Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>, one of Australia's largest fresh fruit and vegetable producer, is understood to be in the cross-hairs of Paine Schwartz Partners.</li>
<li>According to the AFR, Paine is using Citi to buy shares up to $2.60/share a 16.6% premium to last close, with a 15% stake in mind.</li>
<li>There's a whiff of opportunism here after Costa's recent EBITDA downgrade. However, the return of its major shareholder suggests value has emerged.</li>
</ul>



Costa Group Holdings (CGC AU), one of Australia's largest fresh fruit and vegetable producer, is understood to be in the cross-hairs of Paine Schwartz Partners.
According to the AFR, Paine is using Citi to buy shares up to $2.60/share a 16.6% premium to last close, with a 15% stake in mind.
There's a whiff of opportunism here after Costa's recent EBITDA downgrade. However, the return of its major shareholder suggests value has emerged.


Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest

Vitalharvest Freehold Trust / Event-Driven

<a href="https://www.smartkarma.com/entities/vitalharvest-freehold-trust" target="_blank" data-smartkarma-citation="entities:29120:1" rel="noopener">Vitalharvest Freehold Trust (VTH AU)</a>, owner of one of Australia's largest aggregations of citrus and berry farms, has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02306235-3A554957?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">received</a> an all-cash cash Offer of $1.00/unit (27.4% premium to last close) from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme.
Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.
Both Offers are already fully funded, and do not require due diligence. FIRB approval has been received for both.
The headline Offer Price is in line with VTH's IPO price, which was listed on the <a href="https://www.spglobal.com/marketintelligence/en/news-insights/trending/uybfyhpjpjl_f8rbzs3ota2" target="_blank" rel="noopener">1 August 2018</a>. VTH has closed above $1.00 once since listing  - $1.01/share to be exact.
The outcome of MIRA's Offer hinges on <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a>, currently holding 19.9% of units out. 
More below the fold.

Vitalharvest Freehold Trust (VTH AU), owner of one of Australia's largest aggregations of citrus and berry farms, has received an all-cash cash Offer of $1.00/unit (27.4% premium to last close) from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme.
Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.
Both Offers are already fully funded, and do not require due diligence. FIRB approval has been received for both.
The headline Offer Price is in line with VTH's IPO price, which was listed on the 1 August 2018. VTH has closed above $1.00 once since listing  - $1.01/share to be exact.
The outcome of MIRA's Offer hinges on Primewest Group Ltd (PWG AU), currently holding 19.9% of units out. 
More below the fold.

Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon

Global Special Situations

Charles Nave

Equity Bottom-Up

Costa is the largest grower, packer and marketer of fruit and vegetables in Australia and continues to grow it's market position.  Recent interim results highlighted an increase to EBITDA of 32% YoY with the company also presenting a very firm commitment to growth, with $80m set aside for expansion both domestically and offshore (notably a newly signed JV to produce berries in China).I have a target price 30% above current trading levels and believe Costa is in a great position to expand upon a very solid and stable footprint.

Costa is the largest grower, packer and marketer of fruit and vegetables in Australia and continues to grow it's market position.  Recent interim results highlighted an increase to EBITDA of 32% YoY with the company also presenting a very firm commitment to growth, with $80m set aside for expansion both domestically and offshore (notably a newly signed JV to produce berries in China).I have a target price 30% above current trading levels and believe Costa is in a great position to expand upon a very solid and stable footprint.

Costa Group (CGC AU):  Leading AgriBiz Is Ripe for the Picking

Australia

Costa Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, grows and markets fruits and vegetables. Costa Group Holdings supplies its products to supermarket chains and independent grocers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Costa Group Holdings (CGC AU)

Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest

The return of its major shareholder suggests valuation has emerged. I'd be buying up to and around Paine's level or A$2.60/share.

David Blennerhassett

Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon

This appears a fair Offer. But is contingent on Primewest's support. The alternative is that Primewest comes over the top with its own superior Offer.

David Blennerhassett

Costa Group (CGC AU): Leading AgriBiz Is Ripe for the Picking

Costa is the largest grower, packer and marketer of fruit and vegetables in Australia and continues to grow it's market position. Recent interim...

Charles Nave

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)