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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.</li>
<li>There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.</li>
<li>There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.</li>
</ul>



Nearmap Ltd (NEA AU)’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.
There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.
There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.


Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

<ul>
<li>The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). </li>
<li>The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. </li>
<li>At <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.</li>
</ul>


The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). 
The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. 
At Nearmap Ltd (NEA AU)'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.


Nearmap’s Spread Widens, Scheme Meeting on 25 November

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.</li>
<li>The offer price is attractive. The key conditions are shareholders and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is in November. </li>
<li>At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.</li>
</ul>



Nearmap Ltd (NEA AU) entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.
The offer price is attractive. The key conditions are shareholders and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is in November. 
At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.


Nearmap Enters a SID with Thoma Bravo at A$2.10

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.</li>
<li>Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire <a href="https://www.smartkarma.com/entities/ping-identity-holding-corp" target="_blank" data-smartkarma-citation="entities:28271:1" rel="noopener">Ping Identity Holding Corp (PING US)</a> last week. </li>
<li>Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.</li>
</ul>



Nearmap Ltd (NEA AU) disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.
Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire Ping Identity Holding Corp (PING US) last week. 
Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.


Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Australia

Aerometrex Limited operates as an aerial mapping company. The Company offers aerial imaging, photogrammetry, 3D modelling, and LiDAR surveys services. Aerometrex serves customers worldwide.

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

Aerometrex Ltd (AMX AU)

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

There is no chance that the MAC clause will be triggered due to the downbeat trading update. On the other hand, the update is softening the stance...

Arun George

Nearmap’s Spread Widens, Scheme Meeting on 25 November

The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the...

Arun George

Nearmap Enters a SID with Thoma Bravo at A$2.10

The offer price is attractive. At last close and for the end of November payment, the annualised spread to the offer is 5.2%.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

There is no chance that the MAC clause will be triggered due to the downbeat trading update. On the other hand, the update is softening the stance...

Arun George

Nearmap’s Spread Widens, Scheme Meeting on 25 November

The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the...

Arun George

Nearmap Enters a SID with Thoma Bravo at A$2.10

The offer price is attractive. At last close and for the end of November payment, the annualised spread to the offer is 5.2%.

Arun George

Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Thoma Bravo is a credible bidder, and the Board will likely recommend a binding offer. We think that the offer is reasonable. At the last close,...

Arun George