Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 1st November, cloud communication software outfit <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> backed <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a>'s reduced cash/scrip Offer of A$2.99-$3.04/share, and entered into a Scheme agreement.</li>
<li>
<a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a>, which had previously made two cash/scrip Offers for Symbio, promptly walked.</li>
<li>Symbio's Scheme Meeting has now been tabled for the 7 Feb, with implementation expected on the 28 February. The IE is supportive. This is done - and trading tight.</li>
</ul>


On the 1st November, cloud communication software outfit Symbio Holdings (SYM AU) backed Aussie Broadband Pty Ltd (ABB AU)'s reduced cash/scrip Offer of A$2.99-$3.04/share, and entered into a Scheme agreement.

Superloop Ltd (SLC AU), which had previously made two cash/scrip Offers for Symbio, promptly walked.
Symbio's Scheme Meeting has now been tabled for the 7 Feb, with implementation expected on the 28 February. The IE is supportive. This is done - and trading tight.


ABB's Offer For Symbio (SYM AU): 7th Feb Shareholder Vote

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/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>'s binding proposal with <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a> is at A$2.26 cash and 0.192 ABB shares per SYM share, 3.2% lower than its earlier proposal.</li>
<li>The key condition is shareholder approval. The scheme booklet will be despatched on 22 December, with a scheme meeting in early February 2024.</li>
<li>While the offer is light compared to long-term historical prices and multiples, there seem to be no signs of dissent from institutional or retail investors. </li>
</ul>



Symbio Holdings (SYM AU)'s binding proposal with Aussie Broadband Pty Ltd (ABB AU) is at A$2.26 cash and 0.192 ABB shares per SYM share, 3.2% lower than its earlier proposal.
The key condition is shareholder approval. The scheme booklet will be despatched on 22 December, with a scheme meeting in early February 2024.
While the offer is light compared to long-term historical prices and multiples, there seem to be no signs of dissent from institutional or retail investors. 


Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal

<ul>
<li>Back on the 22 September, <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a> lobbed a best and final cash/scrip NBIO for <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> with an implied price of A$2.85/share.</li>
<li>
<a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a> then tabled a cash/scrip Offer, with an implied price of  A$3.151/share. Symbio was supportive, if terms were firmed. Superloop's Offer subsequently lapsed.</li>
<li>ABB returned with a reduced cash/scrip Offer of A$2.99-$3.04/share. Symbio has unanimously recommended the Offer (at A$3.011/share) and they entered into a Scheme agreement. A partially/fully franked dividend is permitted.</li>
</ul>


Back on the 22 September, Superloop Ltd (SLC AU) lobbed a best and final cash/scrip NBIO for Symbio Holdings (SYM AU) with an implied price of A$2.85/share.

Aussie Broadband Pty Ltd (ABB AU) then tabled a cash/scrip Offer, with an implied price of  A$3.151/share. Symbio was supportive, if terms were firmed. Superloop's Offer subsequently lapsed.
ABB returned with a reduced cash/scrip Offer of A$2.99-$3.04/share. Symbio has unanimously recommended the Offer (at A$3.011/share) and they entered into a Scheme agreement. A partially/fully franked dividend is permitted.


<ul>
<li>On the 22 September, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> received a best and final NBIO from <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a> : A$1.425 cash and 2.14 Superloop shares for each Symbio share.</li>
<li>Those indicative terms backed out an implied price of A$2.85/share, or a 20% premium to undisturbed.  Now <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband (ABB AU)</a> has snuck in with a superior cash/scrip Offer.</li>
<li>The competing Offer's implied consideration of A$3.151/share boasts a larger cash component vs. Superloop.  Symbio's board is supportive if terms are firmed. Superloop's Offer has now lapsed. </li>
</ul>


On the 22 September, Symbio Holdings (SYM AU) received a best and final NBIO from Superloop Ltd (SLC AU) : A$1.425 cash and 2.14 Superloop shares for each Symbio share.
Those indicative terms backed out an implied price of A$2.85/share, or a 20% premium to undisturbed.  Now Aussie Broadband (ABB AU) has snuck in with a superior cash/scrip Offer.
The competing Offer's implied consideration of A$3.151/share boasts a larger cash component vs. Superloop.  Symbio's board is supportive if terms are firmed. Superloop's Offer has now lapsed. 


Symbio: Aussie Broadband Lobs Competing NBIO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>'s indicative proposal from <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a> is A$2.36 + 0.192 ABB shares per SYM share, 10.6% premium to <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a>’s offer.</li>
<li>The Board has declared ABB’s offer as the superior proposal and granted exclusive due diligence until 20 October. The Board intends to recommend a binding ABB proposal.</li>
<li>Superloop’s offer was the final offer in the absence of a superior proposal. If it chooses to enter a bidding war, Superloop will need a higher cash component. </li>
</ul>



Symbio Holdings (SYM AU)'s indicative proposal from Aussie Broadband Pty Ltd (ABB AU) is A$2.36 + 0.192 ABB shares per SYM share, 10.6% premium to Superloop Ltd (SLC AU)’s offer.
The Board has declared ABB’s offer as the superior proposal and granted exclusive due diligence until 20 October. The Board intends to recommend a binding ABB proposal.
Superloop’s offer was the final offer in the absence of a superior proposal. If it chooses to enter a bidding war, Superloop will need a higher cash component. 


Symbio (SYM AU): Aussie Broadband’s Superior Proposal

Australia

Symbio Holdings Ltd operates as an integrated telecommunications software and service provider. The Company specializes in internet protocol based voice services. Symbio Holdings serves customers worldwide.

Symbio Holdings (SYM AU)

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Symbio Backs ABB's Reduced Terms

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Symbio: Aussie Broadband Lobs Competing NBIO

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David Blennerhassett

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