Australia's Navigator Global rises on restructuring plans, revised outlook

Navigator Global Investments

15/06/2023 02:30

** Shares of Australia's Navigator Global Investments
 NGI.AX  rise as much as 9.4% to A$1.280, hitting highest level
since Feb 7
    ** Stock set to mark best day June 2, if gains hold 
    ** The hedge fund portfolio manager signs a binding term
sheet with Dyal Capital to accelerate and restructure the
outstanding 2026 redemption payment
    ** Says co will acquire the remaining profit distributions
from the six minority ownership interests in leading established
alternative asset managers  
    ** Adds FY23 adjusted EBITDA is now expected to be A$47.0
mln-A$48.0 mln ($31.91 mln-$32.59 mln), which is above previous
forecast 
    ** Stock up nearly 1% this year, as of last close

     ($1 = 1.4730 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))