Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> launched its bookbuild but decided to keep it local, with no international bookrunners.</li>
<li>Placements continue to trickle in with <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> managing to raise US$150m odd. All eyes will be on <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> in the coming week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

GoTo (1379371D IJ) launched its bookbuild but decided to keep it local, with no international bookrunners.
Placements continue to trickle in with Abacus Property (ABP AU) managing to raise US$150m odd. All eyes will be on JD.com Inc. (9618 HK) in the coming week.


ECM Weekly (20th Mar 2022) - JD.com, Tencent, Prosus, GoTo, Ferretti, Green Tea, Recbio, Abacus

<ul>
<li>Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares.</li>
<li>The company will use the proceeds from the placement to pay down debt that it has accumulated from earlier acquisition/construction.</li>
<li>In this note, we will talk about the recent developments and run the deal through our ECM framework.</li>
</ul>


Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares.
The company will use the proceeds from the placement to pay down debt that it has accumulated from earlier acquisition/construction.
In this note, we will talk about the recent developments and run the deal through our ECM framework.


Abacus Property Group Placement - Previous Deal Did Well, This One Won’t Be Accretive

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.

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Abacus Group (ABG AU)

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

ECM Weekly (20th Mar 2022) - JD.com, Tencent, Prosus, GoTo, Ferretti, Green Tea, Recbio, Abacus

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Abacus Property Group Placement - Previous Deal Did Well, This One Won’t Be Accretive

Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares. In this note, we will run the deal through our ECM...

Sumeet Singh

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