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/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a> confirmed that it had received a "revised" indicative non-binding proposal from a shareholder consortium, believed to be Sixth Street/BGH, which has a 20.3% stake.</li>
<li>The proposal is “to acquire the Company at a premium to Friday’s closing share price.” Due to the sell-off, Sixth Street/BGH will likely offer a lower premium than initially intended.</li>
<li>Our best guess is that Sixth Street/BGH’s offer is around A$1.30 per share. While not a knockout offer, it is a good starting point in the current grim market conditions.</li>
</ul>



Pushpay Holdings (PPH NZ) confirmed that it had received a "revised" indicative non-binding proposal from a shareholder consortium, believed to be Sixth Street/BGH, which has a 20.3% stake.
The proposal is “to acquire the Company at a premium to Friday’s closing share price.” Due to the sell-off, Sixth Street/BGH will likely offer a lower premium than initially intended.
Our best guess is that Sixth Street/BGH’s offer is around A$1.30 per share. While not a knockout offer, it is a good starting point in the current grim market conditions.


Pushpay Draws Another Sixth Street/BGH Offer

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the September 2022 Rebalance.</li>
<li>In addition to the Regular Rebalance changes, M&amp;A events involving <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> and <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>could also cause index changes during this quarter.</li>
<li>The historical price and volume performance of high conviction ADDs/DELs and potential LONG-SHORT trade ideas involving these names are also discussed in this insight.</li>
</ul>


In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the September 2022 Rebalance.
In addition to the Regular Rebalance changes, M&amp;A events involving Uniti Group Ltd (UWL AU) and Link Administration (LNK AU)could also cause index changes during this quarter.
The historical price and volume performance of high conviction ADDs/DELs and potential LONG-SHORT trade ideas involving these names are also discussed in this insight.


S&P/​​​​​ASX Quiddity Leaderboard Sep 2022: Uniti Deletion & Many Other Changes for ASX 200 & 300

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>AI data service provider <a href="https://www.smartkarma.com/entities/appen-ltd" target="_blank" data-smartkarma-citation="entities:15825:1" rel="noopener">Appen (APX AU)</a> has announced an unsolicited, conditional, and non-binding indicative proposal from Canada's Telus International, by way of a Scheme of Arrangement, at A$9.50/share.  </li>
<li>That's around a 48% premium. Appen's board is seeking an improvement in terms through offering a limited course of due diligence.</li>
<li>The Offer backs out an equity value of A$1.2bn, significantly down from Appen's 2020 pandemic peak of A$5.4bn.</li>
</ul>


AI data service provider Appen (APX AU) has announced an unsolicited, conditional, and non-binding indicative proposal from Canada's Telus International, by way of a Scheme of Arrangement, at A$9.50/share.  
That's around a 48% premium. Appen's board is seeking an improvement in terms through offering a limited course of due diligence.
The Offer backs out an equity value of A$1.2bn, significantly down from Appen's 2020 pandemic peak of A$5.4bn.


<ul>
<li>Sixth Street and BGH Capital entered into a cooperation agreement with the aim to acquire <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> through a scheme of arrangement. They have a combined 20.3% stake. </li>
<li>In addition to Sixth Street/BGH, Pushpay also noted expressions of interest from multiple parties. The high recurring revenue, profitability and cash generation make it a target. </li>
<li>As the Australian takeover premium ranges from 20% to 40%, we think that a bid of at least A$1.46 (30% takeover premium) will be necessary for due diligence access. </li>
</ul>


Sixth Street and BGH Capital entered into a cooperation agreement with the aim to acquire Pushpay Holdings (PPH NZ) through a scheme of arrangement. They have a combined 20.3% stake. 
In addition to Sixth Street/BGH, Pushpay also noted expressions of interest from multiple parties. The high recurring revenue, profitability and cash generation make it a target. 
As the Australian takeover premium ranges from 20% to 40%, we think that a bid of at least A$1.46 (30% takeover premium) will be necessary for due diligence access. 


BGH and Sixth Street to Lob an Offer for Pushpay?

<ul>
<li>Church donor management tech play <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> said it "recently received unsolicited, non-binding and conditional expressions of interest or approaches from third parties".</li>
<li>No price was mentioned. Shares promptly gained 24% on the news. </li>
<li>Separately, Pushpay reaffirmed its EBITDA guidance for FY22. Those results will be announced on the 11 May.</li>
</ul>


Church donor management tech play Pushpay Holdings (PPH NZ) said it "recently received unsolicited, non-binding and conditional expressions of interest or approaches from third parties".
No price was mentioned. Shares promptly gained 24% on the news. 
Separately, Pushpay reaffirmed its EBITDA guidance for FY22. Those results will be announced on the 11 May.


Expressions Of Interest Resurrect Pushpay

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 Draws Another Sixth Street/BGH Offer

Sixth Street/BGH are showing that they are determined suitors despite poor market conditions. Buy the shares as discussions will at least lead to...

Arun George

S&P/ASX Quiddity Leaderboard Sep 2022: Uniti Deletion & Many Other Changes for ASX 200 & 300

Uniti Group could get deleted from the ASX 200 and ASX 300 in July 2022. The potential replacement names could be very high impact index inclusion...

Janaghan Jeyakumar, CFA

Appen (APX AU): Telus' Indicative Offer

This is not a firm Offer. Yet, Appen has been on an 18-month downward trajectory, despite FY21 revenue and earnings gains. I'd be picking shares up...

David Blennerhassett

BGH and Sixth Street to Lob an Offer for Pushpay?

Sixth Street and BGH entered into a cooperation agreement with the aim to acquire Pushpay. They have a combined 20.3% stake. We think that a bid of...

Arun George

Expressions Of Interest Resurrect Pushpay

Given the multitude of interest in Pushpay, any successful premium would exceed the recent share price gain. Trading a discount to historical...

David Blennerhassett

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Pushpay Draws Another Sixth Street/BGH Offer

Sixth Street/BGH are showing that they are determined suitors despite poor market conditions. Buy the shares as discussions will at least lead to...

Arun George

S&P/​​​​​ASX Quiddity Leaderboard Sep 2022: Uniti Deletion & Many Other Changes for ASX 200 & 300

Uniti Group could get deleted from the ASX 200 and ASX 300 in July 2022. The potential replacement names could be very high impact index inclusion...

Janaghan Jeyakumar, CFA

Appen (APX AU): Telus' Indicative Offer

This is not a firm Offer. Yet, Appen has been on an 18-month downward trajectory, despite FY21 revenue and earnings gains. I'd be picking shares up...

David Blennerhassett

BGH and Sixth Street to Lob an Offer for Pushpay?

Sixth Street and BGH entered into a cooperation agreement with the aim to acquire Pushpay. They have a combined 20.3% stake. We think that a bid of...

Arun George

Expressions Of Interest Resurrect Pushpay

Given the multitude of interest in Pushpay, any successful premium would exceed the recent share price gain. Trading a discount to historical...

David Blennerhassett

S&P/ASX Quiddity Leaderboard Sep 2022: Uniti Deletion & Many Other Changes for ASX 200 & 300