Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 20th August, <a href="https://www.smartkarma.com/entities/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group (LGL AU)</a>, an integrated wholesale floral play, entered into a Scheme with Hasfarm Holdings and Darwin Aus Bidco - both are TPG entities.</li>
<li>TPG offered A$2.245/share, a 28.3% premium to last close, including a A$0.09/share fully franked dividend. 38.5% of shareholders were supportive. TPG held a call option for 19.9% of shares out.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251021/pdf/06qv15gqd0cygd.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 21st November, and expected implementation on the 9th December. The IE (KPMG) says "fair &amp; reasonable". Clean deal.</li>
</ul>


Back on the 20th August, Lynch Group (LGL AU), an integrated wholesale floral play, entered into a Scheme with Hasfarm Holdings and Darwin Aus Bidco - both are TPG entities.
TPG offered A$2.245/share, a 28.3% premium to last close, including a A$0.09/share fully franked dividend. 38.5% of shareholders were supportive. TPG held a call option for 19.9% of shares out.

The Scheme Booklet is now out, with a Scheme Meeting on the 21st November, and expected implementation on the 9th December. The IE (KPMG) says "fair &amp; reasonable". Clean deal.


Lynch Group (LGL AU): 21st November Vote On TPG'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/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group Holdings (LGL AU)</a> IE considers <a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a>’s A$2.155 offer fair and reasonable as it is within its A$1.93 to A$2.27 valuation range.</li>
<li>The offer is conditional on shareholder approval. The vote remains low-risk as the majority of substantial shareholders are supportive.   </li>
<li>The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%/5.1%.</li>
</ul>


The Lynch Group Holdings (LGL AU) IE considers TPG Inc (TPG US)’s A$2.155 offer fair and reasonable as it is within its A$1.93 to A$2.27 valuation range.
The offer is conditional on shareholder approval. The vote remains low-risk as the majority of substantial shareholders are supportive.   
The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%/5.1%.


Lynch Group (LGL AU): Scheme Vote on 21 November

<ul>
<li>On the 26th September, precision parts manufacturer <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.</li>
<li>The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.</li>
<li>
<a href="https://links.sgx.com/FileOpen/Spindex_Scheme%20Document.ashx?App=Announcement&amp;FileID=868915" target="_blank" rel="noopener">The Scheme Booklet is now out,</a> with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".</li>
</ul>


On the 26th September, precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.
The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.

The Scheme Booklet is now out, with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".


Spindex Inds (SPE SP): 18th Dec Vote On MBO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group Holdings (LGL AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a> at A$2.245, a 28.3% premium to the undisturbed price of A$1.75 (19 August).</li>
<li>Lynch has several substantial shareholders, which poses a vote risk. Encouragingly, four out of eight substantial shareholders are supportive.</li>
<li>The offer is attractive compared to historical trading ranges. The scheme meeting is estimated to be in November, with payment in December. </li>
</ul>



Lynch Group Holdings (LGL AU) has entered a scheme implementation deed with TPG Inc (TPG US) at A$2.245, a 28.3% premium to the undisturbed price of A$1.75 (19 August).
Lynch has several substantial shareholders, which poses a vote risk. Encouragingly, four out of eight substantial shareholders are supportive.
The offer is attractive compared to historical trading ranges. The scheme meeting is estimated to be in November, with payment in December. 


Lynch Group (LGL AU): TPG’s Scheme Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group (LGL AU)</a>, an integrated wholesale floral play, has entered into a Scheme Implementation Deed with  Hasfarm Holdings and Darwin Aus Bidco - both of which are TPG entities.</li>
<li>Hasfarm is offering A$2.245/share, a 28.3% premium to last close. The consideration includes a fully franked dividend of A$0.09/share. It's April 2021 IPO price was A$3.60/share.</li>
<li>The Offer has unanimous board support. 38.5% of the register is supportive. Hasfarm has also entered into a call option for 19.9% of shares out. Done deal.</li>
</ul>



Lynch Group (LGL AU), an integrated wholesale floral play, has entered into a Scheme Implementation Deed with  Hasfarm Holdings and Darwin Aus Bidco - both of which are TPG entities.
Hasfarm is offering A$2.245/share, a 28.3% premium to last close. The consideration includes a fully franked dividend of A$0.09/share. It's April 2021 IPO price was A$3.60/share.
The Offer has unanimous board support. 38.5% of the register is supportive. Hasfarm has also entered into a call option for 19.9% of shares out. Done deal.


Lynch Group (LGL AU): (Another) Clean Offer From TPG

Australia

Lynch Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, wholesales flowers, foliage, plants, and other floral products. Lynch Group Holdings serves customers worldwide.

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Lynch Group Holdings (LGL AU)

Lynch Group (LGL AU): 21st November Vote On TPG's Offer

Clean deal. Trading super tight at 0.7%/5.3% gross/annualised spread. Unless in, I'd look elsewhere. IF small, illiquid arbs are your bent, look to...

David Blennerhassett

Lynch Group (LGL AU): Scheme Vote on 21 November

The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%...

Arun George

Spindex Inds (SPE SP): 18th Dec Vote On MBO

Clean deal. Trading at 1.4%/7.7% gross/annualised. If small, illiquid arbs are your thing, and not in, it may be worth a punt. Otherwise look...

David Blennerhassett

Lynch Group (LGL AU): TPG’s Scheme Offer

The offer is attractive compared to historical trading ranges. The support of four out of eight substantial shareholders lowers the vote risk.

Arun George

Lynch Group (LGL AU): (Another) Clean Offer From TPG

Trading tight at 3.5%/11.2% gross/annual, spread, if mid-Dec payment. Not including franking credits for those shareholders who can take advantage....

David Blennerhassett

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