Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 23rd July, international money transfer play <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX (OFX AU)</a> announced a Process Deed with Equals Group, potentially leading to a A$1.00/share Offer by way of a Scheme</li>
<li>A$1.00/Share represent a 108% premium to undisturbed. Equals Group was granted four weeks of due diligence. That DD window closed with no ASX announcement. My inquiries indicated all was good.</li>
<li>After shares materially reversed, all-but-suggesting a busted deal, OFX finally announced DD had been extended to the 25th September. This morning, DD has been further extended to the 30th October.
</li>
</ul>


On the 23rd July, international money transfer play OFX (OFX AU) announced a Process Deed with Equals Group, potentially leading to a A$1.00/share Offer by way of a Scheme
A$1.00/Share represent a 108% premium to undisturbed. Equals Group was granted four weeks of due diligence. That DD window closed with no ASX announcement. My inquiries indicated all was good.
After shares materially reversed, all-but-suggesting a busted deal, OFX finally announced DD had been extended to the 25th September. This morning, DD has been further extended to the 30th October.



OFX Group (OFX AU)'s Shares Crater As DD Tarries. Added Tarrying This Morning

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>Responding to an ASX price query after a 22.7% intraday fall, <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a> cited "meaningful progress" on the SID and is negotiating to extend Equals' exclusivity beyond 25 September.</li>
<li>Bulls cite OFX's denial of undisclosed news, SID progress, Equals' 2024 equity-financing precedent and the sell-off's low traded value as signs a binding offer will follow. </li>
<li>Bears argue stretched timelines and silence on financing signal Equals walking away or cutting the price. I estimate a deal break price range of A$0.40–0.50.</li>
</ul>


Responding to an ASX price query after a 22.7% intraday fall, OFX Group (OFX AU) cited "meaningful progress" on the SID and is negotiating to extend Equals' exclusivity beyond 25 September.
Bulls cite OFX's denial of undisclosed news, SID progress, Equals' 2024 equity-financing precedent and the sell-off's low traded value as signs a binding offer will follow. 
Bears argue stretched timelines and silence on financing signal Equals walking away or cutting the price. I estimate a deal break price range of A$0.40–0.50.


OFX Group (OFX AU): The ASX Response Says "On Track," The Market Says "Maybe Not"

<ul>
<li>In February this year, <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX (OFX AU)</a> announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.</li>
<li>This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.</li>
<li>Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. </li>
</ul>


In February this year, OFX (OFX AU) announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.
This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.
Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. 


OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

Professional Special Situation Investor, TripleS Special Situation Investing

Triple S Special Situations Investing

Professional Special Situation Investor

TripleS Special Situation Investing

Professional Special Situation Investor with over 20 years of experience.

Thematic (Sector/Industry)

<ul><li>I mentioned this liquidation as one to watch a few months ago.</li><li>The board had just approved a plan of liquidation and guided to $29.73 to $37.69 a share of total distributions.</li><li>Shareholders approved the liquidation in June.</li></ul>

I mentioned this liquidation as one to watch a few months ago.The board had just approved a plan of liquidation and guided to $29.73 to $37.69 a share of total distributions.Shareholders approved the liquidation in June.

3 Mergers and 1 Liquidation in the Danger Zone

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a> has received a non-binding indicative proposal from Equals at A$1.00 per share, a 110.5% premium to the undisturbed price of A$0.475 (22 July).  </li>
<li>The Board has granted four weeks of exclusivity, which ends on 19 August, unless extended. The offer resulted from the Board’s strategic review. </li>
<li>Despite promising signs of a turnaround, shareholders are likely to be supportive, as there is little evidence that the Board’s turnaround strategy will deliver higher returns.    </li>
</ul>



OFX Group (OFX AU) has received a non-binding indicative proposal from Equals at A$1.00 per share, a 110.5% premium to the undisturbed price of A$0.475 (22 July).  
The Board has granted four weeks of exclusivity, which ends on 19 August, unless extended. The offer resulted from the Board’s strategic review. 
Despite promising signs of a turnaround, shareholders are likely to be supportive, as there is little evidence that the Board’s turnaround strategy will deliver higher returns.    


OFX Group (OFX AU): Equals NBIO at A$1.00

Australia

OFX Group Limited provides online international payment services. The Company offers single and recurring transfer, foreign exchange, and other related services. OFX Group serves clients worldwide.

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OFX Group (OFX AU)

OFX Group (OFX AU)'s Shares Crater As DD Tarries. Added Tarrying This Morning

The vacuum of news has not been a roaring endorsement. The downbeat trading update doesn't lessen concerns. Trading at a busted 75.5% gross spread....

David Blennerhassett

OFX Group (OFX AU): The ASX Response Says "On Track," The Market Says "Maybe Not"

OFX cited SID progress and exclusivity-extension talks after a 22.7% fall; bulls expect a binding offer, bears fear Equals walks or cuts price. My...

Arun George

3 Mergers and 1 Liquidation in the Danger Zone

The board had just approved a plan of liquidation and guided to $29.73 to $37.69 a share of total distributions.Shareholders approved the...

Triple S Special Situations Investing

OFX Group (OFX AU): Equals NBIO at A$1.00

Despite promising signs of a turnaround, shareholders are likely to be supportive, as there is little evidence that the Board’s turnaround strategy...

Arun George

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52-week Range

Market Cap (USDm)

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OFX Group (OFX AU)'s Shares Crater As DD Tarries. Added Tarrying This Morning

The vacuum of news has not been a roaring endorsement. The downbeat trading update doesn't lessen concerns. Trading at a busted 75.5% gross spread....

David Blennerhassett

OFX Group (OFX AU): The ASX Response Says "On Track," The Market Says "Maybe Not"

OFX cited SID progress and exclusivity-extension talks after a 22.7% fall; bulls expect a binding offer, bears fear Equals walks or cuts price. My...

Arun George

OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

Terms areindicative; although wording in the announcement is upbeat. Chunky downside. Trading at a 20%/53% gross/annual spread, if late Dec...

David Blennerhassett

3 Mergers and 1 Liquidation in the Danger Zone

The board had just approved a plan of liquidation and guided to $29.73 to $37.69 a share of total distributions.Shareholders approved the...

Triple S Special Situations Investing

OFX Group (OFX AU): Equals NBIO at A$1.00

Despite promising signs of a turnaround, shareholders are likely to be supportive, as there is little evidence that the Board’s turnaround strategy...

Arun George