SYDNEY, July 9, 2026, 04:01 AEST
- Qube’s Rubik scheme went legally effective July 8. The company then put out its post-close suspension notice.
- Qube last traded at A$5.120 on ASX. At this point, the stock is behaving more like a cash claim than a normal operating share.
- With S&P/ASX 200 (INDEXASX:XJO) and FTSE drops, the market moved away from figuring out Qube’s price and focused on index replacement trades.
ASX normal cash trading goes from 09:59:45 to 16:00 Sydney time. The 2026 ASX trade calendar doesn’t list July 9 as a holiday, which means this is pre-open, not a weekend or official exchange holiday.
Qube Holdings ASX:QUB has shifted to a takeover settlement trade, after court orders made the Rubik Australia scheme legally effective. The company said it lodged the orders with ASIC. Implementation is planned for Aug. 14. Qube also announced a fully franked special dividend of A$0.3465 per share.
Qube’s “Suspension from Quotation” was posted to the ASX notice page at 7:02 p.m. AEST on July 8. Wednesday’s close stands as the last solid listed price before the July 9 index changes. Market Index
QUB finished at A$5.120, ticking up 0.195%, trading between A$5.110 and A$5.120 on the day, ASX data showed. The S&P/ASX 200 ended 0.21% lower at 8,785.10.
| Measure | Qube | S&P/ASX 200 |
|---|---|---|
| Last traded price | A$5.120 | 8,785.10 |
| Change on day | up 0.195% | down 0.21% |
| Price range today | A$5.110 to A$5.120 | — |
| Current trading status | Suspended after end of session | Set for routine trading July 9 |
The table gives too much weight to Qube’s signal if you treat it like a regular outperformance. The last session only saw a 1-cent move, showing the market had already shifted focus from freight demand to payment dates. That’s the right view for this week.
Qube doesn’t have much cash to spare. It paid an interim dividend of A$0.0535 a share earlier, has a special dividend of A$0.3465 coming July 8, and holders will get the final scheme cash of A$5.20 per share minus those dividends on Aug. 14.
| Component | A$ per share | Market read |
|---|---|---|
| Interim dividend | 0.0535 | Already in the A$5.20 headline payout for holders who qualify |
| Special dividend | 0.3465 | Holders must be on record July 14; pays July 23 |
| Scheme cash | 4.8000 | Pays out at implementation date, Aug. 14 |
| Future cash for a July 8 holder still on record dates | 5.1465 | Special dividend plus scheme cash, pre-tax |
| Last ASX quote | 5.1200 | Trades about A$0.0265 under future payout value |
| Implied gap | 0.0265 | Roughly 0.5% before tax and timing |
The 0.5% spread isn’t enough for a new equity call. It covers timing, tax issues, and what’s left of completion risk. An investor who can’t use franking credits will look at this differently than an Australian fund that can.
Grant Samuel said Qube’s control value is A$4.93 to A$5.41 per share, calling the scheme fair and reasonable with the A$5.20 offer falling within that range. The scheme booklet also noted franking credits tied to the special dividend could be worth as much as A$0.17 a share, depending on a holder’s tax.
Qube’s operating base held up. For the first half of FY26, underlying revenue rose 13% to A$2.36 billion, while underlying EBITDA came in at A$319.2 million, up 7%. Statutory net profit attributable to shareholders was A$212.6 million, a gain of 101%.
That’s part of why Macquarie Asset Management, under Macquarie Group ASX:MQG, wanted to take the asset private. Ani Satchcroft, who co-heads infrastructure for Asia-Pacific, told Reuters it’s about “imports such as containers and vehicles” and steady export flows in resources and agriculture. UniSuper investment chief John Pearce told Reuters: “There will be more public-to-private transactions.” In Macquarie’s statement, Pearce added Qube is “ultimately a bet on Australia.” Reuters
With price discovery done, index mechanics take over. S&P Dow Jones will drop Qube from the S&P/ASX 200 before trading opens July 9, bringing in Develop Global (ASX:DVP) instead. FTSE Russell is also set to remove Qube from its indexes at the open that day.
| Index provider | Qube action | Timing | Replacement or affected basket |
|---|---|---|---|
| S&P Dow Jones | Qube out of S&P/ASX 200 | Before market opens July 9 | Develop Global (ASX:DVP) will join |
| FTSE Russell | Qube to be deleted | Trading opens July 9 | FTSE global baskets change |
For funds, Qube’s bid isn’t the price that matters anymore. It’s about where the replacement and deletion baskets end up clearing. That may shift focus to Develop Global instead of Qube, since Qube’s cash offer is already set.
Qube shareholders are looking at July 14 for the special dividend record date, with payment set for July 23. The scheme record date is July 24, 7 p.m. Sydney time, and Aug. 14 is the slated implementation date.
