IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>The <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> IE considers <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. </li>
<li>Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.</li>
<li>The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  </li>
</ul>


The Smartpay Holdings (SPY NZ) IE considers Shift4 Payments (FOUR US)’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. 
Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.
The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  


Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 23rd June, eftpos terminal provider <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU/NZ)</a> entered into a Scheme Implementation Deed with<a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>.</li>
<li>Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.</li>
<li>
The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says "fair &amp; reasonable".</li>
</ul>


Back on the 23rd June, eftpos terminal provider SmartPay Holdings (SMP AU/NZ) entered into a Scheme Implementation Deed withShift4 Payments (FOUR US).
Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.

The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says "fair &amp; reasonable".


SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a> at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.</li>
<li>The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   </li>
<li>Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.</li>
</ul>



Smartpay Holdings (SPY NZ) has entered a scheme implementation deed with Shift4 Payments (FOUR US) at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.
The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   
Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.


Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

<ul>
<li>Eftpos terminal provider <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ/SMP AU)</a> has now <a href="https://announcements.asx.com.au/asxpdf/20250623/pdf/06kzlbzw8mvj8b.pdf" target="_blank" rel="noopener">entered</a> into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>.</li>
<li>Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It's a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA. </li>
<li>The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25. </li>
</ul>


Eftpos terminal provider Smartpay Holdings (SPY NZ/SMP AU) has now entered into a Scheme Implementation Deed with Shift4 Payments (FOUR US).
Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It's a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA. 
The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25. 


Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

<ul>
<li>On the 17th March, eftpos terminal provider <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay (SPY NZ/SMP AU)</a> <a href="https://announcements.asx.com.au/asxpdf/20250317/pdf/06gp7dxvfmgx7c.pdf" target="_blank" rel="noopener">announced</a> the receipt of two NBIOs</li>
<li>One from <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro (TYR AU)</a> (@ <a href="https://announcements.asx.com.au/asxpdf/20250317/pdf/06gpjxnx520gqq.pdf" target="_blank" rel="noopener">NZ$1.00/share</a>) and one from a third party (believed to be <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 (FOUR US)</a>). Both parties were granted a limited period of commercial due diligence. </li>
<li>After Shift4 (if indeed them) bumped terms to NZ$1.20/share/A$1.12/share, it was granted exclusivity on the 2nd May. Tyro has now walked. </li>
</ul>


On the 17th March, eftpos terminal provider Smartpay (SPY NZ/SMP AU) announced the receipt of two NBIOs
One from Tyro (TYR AU) (@ NZ$1.00/share) and one from a third party (believed to be Shift4 (FOUR US)). Both parties were granted a limited period of commercial due diligence. 
After Shift4 (if indeed them) bumped terms to NZ$1.20/share/A$1.12/share, it was granted exclusivity on the 2nd May. Tyro has now walked. 


Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks

New Zealand

SmartPay Holdings Limited is a developer and distributor of electronic prepay solutions. The Company's solutions including network distribution for mobile phones, international calling cards, Internet services, gift cards and a range of other products.

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Smartpay Holdings (SPY NZ)

Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October

The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.

Arun George

SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4's Offer

Trading at a 3.4%/30.1% gross/annual. spread, ostensibly reflecting various large shareholders on the register who could push back on terms. If...

David Blennerhassett

Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.

Arun George

Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

This looks like a clean deal. If small illiquid arbs are your thing, I'd pay up to NZ$1.13/share assuming mid-Nov payment.

David Blennerhassett

Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks

Terms are indicative. Yet this small beer for Shift4 (if they are indeed the Offeror). If small illiquid (and non-binding) arbs, I'd look to enter...

David Blennerhassett

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