Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In February this year, <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX (OFX AU)</a> announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.</li>
<li>This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.</li>
<li>Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. </li>
</ul>


In February this year, OFX (OFX AU) announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.
This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.
Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. 


OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

<ul>
<li>Back in January 2023, point-of-sale payments play <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>  provided Potentia with due diligence to "develop a significantly improved proposal". Potentia subsequently walked away in May 2023.</li>
<li>On the 12th August 2025, Tyro announced it had received unsolicited NBIOs. This development also came to nought. </li>
<li>With shares down 13% YTD, reportedly M&amp;A is back in vogue for Tyro. A scrip Offer from <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> is one rumour doing the rounds.</li>
</ul>


Back in January 2023, point-of-sale payments play Tyro Payments (TYR AU)  provided Potentia with due diligence to "develop a significantly improved proposal". Potentia subsequently walked away in May 2023.
On the 12th August 2025, Tyro announced it had received unsolicited NBIOs. This development also came to nought. 
With shares down 13% YTD, reportedly M&amp;A is back in vogue for Tyro. A scrip Offer from Judo Capital (JDO AU) is one rumour doing the rounds.


Tyro Payments (TYR AU) Fielding Offers -  Again?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.


ASX Short Interest Weekly (Oct 2nd): Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.


ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

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>Responding to an ASX price query after a 22.7% intraday fall, <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a> cited "meaningful progress" on the SID and is negotiating to extend Equals' exclusivity beyond 25 September.</li>
<li>Bulls cite OFX's denial of undisclosed news, SID progress, Equals' 2024 equity-financing precedent and the sell-off's low traded value as signs a binding offer will follow. </li>
<li>Bears argue stretched timelines and silence on financing signal Equals walking away or cutting the price. I estimate a deal break price range of A$0.40–0.50.</li>
</ul>


Responding to an ASX price query after a 22.7% intraday fall, OFX Group (OFX AU) cited "meaningful progress" on the SID and is negotiating to extend Equals' exclusivity beyond 25 September.
Bulls cite OFX's denial of undisclosed news, SID progress, Equals' 2024 equity-financing precedent and the sell-off's low traded value as signs a binding offer will follow. 
Bears argue stretched timelines and silence on financing signal Equals walking away or cutting the price. I estimate a deal break price range of A$0.40–0.50.


OFX Group (OFX AU): The ASX Response Says "On Track," The Market Says "Maybe Not"

Australia

Tyro Payments provides transaction processes. The Company offers payment solutions such as bank account, loans, and security activities. Tyro Payments serves customers in Australia.

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Tyro Payments (TYR AU)