Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This morning (9th Feb), leading non-bank lender <strong><a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a>  </strong><a href="https://announcements.asx.com.au/asxpdf/20260209/pdf/06w2xl642f3455.pdf" target="_blank" rel="noopener">confirmed</a> KKR and <strong><a href="https://www.smartkarma.com/entities/challenger-ltd" target="_blank" data-smartkarma-citation="entities:16870:1" rel="noopener">Challenger Ltd (CGF AU)</a></strong> have submitted an NBIO by way of a Scheme.</li>
<li>KKR/CGF are offering A$2.60/share, a 47.7% premium to undisturbed. And ~1.49x P/B (based on 1H25 numbers). KKR currently holds <a href="https://announcements.asx.com.au/asxpdf/20250411/pdf/06hncksdd9ldxh.pdf" target="_blank" rel="noopener">60.34%</a>.  </li>
<li>CGF announced it would hold no more than 25% in Pepper Money, if delisted. CGF is down 3.6%. </li>
</ul>


This morning (9th Feb), leading non-bank lender Pepper Money (PPM AU)  confirmed KKR and Challenger Ltd (CGF AU) have submitted an NBIO by way of a Scheme.
KKR/CGF are offering A$2.60/share, a 47.7% premium to undisturbed. And ~1.49x P/B (based on 1H25 numbers). KKR currently holds 60.34%.  
CGF announced it would hold no more than 25% in Pepper Money, if delisted. CGF is down 3.6%. 


Pepper Money (PPM AU): KKR/Challenger's NBIO

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul>
<li>Spark NZ (SPK) has entered into an arrangement with Challenger Limited (CGF.AX) to create a new financing structure for the interest-free plans SPK offers to its customers to purchase mobile phones and other products.</li>
<li>This arrangement will see SPK sell ~NZ$240m of existing receivables to Challenger, reducing its net debt.</li>
<li>Importantly, SPK will also sell all future interest-free plan receivables to Challenger, eliminating the working capital drag from growing interest-free mobile handset sales.</li>
</ul>


Spark NZ (SPK) has entered into an arrangement with Challenger Limited (CGF.AX) to create a new financing structure for the interest-free plans SPK offers to its customers to purchase mobile phones and other products.
This arrangement will see SPK sell ~NZ$240m of existing receivables to Challenger, reducing its net debt.
Importantly, SPK will also sell all future interest-free plan receivables to Challenger, eliminating the working capital drag from growing interest-free mobile handset sales.


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>On 22 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> entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.</li>
<li>The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction. </li>
<li>The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.</li>
</ul>


On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction. 
The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.


Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li></ul>

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

<ul><li>A global perspective on what happened overnight</li></ul>

A global perspective on what happened overnight

oOh!Media Ltd - The Overnight Report: Long-End Yields Rising

Australia

Challenger Limited is an investment management firm  The Company offers annuities and other retirement income products as well as manages assets for domestic and international clients.

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Challenger Ltd (CGF AU)

Pepper Money (PPM AU): KKR/Challenger's NBIO

Indicative terms are solid. KKR knows this company inside and out. Trading at gross spread of 17%. Despite the non-binding nature, if not in, I'd...

David Blennerhassett

Spark NZ A New Phone For Christmas

Spark NZ (SPK) has entered into an arrangement with Challenger Limited (CGF.AX) to create a new financing structure for the interest-free plans SPK...

Forsyth Barr

Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

Timing is the key risk as the offer is long-dated. Shareholders should be supportive as the offer resulted from an auction and the turnaround plan...

Arun George

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

oOh!Media Ltd - The Overnight Report: Long-End Yields Rising

A global perspective on what happened overnight

FNArena

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