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/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> entered a scheme implementation deed with AVID at A$0.655, 2.2% below its previous A$0.67 offer and a 98.5% premium to the undisturbed price. </li>
<li>The key conditions are shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk as SC Global (54.02% of outstanding shares) will vote in favour. </li>
<li>Despite the marginally lower price, the offer is attractive, as evidenced by the hefty takeover premium. This is a done deal, with the scheme meeting expected in mid-June.</li>
</ul>



Avjennings Ltd (AVJ AU) entered a scheme implementation deed with AVID at A$0.655, 2.2% below its previous A$0.67 offer and a 98.5% premium to the undisturbed price. 
The key conditions are shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk as SC Global (54.02% of outstanding shares) will vote in favour. 
Despite the marginally lower price, the offer is attractive, as evidenced by the hefty takeover premium. This is a done deal, with the scheme meeting expected in mid-June.


AVJennings (AVJ AU): AVID’s Binding Proposal at A$0.655

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The AVID consortium's late-November A$0.67/share NBIO appeared a lock; until <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> lobbed a A$0.70/share NBIO in January. Ho Bee also acquired a 5.39% stake. </li>
<li>
<a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings (AVJ AU)</a> granted both suitors exclusive due diligence, the terms of which expired in February. AVJ said at the time it remained in "<a href="https://announcements.asx.com.au/asxpdf/20250224/pdf/06fvdy180hcb4s.pdf" target="_blank" rel="noopener">active discussions</a>" with both.</li>
<li>AVJ and AVID have now <a href="https://announcements.asx.com.au/asxpdf/20250401/pdf/06h6xsrcrlf7z6.pdf" target="_blank" rel="noopener">entered into a Scheme Implementation Deed</a> at A$0.655/share. A special dividend - included in the Scheme consideration - could add A$0.072/share in franking credits. </li>
</ul>


The AVID consortium's late-November A$0.67/share NBIO appeared a lock; until Ho Bee Land Ltd (HOBEE SP) lobbed a A$0.70/share NBIO in January. Ho Bee also acquired a 5.39% stake. 

AVJennings (AVJ AU) granted both suitors exclusive due diligence, the terms of which expired in February. AVJ said at the time it remained in "active discussions" with both.
AVJ and AVID have now entered into a Scheme Implementation Deed at A$0.655/share. A special dividend - included in the Scheme consideration - could add A$0.072/share in franking credits. 


AVJennings (AVJ AU): AVID's Firm Offer As Ho Bee Walks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> disclosed a competing non-binding proposal from <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> at A$0.70, a 4.5% premium to AVID’s A$0.67 offer. </li>
<li>The potential for a Ho Bee competing offer was discussed in <a href="https://www.smartkarma.com/insights/avjennings-avj-au-competing-offer-brewing" target="_blank" data-smartkarma-citation="insights:171160" rel="noopener">AVJennings (AVJ AU): Competing Offer Brewing</a>.</li>
<li>Despite the hefty premium to the undisturbed price, the Ho Bee offer is below NTA. Therefore, there is headroom for a bidding war as an offer at NTA implies A$0.81.</li>
</ul>



Avjennings Ltd (AVJ AU) disclosed a competing non-binding proposal from Ho Bee Land Ltd (HOBEE SP) at A$0.70, a 4.5% premium to AVID’s A$0.67 offer. 
The potential for a Ho Bee competing offer was discussed in AVJennings (AVJ AU): Competing Offer Brewing.
Despite the hefty premium to the undisturbed price, the Ho Bee offer is below NTA. Therefore, there is headroom for a bidding war as an offer at NTA implies A$0.81.


AVJennings (AVJ AU): Ho Bee Emerges with a Competing Offer

<ul>
<li>Back on the 28th November, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>, a reputable home builder in Australia/New Zealand, <a href="https://announcements.asx.com.au/asxpdf/20241128/pdf/06bywtrktl1j89.pdf" target="_blank" rel="noopener">entered into a deed</a> granting the AVID consortium exclusive confirmatory due diligence.</li>
<li>The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.</li>
<li>In what appeared to be clean deal, <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> then acquired a <a href="https://announcements.asx.com.au/asxpdf/20241227/pdf/06d2p7fykvslm6.pdf" target="_blank" rel="noopener">5.39% stake</a> on the 23rd December. Now they've made their own <a href="https://announcements.asx.com.au/asxpdf/20250115/pdf/06dk238wkx2778.pdf" target="_blank" rel="noopener">NBIO at A$0.70/share</a>. </li>
</ul>


Back on the 28th November, AVJennings Ltd (AVJ AU), a reputable home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.
The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.
In what appeared to be clean deal, Ho Bee Land Ltd (HOBEE SP) then acquired a 5.39% stake on the 23rd December. Now they've made their own NBIO at A$0.70/share. 


AVJennings (AVJ AU): Ho Bee's Superior Proposal

<ul>
<li>On 28 November, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> disclosed a non-binding indicative proposal from AVID at A$0.67 per share, a 103.0% premium to the undisturbed price. </li>
<li>On 27 December, Queensgate Investments became a substantial shareholder, representing 5.39% of outstanding shares. <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a>, a Singaporean real-estate developer, owns Queensgate.</li>
<li>Ho Bee Land is a strategic investor and is likely contemplating a competing offer, mainly because AVID’s offer is below NTA and AVJennings's controlling shareholder’s ties to Singapore. </li>
</ul>


On 28 November, Avjennings Ltd (AVJ AU) disclosed a non-binding indicative proposal from AVID at A$0.67 per share, a 103.0% premium to the undisturbed price. 
On 27 December, Queensgate Investments became a substantial shareholder, representing 5.39% of outstanding shares. Ho Bee Land Ltd (HOBEE SP), a Singaporean real-estate developer, owns Queensgate.
Ho Bee Land is a strategic investor and is likely contemplating a competing offer, mainly because AVID’s offer is below NTA and AVJennings's controlling shareholder’s ties to Singapore. 


AVJennings (AVJ AU): Competing Offer Brewing

Australia

AVJennings Limited operates in the land development and housing sectors. The Company constructs residential houses in Australia along with residential land development. AVJennings 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

Avjennings Ltd (AVJ AU)

AVJennings (AVJ AU): AVID’s Binding Proposal at A$0.655

Despite the marginally lower price, the offer is attractive, as evidenced by the hefty takeover premium. This is a done deal, with the scheme...

Arun George

AVJennings (AVJ AU): AVID's Firm Offer As Ho Bee Walks

Trading right at terms. If you can take (full) advantage of the franking credits, get involved here and on any weakness. Otherwise, this is an avoid.

David Blennerhassett

AVJennings (AVJ AU): Ho Bee Emerges with a Competing Offer

Despite the hefty premium to the undisturbed price, the Ho Bee offer is below NTA. Therefore, there is headroom for a bidding war as an offer at...

Arun George

AVJennings (AVJ AU): Ho Bee's Superior Proposal

Although terms are indicative, buy a tick or three below Ho Bee's terms. You could also consider buying the Singaporean leg (quoted in AUD), and...

David Blennerhassett

AVJennings (AVJ AU): Competing Offer Brewing

Queensgate Investments, owned by Ho Bee Land, has emerged as a substantial shareholder. Ho Bee is a strategic investor whose action suggests a high...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)