Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 22nd July, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, a wealth manager and previously known as IOOF, entered into a Scheme with CC Capital at A$4.80/share.</li>
<li>That's 56.9% premium to undisturbed (11th December 2024), 20% above Bain's initial indicative tilt, but 4% below CC Capital (% Bain's) A$5.00/share indictive Offer on the 7th March 2025.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260227/pdf/06wwkrzh14m716.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the13th April, and expected implementation on the 28th April  2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 22nd July, Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, entered into a Scheme with CC Capital at A$4.80/share.
That's 56.9% premium to undisturbed (11th December 2024), 20% above Bain's initial indicative tilt, but 4% below CC Capital (% Bain's) A$5.00/share indictive Offer on the 7th March 2025.

The Scheme Booklet is now out, with a Scheme Meeting on the13th April, and expected implementation on the 28th April  2026. The IE (Kroll) says "fair &amp; reasonable".


Insignia Financial (IFL AU): 13th April Vote On CC Capital's A$4.80/Share Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> is worth in the high ¥20,000s by having minorities get the value of TICO and the tax treatment benefits proposed. As-is, TICO minorities are getting screwed.</li>
<li>The $64k question is whether AusSuper which supported <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope (BSL AU)</a>'s rejection of a $30 bid, and would only support an M&amp;A proposal that was “materially higher", is now supportive. </li>
<li>It's not surprising that financial institutions are selling some <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a> as it continues its climb higher AND around the time of the imminent MSCI promotion.</li>
</ul>



Toyota Industries (6201 JP) is worth in the high ¥20,000s by having minorities get the value of TICO and the tax treatment benefits proposed. As-is, TICO minorities are getting screwed.
The $64k question is whether AusSuper which supported Bluescope (BSL AU)'s rejection of a $30 bid, and would only support an M&amp;A proposal that was “materially higher", is now supportive. 
It's not surprising that financial institutions are selling some Ibiden Co Ltd (4062 JP) as it continues its climb higher AND around the time of the imminent MSCI promotion.


Last Week In Event SPACE: Toyota Industries, Bluescope Steel, Ibiden, CK Hutch

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>The <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> IE considers CC Capital’s scheme offer at A$4.80 fair and reasonable, as it is within its valuation range of A$4.49 to A$5.08.</li>
<li>The key scheme conditions are shareholder, FIRB and APRA approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.</li>
<li>The offer is attractive, particularly as peers have derated. At the last close and for a 28 April payment, the gross/annualised spread is 2.8%/19.1%.  </li>
</ul>


The Insignia Financial (IFL AU) IE considers CC Capital’s scheme offer at A$4.80 fair and reasonable, as it is within its valuation range of A$4.49 to A$5.08.
The key scheme conditions are shareholder, FIRB and APRA approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.
The offer is attractive, particularly as peers have derated. At the last close and for a 28 April payment, the gross/annualised spread is 2.8%/19.1%.  


Insignia Financial (IFL AU): Scheme Vote on 13 April

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day.</li>
<li>The largest industry net increase in the past week was into "Diversified Meals"; the largest industry net decrease was out of "Steel".</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a>, <a href="https://www.smartkarma.com/entities/amp-ltd" target="_blank" data-smartkarma-citation="entities:678:1" rel="noopener">AMP Ltd (AMP AU)</a>, <a href="https://www.smartkarma.com/entities/sims-metal-management-ltd" target="_blank" data-smartkarma-citation="entities:18184:1" rel="noopener">Sims Metal Management (SGM AU)</a>, <a href="https://www.smartkarma.com/entities/nufarm-ltd-australia" target="_blank" data-smartkarma-citation="entities:1128:1" rel="noopener">Nufarm Ltd (NUF AU)</a>.
</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day.
The largest industry net increase in the past week was into "Diversified Meals"; the largest industry net decrease was out of "Steel".
Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Fortescue Metals (FMG AU), AMP Ltd (AMP AU), Sims Metal Management (SGM AU), Nufarm Ltd (NUF AU).



Aussie Shorts (16 Feb 2026): Commonwealth Bank, Fortescue Metals, AMP, Sims Metal Management, Nufarm

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 12th (reported today). The aggregated short interest was USD26.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sayona Mining, ANZ, Woolworths, Westpac, Xero.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 12th (reported today). The aggregated short interest was USD26.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sayona Mining, ANZ, Woolworths, Westpac, Xero.


ASX Short Interest Weekly (Sep 12th): Sayona Mining, ANZ, Woolworths, Westpac, Xero

Australia

AMP Limited provides life insurance, superannuation, asset management products, pensions, retirement planning and other diversified financial services throughout Australia and New Zealand.  The Company services individual customers, small businesses, corporations and associated superannuation funds.

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AMP Ltd (AMP AU)

Last Week In Event SPACE: Toyota Industries, Bluescope Steel, Ibiden, CK Hutch

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Insignia Financial (IFL AU): Scheme Vote on 13 April

Regulatory approvals should be forthcoming, and the scheme vote is low-risk. At the last close and for a 28 April payment, the gross/annualised...

Arun George

Aussie Shorts (16 Feb 2026): Commonwealth Bank, Fortescue Metals, AMP, Sims Metal Management, Nufarm

Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Fortescue Metals (FMG AU), AMP Ltd (AMP AU),...

David Blennerhassett

ASX Short Interest Weekly (Sep 12th): Sayona Mining, ANZ, Woolworths, Westpac, Xero

We analyzed ASX short interest report for the past week and highlight short interest changes in Sayona Mining, ANZ, Woolworths, Westpac, Xero.

Ke Yan, CFA, FRM

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52-week Range

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Insignia Financial (IFL AU): 13th April Vote On CC Capital's A$4.80/Share Offer

This looks done. Assuming FIRB has no issue. Trading at a gross/annualised spread of 2.8%/18.5%. Key-Aussie-listed peer AMP is down 18% since Bain...

David Blennerhassett

Last Week In Event SPACE: Toyota Industries, Bluescope Steel, Ibiden, CK Hutch

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Insignia Financial (IFL AU): Scheme Vote on 13 April

Regulatory approvals should be forthcoming, and the scheme vote is low-risk. At the last close and for a 28 April payment, the gross/annualised...

Arun George

Aussie Shorts (16 Feb 2026): Commonwealth Bank, Fortescue Metals, AMP, Sims Metal Management, Nufarm

Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Fortescue Metals (FMG AU), AMP Ltd (AMP AU),...

David Blennerhassett

ASX Short Interest Weekly (Sep 12th): Sayona Mining, ANZ, Woolworths, Westpac, Xero

We analyzed ASX short interest report for the past week and highlight short interest changes in Sayona Mining, ANZ, Woolworths, Westpac, Xero.

Ke Yan, CFA, FRM