Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in February with the H1 results announcement, <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> announced <a href="https://announcements.asx.com.au/asxpdf/20230216/pdf/45lns0hn3gdwmp.pdf" target="_blank" rel="noopener">an intention to spin off</a> an ASX-Listed Self Storage REIT with A$3bn in total assets.</li>
<li>The stock popped 7.4% to A$3.06 but is -16% since. In April they dropped their equity holding in <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, in May they <a href="https://announcements.asx.com.au/asxpdf/20230518/pdf/05ptw7r9scdhy2.pdf" target="_blank" rel="noopener">updated</a> again.  </li>
<li>Last week they had a big new <a href="https://announcements.asx.com.au/asxpdf/20230607/pdf/05qfhbm08qs51z.pdf" target="_blank" rel="noopener">Investor Presentation</a> saying they would go ahead. There's a trade in here. </li>
</ul>


Back in February with the H1 results announcement, Abacus Property (ABP AU) announced an intention to spin off an ASX-Listed Self Storage REIT with A$3bn in total assets.
The stock popped 7.4% to A$3.06 but is -16% since. In April they dropped their equity holding in National Storage REIT (NSR AU), in May they updated again.  
Last week they had a big new Investor Presentation saying they would go ahead. There's a trade in here. 


Conscious De-Stapling With Uplift - The Abacus Property (ABP) Storage Spinoff

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

Index Rebalance

<ul>
<li>We do not expect any constituent changes in June (that could change though!). The only flows are likely to be from capping the constituents at 10% of the index weight.</li>
<li>Capping changes will lead to a one-way turnover of 2.15% resulting in a one-way trade of A$14m. There are two stocks with over A$5m to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/stockland" target="_blank" data-smartkarma-citation="entities:661:1" rel="noopener">Stockland (SGP AU)</a> will be the most affected stock with passive trackers needing to sell over 1 day of ADV. The stock has run up and shorts are increasing.</li>
</ul>


We do not expect any constituent changes in June (that could change though!). The only flows are likely to be from capping the constituents at 10% of the index weight.
Capping changes will lead to a one-way turnover of 2.15% resulting in a one-way trade of A$14m. There are two stocks with over A$5m to trade.

Stockland (SGP AU) will be the most affected stock with passive trackers needing to sell over 1 day of ADV. The stock has run up and shorts are increasing.


MVIS Australia A-REITs Index Rebalance Preview: Capping Changes & Flows

Australian Unity Office Fund / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener">Australian Unity Office Fund (AOF AU)</a> was the subject of six successive bids by Starwood between 2018-2020 and a bid by <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> and <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a>.</li>
<li>Large AOF shareholder Hume knocked back the ABP/CHC bid and Starwood never got to the final stages. But Aliro Group's (CEO is ex-CHC) bid at A$2.45 got Hume's support. </li>
<li>Then on 25 July, Aliro walked. And the shares fell. From A$2.21 to A$1.80. Ouch. </li>
</ul>



Australian Unity Office Fund (AOF AU) was the subject of six successive bids by Starwood between 2018-2020 and a bid by Charter Hall (CHC AU) and Abacus Property (ABP AU).
Large AOF shareholder Hume knocked back the ABP/CHC bid and Starwood never got to the final stages. But Aliro Group's (CEO is ex-CHC) bid at A$2.45 got Hume's support. 
Then on 25 July, Aliro walked. And the shares fell. From A$2.21 to A$1.80. Ouch. 


Australian Unity Office: Crushed as Aliro Walks, But Actively Seeking Situations

David Blennerhassett

<ul>
<li>Over the years, <a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener">Australian Unity Office Fund (AOF AU)</a> has had its fair share of suitors. Starwood Capital made no less than six bids between late 2018 and early 2020. </li>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> and <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> were also in the mix, but their Scheme failed, ostensibly after Hume, one of the largest shareholders voted down the Offer.</li>
<li>
Aliro Group has now made an Offer for AOF, by way of Scheme, at $2.45 + dividends. Hume is supportive. Aliro's executive chairman is the former head of Charter Hall. </li>
</ul>


Over the years, Australian Unity Office Fund (AOF AU) has had its fair share of suitors. Starwood Capital made no less than six bids between late 2018 and early 2020. 

Abacus Property (ABP AU) and Charter Hall (CHC AU) were also in the mix, but their Scheme failed, ostensibly after Hume, one of the largest shareholders voted down the Offer.

Aliro Group has now made an Offer for AOF, by way of Scheme, at $2.45 + dividends. Hume is supportive. Aliro's executive chairman is the former head of Charter Hall. 


Australian Unity Office: Aliro's Offer Should Get Up. With A Bump

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/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> has entered into an SIA with Charter Hall and PGGM. The offer of A$1.90 and maximum FY22 distribution of 4.67 cents implies a total of A$1.9467.   </li>
<li>The scheme booklet will be dispatched in May with an implementation date in late July. The offer price is attractive in terms of multiples and security prices. </li>
<li>At the last close and for the July-end implementation date, the gross and annualised spread of the total offer is 1.4% and 4.2%, respectively.   </li>
</ul>



Irongate Group (IAP AU) has entered into an SIA with Charter Hall and PGGM. The offer of A$1.90 and maximum FY22 distribution of 4.67 cents implies a total of A$1.9467.   
The scheme booklet will be dispatched in May with an implementation date in late July. The offer price is attractive in terms of multiples and security prices. 
At the last close and for the July-end implementation date, the gross and annualised spread of the total offer is 1.4% and 4.2%, respectively.   


Irongate Enters into an SIA with Charter Hall and PGGM

Australia

Abacus Group is a diversified property investment and management company. The Company provides exposure to a portfolio of commercial office, retail, and self storage real estates. Abacus Group serves customers in Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Abacus Group (ABG AU)

Conscious De-Stapling With Uplift - The Abacus Property (ABP) Storage Spinoff

ABP will spin off its self storage business. Self storage businesses trade at higher multiples|lower yields than commercial/diversified REITs. It's...

Travis Lundy

MVIS Australia A-REITs Index Rebalance Preview: Capping Changes & Flows

We do not see any constituent changes in June. Capping changes will lead to a one-way turnover of 2.15% resulting in a one-way trade of A$14m....

Brian Freitas

Australian Unity Office: Crushed as Aliro Walks, But Actively Seeking Situations

AOF shares got crushed Monday after Aliro decided walked as market conditions worsened. Now AOF is going to solicit interest again. At 0.81 newly...

Travis Lundy

Australian Unity Office: Aliro's Offer Should Get Up. With A Bump

Trading tight for a non-binding Offer. But you have a bidder who has indirectly been in the mix before. Plus major shareholder support. Arguably,...

David Blennerhassett

Irongate Enters into an SIA with Charter Hall and PGGM

Irongate has entered into an SIA with Charter Hall/PGGM. The offer of A$1.90 and the max dist of 4.67 cents implies a total of A$1.9467. For the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)