Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at our final expectations for ADDs/DELs for the F100 and F250 indices during the September 2024 index rebal event.</li>
<li>Yesterday (3rd September) was the base date for this rebalance event and the index changes will be confirmed after market close today.</li>
<li>We see one change for F100 and one change for F250 during the regular rebalance but there could be another change triggered by the Network International (NETW LN) deal completion.</li>
</ul>


In this insight, we take a look at our final expectations for ADDs/DELs for the F100 and F250 indices during the September 2024 index rebal event.
Yesterday (3rd September) was the base date for this rebalance event and the index changes will be confirmed after market close today.
We see one change for F100 and one change for F250 during the regular rebalance but there could be another change triggered by the Network International (NETW LN) deal completion.


Quiddity Leaderboard F100/​​​250 Sep 24: Announcement Day; Final Expectations

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2024 index rebal event.</li>
<li>There could be up to three M&amp;A-related intra-review changes in the next few weeks.</li>
<li>Apart from that, there could be two changes for the F100 index and two other changes for the F250 index during the September 2024 review.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2024 index rebal event.
There could be up to three M&amp;A-related intra-review changes in the next few weeks.
Apart from that, there could be two changes for the F100 index and two other changes for the F250 index during the September 2024 review.


Quiddity Leaderboard F100/​​​250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On 1 March the shares of Appreciate were cancelled from AIM and the new shares of Paypoint were admitted to trading on the LSE.</li>
<li>In my previous insight, I mentioned that although the offer price did not seem generous and liquidity limited, the risk/reward was favourable. </li>
<li>In the end, shareholders saw a good opportunity to cash in after a sluggish performance since the pandemic outbreak.</li>
</ul>


On 1 March the shares of Appreciate were cancelled from AIM and the new shares of Paypoint were admitted to trading on the LSE.
In my previous insight, I mentioned that although the offer price did not seem generous and liquidity limited, the risk/reward was favourable. 
In the end, shareholders saw a good opportunity to cash in after a sluggish performance since the pandemic outbreak.


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>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> has offered, Potentia, four weeks of due diligence access to “<em>develop a significantly improved proposal.</em>” The Board rejected Potentia’s previous A$1.60 offer on 12 December.</li>
<li>Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. </li>
<li>Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.</li>
</ul>



Tyro Payments (TYR AU) has offered, Potentia, four weeks of due diligence access to “develop a significantly improved proposal.” The Board rejected Potentia’s previous A$1.60 offer on 12 December.
Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous with its terms. 
Press reports suggest that an offer of around A$1.85 per share would be supported by shareholders. We would be buyers as Tyro is undervalued at the last close price.


Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

<ul>
<li>PayPoint has launched an agreed cash and shares offer for closest rival Appreciate. On completion, PayPoint shareholders will hold c. 95% and Appreciate shareholders c. 5% of the merged firm. </li>
<li>The offer price doesn't seem generous (my fair value estimate is 53p vs. 43.45p package value). Event-driven investor Samson Rock is the top shareholder with a 19.7% stake.</li>
<li>Gross spread is 5.9% (including dividend). I believe there are grounds for an offer sweetening, and although both stocks are illiquid, the risk/reward looks appealing, in my view.</li>
</ul>


PayPoint has launched an agreed cash and shares offer for closest rival Appreciate. On completion, PayPoint shareholders will hold c. 95% and Appreciate shareholders c. 5% of the merged firm. 
The offer price doesn't seem generous (my fair value estimate is 53p vs. 43.45p package value). Event-driven investor Samson Rock is the top shareholder with a 19.7% stake.
Gross spread is 5.9% (including dividend). I believe there are grounds for an offer sweetening, and although both stocks are illiquid, the risk/reward looks appealing, in my view.


Appreciate Group/Paypoint: There May Be Higher Rewards in Vouchers

United Kingdom

PayPoint Plc is the national network for collecting payments 'over the counter'. The Company owns PayPoint outlets located in newsagents, convenience stores, supermarkets, and forecourts across the UK, and a wide range of payments can be made such as electricity, gas, water, local taxes, and cable bills.

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PayPoint PLC (PAY LN)

Quiddity Leaderboard F100/250 Sep 24: Announcement Day; Final Expectations

Network International could be deleted from F250 at the close of trading on 16th September 2024. This would trigger an intra-review F250 addition.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

The top-ranked F250 potential ADDs would have a large number of days to buy if they got added to F250. There are multiple opportunities for both...

Janaghan Jeyakumar, CFA

Appreciate Group/Paypoint: Completion

On 1 March 7:00, Appreciate shares have been cancelled from trading on AIM. Admission of the New PayPoint Shares to trading on the London Stock...

Jesus Rodriguez Aguilar

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

Appreciate Group/Paypoint: There May Be Higher Rewards in Vouchers

PayPoint has launched an agreed cash and shares offer for closest rival Appreciate. PayPoint shareholders will hold c. 95% and Appreciate...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard F100/​​​250 Sep 24: Announcement Day; Final Expectations

Network International could be deleted from F250 at the close of trading on 16th September 2024. This would trigger an intra-review F250 addition.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/​​​250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

The top-ranked F250 potential ADDs would have a large number of days to buy if they got added to F250. There are multiple opportunities for both...

Janaghan Jeyakumar, CFA

Appreciate Group/​Paypoint: Completion

On 1 March 7:00, Appreciate shares have been cancelled from trading on AIM. Admission of the New PayPoint Shares to trading on the London Stock...

Jesus Rodriguez Aguilar

Tyro Payments (TYR AU): Bid Revived as Potentia Secures Due Diligence

Since the rejection of the offer, the FY2023 guidance has been upgraded and peers have re-rated. Therefore, Potentia can afford to be more generous...

Arun George

Appreciate Group/Paypoint: There May Be Higher Rewards in Vouchers

PayPoint has launched an agreed cash and shares offer for closest rival Appreciate. PayPoint shareholders will hold c. 95% and Appreciate...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/250 Sep 24: Announcement Day; Final Expectations

Quiddity Leaderboard F100/250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

Appreciate Group/Paypoint: Completion