Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, a wealth manager and previously known as IOOF, has announced a <a href="https://announcements.asx.com.au/asxpdf/20241213/pdf/06clql94x0mq9g.pdf" target="_blank" rel="noopener">A$4.00/share non-binding and indicative proposal</a> from PE outfit Bain Capital.</li>
<li>The Offer, should it proceed, will be by way of a Scheme.  Apart from IFL's shareholder approval, a firm bid requires FIRB signing off. </li>
<li>IFL's board is weighing up the Offer's pros and cons. This probably requires a small bump.</li>
</ul>



Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has announced a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.
The Offer, should it proceed, will be by way of a Scheme.  Apart from IFL's shareholder approval, a firm bid requires FIRB signing off. 
IFL's board is weighing up the Offer's pros and cons. This probably requires a small bump.


Insignia Financial (IFL AU): Bain's A$4.00/Share NBIO. Needs More Gruel

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>AFI commenced operations in 1928 and is Australia’s largest listed investment entity by market capitalisation.</li><li>The Company adopts a long-term perspective that emphasises ‘quality’ investments, with a focus on efficient after-tax returns for shareholders.</li><li>The fixed cost base also enables for the provision of a highly competitive, low-cost investment vehicle, and with no ongoing management or performance fees attributable to an external manager. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AFI commenced operations in 1928 and is Australia’s largest listed investment entity by market capitalisation.The Company adopts a long-term perspective that emphasises ‘quality’ investments, with a focus on efficient after-tax returns for shareholders.The fixed cost base also enables for the provision of a highly competitive, low-cost investment vehicle, and with no ongoing management or performance fees attributable to an external manager. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nec Networks & System Integr / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. </li>
<li>The FTC' blocking the giant grocery merger of <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> and <a href="https://www.smartkarma.com/entities/albertsons-cos-inc" target="_blank" data-smartkarma-citation="entities:33026:1" rel="noopener">Albertsons Cos (ACI US)</a> spells trouble for ACT and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>



Nec Networks (1973 JP)'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.

Singapore Post (SPOST SP)'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. 
The FTC' blocking the giant grocery merger of Kroger Co (KR US) and Albertsons Cos (ACI US) spells trouble for ACT and Seven &amp; I Holdings (3382 JP).


Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">IOOF Holdings (IFL AU)</a> has received an indicative proposal from Bain Capital to acquire all of its shares at A$4/share in cash.</li>
<li>The offer takes advantage of <a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">IOOF Holdings (IFL AU)</a>'s underperformance over the last couple of years and there could be competing offers from other investment managers. </li>
<li>Short interest in <a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">IOOF Holdings (IFL AU)</a> is around 2% of shares out and 2.5% of float. There could be short covering in the next few days.</li>
</ul>



IOOF Holdings (IFL AU) has received an indicative proposal from Bain Capital to acquire all of its shares at A$4/share in cash.
The offer takes advantage of IOOF Holdings (IFL AU)'s underperformance over the last couple of years and there could be competing offers from other investment managers. 
Short interest in IOOF Holdings (IFL AU) is around 2% of shares out and 2.5% of float. There could be short covering in the next few days.


Insignia Financial (IFL AU): Bain's Indicative Proposal a Tad Light

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/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

Australia

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

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Perpetual Ltd (PPT AU)

Analyst Outlook December 2024

AFI commenced operations in 1928 and is Australia’s largest listed investment entity by market capitalisation. The Company adopts a long-term...

Bell Potter

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Insignia Financial (IFL AU): Bain's Indicative Proposal a Tad Light

Insignia Financial has received an indicative proposal from Bain to acquire all of its shares at A$4/share in cash. The offer takes advantage of...

Brian Freitas

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

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Insignia Financial (IFL AU): Bain's A$4.00/Share NBIO. Needs More Gruel

Not the Australian's finest moment. After an article flagged Tanarra Capital to be reportedly "backing Bain Capital’s bid", Tanarra responded by...

David Blennerhassett

Analyst Outlook December 2024

AFI commenced operations in 1928 and is Australia’s largest listed investment entity by market capitalisation. The Company adopts a long-term...

Bell Potter

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Insignia Financial (IFL AU): Bain's Indicative Proposal a Tad Light

Insignia Financial has received an indicative proposal from Bain to acquire all of its shares at A$4/share in cash. The offer takes advantage of...

Brian Freitas

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