Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After its curious A$22.07/share self-destructing NBIO on the 15th July, EQT returned a fortnight later with a A$22.50/share NBIO for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, by way of a Scheme.</li>
<li>With a 45.2% premium, and optically fair, I thought Perpetual might engage. Perpetual rejected terms on the 29th July. Then crickets. Reportedly Janus Henderson was circling; while EQT continued DD.</li>
<li>EQT has returned with a A$22.50/share Offer, plus upward of a 1H27 dividend of A$0.60/share, without adjustment. Best &amp; final. Perpetual says no dice.  That's the wrong decision.</li>
</ul>


After its curious A$22.07/share self-destructing NBIO on the 15th July, EQT returned a fortnight later with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme.
With a 45.2% premium, and optically fair, I thought Perpetual might engage. Perpetual rejected terms on the 29th July. Then crickets. Reportedly Janus Henderson was circling; while EQT continued DD.
EQT has returned with a A$22.50/share Offer, plus upward of a 1H27 dividend of A$0.60/share, without adjustment. Best &amp; final. Perpetual says no dice.  That's the wrong decision.


Perpetual (PPT AU) Rejects EQT's Added Gruel

<ul>
<li>Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, by way of a Scheme. </li>
<li>That's a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.</li>
<li>PPT's board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed. </li>
</ul>


Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme. 
That's a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.
PPT's board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed. 


Perpetual (PPT AU): EQT Lifts Its NBIO To A$22.50/Share

<ul>
<li>Last night, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July. </li>
<li>However, Perpetual notes EQT stated in its revised bid, that "the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed".</li>
<li>So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal. </li>
</ul>


Last night, Perpetual Ltd (PPT AU) announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July. 
However, Perpetual notes EQT stated in its revised bid, that "the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed".
So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal. 


Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Alpha-Centric ESG Research

Kyle Rudden

Two days ago the U.K. Financial Reporting Council announced 125 successful signatories (aka "not greenwashers") to the revised U.K. Stewardship Code. Signatories are integrating stewardship and ESG (Environmental, Social, Governance) factors into investment decisions, to high standards.Whilst this is ostensibly limited to U.K. pension assets, ramifications are more far-reaching than it might at first appear (one indication is the number of North American and Asia Pacific signatories, in addition to the expected European names). More specifically, the broad relevance is because it:<ul>
<li>Affects firms doing business with U.K. asset managers/owners not just the managers/owners.</li>
<li>Is a quasi-blueprint for similar anti-greenwashing initiatives taking root in the U.S. and Asia.</li>
<li>Greenwashing is having an increasing impact on stocks prices (e.g., DWS Group last month).</li>
</ul>This is one battle in an emerging global war on greenwashing. The U.S. SEC has its own agenda to fight greenwashing and Asia isn't far behind (e.g., regulators in Japan stepping up scrutiny). There is more to come, and a lot to learn from this including who is (and is not) on the signatory list.

Two days ago the U.K. Financial Reporting Council announced 125 successful signatories (aka "not greenwashers") to the revised U.K. Stewardship Code. Signatories are integrating stewardship and ESG (Environmental, Social, Governance) factors into investment decisions, to high standards.Whilst this is ostensibly limited to U.K. pension assets, ramifications are more far-reaching than it might at first appear (one indication is the number of North American and Asia Pacific signatories, in addition to the expected European names). More specifically, the broad relevance is because it:
Affects firms doing business with U.K. asset managers/owners not just the managers/owners.
Is a quasi-blueprint for similar anti-greenwashing initiatives taking root in the U.S. and Asia.
Greenwashing is having an increasing impact on stocks prices (e.g., DWS Group last month).
This is one battle in an emerging global war on greenwashing. The U.S. SEC has its own agenda to fight greenwashing and Asia isn't far behind (e.g., regulators in Japan stepping up scrutiny). There is more to come, and a lot to learn from this including who is (and is not) on the signatory list.

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has been in the cross hairs since KKR's all-in 2010 tilt; while bids have landed for various units, all of which came to nought.</li>
<li>In March of this year, Perpetual announced it was offloading its wealth management arm to Bain for A$550mn. Then last week, Perpetual rejected EQT's A$21.64/share all cash NBIO.</li>
<li>Perpetual is trading ~12% adrift of those indicative terms - and down 9% in the past year.  There are signs the Street is turning (mildly) positive.</li>
</ul>



Perpetual Ltd (PPT AU) has been in the cross hairs since KKR's all-in 2010 tilt; while bids have landed for various units, all of which came to nought.
In March of this year, Perpetual announced it was offloading its wealth management arm to Bain for A$550mn. Then last week, Perpetual rejected EQT's A$21.64/share all cash NBIO.
Perpetual is trading ~12% adrift of those indicative terms - and down 9% in the past year.  There are signs the Street is turning (mildly) positive.


Revisiting Perpetual (PPT AUJ) After EQT's Revived - And Rejected - Bid

Australia

Pendal Group Limited operates as an investment management company. The Company focuses on portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Pendal Group serves customers in Australia.

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Pendal Group (PDL AU)

Perpetual (PPT AU) Rejects EQT's Added Gruel

Perpetual is not expensive. It's not particularly exciting either. I'm not bearish here; but it's not a strong conviction trade.

David Blennerhassett

Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Perpetual is not expensive. I'd get some exposure here. The fact Perpetual did not outright reject a 2% higher bid is illustrativc

David Blennerhassett

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Telegraph from European front in global war on greenwashing. U.K. names stewardship victors ("not greenwashers"). Many notable casualties. Anti...

Kyle Rudden

Revisiting Perpetual (PPT AUJ) After EQT's Revived - And Rejected - Bid

Perpetual is not expensive here. I might get some exposure here; but preferably on any material pullback as the EQT buzz subsides.

David Blennerhassett

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Perpetual (PPT AU) Rejects EQT's Added Gruel

Perpetual is not expensive. It's not particularly exciting either. I'm not bearish here; but it's not a strong conviction trade.

David Blennerhassett

Perpetual (PPT AU): EQT Lifts Its NBIO To A$22.50/Share

Perpetual is not expensive. I'd be buying here. A 45.2% premium to undisturbed is a reasonable change of control premium. But I can see EQT adding...

David Blennerhassett

Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Perpetual is not expensive. I'd get some exposure here. The fact Perpetual did not outright reject a 2% higher bid is illustrativc

David Blennerhassett

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Telegraph from European front in global war on greenwashing. U.K. names stewardship victors ("not greenwashers"). Many notable casualties. Anti...

Kyle Rudden

Revisiting Perpetual (PPT AUJ) After EQT's Revived - And Rejected - Bid

Perpetual is not expensive here. I might get some exposure here; but preferably on any material pullback as the EQT buzz subsides.

David Blennerhassett