Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This morning (1st June), in response to an AFR article, Saas's provider <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings (RDY AU)</a><a href="https://announcements.asx.com.au/asxpdf/20260601/pdf/0705mm7296gc3f.pdf" target="_blank" rel="noopener">confirmed</a> Total Specific Solutions (TSS) has submitted a conditional NBIO.</li>
<li>TSS is offering A$2.00/share by way of a Scheme in parallel with A$1.75/share conditional Offer predicated on a  50.1% minimum acceptance condition. </li>
<li>In response, ReadyTech said it "has determined to reject the on the basis that it does not reflect the inherent value of ReadyTech ... and ... would not be executable".</li>
</ul>


This morning (1st June), in response to an AFR article, Saas's provider ReadyTech Holdings (RDY AU)confirmed Total Specific Solutions (TSS) has submitted a conditional NBIO.
TSS is offering A$2.00/share by way of a Scheme in parallel with A$1.75/share conditional Offer predicated on a  50.1% minimum acceptance condition. 
In response, ReadyTech said it "has determined to reject the on the basis that it does not reflect the inherent value of ReadyTech ... and ... would not be executable".


ReadyTech (RDY AU) Rejects Total Specific Solution's NBIO

<ul>
<li>Back on the 16th June 2025, dual-listed <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ/AU)</a> announced an unsolicited NBIO from a consortium comprising BGH Capital and the founding Trouchet family.</li>
<li>The consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator. THL summarily rejected terms. Then crickets. </li>
<li>THL announced this morning a profit downgrade; and a revised NBIO from the consortium of NZ$3.10/share. ~16% of the register is supportive. The proposal expires on the 12th June. </li>
</ul>


Back on the 16th June 2025, dual-listed Tourism Holdings (THL NZ/AU) announced an unsolicited NBIO from a consortium comprising BGH Capital and the founding Trouchet family.
The consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator. THL summarily rejected terms. Then crickets. 
THL announced this morning a profit downgrade; and a revised NBIO from the consortium of NZ$3.10/share. ~16% of the register is supportive. The proposal expires on the 12th June. 


Tourism Holdings (THL NZ/AU): BGH & Trouchet Family Return To The Well

<ul>
<li>On the 12th May 2025, BGH and Portfolio Services, an entity associated with <a href="https://www.smartkarma.com/entities/ariadne-australia-ltd" target="_blank" data-smartkarma-citation="entities:7452:1" rel="noopener">Ariadne Australia (ARA AU)</a> and Gary Weiss, proposed a A$0.80/share cash Offer for <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>.</li>
<li>That kickstarted a competitive bidding situation with <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a>, culminating in Webjet ceasing discussions with both Helloworld and BGH/Weiss on the 13th Feb 2026.</li>
<li>Then crickets. BGH and Ariadne have now terminated their partnership. Webjet concurrently announces okay FY26 numbers. The share price is currently ~54% adrift of Helloworld &amp; BGH/Ariadne's NBIOs.</li>
</ul>


On the 12th May 2025, BGH and Portfolio Services, an entity associated with Ariadne Australia (ARA AU) and Gary Weiss, proposed a A$0.80/share cash Offer for Webjet Group (WJL AU).
That kickstarted a competitive bidding situation with Helloworld Ltd (HLO AU), culminating in Webjet ceasing discussions with both Helloworld and BGH/Weiss on the 13th Feb 2026.
Then crickets. BGH and Ariadne have now terminated their partnership. Webjet concurrently announces okay FY26 numbers. The share price is currently ~54% adrift of Helloworld &amp; BGH/Ariadne's NBIOs.


Webjet (WJL AU) (Further) Rolls Over After Ariadne & BGH Terminate Co-Op

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand, Australia and the globe.</li><li>We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors &amp; equipment</li><li>We aim to showcase what New Zealand technology is doing, update on recent news at a company and technology level, display stock performance, show relevant ratios and provide a brief snapshot of each technology company across New Zealand and Australia. </li></ul>

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand, Australia and the globe.We focus on three industry segments: Software &amp; Services, Technology hardware, and Semiconductors &amp; equipmentWe aim to showcase what New Zealand technology is doing, update on recent news at a company and technology level, display stock performance, show relevant ratios and provide a brief snapshot of each technology company across New Zealand and Australia. 

Forsyth Barr: Technology Digest Edition 1 — AI Hitting the Mainstream

<ul>
<li>After some competitive jostling late last year, <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> and BGH Capital tabled all-cash NBIOs for digital travel agent <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> at A$0.90/share and A$0.91/share respectively. </li>
<li>Following protracted due diligence, neither suitor firmed proposals worthy of putting to shareholders, and Webjet subsequently ceased discussion on the 13th February. The share price promptly cratered.</li>
<li>Katrina Barry has now resigned as chief executive - less than two years into her new role - and just five weeks after the departure of her boss, David Galt.</li>
</ul>


After some competitive jostling late last year, Helloworld Ltd (HLO AU) and BGH Capital tabled all-cash NBIOs for digital travel agent Webjet Group (WJL AU) at A$0.90/share and A$0.91/share respectively. 
Following protracted due diligence, neither suitor firmed proposals worthy of putting to shareholders, and Webjet subsequently ceased discussion on the 13th February. The share price promptly cratered.
Katrina Barry has now resigned as chief executive - less than two years into her new role - and just five weeks after the departure of her boss, David Galt.


Webjet (WJL AU): CEO's Surprise Exit May Kickstart Takeover Discussions

New Zealand

Pushpay Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs and develops mobile payment application and solutions that allows users to donate to charities and non-profit organization. Pushpay Holdings conducts its business worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pushpay Holdings (PPH NZ)

ReadyTech (RDY AU) Rejects Total Specific Solution's NBIO

TSS' saw a bargain. Pemba Capital & Microequities will not be supportive. The share price is up 21% at A$1.68/share. If illiquid indicative arbs...

David Blennerhassett

Tourism Holdings (THL NZ/AU): BGH & Trouchet Family Return To The Well

This Offer is less opportunistic. And key shareholders are supportive. THL should engage. If small, illiquid, non-binding arbs, are your bag, I'd...

David Blennerhassett

Webjet (WJL AU) (Further) Rolls Over After Ariadne & BGH Terminate Co-Op

At this price level, I doubt Helloworld, Ariadne, and/or BGH are out of the picture. Still, absent an Offer (indicative or otherwise), I'd be...

David Blennerhassett

Forsyth Barr: Technology Digest Edition 1 — AI Hitting the Mainstream

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand,...

Forsyth Barr

Webjet (WJL AU): CEO's Surprise Exit May Kickstart Takeover Discussions

Webjet is still very much in play. Barry's departure not only establishes a leadership vacuum; but potentially removes the legal uncertainty...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)