Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

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

Equity Bottom-Up

<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

Rudi's View: Charter Hall, Droneshield, Pinnacle, WiseTech & More

Ram Essential Services Prope / Equity Bottom-Up

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


A global perspective on what happened overnight


The Overnight Report: FOMO Is Back (Nvidia Too)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> at HK$13/share (best &amp; final), by way of a Scheme.</li>
<li>There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  </li>
<li>
The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0521/2025052101197.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says "fair &amp; reasonable".</li>
</ul>


On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for ESR Group (1821 HK) at HK$13/share (best &amp; final), by way of a Scheme.
There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  

The Scheme Doc is now out, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says "fair &amp; reasonable".


ESR (1821 HK): 13th June Vote On Starwood/Warburg'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>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.</li>
<li>This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.</li>
</ul>



ESR Group (1821 HK)’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.
This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.


ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

<ul>
<li>The precondition for the consortium scheme offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> has been satisfied. The scheme document will be despatched by 22 May.</li>
<li>The consortium has disclosed an additional irrevocable. Total irrevocables and letters of support represent 35.01% of outstanding shares (58.24% of disinterested shares).</li>
<li>This is a done deal, helped by the material derating of peers. At the last close and for an early August payment, the gross/annualised spread is 4.3%/21.3%</li>
</ul>


The precondition for the consortium scheme offer for ESR Group (1821 HK) has been satisfied. The scheme document will be despatched by 22 May.
The consortium has disclosed an additional irrevocable. Total irrevocables and letters of support represent 35.01% of outstanding shares (58.24% of disinterested shares).
This is a done deal, helped by the material derating of peers. At the last close and for an early August payment, the gross/annualised spread is 4.3%/21.3%


ESR Group (1821 HK): Precondition Satisfied

Australia

Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

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Charter Hall (CHC AU)

Rudi's View: Charter Hall, Droneshield, Pinnacle, WiseTech & More

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

FNArena

The Overnight Report: FOMO Is Back (Nvidia Too)

A global perspective on what happened overnight

FNArena

ESR (1821 HK): 13th June Vote On Starwood/Warburg's Offer

This was a done deal from the onset. 56.54% of disinterested shares are supportive. Assuming 10th July payment, at $12.84/share, this is trading...

David Blennerhassett

ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.

Arun George

ESR Group (1821 HK): Precondition Satisfied

This is a done deal, helped by irrevocables and the material derating of peers. At the last close and for an early August payment, the gross...

Arun George

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