Oliver Curtis, the husband of socialite publicist Roxy Jacenko, has called off plans to float his AI company Firmus on the stock market after its expected valuation plunged by billions of dollars.
asserted
valuation → call → dollars
Firmus has ambitious plans to build data centres filled with powerful computer chips that can train AI models and power tools such as ChatGPT.
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that → have → ChatGPT
Firmus was on track for Australia's second-biggest stock market debut at $11 a share, behind Telstra, before its planned October 23 listing was scrapped.
'Having considered recent market volatility and prevailing market conditions, the board determined that the terms on which the offer could proceed would not appropriately reflect the strength of the company's business and long-term growth outlook,' the company said.
uncertain
company → scrap → outlook
'The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders.'
Firmus will now seek fresh funding from wealthy private investors to bankroll its ambitious plans to build AI data centres across Australia and Asia.
The company has already attracted billions of dollars from major US investors, including chipmaking giant Nvidia and investment firm Blackstone.
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company → conclude → Nvidia
Firmus had hoped to raise $7.9 billion by Thursday ahead of its planned October 23 stock market debut, but the listing was called off amid concerns from one fund manager about Curtis' insider trading conviction.
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listing → hop → conviction
Firmus has deployed smaller AI computing facilities but has yet to demonstrate it can build and operate hyperscale data centres on the scale underpinning its multibillion-dollar expansion plans.
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it → deploy → plans
The pull out of the float comes just months after Curtis marked the ninth anniversary of his release from Cooma Correctional Centre after being granted parole following his conviction for conspiracy to commit insider trading.
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Curtis → come → trading
Curtis was convicted in June 2016 of conspiring to commit insider trading using confidential information, and served 12 months of a two-year prison sentence.
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Curtis → convict → sentence
'20 years ago, I was a young man, a very young man, for that matter,' Mr Curtis told Rampart's Joe Aston this year.
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Curtis → tell → matter
'I was silly, I was stupid, and I made a mistake …
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I → make → mistake
If I had my time again, of course I'd do different things, naturally.'
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I → have → things
He was found guilty over confidential tip-offs provided by his old school friend John Joseph Hartman.
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He → find → friend
Hartman was an equities dealer at Orion Asset Management, which managed billions of dollars of investments.
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which → manage → investments
Because of his job, Hartman knew in advance when Orion was planning to buy or sell large amounts of particular shares - and those trades could move the market price.
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trades → know → price
The court found that Hartman provided Curtis with confidential information about Orion Asset Management's trading intentions on 45 occasions between May 25, 2007 and June 11, 2008.
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Hartman → find → May
Curtis used the tip-offs to make trades before Orion carried out its planned trades.
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Orion → use → trades
He was 30 when he was convicted, but the sentencing judge said he was just 21 when he committed the offence.
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he → convict → offence
Before they were convicted, the pair drank at city bars and made a total of $1.4million from the illegal trades, splashing the proceeds on luxury items and trips.
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pair → convict → items
Hartman, son of the obstetrician to the Packer and Murdoch families, and Curtis, the son of the executive chairman of rare earth miner Lynas, were living together in a $3,000-a-week Bondi apartment at the time.
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Hartman → live → time
Hartman bought a $60,000 Mini Cooper and a $20,000 Ducati motorcycle.
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Hartman → buy → Cooper
They took their friends on holidays to gamble in Las Vegas casinos, and paid for strippers at Cirque du Soleil.
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They → take → Soleil
They took a helijet from Vancouver to ski in Whistler, Canada because they would be 'too hungover to drive'.
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they → take → Whistler
Even before things came to a head, the old school mates had begun to fall out with one another over money to support their lifestyle and Curtis' gambling habit.
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mates → come → lifestyle
In August 2008, the Australian Securities and Investments Commission began scrutinising Hartman's stockbroking account after it detected illegal trading.
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it → begin → trading
On January 13, 2009, Hartman's broker froze the $2.6m account, making Hartman believe he had been caught red-handed.
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he → freeze → account
Five days later, he rang his father, moved out of the Bondi flat and quit his job.
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he → ring → job
The following day, he confessed everything to ASIC investigators.
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he → confess → investigators
Hartman was jailed aged 25 in 2010 and served 15 months in prison, and Curtis' case finally went to trial in 2016.
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case → jail → 2016
The Aporia
