Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.</li>
<li>We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.</li>
<li>We also expect one intra-review change for the F250 prior to the December 2026 rebal.</li>
</ul>


In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the December 2026 rebal.
We currently expect one F100 change and two F250 changes for the December 2026 rebal. An IPO drives the F100 change, while one F250 change depends on a market transfer.
We also expect one intra-review change for the F250 prior to the December 2026 rebal.


Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
Rule 2.8 reset: Apax has formally walked under Rule 2.8, restricting a return until 13 August 2026. The 500p take-private is off the table, removing near-term M&amp;A optionality.</li>
<li>
Premium unwind in progress: At 436.5p, the stock still embeds residual bid premium. Precedent suggests 70–90% premium retracement, implying a likely near-term clearing range around 405–410p.</li>
<li>
Re-Anchor to fundamentals: At ~12.2x FY27E EBITDA, valuation is converging toward public SaaS levels. A move into 390–410p would likely present more asymmetric risk/reward for fundamental accumulation.</li>
</ul>



Rule 2.8 reset: Apax has formally walked under Rule 2.8, restricting a return until 13 August 2026. The 500p take-private is off the table, removing near-term M&amp;A optionality.

Premium unwind in progress: At 436.5p, the stock still embeds residual bid premium. Precedent suggests 70–90% premium retracement, implying a likely near-term clearing range around 405–410p.

Re-Anchor to fundamentals: At ~12.2x FY27E EBITDA, valuation is converging toward public SaaS levels. A move into 390–410p would likely present more asymmetric risk/reward for fundamental accumulation.


Pinewood: Bid Break, Premium Reset – Where Does It Clear Now?

<ul>
<li>Apax signals a likely take-private, with a clearly defined 500p offer, supportive board language and concentrated ownership, moving Pinewood from speculation into a late-stage, high-probability pre-Rule 2.7 situation.</li>
<li>At a 5.9% gross spread, the stock prices c.76% deal completion, offering a mid-teens annualised return on a clean UK scheme timetable, with downside cushioned by a SaaS-quality balance sheet.</li>
<li>Valuation looks balanced rather than stretched, with 500p near the midpoint of reasonable private-market outcomes for vertical SaaS, limiting downside risk while preserving modest upside through execution or timing.</li>
</ul>


Apax signals a likely take-private, with a clearly defined 500p offer, supportive board language and concentrated ownership, moving Pinewood from speculation into a late-stage, high-probability pre-Rule 2.7 situation.
At a 5.9% gross spread, the stock prices c.76% deal completion, offering a mid-teens annualised return on a clean UK scheme timetable, with downside cushioned by a SaaS-quality balance sheet.
Valuation looks balanced rather than stretched, with 500p near the midpoint of reasonable private-market outcomes for vertical SaaS, limiting downside risk while preserving modest upside through execution or timing.


Pinewood Technologies: Apax Takes the Wheel

<ul>
<li>The September 2026 index review results for the F100 and F250 indices were announced yesterday after the LSE market close.</li>
<li>There will be two ADDs and two DELs for the F100 and separately three ADDs and two DELs for the F250 index.</li>
<li>The announced results were in line with our final expectations.</li>
</ul>


The September 2026 index review results for the F100 and F250 indices were announced yesterday after the LSE market close.
There will be two ADDs and two DELs for the F100 and separately three ADDs and two DELs for the F250 index.
The announced results were in line with our final expectations.


Quiddity F100/F250 Sep26 Results: All Expected ADDs/DELs Correct; F100 Intra-Review Change Ahead

<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 2026 index rebal event.</li>
<li>The base date is tomorrow (1st September 2026) and the official results will be announced after the close on 2nd September 2026. </li>
<li>We expect one change for the F100 index and two other changes for the F250 index. Several names sit close to the border and could change our expectations.</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 2026 index rebal event.
The base date is tomorrow (1st September 2026) and the official results will be announced after the close on 2nd September 2026. 
We expect one change for the F100 index and two other changes for the F250 index. Several names sit close to the border and could change our expectations.


Quiddity Leaderboard F100/F250 Sep26: One More Day to Base Date; Few Final Changes

United Kingdom

Pinewood Technologies Group PLC is a leading cloud-based full-service technology provider for automotive retailers and OEMs, offering Dealer Management System (DMS) software, automotive intelligence platforms, Business Intelligence reporting, and AI-powered automotive solutions across sales, aftersales, accounting, and CRM. The company serves a global user base across more than 36 countries with long-standing partnerships with over 50 OEM brands. It was established in 1981 and is headquartered in Birmingham, UK.

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Pinewood Technologies (PINE LN)

Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Pinewood: Bid Break, Premium Reset – Where Does It Clear Now?

Apax’s Rule 2.8 walk-away removes the 500p bid and forces Pinewood to re-anchor to standalone valuation. We see 405–410p as a likely clearing...

Jesus Rodriguez Aguilar

Pinewood Technologies: Apax Takes the Wheel

Apax’s 500p approach puts Pinewood into a high-probability take-private. Board support, a clean SaaS asset and a 5.9% spread offer mid-teens...

Jesus Rodriguez Aguilar

Quiddity F100/F250 Sep26 Results: All Expected ADDs/DELs Correct; F100 Intra-Review Change Ahead

The September 2026 index review results for F100 and F250 indices were announced in line with expectations. Volex is expected to have more than 5x...

Afridi Reyal

Quiddity Leaderboard F100/F250 Sep26: One More Day to Base Date; Few Final Changes

For F100, easyJet is easily IN and Entain is OUT. Ithica is close to the F100 ADD border. With one more trading day to go, a few changes are...

Afridi Reyal

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Quiddity Leaderboard F100/F250 Dec26: Airtel Money IPO and Serica Transfer in Focus

Airtel Money could become a strong name for the F100 inclusion in December 2026. We also see Serica Energy as an F250 ADD if it transfers to the...

Afridi Reyal

Pinewood: Bid Break, Premium Reset – Where Does It Clear Now?

Apax’s Rule 2.8 walk-away removes the 500p bid and forces Pinewood to re-anchor to standalone valuation. We see 405–410p as a likely clearing...

Jesus Rodriguez Aguilar

Pinewood Technologies: Apax Takes the Wheel

Apax’s 500p approach puts Pinewood into a high-probability take-private. Board support, a clean SaaS asset and a 5.9% spread offer mid-teens...

Jesus Rodriguez Aguilar

Quiddity F100/F250 Sep26 Results: All Expected ADDs/DELs Correct; F100 Intra-Review Change Ahead

​The September 2026 index review results for F100 and F250 indices were announced in line with expectations. Volex is expected to have more than 5x...

Afridi Reyal

Quiddity Leaderboard F100/F250 Sep26: One More Day to Base Date; Few Final Changes

For F100, easyJet is easily IN and Entain is OUT. Ithica is close to the F100 ADD border. With one more trading day to go, a few changes are...

Afridi Reyal

The September 2026 index review results for F100 and F250 indices were announced in line with expectations. Volex is expected to have more than 5x...