Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Canberra-based IT services outfit <a href="https://www.smartkarma.com/entities/citadel-group-ltd-the" target="_blank" data-smartkarma-citation="entities:14087:1" rel="noopener">Citadel Group (CGL AU)</a> ("CGL") has <a href="https://www.asx.com.au/asxpdf/20200914/pdf/44mlw685ylw63q.pdf" target="_blank" rel="noopener">entered</a> into a Scheme with Private Equity Partners (PEP).
The unsolicited cash consideration of A$5.70/share is a 43.2% premium to the last close of A$3.98/share. A scrip alternative will be made available. The proposal values CGL's equity at A$448.6mn  (US$327mn). 
It is the intention of CGL's board to declare a fully franked special dividend of up to A$0.15/share on or shortly before the Scheme implementation date, which theoretically could enable some shareholders to receive up to A0.064/share additional benefit. The cash consideration will be reduced by the special dividend.
The fully franked final dividend of <a href="https://www.asx.com.au/asxpdf/20200827/pdf/44lzffp3ndkqqh.pdf" target="_blank" rel="noopener">A$.06/share</a>, to be paid on the 1 October - for those shareholders who were on the register as at 3 September - is also added.
Apart from standard Scheme shareholder approvals, the Offer has limited conditionality - it is not subject to due diligence nor any funding condition. 
Currently trading at a gross/annualised spread of 2.4%/9.4%, assuming mid-late December completion.
As always, more below the fold.

Canberra-based IT services outfit Citadel Group (CGL AU) ("CGL") has entered into a Scheme with Private Equity Partners (PEP).
The unsolicited cash consideration of A$5.70/share is a 43.2% premium to the last close of A$3.98/share. A scrip alternative will be made available. The proposal values CGL's equity at A$448.6mn  (US$327mn). 
It is the intention of CGL's board to declare a fully franked special dividend of up to A$0.15/share on or shortly before the Scheme implementation date, which theoretically could enable some shareholders to receive up to A0.064/share additional benefit. The cash consideration will be reduced by the special dividend.
The fully franked final dividend of A$.06/share, to be paid on the 1 October - for those shareholders who were on the register as at 3 September - is also added.
Apart from standard Scheme shareholder approvals, the Offer has limited conditionality - it is not subject to due diligence nor any funding condition. 
Currently trading at a gross/annualised spread of 2.4%/9.4%, assuming mid-late December completion.
As always, more below the fold.

Citadel Group: Private Equity Partners' Offer

Australia

The Citadel Group Limited develops and delivers systems, services, and managed solutions to the government and private sector. The Company focuses on people and advisory, knowledge management, integration and technology, and education and training. The Citadel Group helps organizations maximize value through leadership and risk management, acquisition and sustainment, and other services.

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Citadel Group: Private Equity Partners' Offer

IT services outfit Citadel Group (CGL AU) has entere itno

David Blennerhassett