Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in October 2022, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group (CGC AU)</a>, one of Australia's largest fresh fruit and vegetable producers, was understood to have been approached by its former major shareholder, Paine Schwartz.</li>
<li>This was discussed in <a href="https://skr.ma/W2Rrx" target="_blank" rel="noopener">Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest</a>. At the time, media reports speculated Paine Schwartz had no current intention of making a takeover bid.</li>
<li>Last week, Paine Schwartz made an A$3.50/share NBIO by way of a Scheme. Paine Schwartz currently holds 14.84%.</li>
</ul>


Back in October 2022, Costa Group (CGC AU), one of Australia's largest fresh fruit and vegetable producers, was understood to have been approached by its former major shareholder, Paine Schwartz.
This was discussed in Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest. At the time, media reports speculated Paine Schwartz had no current intention of making a takeover bid.
Last week, Paine Schwartz made an A$3.50/share NBIO by way of a Scheme. Paine Schwartz currently holds 14.84%.


Costa - Another Bite at the Apple for Paine Schwartz?

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/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.</li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.</li>
</ul>



Tassal (TGR AU)'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.
We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.


<ul>
<li>Tasmanian salmon producer <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> and Canadian aquaculture play Cooke have <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02553525-3A599116?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme at A$5.23/share. </li>
<li>The revised Offer is Cooke's fourth bid since late May, having initially pitched A$4.67/share. Cooke has been gradually building its stake and now holds 10.5%, up from 5.4% initially.  </li>
<li>This Offer is done and dusted. Tassal's board unanimously recommends shareholders vote in favour of the Scheme.</li>
</ul>


Tasmanian salmon producer Tassal (TGR AU) and Canadian aquaculture play Cooke have entered into a Scheme at A$5.23/share. 
The revised Offer is Cooke's fourth bid since late May, having initially pitched A$4.67/share. Cooke has been gradually building its stake and now holds 10.5%, up from 5.4% initially.  
This Offer is done and dusted. Tassal's board unanimously recommends shareholders vote in favour of the Scheme.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.</li>
<li>The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.</li>
<li>This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.</li>
</ul>



Tassal (TGR AU) entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.
The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.
This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.


<ul>
<li>On 19 July, Cooke, the spurned suitor, increased its stake in <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> to 10.49%. The average price to build the 10.49% stake is A$4.14 per share. </li>
<li>Cooke also hired Phil Wiese, the former CEO of <a href="https://www.smartkarma.com/entities/huon-aquaculture-group-ltd" target="_blank" data-smartkarma-citation="entities:12348:1" rel="noopener">Huon Aquaculture (HUO AU)</a>, as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it. </li>
<li>With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.</li>
</ul>


On 19 July, Cooke, the spurned suitor, increased its stake in Tassal (TGR AU) to 10.49%. The average price to build the 10.49% stake is A$4.14 per share. 
Cooke also hired Phil Wiese, the former CEO of Huon Aquaculture (HUO AU), as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it. 
With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.


Tassal: Cooke Increases Its Stake to 10.49%

Australia

Huon Aquaculture Group Ltd supplies fish products. The Company offers cutlets, portions, sashimi and sushi, whole salmon, smoked salmon, gravadlax, aswell as provides health and cooking programs.

Huon Aquaculture (HUO AU)

Costa - Another Bite at the Apple for Paine Schwartz?

Trading at a gross/annualised return of 8.6%/17.8% - assuming completion six months out, and inclusive of the interim dividend. That appears a...

David Blennerhassett

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

Cooke Nets Tassal On Fourth Attempt

Trading tight at a gross/annualised return of 1.8%/6.8%, assuming mid-November completion. Not as attractive to investors who previously...

David Blennerhassett

Tassal Recommends Cooke’s A$5.23 Offer

This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.

Arun George

Tassal: Cooke Increases Its Stake to 10.49%

Cooke has increased its stake in Tassal to 10.49%. With shareholders happy to sell despite the Board’s assertions that Cooke's bid undervalued...

Arun George