Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

HomeCo Daily Needs REIT / Index Rebalance

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. </li>
<li>In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. 
In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.


S&P/​​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance (Final)

Event-Driven

<ul>
<li>Crown and Blackstone have entered a Scheme Implementation Deed under which Blackstone will acquire all shares in Crown Resorts at a cash price of A$13.1/share.</li>
<li>Crown Resorts closed at A$12.64/share on 14 February. Assuming the cash payment is received by mid June , the return is 3.64% absolute and 10.92% annualised.</li>
<li>
<a href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">Seven Group Holdings (SVW AU)</a> could be added to the S&amp;P/ASX 100 Index in May, while the merged HDN AU/ AVN AU entity could be added to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200</a>.</li>
</ul>


Crown and Blackstone have entered a Scheme Implementation Deed under which Blackstone will acquire all shares in Crown Resorts at a cash price of A$13.1/share.
Crown Resorts closed at A$12.64/share on 14 February. Assuming the cash payment is received by mid June , the return is 3.64% absolute and 10.92% annualised.

Seven Group Holdings (SVW AU) could be added to the S&amp;P/ASX 100 Index in May, while the merged HDN AU/ AVN AU entity could be added to the S&amp;P/ASX 200.


Crown Resorts (CWN AU): And Blackstone (Almost) Has It; Index Implications

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/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> at A$13.10 cash per share, a 32.3% premium to the unaffected price of A$9.90.</li>
<li>The key conditions precedent is Crown shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.   </li>
<li>The offer price is attractive and the largest shareholder will be supportive. At last close, the gross and annualised spread is 3.6% and 10.0%, respectively, to a June scheme meeting.   </li>
</ul>



Crown Resorts (CWN AU) has entered a scheme implementation deed with Blackstone Group (BX US) at A$13.10 cash per share, a 32.3% premium to the unaffected price of A$9.90.
The key conditions precedent is Crown shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.   
The offer price is attractive and the largest shareholder will be supportive. At last close, the gross and annualised spread is 3.6% and 10.0%, respectively, to a June scheme meeting.   


Crown Resorts Enters a SID with Blackstone

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener"><strong>Crown Resorts (CWN AU)</strong></a> has now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02486241-3A587210?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered into</a> an implementation deed under which Blackstone will acquire all shares by way of Scheme of A$13.10/share, the same price as previously announced.</li>
<li>James Packer, holding ~37% of shares out, has not yet indicated whether he will support the Offer. Presumably, this is moot. </li>
<li>The Offer is subject to a raft of conditions including approvals from FIRB and various gaming regulators. </li>
</ul>



Crown Resorts (CWN AU) has now entered into an implementation deed under which Blackstone will acquire all shares by way of Scheme of A$13.10/share, the same price as previously announced.
James Packer, holding ~37% of shares out, has not yet indicated whether he will support the Offer. Presumably, this is moot. 
The Offer is subject to a raft of conditions including approvals from FIRB and various gaming regulators. 


Australia

Crown Resorts Ltd. operates and manages gaming and entertainment facilities, bars, restaurants, nightclubs, cinemas and retail outlets. The Company also develops hotels and conference centre facilities.

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Crown Resorts (CWN AU)

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance (Final)

A final look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA