Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> has announced a potential merger with Chemist Warehouse Group (CWG) to create a leading healthcare wholesaler, distributor and retail pharmacy franchisor.</li>
<li>With a market cap of ~A$8.5bn and a free float market cap of ~A$4bn, the merged company will make the cut for inclusion in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>Inclusion in the S&amp;P/ASX 100 Index looks just out of reach at the moment as does inclusion in some large global indices.</li>
</ul>



Sigma Healthcare (SIG AU) has announced a potential merger with Chemist Warehouse Group (CWG) to create a leading healthcare wholesaler, distributor and retail pharmacy franchisor.
With a market cap of ~A$8.5bn and a free float market cap of ~A$4bn, the merged company will make the cut for inclusion in the S&amp;P/ASX 200 (AS51 INDEX). 
Inclusion in the S&amp;P/ASX 100 Index looks just out of reach at the moment as does inclusion in some large global indices.


SIG/CWG Merger: Back Door Entry to the ASX200; Other Index Implications

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Australian Pharmaceutical Industries / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a></strong>'s Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02486907-3A587316?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 17 March with possible implementation on the 31 March.  </li>
<li>The Independent Expert has concluded this US$600mn Offer is fair and reasonable and in the best interest of Senex shareholders.</li>
<li>The Offer price is full. And trading very tight to terms.</li>
</ul>



Australian Pharmaceutical Industries (API AU)'s Scheme Booklet is now out. The Scheme Meeting will be held on the 17 March with possible implementation on the 31 March.  
The Independent Expert has concluded this US$600mn Offer is fair and reasonable and in the best interest of Senex shareholders.
The Offer price is full. And trading very tight to terms.


Aussie Pharma (API AU): Scheme Booklet Out. Meeting On The 17 March

<ul>
<li>
<a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a>'s surprise takeover Offer for <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a> last month is surpassed by its surprise decision to walk away.</li>
<li>This leaves <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a> in the driving seat - provided the ACCC is satisfied competition is not impeded.</li>
<li>The cash consideration of $1.55 under Wesfarmers' Offer will be reduced by any permitted dividend. A final fully franked dividend of A$0.02/share has been paid.</li>
</ul>



Woolworths Ltd (WOW AU)'s surprise takeover Offer for Australian Pharmaceutical Industries (API AU) last month is surpassed by its surprise decision to walk away.
This leaves Wesfarmers Ltd (WES AU) in the driving seat - provided the ACCC is satisfied competition is not impeded.
The cash consideration of $1.55 under Wesfarmers' Offer will be reduced by any permitted dividend. A final fully franked dividend of A$0.02/share has been paid.


Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

<ul>
<li>Grocer giant <strong><a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a></strong> has made a non-binding Offer of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02461347-3A582711?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$1.75/share</a> for <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, ~12.9% above <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>'s firm Offer of $1.55/share.</li>
<li>API has granted confirmatory due diligence to facilitate a binding offer. A firm Offer would be subject to ACCC approval.</li>
<li>Wesfarmers SID includes a matching right in favour of Wesfarmers which is exercisable before API enters into any binding agreement in respect of a Competing Proposal.</li>
</ul>


Grocer giant Woolworths Ltd (WOW AU) has made a non-binding Offer of A$1.75/share for Australian Pharmaceutical Industries (API AU), ~12.9% above Wesfarmers Ltd (WES AU)'s firm Offer of $1.55/share.
API has granted confirmatory due diligence to facilitate a binding offer. A firm Offer would be subject to ACCC approval.
Wesfarmers SID includes a matching right in favour of Wesfarmers which is exercisable before API enters into any binding agreement in respect of a Competing Proposal.


Woolies Trumps Wesfarmers' Offer for Aussie Pharma

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a> announced a non-binding indicative offer from <a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> for A$1.75 per share, a 12.9% premium to <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>’ offer of A$1.55. </li>
<li>Woolworths notes that there is the potential to improve the offer price with the benefit of due diligence, which has been granted. </li>
<li>Wesfarmers has matching rights. We think that the presence of two deep-pocketed suitors, suggests at least another round of bidding.  </li>
</ul>



Australian Pharmaceutical Industries (API AU) announced a non-binding indicative offer from Woolworths Ltd (WOW AU) for A$1.75 per share, a 12.9% premium to Wesfarmers Ltd (WES AU)’ offer of A$1.55. 
Woolworths notes that there is the potential to improve the offer price with the benefit of due diligence, which has been granted. 
Wesfarmers has matching rights. We think that the presence of two deep-pocketed suitors, suggests at least another round of bidding.  


Woolworths' API Bid Likely to Kick off a Bidding War with Wesfarmers

Australia

Sigma Healthcare Limited wholesales and distributes pharmaceutical products. The Company offers prescription, over-the-counter, and generic drugs. Sigma Healthcare serves customers in Australia.

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Sigma Healthcare (SIG AU)

SIG/CWG Merger: Back Door Entry to the ASX200; Other Index Implications

The Sigma Healthcare and Chemist Warehouse merger will create a MergeCo with market cap of A$8.5bn. There are a lot of index implications across...

Brian Freitas

Aussie Pharma (API AU): Scheme Booklet Out. Meeting On The 17 March

Trading super at a gross/annualised spread of 0.3%/2.8%. However, if you are a low-rate payer, who can reclaim the franking credits, there's may...

David Blennerhassett

Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

Trading at a gross/annualised spread of 1.0%/4.6%. If you are a zero-rate taxpayer, or a low-rate payer, who can reclaim the franking credits,...

David Blennerhassett

Woolies Trumps Wesfarmers' Offer for Aussie Pharma

There's probably a further 10-15% here with two large players in the mix. I think we could see a $2/handle. I'd buy on any weakness.

David Blennerhassett

Woolworths' API Bid Likely to Kick off a Bidding War with Wesfarmers

API announced an offer from Woolworths for A$1.75 per share, a 12.9% premium to Wesfarmers offer of A$1.55. The presence of two deep-pocketed...

Arun George

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