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/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.</li>
<li>The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval. </li>
<li>The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.</li>
</ul>



National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval. 
The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.


National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Reportedly, Brookfield and Singapore's GIC will make an Offer for <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, Australia and New Zealand's largest landlord of self-storage sites .</li>
<li>The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA.  NSR entered into a trading halt this morning. </li>
<li>Earlier this year, key peer <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> fielded an NBIO from Ki Corporation/<a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a> at a ~3% premium to NTA; however, Ki/PSA ultimately walked. </li>
</ul>


Reportedly, Brookfield and Singapore's GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand's largest landlord of self-storage sites .
The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA.  NSR entered into a trading halt this morning. 
Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked. 


National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt

<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

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead</li></ul>

Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

National Storage REIT - The Monday Report - 14 July 2025

<ul>
<li>The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. </li>
<li>Junior miner <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold (A1G AU)</a>has entered into a Scheme with <a href="https://www.smartkarma.com/entities/montage-gold-corp" target="_blank" data-smartkarma-citation="entities:43368:1" rel="noopener">Montage Gold (MAU CN)</a>. African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.</li>
<li>That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.</li>
</ul>


The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. 
Junior miner African Gold (A1G AU)has entered into a Scheme with Montage Gold (MAU CN). African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.
That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.


African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

Australia

National Storage REIT is a Real Estate Investment Trust.  The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania.

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National Storage REIT (NSR AU)