Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>Back on the 4 October, construction materials testing company <a href="https://www.smartkarma.com/entities/intega-group-ltd" target="_blank" data-smartkarma-citation="entities:30558:1" rel="noopener">Intega Group Ltd (ITG AU)</a> <a href="https://www.asx.com.au/asxpdf/20211004/pdf/4517hssbst3c5v.pdf" target="_blank" rel="noopener">announced</a> it had entered into a Scheme Implementation Deed (SID) with Dutch outfit Kiwa.  The SID was struck at A$0.90/share, a 58% premium to last close. Crescent Capital Partners, with 54.72% of shares out, supports the SID and will vote in favour.</p>
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<p>The transaction is subject to FIRB approval and as of today, the Treasurer has not provided a notice of no objection. Should that regulatory approval remain outstanding as of 31 December 2021, Intega is permitted to pay a special dividend of A$2.3mn each month (~A$0.005/share) between 1 January 2022 and 30 June 2022. These dividends will be in addition to the A$0.90/share cash consideration.</p>
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<p>The Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446989-2A1336090?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 6 December with an expected implementation date of 17 December.</p>
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<p>More below the fold. </p>
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Back on the 4 October, construction materials testing company Intega Group Ltd (ITG AU) announced it had entered into a Scheme Implementation Deed (SID) with Dutch outfit Kiwa.  The SID was struck at A$0.90/share, a 58% premium to last close. Crescent Capital Partners, with 54.72% of shares out, supports the SID and will vote in favour.


The transaction is subject to FIRB approval and as of today, the Treasurer has not provided a notice of no objection. Should that regulatory approval remain outstanding as of 31 December 2021, Intega is permitted to pay a special dividend of A$2.3mn each month (~A$0.005/share) between 1 January 2022 and 30 June 2022. These dividends will be in addition to the A$0.90/share cash consideration.


The Scheme Booklet is now out. The Scheme Meeting will be held on the 6 December with an expected implementation date of 17 December.


More below the fold. 


Intega (ITG AU): Scheme Booklet Out. Meeting On The 6 December

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<p>Construction materials testing company <a href="https://www.smartkarma.com/entities/intega-group-ltd" target="_blank" data-smartkarma-citation="entities:30558:1" rel="noopener">Intega Group Ltd (ITG AU)</a> has <a href="https://www.asx.com.au/asxpdf/20211004/pdf/4517hssbst3c5v.pdf" target="_blank" rel="noopener">announced</a> it has entered into a Scheme Implementation Deed (SID) with Dutch outfit Kiwa. </p>
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<p>The SID is struck at A$0.90/share, a 58% premium to last close. The deal is the culmination of strategic review announced on the <a href="https://www.asx.com.au/asxpdf/20210609/pdf/44x7brvr82sqt2.pdf" target="_blank" rel="noopener">9 June</a> to "<em>maximise value</em>" for its shareholders.</p>
<p>Apart from the standard shareholder approval attached to a Scheme, the transaction is subject to FIRB approval. Should that regulatory approval not occur before 31 December 2021, Intega is permitted to pay a special dividend of A$2.3mn each month (~A$0.005/share) between 1 January 2022 and 30 June 2022. These dividends will be in addition to the A$0.90/share cash consideration.</p>
<p>Crescent Capital Partners, with 52.1% of shares out, supports the SID and will vote in favour.</p>
<p>This looks done (with an expected completion mid-December) and should trade tight to terms.</p>
<p>More below the fold. </p>
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Construction materials testing company Intega Group Ltd (ITG AU) has announced it has entered into a Scheme Implementation Deed (SID) with Dutch outfit Kiwa. 


The SID is struck at A$0.90/share, a 58% premium to last close. The deal is the culmination of strategic review announced on the 9 June to "maximise value" for its shareholders.
Apart from the standard shareholder approval attached to a Scheme, the transaction is subject to FIRB approval. Should that regulatory approval not occur before 31 December 2021, Intega is permitted to pay a special dividend of A$2.3mn each month (~A$0.005/share) between 1 January 2022 and 30 June 2022. These dividends will be in addition to the A$0.90/share cash consideration.
Crescent Capital Partners, with 52.1% of shares out, supports the SID and will vote in favour.
This looks done (with an expected completion mid-December) and should trade tight to terms.
More below the fold. 





Australia

Intega Group Limited provides engineering services. The Company focuses on testing, measurement, and other related solutions for software development. Intega Group serves customers in Australia,

Intega Group Ltd (ITG AU)

Intega (ITG AU): Scheme Booklet Out. Meeting On The 6 December

This is done and trading to terms. You have major shareholder support, and a 95% premium to the undisturbed price prior to the strategic review...

David Blennerhassett

Intega (ITG AU) Enters Scheme With Kiwa

This is done. Trading at a gross/annualised spread of 2.8%/15.4%. That looks attractive, although this is not a very liquid arb situation.

David Blennerhassett