Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 11th July, PEP offered A$4/share for integrated building services provider <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a>, a 77% premium to undisturbed. CEO Scott Didier, JLG's largest shareholder (17.62%), was supportive.</li>
<li>Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.</li>
<li>
The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


On the 11th July, PEP offered A$4/share for integrated building services provider Johns Lyng (JLG AU), a 77% premium to undisturbed. CEO Scott Didier, JLG's largest shareholder (17.62%), was supportive.
Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.

The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says "fair &amp; reasonable".


Johns Lyng (JLG AU): 8th October Vote On PEP's Offer

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>The <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a> IE considers PEP’s A$4.00 offer fair and reasonable as it is within its A$3.72-4.42 valuation range.</li>
<li>The offer requires regulatory (FIRB and US) and shareholder approvals. The scheme vote should pass as no disinterested shareholder comes close to holding a blocking stake.  </li>
<li>The offer is reasonable as the timing of an earnings recovery is highly uncertain. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%. </li>
</ul>


The Johns Lyng (JLG AU) IE considers PEP’s A$4.00 offer fair and reasonable as it is within its A$3.72-4.42 valuation range.
The offer requires regulatory (FIRB and US) and shareholder approvals. The scheme vote should pass as no disinterested shareholder comes close to holding a blocking stake.  
The offer is reasonable as the timing of an earnings recovery is highly uncertain. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%. 


Johns Lyng (JLG AU): Scheme Vote on 8 October

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal were discussed on Smartkarma this week: PEP's Scheme Offer for <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
One new deal were discussed on Smartkarma this week: PEP's Scheme Offer for Johns Lyng (JLG AU).
Key updates/news took place on New World Resources (NWC AU), Oneconnect Financial Technology (6638 HK), Great Eastern Holdings (GE SP), and VIOL (335890 KS).


(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a> has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$4.00, a 57.5% premium to the undisturbed price of A$2.54 (10 June).</li>
<li>The offer is effectively an MBO as the CEO and key executives will rollover their shares. The offer requires regulatory (FIRB and US) and shareholder approvals. </li>
<li>The offer is arguably opportunistically timed to capitalise on the FY2025 guidance downgrade in February. However, it is reasonable, given the high uncertainty surrounding the timing of an earnings recovery. </li>
</ul>



Johns Lyng (JLG AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$4.00, a 57.5% premium to the undisturbed price of A$2.54 (10 June).
The offer is effectively an MBO as the CEO and key executives will rollover their shares. The offer requires regulatory (FIRB and US) and shareholder approvals. 
The offer is arguably opportunistically timed to capitalise on the FY2025 guidance downgrade in February. However, it is reasonable, given the high uncertainty surrounding the timing of an earnings recovery. 


<ul>
<li>A month ago, Integrated building services provider <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a> fielded a non-binding Offer, by way of a Scheme, from Aussie fund manager Pacific Equity Partners (PEP).</li>
<li>JLG and PEP have now entered into a SID at A$4/share, a 77% premium to undisturbed. CEO Scott Didier, JLG's largest shareholder with 17.64%, is supportive. </li>
<li>A shareholder vote is expected to take place in October, with the transaction potentially wrapping up in November. This may need more gruel.</li>
</ul>


A month ago, Integrated building services provider Johns Lyng (JLG AU) fielded a non-binding Offer, by way of a Scheme, from Aussie fund manager Pacific Equity Partners (PEP).
JLG and PEP have now entered into a SID at A$4/share, a 77% premium to undisturbed. CEO Scott Didier, JLG's largest shareholder with 17.64%, is supportive. 
A shareholder vote is expected to take place in October, with the transaction potentially wrapping up in November. This may need more gruel.


Johns Lyng (JLG AU): PEP's A$4/Share Offer Looks Light

Australia

Johns Lyng Group Limited provides non-residential construction services. The Company offers construction, building, and support services, as well as software products, home maintenance, and call center services. Johns Lyng Group serves clients in Australia.

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Johns Lyng (JLG AU)

Johns Lyng (JLG AU): 8th October Vote On PEP's Offer

Trading wide-ish at a 1.8%/13.8% gross/annualised return. There should be enough here to get the deal over the line. But it's not a situation I'd...

David Blennerhassett

Johns Lyng (JLG AU): Scheme Vote on 8 October

The offer is reasonable, and the scheme vote should pass. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%.

Arun George

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Johns Lyng (JLG AU): A PEP-Sponsored MBO

The offer is arguably opportunistically timed to capitalise on the recent guidance downgrade. However, it is reasonable, given the high uncertainty...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Johns Lyng (JLG AU): 8th October Vote On PEP's Offer

Trading wide-ish at a 1.8%/13.8% gross/annualised return. There should be enough here to get the deal over the line. But it's not a situation I'd...

David Blennerhassett

Johns Lyng (JLG AU): Scheme Vote on 8 October

The offer is reasonable, and the scheme vote should pass. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%.

Arun George

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Johns Lyng (JLG AU): A PEP-Sponsored MBO

The offer is arguably opportunistically timed to capitalise on the recent guidance downgrade. However, it is reasonable, given the high uncertainty...

Arun George

Johns Lyng (JLG AU): PEP's A$4/Share Offer Looks Light

Trading at a 3.1%/8.1% gross/annualised return, assuming late November completion. Get in here or below. A bump would be welcome; but on balance,...

David Blennerhassett