External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Pacific Current Group expected to receive a large tender offer at a premium of 20%+ in the next 2-4 months</li><li>Trading at a 20% discount to estimated fair value NAV of A$13.47 per share with minimal NAV volatility risk</li><li>Successful monetization of ownership stakes in boutique asset managers improving financial profile, poised for growth and value creation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Pacific Current Group expected to receive a large tender offer at a premium of 20%+ in the next 2-4 monthsTrading at a 20% discount to estimated fair value NAV of A$13.47 per share with minimal NAV volatility riskSuccessful monetization of ownership stakes in boutique asset managers improving financial profile, poised for growth and value creationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pacific Current Group (PAC) - Thursday, Oct 17, 2024

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>On 7 March, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.</li>
<li>The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. </li>
<li>The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.</li>
</ul>


On 7 March, Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.
The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. 
The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.


Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a revised non-binding privatisation offer from CC Capital at A$4.60, a 7.0% premium compared to its previous A$4.30 offer and Bain’s A$4.30 offer.</li>
<li>While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a bidding war. </li>
<li>The presence of several substantial shareholders facilitates a bidding war. The board should provide both bidders with due diligence access to promote the auction.</li>
</ul>



Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from CC Capital at A$4.60, a 7.0% premium compared to its previous A$4.30 offer and Bain’s A$4.30 offer.
While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a bidding war. 
The presence of several substantial shareholders facilitates a bidding war. The board should provide both bidders with due diligence access to promote the auction.


Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a non-binding privatisation offer from CC Capital at A$4.30, a 7.5% premium to the rejected Bain non-binding proposal of A$4.00.</li>
<li>While the offer is attractive compared to historical trading ranges, it is light compared to peer and precedent transaction multiples. </li>
<li>The presence of several substantial shareholders necessitates an attractive takeover premium. To facilitate better terms, the board should provide due diligence access. </li>
</ul>



Insignia Financial (IFL AU) disclosed a non-binding privatisation offer from CC Capital at A$4.30, a 7.5% premium to the rejected Bain non-binding proposal of A$4.00.
While the offer is attractive compared to historical trading ranges, it is light compared to peer and precedent transaction multiples. 
The presence of several substantial shareholders necessitates an attractive takeover premium. To facilitate better terms, the board should provide due diligence access. 


Insignia Financial (IFL AU): CC Capital’s Non-Binding Offer Could Spark a Bidding War

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" rel="noopener">IOOF Holdings (IFL AU)</a> shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.</li>
<li>The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.</li>
<li>We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.</li>
</ul>



IOOF Holdings (IFL AU) shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.
The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.
We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.


Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

Australia

Pacific Current Group Limited operates as an asset management firm. The Company offers investment management, strategic planning, compensation structuring, and trading services. Pacific Current Group serves institutional and individual clients worldwide.

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Pacific Current (PAC AU)

Pacific Current Group (PAC) - Thursday, Oct 17, 2024

Successful monetization of ownership stakes in boutique asset managers improving financial profile, poised for growth and value creation

Value Investors Club

Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. The presence of two bidders increases the...

Arun George

Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain

While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a...

Arun George

Insignia Financial (IFL AU): CC Capital’s Non-Binding Offer Could Spark a Bidding War

While the offer is attractive compared to historical trading ranges, it is light compared to peer and precedent transaction multiples....

Arun George

Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67. This is a...

Arun George

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