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.

Event-Driven

<ul>
<li>On 22 July, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.</li>
<li>The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction. </li>
<li>The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.</li>
</ul>


On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction. 
The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.


Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

<ul>
<li>On 7 March, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.</li>
<li>The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. </li>
<li>The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.</li>
</ul>


On 7 March, Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.
The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. 
The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.


Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a revised non-binding privatisation offer from CC Capital at A$4.60, a 7.0% premium compared to its previous A$4.30 offer and Bain’s A$4.30 offer.</li>
<li>While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a bidding war. </li>
<li>The presence of several substantial shareholders facilitates a bidding war. The board should provide both bidders with due diligence access to promote the auction.</li>
</ul>



Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from CC Capital at A$4.60, a 7.0% premium compared to its previous A$4.30 offer and Bain’s A$4.30 offer.
While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a bidding war. 
The presence of several substantial shareholders facilitates a bidding war. The board should provide both bidders with due diligence access to promote the auction.


Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a non-binding privatisation offer from CC Capital at A$4.30, a 7.5% premium to the rejected Bain non-binding proposal of A$4.00.</li>
<li>While the offer is attractive compared to historical trading ranges, it is light compared to peer and precedent transaction multiples. </li>
<li>The presence of several substantial shareholders necessitates an attractive takeover premium. To facilitate better terms, the board should provide due diligence access. </li>
</ul>



Insignia Financial (IFL AU) disclosed a non-binding privatisation offer from CC Capital at A$4.30, a 7.5% premium to the rejected Bain non-binding proposal of A$4.00.
While the offer is attractive compared to historical trading ranges, it is light compared to peer and precedent transaction multiples. 
The presence of several substantial shareholders necessitates an attractive takeover premium. To facilitate better terms, the board should provide due diligence access. 


Insignia Financial (IFL AU): CC Capital’s Non-Binding Offer Could Spark a Bidding War

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" rel="noopener">IOOF Holdings (IFL AU)</a> shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.</li>
<li>The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.</li>
<li>We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.</li>
</ul>



IOOF Holdings (IFL AU) shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.
The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.
We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.


Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

United States

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Janus Henderson Group (JHG AU)

Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

Timing is the key risk as the offer is long-dated. Shareholders should be supportive as the offer resulted from an auction and the turnaround plan...

Arun George

Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. The presence of two bidders increases the...

Arun George

Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain

While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a...

Arun George

Insignia Financial (IFL AU): CC Capital’s Non-Binding Offer Could Spark a Bidding War

While the offer is attractive compared to historical trading ranges, it is light compared to peer and precedent transaction multiples....

Arun George

Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67. This is a...

Arun George

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