Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 18 August, aviation engine repair play <strong><a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group (PTB AU)</a></strong> entered into a Scheme Implementation Deed with PAG Holding, at $1.595/share, a 40.5% premium to last close.</li>
<li>The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. </li>
<li>The Scheme Meeting will be held on the 16 November, as previously flagged in August's SID, with an expected implementation on the 9 December. </li>
</ul>


Back on the 18 August, aviation engine repair play PTB Group (PTB AU) entered into a Scheme Implementation Deed with PAG Holding, at $1.595/share, a 40.5% premium to last close.
The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. 
The Scheme Meeting will be held on the 16 November, as previously flagged in August's SID, with an expected implementation on the 9 December. 


PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

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/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a>'s scheme meeting is on 16 November. The IE considers the offer of A$1.595 + dividend up to A$0.03 per share (total of A$1.625) fair.  </li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the resolution. The two largest shareholders will vote YES.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 9 December payment, the gross and annualised spread is 2.2% and 13.8%, respectively.</li>
</ul>



PTB Group Ltd (PTB AU)'s scheme meeting is on 16 November. The IE considers the offer of A$1.595 + dividend up to A$0.03 per share (total of A$1.625) fair.  
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the resolution. The two largest shareholders will vote YES.
We continue to think that offer is attractive. At the last close price and for the 9 December payment, the gross and annualised spread is 2.2% and 13.8%, respectively.


<ul>
<li>Late last week aviation engine repair play <strong><a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a></strong> entered into a Scheme Implementation Deed (SID) with PAG Holding Corp.</li>
<li>PAG is offering $1.595/share, a 40.5% premium to last close.</li>
<li>Apart from PTB shareholder approval, PAG's Offer requires FIRB. This looks done. PTB’s board unanimously recommends the Scheme.</li>
</ul>


Late last week aviation engine repair play PTB Group Ltd (PTB AU) entered into a Scheme Implementation Deed (SID) with PAG Holding Corp.
PAG is offering $1.595/share, a 40.5% premium to last close.
Apart from PTB shareholder approval, PAG's Offer requires FIRB. This looks done. PTB’s board unanimously recommends the Scheme.


<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corporation-limited" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (1880 HK)</a> priced its H Share at HK$158, <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> issued an updated prospectus.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - China Tourism Group Duty Free Corp Ltd (1880 HK) priced its H Share at HK$158, WCP (WCP KS) issued an updated prospectus.
Event-Driven developments Alliance Aviation Services (AQZ AU), Nearmap Ltd (NEA AU), Tassal (TGR AU), Genex Power Ltd (GNX AU), Yashili International Holdings (1230 HK), Xiamen International Port H (3378 HK).


Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">Ptb Group Ltd (PTB AU)</a> entered a scheme implementation deed (SID) with Precision Aviation Group (PAG). The offer comprises A$1.595 + dividend up to A$0.03 per share (total of A$1.625).</li>
<li>The offer price is attractive. The key conditions are shareholder approvals and FIRB approval. The scheme meeting is on 16 November. </li>
<li>This is a done deal. At last close and for the 2 December payment, the gross and annualised spread to the offer + div is 3.8% and 13.5%, respectively.</li>
</ul>



Ptb Group Ltd (PTB AU) entered a scheme implementation deed (SID) with Precision Aviation Group (PAG). The offer comprises A$1.595 + dividend up to A$0.03 per share (total of A$1.625).
The offer price is attractive. The key conditions are shareholder approvals and FIRB approval. The scheme meeting is on 16 November. 
This is a done deal. At last close and for the 2 December payment, the gross and annualised spread to the offer + div is 3.8% and 13.5%, respectively.


Australia

PTB Group Ltd is an aviation asset management business. The Company repairs and overhauls turbine engines, acquires, trades and supplies spare parts, and has a finance and rental business for turbine engines.

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PTB Group Ltd (PTB AU)

PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

Trading relatively tight at a 1.9%/12.4% gross/annualised spread, assuming 9 December payment. This is a done deal. Although it's not a super...

David Blennerhassett

PTB Scheme Meeting on 16 November

This is a done deal but not a particularly liquid merger arb situation. At the last close price and for the 9 December payment, the annualised...

Arun George

PTB Group Enters Scheme With PAG

Trading tight at a 1.9%/7% gross/annualised spread, assuming early December payment. This is a done deal. Although it's not a particularly liquid...

David Blennerhassett

Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

Last week, notable developments occurred in Event-Driven (Alliance, Genex, MACA, Nearmap, PTB, Nearmap, Tassal, Giordano, Xiamen Port, Yashili,...

Arun George

PTB Group’s Binding Offer from PAG

This is a done deal. At last close and for the 2 December payment, the annualised spread to the offer of A$1.625 (inc. permitted dividend) is 13.5%.

Arun George

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