Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Software outfit <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech (RDY AU)</a> has announced an indicative proposal from Pacific Equity Partners and affiliates, to acquire ReadyTech by way of a Scheme of Arrangement at $4.50/share.</li>
<li>Pemba Capital, with 32.01% of shares out, are in discussion with PEP as to what appears to be the PE firm rolling over shares. </li>
<li>ReadyTech's independent board has granted PEP non-exclusive due diligence to flesh out a firm Offer. According to media reports, Microequities, with ~13%, is not on board whatsoever.</li>
</ul>


Software outfit ReadyTech (RDY AU) has announced an indicative proposal from Pacific Equity Partners and affiliates, to acquire ReadyTech by way of a Scheme of Arrangement at $4.50/share.
Pemba Capital, with 32.01% of shares out, are in discussion with PEP as to what appears to be the PE firm rolling over shares. 
ReadyTech's independent board has granted PEP non-exclusive due diligence to flesh out a firm Offer. According to media reports, Microequities, with ~13%, is not on board whatsoever.


Readytech (RDY AU): Microequities Baulks At PEP's A$4.50/Share Indicative Offer

<ul>
<li>On the 15 August, mapping technology outfit <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> unanimously backed Thoma Bravo's A$2.10/share Offer by way of a Scheme of Arrangement. </li>
<li>The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. </li>
<li>The Scheme Meeting will be held on the 25 November, as previously flagged in August's SID, with an expected implementation on the 15 December. </li>
</ul>


On the 15 August, mapping technology outfit Nearmap Ltd (NEA AU) unanimously backed Thoma Bravo's A$2.10/share Offer by way of a Scheme of Arrangement. 
The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. 
The Scheme Meeting will be held on the 25 November, as previously flagged in August's SID, with an expected implementation on the 15 December. 


Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable

<ul>
<li>Back on the 18 August, aviation engine repair play <a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group (PTB AU)</a> entered into a Scheme Implementation Deed with PAG Holding, at $1.595/share, a 40.5% premium to last close.</li>
<li>The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. </li>
<li>The Scheme Meeting will be held on the 16 November, as previously flagged in August's SID, with an expected implementation on the 9 December. </li>
</ul>


Back on the 18 August, aviation engine repair play PTB Group (PTB AU) entered into a Scheme Implementation Deed with PAG Holding, at $1.595/share, a 40.5% premium to last close.
The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. 
The Scheme Meeting will be held on the 16 November, as previously flagged in August's SID, with an expected implementation on the 9 December. 


PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

<ul>
<li>Diversified contractor <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> announced a friendly off-market cash offer from fellow contractor Thiess on the 26 July, at A$1.025/share, a 28.1% premium to the undisturbed price.  </li>
<li>After MACA rejected <a href="https://www.smartkarma.com/entities/nrw-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9271:1" rel="noopener">NRW Holdings (NWH AU)</a>'s non-binding proposal (with an implied consideration of $1.085/share), Thiess lifted its all-cash Offer to A$1.075/share. NRW subsequently <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02561122-6A1106889?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">walked</a>.</li>
<li>The Offer was conditional on Thiess having a relevant interest in more than 90% of MACA. That condition has been waived and the Offer is now Unconditional.</li>
</ul>


Diversified contractor MACA Ltd (MLD AU) announced a friendly off-market cash offer from fellow contractor Thiess on the 26 July, at A$1.025/share, a 28.1% premium to the undisturbed price.  
After MACA rejected NRW Holdings (NWH AU)'s non-binding proposal (with an implied consideration of $1.085/share), Thiess lifted its all-cash Offer to A$1.075/share. NRW subsequently walked.
The Offer was conditional on Thiess having a relevant interest in more than 90% of MACA. That condition has been waived and the Offer is now Unconditional.


MACA: Thiess Declares Offer Unconditional

Shanghai Dongzheng Automotive Finance / Event-Driven

Shanghai Dongzheng Automotive Finance (DAF HK)

<ul>
<li>Back on the 19 May, <a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC (600104 CH)</a> acquired <a href="https://www.smartkarma.com/entities/china-zhengtong-auto-services" target="_blank" data-smartkarma-citation="entities:17001:1" rel="noopener">China Zhengtong Auto Services (1728 HK)</a>'s 71.04% stake in <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a> at a judicial auction. This triggered the mandatory Offer.</li>
<li>SAIC confirmed a possible unconditional mandatory cash Offer for Dongzheng on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0527/2022052700075.pdf" target="_blank" rel="noopener">26 May</a>.</li>
<li>The Composite Doc has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0915/2022091500007.pdf" target="_blank" rel="noopener">dispatched</a>. The Offer is open for tendering and closes on the 6 October</li>
</ul>


Back on the 19 May, SAIC (600104 CH) acquired China Zhengtong Auto Services (1728 HK)'s 71.04% stake in Dongzheng Automotive Finance (2718 HK) at a judicial auction. This triggered the mandatory Offer.
SAIC confirmed a possible unconditional mandatory cash Offer for Dongzheng on the 26 May.
The Composite Doc has now been dispatched. The Offer is open for tendering and closes on the 6 October


SAIC’s Unconditional Offer For Dongzheng Now Open

Australia

Japara Healthcare Limited, is a provider of aged care and retirement living services in Australia.

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Japara Healthcare (JHC AU)

Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable

Trading wide at a 5.8%/46.3% gross/annualised spread. I believe this is more a reflection of general risk aversion, as opposed to investors...

David Blennerhassett

PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

Trading relatively tight at a 1.9%/12.4% gross/annualised spread, assuming 9 December payment. This is a done deal. Although it's not a super...

David Blennerhassett

MACA: Thiess Declares Offer Unconditional

Trading at terms. This is unlikely to change. Unless you can take advantage of any franking credits - assuming such a dividend actually takes place...

David Blennerhassett

SAIC’s Unconditional Offer For Dongzheng Now Open

Trading almost at terms. Take advantage on any weakness during the Offer period; although this looks to be more of a back-end play from here.

David Blennerhassett

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Readytech (RDY AU): Microequities Baulks At PEP's A$4.50/Share Indicative Offer

Given the indictive nature, trading at an 8.9% gross spread. I'd be disinclined to chase this given the number of no-deals in this space, and...

David Blennerhassett

Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable

Trading wide at a 5.8%/46.3% gross/annualised spread. I believe this is more a reflection of general risk aversion, as opposed to investors...

David Blennerhassett

PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

Trading relatively tight at a 1.9%/12.4% gross/annualised spread, assuming 9 December payment. This is a done deal. Although it's not a super...

David Blennerhassett

MACA: Thiess Declares Offer Unconditional

Trading at terms. This is unlikely to change. Unless you can take advantage of any franking credits - assuming such a dividend actually takes place...

David Blennerhassett

SAIC’s Unconditional Offer For Dongzheng Now Open

Trading almost at terms. Take advantage on any weakness during the Offer period; although this looks to be more of a back-end play from here.

David Blennerhassett