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>
<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a> confirmed it received a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a> at 0.274 RPL shares per PTM share + special dividend of A$0.24.</li>
<li>The implied offer price of A$1.14 per share based on Regal’s undisturbed price of A$3.30 per share is a 15.6% premium to the undisturbed price of A$0.99 (16 September).</li>
<li>Despite the modest takeover premium, the offer is attractive compared to historical and peer multiples. Expect the Board to engage to facilitate an improved binding proposal.</li>
</ul>



Platinum Asset Management (PTM AU) confirmed it received a non-binding indicative proposal from Regal Partners (RPL AU) at 0.274 RPL shares per PTM share + special dividend of A$0.24.
The implied offer price of A$1.14 per share based on Regal’s undisturbed price of A$3.30 per share is a 15.6% premium to the undisturbed price of A$0.99 (16 September).
Despite the modest takeover premium, the offer is attractive compared to historical and peer multiples. Expect the Board to engage to facilitate an improved binding proposal.


Platinum Investment Mgmt (PTM AU): Regal Partners’ Indicative Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a> has disclosed a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a> at A$7.50 cash per share and 2.2 <a href="https://www.smartkarma.com/entities/gqg-partners-inc" target="_blank" data-smartkarma-citation="entities:34569:1" rel="noopener">GQG Partners (GQG AU)</a> shares per PAC share.</li>
<li>The implied offer price of A$11.12 per share based on GQG's last close price is a juicy 42.6% premium to the undisturbed price of A$7.80 per share (26 July).</li>
<li>The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding proposal.</li>
</ul>



Pacific Current (PAC AU) has disclosed a non-binding indicative proposal from Regal Partners (RPL AU) at A$7.50 cash per share and 2.2 GQG Partners (GQG AU) shares per PAC share.
The implied offer price of A$11.12 per share based on GQG's last close price is a juicy 42.6% premium to the undisturbed price of A$7.80 per share (26 July).
The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding proposal.


Pacific Current Group (PAC AU): Regal Partners’ Attractive Indicative Offer

Australia

Magellan Financial Group Ltd operates as an investment management company. The Company invests in global equities and listed infrastructure. Magellan Financial Group serves customers worldwide.

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Magellan Financial (MFG AU)

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

Platinum Investment Mgmt (PTM AU): Regal Partners’ Indicative Offer

Despite the modest takeover premium, the offer is attractive compared to historical and peer multiples. Expect the Board to engage to facilitate an...

Arun George

Pacific Current Group (PAC AU): Regal Partners’ Attractive Indicative Offer

The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding...

Arun George

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