Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

On 24th August 2020, India-based integrated logistics company <a href="https://www.smartkarma.com/entities/allcargo-logistics-ltd" target="_blank" data-smartkarma-citation="entities:10602:1" rel="noopener">Allcargo Logistics (AGLL IN)</a> announced they had received a “<a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/9bf60829-9be9-4e37-b6c2-234cc3203040.pdf" target="_blank" rel="noopener">Delisting Proposal Letter</a>" from members of its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited). A board meeting was convened on 27th August and a Merchant Banker (Inga Ventures) was appointed to carry out due diligence. On 5th September, the board approved the Offer after reviewing the Merchant Banker's due diligence report. These events were discussed in my previous insight <a href="https://www.smartkarma.com/insights/allcargo-logistics-agll-in-indian-delisting-offer-trading-cheap" target="_blank" data-smartkarma-citation="insights:43137" rel="noopener">Allcargo Logistics (AGLL IN): Indian Delisting Offer Trading Cheap</a>. After market-close on 22nd October, the company <a href="https://www.bseindia.com/stock-share-price/allcargo-logistics-ltd/allcargo/532749/voting-results/" target="_blank" rel="noopener">announced</a> the voting results for the delisting offer which confirmed that the shareholders have approved the transaction. Below is a closer look at the voting results and their potential implications regarding the probability of Deal Completion.

On 24th August 2020, India-based integrated logistics company Allcargo Logistics (AGLL IN) announced they had received a “Delisting Proposal Letter" from members of its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited). A board meeting was convened on 27th August and a Merchant Banker (Inga Ventures) was appointed to carry out due diligence. On 5th September, the board approved the Offer after reviewing the Merchant Banker's due diligence report. These events were discussed in my previous insight Allcargo Logistics (AGLL IN): Indian Delisting Offer Trading Cheap. After market-close on 22nd October, the company announced the voting results for the delisting offer which confirmed that the shareholders have approved the transaction. Below is a closer look at the voting results and their potential implications regarding the probability of Deal Completion. 

Allcargo Logistics (AGLL IN): Shareholder Vote Encouraging. Buying Opportunity.

Here is another interesting delisting situation in India. On 24th August 2020, India-based integrated logistics company <a href="https://www.smartkarma.com/entities/allcargo-logistics-ltd" target="_blank" data-smartkarma-citation="entities:10602:1" rel="noopener">Allcargo Logistics (AGLL IN)</a> announced they had received a “<a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/9bf60829-9be9-4e37-b6c2-234cc3203040.pdf" target="_blank" rel="noopener">Delisting Proposal Letter</a>" from members of its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited).The Promoters collectively hold 172.0mn shares in Allcargo representing a 70.01% stake and the Offer will be made to acquire the remaining 73.7mn shares representing a 29.99% stake. At the current share price, this translates to a deal size of ~USD120mn. The Final Offer Price will be determined upon completion of the Reverse Book Building (RBB) process. Following the completion of the transaction, the Promoters will voluntarily delist the shares of Allcargo from BSE Limited and National Stock Exchange of India Limited.In this insight, we will look at the upside potential of the event.

Here is another interesting delisting situation in India. On 24th August 2020, India-based integrated logistics company Allcargo Logistics (AGLL IN) announced they had received a “Delisting Proposal Letter" from members of its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited).The Promoters collectively hold 172.0mn shares in Allcargo representing a 70.01% stake and the Offer will be made to acquire the remaining 73.7mn shares representing a 29.99% stake. At the current share price, this translates to a deal size of ~USD120mn. The Final Offer Price will be determined upon completion of the Reverse Book Building (RBB) process. Following the completion of the transaction, the Promoters will voluntarily delist the shares of Allcargo from BSE Limited and National Stock Exchange of India Limited.In this insight, we will look at the upside potential of the event. 

Allcargo Logistics (AGLL IN): Indian Delisting Offer Trading Cheap

India

Allcargo Logistics is an Indian logistics company that provides integrated logistics solutions globally, specializing in multimodal transport operations including Less-than-Container Load (LCL) consolidation, Full-Container Load (FCL) forwarding, and air freight services. The company also offers digital logistics solutions, warehousing, and contract logistics. It was founded in 1993 and is headquartered in Mumbai, India.

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Allcargo Logistics (AGLL IN): Shareholder Vote Encouraging. Buying Opportunity.

The Allcargo Logistics Delisting Proposal has passed its shareholder vote and appears on track. Timing from now could be a few months to longer....

Janaghan Jeyakumar, CFA

Allcargo Logistics (AGLL IN): Indian Delisting Offer Trading Cheap

Allcargo Logistics (AGLL IN)

Janaghan Jeyakumar, CFA