Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 1st April, <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 Scheme Implementation Deed with AVID at A$0.655/share. </li>
<li>A special dividend - included in the Scheme consideration - could add A$0.072/share in franking credits (to those shareholders who can take advantage), or ~11% of the consideration. That's chunky.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20250509/pdf/06jl49d4m36m43.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 11th July, and expected payment on or before the 14th August. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


On the 1st April, Avjennings Ltd (AVJ AU), a widely recognised home builder in Australia/New Zealand, entered into a Scheme Implementation Deed with AVID at A$0.655/share. 
A special dividend - included in the Scheme consideration - could add A$0.072/share in franking credits (to those shareholders who can take advantage), or ~11% of the consideration. That's chunky.

The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected payment on or before the 14th August. The IE (Kroll) says "fair &amp; reasonable".


AVJennings (AVJ AU) : 11th July Vote On AVID's Offer

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/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.</li>
<li>The offer is conditional on 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>The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  </li>
</ul>


The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. 
The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  


AVJennings (AVJ AU): Scheme Vote on 11 July

<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

<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

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) : 11th July Vote On AVID's Offer

A firm Offer, a punchy premium, and major shareholders support - this is done.Trading tight at 0.8%/3.0% gross/annualised spread, given the...

David Blennerhassett

AVJennings (AVJ AU): Scheme Vote on 11 July

This is a done deal as the largest shareholder is supportive. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.

Arun George

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

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