Macro and Australian equity strategist, Macro Strategy Advisors

Shane Lee

Macro and Australian equity strategist

Macro Strategy Advisors

Cross Asset Strategy

<ul>
<li>
Reporting season has been relatively disappointing with only 45% of stocks able to either meet or beat FY19 expectations. Analyst expectations in FY20 still look too optimistic with 8.3% EPS growth expected down from 9.8% at the start of reporting season.  </li>
<li>
Trade tensions between the US and China have provided a relatively sombre backdrop, with the ASX 200 4% below its peak just before reporting season kicked off. Materials have been the key underperforming sector, with both BHP and RIO trading lower on the back of weaker iron ore prices and global growth concerns.  The RIO result was broadly in line with expectations, while the BHP result was a little weaker.  The result of the other market heavy-weight, CBA, was a little disappointing mainly because cash from the CFSGAM business sale remains on the balance sheet, but industry structural headwinds relating to remediation costs, low short rates and weak credit growth remain.</li>
<li>
Capital management has been a key area of focus. SUN, ABP and SCG announced buybacks after selling assets, while CCL preferred to hand the cashback as a special dividend after its SPC  QAN and CPU also announced buybacks, while WHC, SPK and ASX announced special dividends.  Several Miners including EVN and SAR announced changes to payout policy, while AMC decided to pay shareholders dividends on a quarterly basis.</li>
<li>
Some management teams (SUL, JBH, MGR, DHG, REA and CAR) in industries with headwinds such as housing and consumer spending are clearly taking up the challenge. CGF and MFG are taking up the fight in financial services and NEC is successfully repositioning itself away from broadcasting.  GFG is exposed to global trade issues like AMC and BXB, but management remains cautiously optimistic about the outlook.  BXB is facing structural headwinds from online retailing, but recessionary forces in Europe are a more immediate threat.  AMC is combating global weakness by focusing on integrating the Bemis acquisition.  Similarly, TCL is benefiting from the integration of its new asset (M4 East Tunnel).  Natural disasters were a dampener on the insurance results, while weakness in the High-roller market is again a clear negative for SKC and CWN. </li>
<li>
Green shoots are appearing in turnaround stories such as CCL, LLC and COL, but the market thinks it’s too early to add stocks such as VOC, CTD, PGH, BKL and CGC to that list. JHX could also be added as lower mortgage rates in both Australia and the US gain traction to support better industry conditions.</li>
<li>
CSL and COH were both standout positive results because their longer-term growth models are payoff and they are sticking to the winning strategy going forward. We thought A2M was dealt with a little harshly, but TWE seemed to silence some of its critics.</li>
<li>
We will update our model portfolio in a few weeks, but at this stage, we are likely to pull back our resources exposure after we receive the benefit of dividends. Clearly, the iron ore price cycle has turned, but we expect gold will remain well bid and would look to taking up positions in these stocks.  We think it’s too early to go fully defensive, but de-risking the portfolio more seems prudent.  Even lower global interest rates will make it difficult to be positive on Banks and some financials, but market volatility could create some opportunities.</li>
</ul>



Reporting season has been relatively disappointing with only 45% of stocks able to either meet or beat FY19 expectations. Analyst expectations in FY20 still look too optimistic with 8.3% EPS growth expected down from 9.8% at the start of reporting season.  

Trade tensions between the US and China have provided a relatively sombre backdrop, with the ASX 200 4% below its peak just before reporting season kicked off. Materials have been the key underperforming sector, with both BHP and RIO trading lower on the back of weaker iron ore prices and global growth concerns.  The RIO result was broadly in line with expectations, while the BHP result was a little weaker.  The result of the other market heavy-weight, CBA, was a little disappointing mainly because cash from the CFSGAM business sale remains on the balance sheet, but industry structural headwinds relating to remediation costs, low short rates and weak credit growth remain.

Capital management has been a key area of focus. SUN, ABP and SCG announced buybacks after selling assets, while CCL preferred to hand the cashback as a special dividend after its SPC  QAN and CPU also announced buybacks, while WHC, SPK and ASX announced special dividends.  Several Miners including EVN and SAR announced changes to payout policy, while AMC decided to pay shareholders dividends on a quarterly basis.

Some management teams (SUL, JBH, MGR, DHG, REA and CAR) in industries with headwinds such as housing and consumer spending are clearly taking up the challenge. CGF and MFG are taking up the fight in financial services and NEC is successfully repositioning itself away from broadcasting.  GFG is exposed to global trade issues like AMC and BXB, but management remains cautiously optimistic about the outlook.  BXB is facing structural headwinds from online retailing, but recessionary forces in Europe are a more immediate threat.  AMC is combating global weakness by focusing on integrating the Bemis acquisition.  Similarly, TCL is benefiting from the integration of its new asset (M4 East Tunnel).  Natural disasters were a dampener on the insurance results, while weakness in the High-roller market is again a clear negative for SKC and CWN. 

Green shoots are appearing in turnaround stories such as CCL, LLC and COL, but the market thinks it’s too early to add stocks such as VOC, CTD, PGH, BKL and CGC to that list. JHX could also be added as lower mortgage rates in both Australia and the US gain traction to support better industry conditions.

CSL and COH were both standout positive results because their longer-term growth models are payoff and they are sticking to the winning strategy going forward. We thought A2M was dealt with a little harshly, but TWE seemed to silence some of its critics.

We will update our model portfolio in a few weeks, but at this stage, we are likely to pull back our resources exposure after we receive the benefit of dividends. Clearly, the iron ore price cycle has turned, but we expect gold will remain well bid and would look to taking up positions in these stocks.  We think it’s too early to go fully defensive, but de-risking the portfolio more seems prudent.  Even lower global interest rates will make it difficult to be positive on Banks and some financials, but market volatility could create some opportunities.


ASX Reporting Season Update: Misses and Downgrades Amongst Bright Spots

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Thematic (Sector/Industry)

<h2>Reduced List, but significant all the same</h2><ul>
<li>
OurQ2-2019 Small-Mid Cap High-Risk list of stocks (<a href="https://www.smartkarma.com/insights/screening-the-silkroad-small-mid-cap-high-risk-names-to-avoid-q2-2019" target="_blank" data-smartkarma-citation="insights:29753" rel="noopener">Screening the Silkroad: Small-Mid Cap High-Risk Names to Avoid: Q2 2019</a>) produced a market cap average price decrease of 9.7%. In comparison, the MSCI Asia Pacific Index decreased 7.5% over the same period.</li>
<li>Our screen looks for high valuation multiples presented by candidates with significant earnings growth forecasts, as well as financial indicators that suggest balance sheet distress.</li>
<li>
The Risk to this screen: The Financial and Utility sectors are not covered in this screen. Moreover, “risk is not a number, it is a concept or notion”, as cited by James Mortiner during his time at Société Genéralé. Hence, some stocks may appear on this screen due to their business model being realigned to a more profitable approach. They may also be a member of more positive value or quality screens, as a result of this realignment.</li>
<li>
14-stocks appear in our Q3 2019 screen, down from 19 and 26 in Q2 and Q1 2019 respectively. Of the new list, 7 stocks are new to the list. On a geographical basis, Singapore remains absent from the screen for the fifth quarter running, whilst New Zealand has not presented any names for the second quarter running.</li>
<li>
Whilst our screen highlights a decreased pool of candidates, the level of risk remains relatively static within the small-mid cap universe, there have been several revealing data points in this quarters screen, which suggest investors need to pay attention to the Asian markets.</li>
</ul>

Reduced List, but significant all the same

OurQ2-2019 Small-Mid Cap High-Risk list of stocks (Screening the Silkroad: Small-Mid Cap High-Risk Names to Avoid: Q2 2019) produced a market cap average price decrease of 9.7%. In comparison, the MSCI Asia Pacific Index decreased 7.5% over the same period.
Our screen looks for high valuation multiples presented by candidates with significant earnings growth forecasts, as well as financial indicators that suggest balance sheet distress.

The Risk to this screen: The Financial and Utility sectors are not covered in this screen. Moreover, “risk is not a number, it is a concept or notion”, as cited by James Mortiner during his time at Société Genéralé. Hence, some stocks may appear on this screen due to their business model being realigned to a more profitable approach. They may also be a member of more positive value or quality screens, as a result of this realignment.

14-stocks appear in our Q3 2019 screen, down from 19 and 26 in Q2 and Q1 2019 respectively. Of the new list, 7 stocks are new to the list. On a geographical basis, Singapore remains absent from the screen for the fifth quarter running, whilst New Zealand has not presented any names for the second quarter running.

Whilst our screen highlights a decreased pool of candidates, the level of risk remains relatively static within the small-mid cap universe, there have been several revealing data points in this quarters screen, which suggest investors need to pay attention to the Asian markets.


Screening the Silkroad: Small-Mid Cap High-Risk Names to Avoid: Q3 2019

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/gbst-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20526:1" rel="noopener">Gbst Holdings (GBT AU)</a> has <a href="https://www.asx.com.au/asxpdf/20190701/pdf/4467x3qxqvh955.pdf" target="_blank" rel="noopener">announced</a> a non-binding indicative Offer of $3.25/share (cash) from <a href="https://www.smartkarma.com/entities/ss-c-technologies-holdings" target="_blank" data-smartkarma-citation="entities:3464:1" rel="noopener">Ss&amp;C Technologies (SSNC US)</a> by way of a Scheme at a 64.6% premium to the closing price on the 11 April, when GBST was first approached by <a href="https://www.smartkarma.com/entities/bravura-solutions" target="_blank" data-smartkarma-citation="entities:23648:1" rel="noopener">Bravura Solutions (BVS AU)</a>.
This follows last Friday's <a href="https://www.asx.com.au/asxpdf/20190628/pdf/4466rsbh1r8qpr.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.asx.com.au/asxpdf/20190628/pdf/4466rsbh1r8qpr.pdf&amp;source=gmail&amp;ust=1561855864369000&amp;usg=AFQjCNE2KB5dg71JLmvafa1wpTOJJry0CA" rel="noopener">announcement</a> that GBST had not reached an Exclusivity and Process Deed with Bravura. Bravura had recently bumped its indicative Offer to A$3.00, up from A$2.72 in mid-June and from A$2.50 in April. At the time GBST added it "has <a href="https://www.asx.com.au/asxpdf/20190628/pdf/4466rsbh1r8qpr.pdf" target="_blank" rel="noopener">now received</a> other non-binding confidential competing proposals to acquire 100% of the ordinary shares of GBST via cash offers at a price higher than $3.00 per share". 
GBST's board will exclusively open its data room to SSNC for four weeks. Should a Binding Offer transpire, the board will unanimously recommend it. The Indicative Offer Price values GBST at A$222mn.
Although indicative, SSNC's Offer may have a better chance of getting up compared to Bravura as there is a risk the two competing softwares offered by Bravura and GBST's cannot be folded into one, providing substantial costs saving and synergistic benefits.
Although Bravura has withdrawn its recent Offer, in response to SSNC's Offer, it <a href="https://www.asx.com.au/asxpdf/20190701/pdf/446802f2kq49zw.pdf" target="_blank" rel="noopener">said</a> it "reserves all its rights to make any further offers to acquire GBST including in the event of a superior proposal from any third party."
Shareholder support should follow a binding proposal from SSNC. Spheria, the second largest shareholder, had previously expressed Bravura's $2.50/share Offer to have <a href="https://www.afr.com/technology/technology-companies/bravura-makes-non-binding-172m-bid-proposal-for-gbst-20190412-p51dhs" target="_blank" rel="noopener">merit</a>. Spheria promptly bumped its stake in GBST to 10.74% from 9.09% on the <a href="https://www.asx.com.au/asxpdf/20190515/pdf/4453wlqsftr6t7.pdf" target="_blank" rel="noopener">13 May</a>, then to 12.42% on the <a href="https://www.asx.com.au/asxpdf/20190624/pdf/4462n8x401phzj.pdf" target="_blank" rel="noopener">20 June</a>.
Should a firm offer unfold, expect the deal to complete mid-4Q19. Trading at a relatively tight 3.5%/10.5% gross/annualised return. The risk/reward looks attractive here, although a spread or two lower would be ideal.

Gbst Holdings (GBT AU) has announced a non-binding indicative Offer of $3.25/share (cash) from Ss&amp;C Technologies (SSNC US) by way of a Scheme at a 64.6% premium to the closing price on the 11 April, when GBST was first approached by Bravura Solutions (BVS AU).
This follows last Friday's announcement that GBST had not reached an Exclusivity and Process Deed with Bravura. Bravura had recently bumped its indicative Offer to A$3.00, up from A$2.72 in mid-June and from A$2.50 in April. At the time GBST added it "has now received other non-binding confidential competing proposals to acquire 100% of the ordinary shares of GBST via cash offers at a price higher than $3.00 per share". 
GBST's board will exclusively open its data room to SSNC for four weeks. Should a Binding Offer transpire, the board will unanimously recommend it. The Indicative Offer Price values GBST at A$222mn.
Although indicative, SSNC's Offer may have a better chance of getting up compared to Bravura as there is a risk the two competing softwares offered by Bravura and GBST's cannot be folded into one, providing substantial costs saving and synergistic benefits.
Although Bravura has withdrawn its recent Offer, in response to SSNC's Offer, it said it "reserves all its rights to make any further offers to acquire GBST including in the event of a superior proposal from any third party."
Shareholder support should follow a binding proposal from SSNC. Spheria, the second largest shareholder, had previously expressed Bravura's $2.50/share Offer to have merit. Spheria promptly bumped its stake in GBST to 10.74% from 9.09% on the 13 May, then to 12.42% on the 20 June.
Should a firm offer unfold, expect the deal to complete mid-4Q19. Trading at a relatively tight 3.5%/10.5% gross/annualised return. The risk/reward looks attractive here, although a spread or two lower would be ideal. 

SSNC Swoops On GBST As Bravura Ponders Next Move

Last Week in Event SPACE: Chiyoda, Japan Post, BTS, JDI, Renault/Nissan, Nexon, Metro, Merlin, Melco

For the month of June, 8 new deals were discussed on Smartkarma with an overall announced deal size of ~US$165bn, US$150bn of which relates to the Raytheon Company (RTN US)/United Technologies (UTX US) transaction.
Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow up discussions, or simply click on the insight link(s) below the name.





New Deals


Industry


Size (US$bn)


Type


Premium



Australia



Australian Unity Office Fund (AOF AU) 
REIT
0.33
Scheme
9%



Insight: Abacus And Charter Team Up For AOF




Mod Resources (MOD AU) 
Mining
0.10
Scheme
45%


Insight: MOD Resources Supports Latest Sandfire Offer


Japan



Cocokara Fine (3098 JP) 
Retail
4.2
n.a.
?


Insights: Drug-Fuelled Marriages and Macho Shachos* in Japan, Cocokara Fine は Cocokara いいね*


Philippines



Holcim Philippines (HLCM PM) 
Cement
2.15
MGO
?


Insight: SMC Pursues A Ready-Mixed Fortune With Holcim


Thailand



Glow Energy Pcl (GLOW TB) 
Energy
0.20
Delisting Offer
10%


Insights: Glow Energy: An Imminent Delisting Offer?, GLOW For It! Be GLOWful... And Full of GLOW... (Trading Tactics), GPSC Announces Delisting Offer Intent for GLOW


Europe



Altran Technologies Sa (ALT FP) 
Consultancy
4.10
Vol. Tender Offer
22%


Insight: Capgemini Snaps Up Smaller Rival Altran



METRO AG (MEO GR) 
Retail
6.61
Public Offer
34.5%


Insight: METRO Move May Mean More 



US   



Raytheon Company (RTN US) / United Technologies (UTX US) 
Aerospace
150.0
Merger of Equals
0%


Insight: MergerTalk: UnitedTech/Raytheon - It's The UTX Share Price That Needs Adjusting, Not The Terms




The above does not include AGL Energy Ltd (AGL AU)'s very short-lived indicative US$2.1bn approach for Vocus Communications (VOC AU).
Sugi Holdings (7649 JP) announced that it had agreed to enter business integration talks with Cocokara Fine (3098 JP) with the aim to conclude talks by the end of July. Matsumotokiyoshi Holdings Co (3088 JP) had business integration talks already in process with Cocokara and, after the announcement of Sugi, looked to enhance those. Subsequently, management of Cocokara established an independent committee to vet the two proposals on the table and come back with an answer by end July.
The 10% premium for Glow Energy Pcl (GLOW TB) is a rough estimate amid ongoing rumours of Global Power Synergy Company Ltd (GPSC TB) taking out the remaining 4.75% of shares it did not own. 
The average premium for the new deals announced in June was 24%, while the average for the first six months of 2019 is ~30%.
Brief Summary of News in June of Arb Situations On Smartkarma's Radar
(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation. Where a new insight was written on these names in June, I've included a link to that insight in italics.)




Australia


Comments (with links &amp; insights)



Automotive Holdings (AHG AU)
June 25: The ACCC has raised preliminary concerns as to the AHG ​/ Ap Eagers Ltd (APE AU) ​merger, specifically in the Newcastle/Hunter Valley region. The ACCC has less a concern in the Melbourne, Sydney and Brisbane areas, and nationally. APE &amp; AHG are assessing options to facilitate ACCC approval. June 27: Fifth supplementary bidder's statement. APE sold a property in Brisbane.


Aveo Group (AOG AU)
June 24: Aveo announced it is in discussions with one party as to a Scheme. If an agreement cannot be reached by the 22 July, discussions will be discontinued. No price was given.
 
On account of a subdued property market, Aveo expects FY19 underlying profit to be A$50mn compared to A$127.2mn in FY18. An A$0.045/share distribution for FY19 was declared. The ex-date was on 27 June.



DuluxGroup Ltd (DLX AU)
June 7: FIRB approves Nippon's acquisition. June 17: Scheme Booklet registered with ASIC - Scheme Meeting is the 31 July.


Eclipx (ECX AU)
No June update.



Kidman Resources (KDR AU) 

No June update.



Lynas Corp Ltd (LYC AU)

No June update, but the CEO has suggested that the announcement of license renewal could wait until the very end.



Navitas Ltd (NVT AU)
June 19: Shareholders approve the Scheme. The implementation date is the 5 July.


Ruralco Holdings (RHL AU)

June 13: ACC releases Statement of Issues ACCC Raises Concerns With Ruralco/Nutrien 
June 26: Scheme Meeting revised to the 6 September.



Villa World Ltd (VLW AU)

June 20: ​VLW has extended AVID Property's due diligence for a "short time" to facilitate a binding proposal: 




Vocus Communications (VOC AU) 

June 4: Discussions with EQT terminated June 11: Non-binding proposal from AGL Energy Ltd (AGL AU) 
AGL Takes A Turn At Vocus
June 17: Discussions with AGL terminated



Xenith Ip (XIP AU)
June 25: Scheme Booklet for Xenith Ip (XIP AU) ​now despatched. The Scheme Meeting will be held on the 25 July with an expected implementation date on the 15 August.







Hong Kong


Comments (with links &amp; insights)



China Power New Energy Development Co (735 HK)

June 20: The Scheme Document has now been dispatched. The Scheme Meeting is to be held on 12 July with payment expected on 28 August. The IFA has given a "fair and reasonable" opinion and recommends independent shareholders take the cash option. The SFC has now concluded China Three Gorges (CTG), CPNED's largest shareholder with 27.10%, is deemed not to be acting in concert and is therefore permitted to vote at the Scheme Meeting.
China Power's Scheme Document Dispatched



Harbin Electric Co Ltd H (1133 HK)

21 days have now elapsed since the Closing Date on the 20 May. Shareholders who have tendered are entitled to withdraw shares should they so choose. ~14% of shares out have now been withdrawn. Is Harbin Electric Coming Unglued?








India


Comments



Glaxosmithkline Consumer Healthcare (SKB IN)
No June update


Gruh Finance (GRHF IN)
June 7: GRUH shareholders and creditors approve amalgamation with Bandhan Bank June 21: Approval from National Company Law Tribunal


Mindtree Ltd (MTCL IN)
June 10: L&amp;T’s open offer scheduled from 17 through 28 June June 13: MindTree's independent directors’ committee finds L&amp;T’s open offer "fair and reasonable"







Japan


Comments (with links)



Kabu.Com Securities (8703 JP)
June 14: Results on the tender offer - KDDI Corp (9433 JP) bought 126.5mm shares which should get the combination of KDDI and Mitsubishi Ufj Financial (8306 JP) to just over 90%. In this case, it was not necessary to get to 90% to get an early delisting process. There will be a windup based on the squeezeout of minorities after a vote to deconsolidate. This is the case because there are two owners combining to get to 90+% and not a single owner. 


Ki Holdings (6747 JP)

June 13: The result of the Tender Offer were that the Bidder got 92.37%.  June 27: The bidder asked KI Holdings to buy out minorities, as is its right under Japan Companies Act Article 179 Para 2.




Misawa Homes (1722 JP) 
No June update


Nexon Co Ltd (3659 JP)
June 20: The news out of S Korea on the sale of NXC by Jim Jung Joo, which leads to possible sale/tender for Nexon, suggests that negotiations are with Kakao, but they may not be progressing well. An article by etnews (http://www.etnews.com/20190620000285) suggests that negotiations may have ended because the price is deemed to be too high. The bearish articles suggest that the sale process may be over. Several suggest that KJJ has to lower his price expectation to get the deal done. Some suggest that KJJ will decide to stand pat and wait for a suitable buyer to emerge. 

Nexon!!! [Question Marks Intensify]




Nitto Fc Co Ltd (4033 JP) 
June 19: The combination of East LLC and West LP have acquired 93.8% of the shares in Nitto Fc Co Ltd (4033 JP) through the Tender Offer. It will now proceed to a share consolidation, squeeze-out, and delisting.



Techno Associe (8249 JP) 
No June update



Tosho Printing (7913 JP) 
No June update


U Shin Ltd (6985 JP)
June 17: The company's board announced a share consolidation with intention to merge with Misumi-Minebea which obtained 76% of the shares out in the Tender Offer earlier this year. The EGM will be July 8th. Consolidation and delisting will be approved. The last day of trading is scheduled to be August 8th.








Malaysia


Comments (with links)





Lafarge Malaysia (LMC MK) 

June 3: The IFA considers the Offer to be not fair and reasonable, and recommends shareholders reject YTL's bid: June 13: The offer closes with YTL Cement holding 76.98%, up from 51%. YTL will make efforts to comply with the 25% float.










Singapore


Comments (with links)




800 super holdings (ESH SP) 
June 17: Acceptances totals 90.82% and shares are suspended.


Ezion Holdings (EZI SP)
No June update


Indofood Agri Resources (IFAR SP)
June 12: IFAR issued a notice which simply reiterates the final Offer Price and the closing date (25 June - 60th day from dispatch). June 25: Offer lapsed having closed with valid acceptances of 88.08%, just short of the 90% condition. 




Memtech International (MTEC SP) 
June 14: Offeree Circular dispatched. The IFA considered the Offer fair &amp; reasonable.









South Korea


Comments



Hyundai Oilbank Co Ltd (1082Z KS)
No June update








Thailand


Comments



Glow Energy Pcl (GLOW TB)
June 19: GLOW released a statement on the Stock Exchange of Thailand website noting it had received a letter from Global Power Synergy Company Ltd (GPSC TB) that it intended to support the board of GLOW if it decided to conduct a Delisting Offer (as is expected). The Delisting Offer will be at THB 90.8136, with a net cashout of THB 90.56-57/share. The shareholders meeting to approve the delisting will be held on the 13 August. Based on the shortest timeframe from a shareholder meeting to payment of 91 days from analysing prior delisting offers, that places a payment date for GLOW the second week of November. 

Glow Energy: An Imminent Delisting Offer? GLOW For It! Be GLOWful... And Full of GLOW... (Trading Tactics)



Golden Land Prop Dvlp (GOLD TB)

June 4: Tender Offer doc out for GOLD dispatched. The offer period is from 5 June to 8 August (45 biz days). The settlement is the 14 August. June 25: IFA opinion dispatched and considers the Offer fair



Thanachart Capital (TCAP TB)

No June update








UK


Comments (with links)




Independent News and Media Plc (INM LN) 
June 10: Competition and Consumer Protection Commission approval








Europe


Comments (with links)



Oslo Bors VPS Holding ASA (OSLO NS)

June 18: Euronext completes acquisition



Lenta Ltd (LNTA LI)

June 4: Offer closed with Severgroup holding 78.73%.





Australia

Vocus Communications Ltd. owns and operates independent voice and data networks stretching across the globe. The Company offers a complete range of products encompassing both voice and data.

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