Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

NextVision Stabilized Systems / Index Rebalance

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. </li>
<li>We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.</li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. 
We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.


[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.</li>
<li>There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.</li>
<li>There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.</li>
</ul>



Nearmap Ltd (NEA AU)’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.
There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.
There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.


Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

<ul>
<li>The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). </li>
<li>The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. </li>
<li>At <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.</li>
</ul>


The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). 
The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. 
At Nearmap Ltd (NEA AU)'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.


Nearmap’s Spread Widens, Scheme Meeting on 25 November

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul>
<li>Planet Labs has had one of the best de-SPAC market debuts in recent history, with only 2% of the shareholders deciding to redeem their shares</li>
<li>Planet had one of the strongest PIPE’s in SPAC history with the likes of BlackRock, Google, Koch, CPP Investments, and others investing $250 million into the deal</li>
<li>Planet has plenty going for it, including a monopoly over its core business, a significant runway for growth and a war chest to pursue strategic acquisitions </li>
</ul>


Planet Labs has had one of the best de-SPAC market debuts in recent history, with only 2% of the shareholders deciding to redeem their shares
Planet had one of the strongest PIPE’s in SPAC history with the likes of BlackRock, Google, Koch, CPP Investments, and others investing $250 million into the deal
Planet has plenty going for it, including a monopoly over its core business, a significant runway for growth and a war chest to pursue strategic acquisitions 


Planet Labs: This Google Backed Data Firm Is Set to Soar

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

Pine Technology Acquisition / Equity Capital Markets

<ul><li>Pine Technology Acquisition Corp. (PTOC: warrants -0.01%) &amp; Tomorrow.io (Valuation: $729M EV)</li><li>Oaktree Acquisition Corp. II (OACB: warrants +20.18%) &amp; Alvotech (Valuation: $2.25B EV)</li><li>FoxWayne Enterprises Acquisition (FOXW: warrants -8.06%) &amp; Aerami Therapeutics (Valuation: Transaction values Aerami at $250M)</li></ul>

Pine Technology Acquisition Corp. (PTOC: warrants -0.01%) &amp; Tomorrow.io (Valuation: $729M EV)Oaktree Acquisition Corp. II (OACB: warrants +20.18%) &amp; Alvotech (Valuation: $2.25B EV)FoxWayne Enterprises Acquisition (FOXW: warrants -8.06%) &amp; Aerami Therapeutics (Valuation: Transaction values Aerami at $250M)

United States

Planet Labs PBC operates as a public Earth imaging company. The Company provides daily satellite data that helps businesses, governments, researchers, and journalists understand the physical world and take action. Planet Labs designs and manufactures triple-cubsat miniature satellites called Doves that are then delivered into orbit as secondary payloads on other rocket launch missions.

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Planet Labs (PL US)

[Quiddity Index] MV Global Defense Dec25 Rebalance Results: Flow Expectations

Four ADDs and $800mm to trade in the MV Global Defense rebal to be executed on 19 December. There is one name with about 4x ADV to buy. The rest...

Travis Lundy

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

There is no chance that the MAC clause will be triggered due to the downbeat trading update. On the other hand, the update is softening the stance...

Arun George

Nearmap’s Spread Widens, Scheme Meeting on 25 November

The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the...

Arun George

Planet Labs: This Google Backed Data Firm Is Set to Soar

Planet Labs has had one of the best de-SPAC market debuts in recent history, with only 2% of the shareholders deciding to redeem their shares

subSPAC

The Nightcap from SPAC Track

Pine Technology Acquisition Corp. (PTOC: warrants -0.01%) & Tomorrow.io (Valuation: $729M EV). Oaktree Acquisition Corp. II (OACB: warrants...

SPAC Track

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