Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 30th September, television broadcaster and publisher <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> <a href="https://announcements.asx.com.au/asxpdf/20250930/pdf/06pvvssl21zsm7.pdf" target="_blank" rel="noopener">entered into a Scheme</a> with radio network play <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>.</li>
<li>SXL will issue 0.1552 new shares for every SWM share. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251112/pdf/06rvmht3w0r058.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 22nd December, and expected implementation on the 7th January. The IE (Lonergan) says "fair &amp; reasonable". Clean deal.</li>
</ul>


Back on the 30th September, television broadcaster and publisher Seven West Media (SWM AU) entered into a Scheme with radio network play Southern Cross Media (SXL AU).
SXL will issue 0.1552 new shares for every SWM share. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.

The Scheme Booklet is now out, with a Scheme Meeting on the 22nd December, and expected implementation on the 7th January. The IE (Lonergan) says "fair &amp; reasonable". Clean deal.


Seven West Media (SWM AU): 22nd Dec Vote On Southern Cross (SXL AU)'s Offer

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>The <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.</li>
<li>The merger requires approval from SWM shareholders, ACMA, and the ACCC. The <a href="https://www.accc.gov.au/public-registers/mergers-and-acquisitions-registers/public-informal-merger-reviews-register/southern-cross-media-limited-seven-west-media-limited" target="_blank" rel="noopener">ACCC’s findings</a> will be announced on 18 December. </li>
<li>The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  </li>
</ul>


The Seven West Media (SWM AU) IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.
The merger requires approval from SWM shareholders, ACMA, and the ACCC. The ACCC’s findings will be announced on 18 December. 
The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  


Seven West Media (SWM AU): Scheme Vote on 22 December

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> will merge with <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> at a ratio of 0.1552 SXL shares per SWM share. </li>
<li>The merger is strategically sensible and is expected to deliver annualised cost synergies of A$25 to A$35 million. The merger requires approval from both the ACMA and the ACCC.</li>
<li>While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is low. </li>
</ul>



Seven West Media (SWM AU) will merge with Southern Cross Media (SXL AU) at a ratio of 0.1552 SXL shares per SWM share. 
The merger is strategically sensible and is expected to deliver annualised cost synergies of A$25 to A$35 million. The merger requires approval from both the ACMA and the ACCC.
While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is low. 


Seven West Media (SWM AU): Merger with Southern Cross Media (SXL AU)

<ul>
<li>Television broadcaster and publisher <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> has entered into a Scheme with radio network play <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>.</li>
<li>SXL will issue 0.1552 new shares for every SWM. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.</li>
<li>Kerry Stokes backed <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> will hold ~20% in the merged entity. But not all shareholders are on board with the Offer. Trading through terms.</li>
</ul>


Television broadcaster and publisher Seven West Media (SWM AU) has entered into a Scheme with radio network play Southern Cross Media (SXL AU).
SXL will issue 0.1552 new shares for every SWM. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.
Kerry Stokes backed SGH Limited (SGH AU) will hold ~20% in the merged entity. But not all shareholders are on board with the Offer. Trading through terms.


Seven West Media (SWM AU) Enters Scheme With Southern Cross (SXL AU). But Not Everyone Is Happy

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold Ltd (A1G AU)</a>, and <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Predictive Discovery (PDI AU), African Gold Ltd (A1G AU), and Low Keng Huat Singapore (LKH SP).
Key updates/news also took place on: ANE Cayman Inc (9956 HK), Steadfast (SDF AU), and Spindex Industries (SPE SP).


Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

Australia

Seven West Media Limited is a national multi-platform media business based in Australia.  The Company's operations include a television network, magazines, newspapers, radio, and Internet.

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Seven West Media (SWM AU)