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> 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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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

<ul>
<li>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 widely recognised home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.</li>
<li>AVID, comprising Proprium Capital Partners and AVID Property Group, have pitched an <a href="https://announcements.asx.com.au/asxpdf/20241128/pdf/06bywtrktl1j89.pdf" target="_blank" rel="noopener">NBIO (by way of a Scheme) of A$0.67/share</a>, in cash, a punchy 103% premium to last close. </li>
<li>Apart from entering a SIA after DD (expected end-Jan completion), the Offer requires FIRB and OIO to sign off. AVJ's board, controlled by Singapore's SC Global (54.5% shareholder) is supportive.</li>
</ul>


On the 28th November, AVJennings Ltd (AVJ AU), a widely recognised home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.
AVID, comprising Proprium Capital Partners and AVID Property Group, have pitched an NBIO (by way of a Scheme) of A$0.67/share, in cash, a punchy 103% premium to last close. 
Apart from entering a SIA after DD (expected end-Jan completion), the Offer requires FIRB and OIO to sign off. AVJ's board, controlled by Singapore's SC Global (54.5% shareholder) is supportive.


<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 non-binding indicative proposal from AVID at A$0.67 per share, a 103.0% premium to the undisturbed price. </li>
<li>The proposal is subject to due diligence (till 31 January 2025), entry into a scheme implementation deed, and shareholder and regulatory approvals (FIRB and OIO).</li>
<li>The largest shareholder supports the offer, which represents a 20-year high. AVID has completed initial due diligence, lending confidence that a binding proposal will materialise.</li>
</ul>



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. 
The proposal is subject to due diligence (till 31 January 2025), entry into a scheme implementation deed, and shareholder and regulatory approvals (FIRB and OIO).
The largest shareholder supports the offer, which represents a 20-year high. AVID has completed initial due diligence, lending confidence that a binding proposal will materialise.


AVJennings (AVJ AU): AVID’s Indicative Offer at A$0.67 (103% Premium)

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.

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Avjennings Ltd (AVJ AU)

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

AVJennings (AVJ AU): AVID's Done Deal

Although terms are indicative, this is done. Trading at gross/annualised spread of 8%/12% assuming early 3Q25 payment. If illiquid arbs are your...

David Blennerhassett

AVJennings (AVJ AU): AVID’s Indicative Offer at A$0.67 (103% Premium)

The largest shareholder supports the offer, which represents a 20-year high. AVID has completed initial due diligence, lending confidence that a...

Arun George

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