Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On the 24 July, remote power station operator <a href="https://www.smartkarma.com/entities/pacific-energy-ltd" target="_blank" data-smartkarma-citation="entities:7372:1" rel="noopener">Pacific Energy (PEA AU)</a> <a href="https://www.asx.com.au/asxpdf/20190724/pdf/446v4bg22766sw.pdf" target="_blank" rel="noopener">agreed</a> to a Scheme of Arrangement with Brisbane-based QIC Private Capital at A$0.975/share, cash, a 35.4% premium to last close. The cash consideration included a $0.015/share fully franked dividend. 
At the time, Canada's pension fund OPTrust had <a href="https://www.afr.com/street-talk/big-canadian-joins-qic-in-tussle-for-pacific-energy-20190723-p529r2" target="_blank" rel="noopener">reportedly</a> submitted an offer to PEA, but no details were made public.
OPTrust, in tandem with Infrastructure Capital Group (ICG), have now <a href="https://www.asx.com.au/asxpdf/20190910/pdf/448dcf4lcwz4xz.pdf" target="_blank" rel="noopener">offered $1.07/share</a> + a final dividend of $0.015/share for PEA - an 11.3% premium to QIC's Offer. The Offer values PEA at an equity value of A$470mn and an implied EV of A$535mn.
This Competing Proposal, by way of a Scheme, is subject to limited conditions and has received FIRB approval.
In accordance with the matching right process, PEA's formal recommendation does not change until the completion of this process. QIC has 4 business days to submit a matching - or superior - proposal. If not, PEA will recommend OPTrust/ICG's Offer.
More discussion below.

On the 24 July, remote power station operator Pacific Energy (PEA AU) agreed to a Scheme of Arrangement with Brisbane-based QIC Private Capital at A$0.975/share, cash, a 35.4% premium to last close. The cash consideration included a $0.015/share fully franked dividend. 
At the time, Canada's pension fund OPTrust had reportedly submitted an offer to PEA, but no details were made public.
OPTrust, in tandem with Infrastructure Capital Group (ICG), have now offered $1.07/share + a final dividend of $0.015/share for PEA - an 11.3% premium to QIC's Offer. The Offer values PEA at an equity value of A$470mn and an implied EV of A$535mn.
This Competing Proposal, by way of a Scheme, is subject to limited conditions and has received FIRB approval.
In accordance with the matching right process, PEA's formal recommendation does not change until the completion of this process. QIC has 4 business days to submit a matching - or superior - proposal. If not, PEA will recommend OPTrust/ICG's Offer.
More discussion below.

QIC's Move After OPTrust Counters For Pacific Energy

Australia

Infigen Energy operates wind farms that generate electricity from windmills. The Company operates in Australia and the United States.

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Infigen Energy (IFN AU)

QIC's Move After OPTrust Counters For Pacific Energy

On the 24 July, remote power station operator Pacific Energy (PEA AU) agreed to a Scheme of Arrangement with Brisbane-based QIC Private Capital at...

David Blennerhassett

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