithium (ASX:FUL) earns the booby prize with an 85% decline. Rare earths play Axel REE (ASX:AXL) is 60% underwater. In the pipeline The chunkiest IPO in the offing is that of Gemlife Communities Group, which develops and operates communities for the over 55s. The IPO raised more than $750 million, with some of the funds earmarked for the $270 million purchase of the Aliria Group. Gemlife is due to list next Thursday. The Step Change Holdings IPO closed yesterday, having raised $14 million. Step Change provides SAP (resource planning) software to the resources sector. In an EOFY IPO finale, wound management Tetratherix lists next Monday. The backers aimed for $35 million, but were happy to pocket $25 million. Riding in the slipstream of Virgin's success alone won't ensure IPO success. Proponents need a solid business model, realistic pricing and a dollop of the 'wow' factor. Given Virgin's status as an entrenched duopolist, there was always going to be a buzz around the airline's return to public ownership. Richard Branson, the airline's former owner and consummate salesman, would be proud.
West Australian
27-06-2025
- West Australian
Debt markets help buoy Austal's huge $1.2 billion US expansion
WA shipbuilder Austal has locked in the missing piece of a $1.2 billion funding package needed to finish two new major manufacturing facilities in the the US state of Alabama. The Henderson-headquartered business will have access to $488 million worth of debt from a group of Australian and international banks, as well as Export Finance Australia, as part of a new refinancing deal announced on Friday. The debt sits alongside the $220 million Austal raised in March from investors, including Andrew and Nicola Forrest's investment vehicle Tattarang, after the company capitalised on a bounding run in its stock price. Austal shares are worth about $3.69 more than this time last year as the company stares down a $14.5 billion pipeline worth of work in the US and WA. Its advancements in the US have piqued renewed interest from South Korean defence company Hanwha, which is angling for Federal Treasurer Jim Chalmers to let them crank up their stake in the business up to 19.9 per cent. To deliver contracts for the US Navy and US Coast Guard, Austal is building two major expansion projects in Mobile Alabama. The FA2 facility will allow Austal to assemble large steel vessels, while the MMF3 operation means it can deliver submarine modules. Once completed, the new facilities at Mobile will add 2000 jobs to Austal's 3000-strong US workforce. Chief executive Paddy Gregg said there had been strong support for the refinancing, and that Austal was positioned for 'tremendous growth opportunities'. 'Austal possesses an exceptional pipeline of long-term defence work in the US, which will be complemented by the Strategic Ship Building Agreement in Australia,' he said. 'The company now has a stronger balance sheet with enhanced liquidity at a lower cost, longer tenor, and with superior flexibility to support this growth.' The new debt helping fund the builds replaces Austal's existing facility that was due to expire in 2026. The shipbuilder told the market the new arrangement came with better pricing and fewer covenants. A further $634m is available via other instruments Austal said it had negotiated. Last year Austal won a $US450m ($687.8m) contract towards the facility from General Dynamics Electric Boat.
