Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a></strong>, an investment company managed by Wilson Asset Management, has made an all-scrip off-market Offer for <strong><a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a></strong>.</li>
<li>Terms are one WLE for every 1.4675 shares of QVE, for an implied price of A$0.95/share, a 5% premium to undisturbed.  </li>
<li>The key condition is a 50.1% acceptance condition. WLE-related entities hold a 15.8% stake. QVE should hold out for an improved Offer.</li>
</ul>



WAM Leaders Ltd (WLE AU), an investment company managed by Wilson Asset Management, has made an all-scrip off-market Offer for QV Equities Ltd (QVE AU).
Terms are one WLE for every 1.4675 shares of QVE, for an implied price of A$0.95/share, a 5% premium to undisturbed.  
The key condition is a 50.1% acceptance condition. WLE-related entities hold a 15.8% stake. QVE should hold out for an improved Offer.


WAM Leaders (WLE AU) Makes An Offer for QV Equities (QVE AU)

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/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a> has launched an all-scrip off-market takeover offer for <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a> at 1 WLE share per 1.4675 QVE shares.</li>
<li>The offer is subject to a 50.1% minimum acceptance condition and several onerous conditions, which disproportionately shift the risk to QVE shareholders. </li>
<li>The lack of meaningful premium (5.0% to undisturbed price) and unattractive deal metrics suggest a high probability of Board rejection. The Board has started a formal strategic review. </li>
</ul>



WAM Leaders Ltd (WLE AU) has launched an all-scrip off-market takeover offer for QV Equities Ltd (QVE AU) at 1 WLE share per 1.4675 QVE shares.
The offer is subject to a 50.1% minimum acceptance condition and several onerous conditions, which disproportionately shift the risk to QVE shareholders. 
The lack of meaningful premium (5.0% to undisturbed price) and unattractive deal metrics suggest a high probability of Board rejection. The Board has started a formal strategic review. 


QV Equities (QVE AU): WAM Leaders (WLE AU)’s Takeover Offer Needs a Rethink

Australia

QV Equities Limited is a listed investment company incorporated in Australia. The Fund invests predominantly in a diversified portfolio of ASX listed entities outside the S&P/ASX 20 Index with aim of providing long-term capital growth and income over a five year plus investment period.

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QV Equities Ltd (QVE AU)

WAM Leaders (WLE AU) Makes An Offer for QV Equities (QVE AU)

Currently trading slightly through terms. IF you can take down borrow cheaply on WLE, look to go long QVE, short WLE here.

David Blennerhassett

QV Equities (QVE AU): WAM Leaders (WLE AU)’s Takeover Offer Needs a Rethink

The lack of meaningful premium (5.0% to undisturbed price) and unattractive deal metrics suggest a high probability of Board rejection. The Board...

Arun George

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