Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At the 3rd March Scheme Meeting, just 55.5% of <strong><a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a></strong> shareholders voted for BGH/Sixth Street's NZ$1.34/share Offer. At first glance, that was that.</li>
<li>But uniquely in the M&amp;A world, BGH/Sixth Street returned on the 16 March with a NZ$1.42/share Offer, a bump of 6%, around the mid-point of the independent expert's valuation range.</li>
<li>The revised Scheme Booklet is now out with a new vote to take place on the 27 April.  Key shareholders and the IE are supportive. Implementation is estimated late-May.</li>
</ul>


At the 3rd March Scheme Meeting, just 55.5% of Pushpay Holdings (PPH NZ) shareholders voted for BGH/Sixth Street's NZ$1.34/share Offer. At first glance, that was that.
But uniquely in the M&amp;A world, BGH/Sixth Street returned on the 16 March with a NZ$1.42/share Offer, a bump of 6%, around the mid-point of the independent expert's valuation range.
The revised Scheme Booklet is now out with a new vote to take place on the 27 April.  Key shareholders and the IE are supportive. Implementation is estimated late-May.


Pushpay: Shareholder To Vote (Again) On 27 April

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>’s NZ$1.42 revised offer from Sixth Street/BGH is around the midpoint of the IE’s unchanged valuation range of NZ$1.33 to NZ$1.53 per share.</li>
<li>Class 3 shareholders are the key vote. On the assumption of a similar voter turnout to the last scheme, 81.3% of Class 3 shares will vote for the scheme.</li>
<li>This is a done deal. At the last close and for the 17 May payment, the gross and annualised spread is 2.2% and 21.4%, respectively.</li>
</ul>



Pushpay Holdings (PPH NZ)’s NZ$1.42 revised offer from Sixth Street/BGH is around the midpoint of the IE’s unchanged valuation range of NZ$1.33 to NZ$1.53 per share.
Class 3 shareholders are the key vote. On the assumption of a similar voter turnout to the last scheme, 81.3% of Class 3 shares will vote for the scheme.
This is a done deal. At the last close and for the 17 May payment, the gross and annualised spread is 2.2% and 21.4%, respectively.


Pushpay (PPH NZ): Revised Scheme Meeting on 27 April

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.

Equity Bottom-Up

<ul><li>The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants should ensure the second vote is successful</li><li>The new offer (via an amendment to the scheme of arrangement) of NZ$1.42 per share is a +6% increase to the original bid that was vetoed by shareholders</li><li>A vote on the new offer is expected to be held by the end of May 2023.</li></ul>

The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants should ensure the second vote is successfulThe new offer (via an amendment to the scheme of arrangement) of NZ$1.42 per share is a +6% increase to the original bid that was vetoed by shareholdersA vote on the new offer is expected to be held by the end of May 2023.

<ul>
<li>Sixth Street/BGH have come back for <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a> with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.</li>
<li>Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme. </li>
<li>The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.</li>
</ul>


Sixth Street/BGH have come back for Pushpay Holdings (PPH NZ) with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.
Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme. 
The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.


Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

<ul>
<li>Aussie PE outfit BGH Capital and consortium partner Sixth Street have increased their offer for NZ church donations group <strong><a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a></strong>, gaining the support of its major shareholders.</li>
<li>The consortium, Pegasus Bidco, will pay $NZ1.42/share, an 6% increase over the previous Offer which failed to muster investor support at the 3 March Scheme Meeting. </li>
<li>The revised Offer is around the mid-point of the independent expert's assessed valuation range of $NZ1.33 to $NZ1.53/share.</li>
</ul>


Aussie PE outfit BGH Capital and consortium partner Sixth Street have increased their offer for NZ church donations group Pushpay Holdings (PPH NZ), gaining the support of its major shareholders.
The consortium, Pegasus Bidco, will pay $NZ1.42/share, an 6% increase over the previous Offer which failed to muster investor support at the 3 March Scheme Meeting. 
The revised Offer is around the mid-point of the independent expert's assessed valuation range of $NZ1.33 to $NZ1.53/share.


Pushpay: Large & "Sophisticated Shareholders" Back Pegasus' Revised Offer

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.

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Pushpay Holdings (PPH NZ)

Pushpay: Shareholder To Vote (Again) On 27 April

This revised Scheme is done. Currently super tight at a 0.7%/4.8% gross/annualised spread assuming payment late May. If in, stay in. Otherwise,...

David Blennerhassett

Pushpay (PPH NZ): Revised Scheme Meeting on 27 April

This is a done deal due to the secured voting commitments. At the last close and for the 17 May payment, the gross and annualised spread is 2.2%...

Arun George

Pushpay: The Last Supper

The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants...

Forsyth Barr

Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

Secured commitments and a fair revised price suggest a done deal. At the last close and for the end-May payment, the annualised spread is 7.4%.

Arun George

Pushpay: Large & "Sophisticated Shareholders" Back Pegasus' Revised Offer

This revised Scheme is done. Currently trading tight at a 1.4%/8% gross/annualised spread assuming payment late May. Not a lot in it - buy here and...

David Blennerhassett

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