Yesterday, Australian Strategic Materials Ltd (ASX: ASM) announced that the Federal Court had approved Energy Fuels’ takeover, with ASM shareholders set to receive 0.053 New Energy Fuels CDIs and 13 cents in cash per share. ASM options holders will receive 50 cents per option in cash if the schemes proceed as planned.

What did Australian Strategic Materials report?

• Federal Court of Australia has approved the acquisition by Energy Fuels Inc. subsidiary.
• ASM shareholders entitled to 0.053 New Energy Fuels CDIs (or shares) plus A$0.13 cash per ASM share.
• ASM optionholders to receive A$0.50 cash per ASM option.
• Trading in ASM securities to be suspended from close of 19 August 2026.
• Final implementation date set for 28 August 2026.

What else do investors need to know?

ASM will lodge court orders with ASIC on 19 August 2026, at which point the schemes will become effective. Eligible ASM shareholders will default to receiving New Energy Fuels CDIs, unless they elect to receive shares, and must submit election forms by 5.00pm AWST, 19 August 2026.

Ineligible foreign shareholders will not receive New Energy Fuels CDIs or shares directly; instead, they will get a proportionate cash payment after their entitlement is sold by a sale agent. ASM securities will be removed from the ASX following completion, with trading of new securities commencing on ASX, NYSE American, and TSX in late August.

What’s next for Australian Strategic Materials?

The schemes are expected to be implemented on 28 August 2026, with shareholders receiving their consideration soon after. This marks the end of ASM’s journey as an independent ASX-listed company, and investors will transition to holding securities in Energy Fuels.

Normal trading of New Energy Fuels CDIs is set to begin on 31 August 2026, while holding statements will be dispatched from 1 September. The company will announce any further timetable changes as they arise.

Australian Strategic Materials share price snapshot

Over the past 12 months, Australian Strategic Materials shares have risen 113%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.

View Original Announcement

The post Australian Strategic Materials: Federal Court approves Energy Fuels takeover appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

Yesterday, both Cogstate Ltd (ASX: CGS) and Pro Medicus Ltd (ASX: PME) released FY26 results. 

Investors reacted very differently to these results, with Cogstate shares falling 2% and Pro Medicus shares rocketing over 11%. 

Following these results, the team at Bell Potter provided updated guidance on these healthcare companies. 

What did they report?

Cogstate posted record FY26 revenue of US$60.9 million, up 15%, and a net profit after tax of US$11.9 million, up 17%.

Meanwhile, Pro Medicus announced full-year revenue of $261.7 million, up 22.9%, with underlying NPAT rising 24.1% to $144.7 million. The company remains debt-free and has lifted its fully franked total dividend by 25.5% to 69 cents per share.

Cogstate and Pro Medicus’ full results can be found here: 

• Cogstate results 
• Pro Medicus results. 

Both healthcare companies have had a very different 12 months. 

Cogstate shares are up 62% in the last year, while Pro Medicus are down 38% in the same span. 

Following yesterday’s results, here is the latest guidance out of the team at Bell potter. 

Bell Potter’s outlook for Cogstate

The broker Bell Potter viewed Cogstate’s FY26 result positively, with revenue up 15% to $60.9m, ahead of expectations, while a strong 2H gross margin of 62% drove full-year EBITDA of $18.3m and NPAT of $11.9m, both above forecast. 

The company doubled its dividend to 4 cents per share and remained debt-free with $34.8m of cash. Cogstate now enters FY27 from a record base, supported by very positive sales prospects, expected revenue growth, and an intention to maintain FY26’s EBITDA margins. 

Bell Potter has increased FY27-29 revenue forecasts by around $1m annually, reflecting stronger Clinical Trials activity and improved visibility, but higher operating costs more than offset this, resulting in around $1m lower NPAT forecasts in each year.

Based on this guidance, the broker retained its $3.70 price target and buy recommendation. 

This indicates an upside potential of more than 35%. 

Bell Potter’s outlook for Pro Medicus 

Pro Medicus reported FY26 revenue and EBIT growth of 23% and 26%, respectively, with EBIT results modestly (1.5%) ahead of consensus earnings. 

Bell Potter said that as the group’s revenue base expands, top-line growth is decelerating. However, margin expansion continues, driving the small earnings beat. 

The broker also highlighted that the company retained all six of its expiring contracts during FY26, which it believes were not subject to a competitive bidding process, based on factors such as client satisfaction with service levels and value.

The team at Bell Potter retained its buy recommendation and $226 price target for Pro Medicus shares after the company’s results. 

From yesterday’s closing price, the price target indicates 15% upside.

The post Healthcare results wrap: Are Cogstate and Pro Medicus shares a buy, hold or sell? appeared first on The Motley Fool Australia.

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• Why are Pro Medicus shares surging more than 10%?
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• Pro Medicus FY26: Strong earnings growth and higher dividend

Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cogstate. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Cogstate. The Motley Fool Australia has recommended Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in EBR Systems Ltd (ASX: EBR) have been on the slide over the past six months, and they’re now languishing not too far off their 12-month lows.

Naturally this begs the question, are they cheap at the moment?

The analyst team at Bell Potter thinks so and has a speculative buy recommendation on the company, along with a bullish share price target, which I’ll get to shortly.

First let’s look at what the company has been up to.

Solid progress on technology sales

EBR has developed a system called WiSE which it says is designed to overcome the limitations of conventional cardiac resynchronisation therapy and, “is the only leadless left ventricular endocardial pacing (LVEP) device”.

The company recently released a quarterly report and said that it had surpassed its hundredth commercial WiSE implant, “with multiple sites performing their first WiSE implants and numerous sites performing their 2nd, 3rd, 4th, and greater cases”.

The company also completed the first two tranches of a fully underwritten $150 million capital raise with the final $35 million expected to be completed by August 24.

EBR Chief Executive Officer John McCutcheon said:

We are extremely pleased with this quarter on multiple fronts. Commercially, EBR surpassed its 100th commercial WiSE implant, with multiple sites performing their first WiSE implants and numerous more experienced sites continuing to treat patients with WiSE. We secured master purchasing agreements with HCA Healthcare, Advocate Health, and CHRISTUS Health, validating the clinical and economic benefit of WiSE in major U.S. healthcare networks. In support of our future commercial efforts, the U.S. Centers for Medicare & Medicaid Services (CMS) further advanced WiSE through the Transitional Coverage for Emerging Technology (TCET) program by formally initiating the National Coverage Determination process for WiSE.

The company also fully transitioned to its new manufacturing facility in California, Mr McCutcheon said.

During the quarter EBR had operating cash outflows of $25 million.

Shares are looking cheap but more capital needed

In a note to clients released after the quarterly results, Bell Potter said that EBR’s cash receipts were still modest at US$3.6 million for the quarter but had doubled in the period. Bell Potter also noted that the company has five quarters’ worth of cash on hand.

The broker believes the company will need to raise more capital, and has therefore reduced its share price target on EBR to 70 cents, down 22%. This is still well above the current share price of 28 cents.

The broker added:

This still represents significant upside potential, but the need for more funding may weigh on investor sentiment. We retain our BUY (Spec.) rating.

EBR is valued at $214.7 million.

The post Bell Potter tips more than 140% upside for this out of favour ASX biotech appeared first on The Motley Fool Australia.

More reading

• Why I’d buy Telstra, Woolworths, and Macquarie shares
• Australian Strategic Materials: Federal Court approves Energy Fuels takeover
• Healthcare results wrap: Are Cogstate and Pro Medicus shares a buy, hold or sell?
• Why did this ASX gold stock just soar 24% in a single session?
• BCI Minerals: SOP pilot plant contract awarded

Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.