Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 12th March, Aussie-based investment plays <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a> and <a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a>  <a href="https://announcements.asx.com.au/asxpdf/20240312/pdf/061d3zrgqkf867.pdf" target="_blank" rel="noopener">entered into a Scheme</a>. </li>
<li>The current scrip terms are 0.739 new WAM shares per QVE share; OR A$0.989/share cash. Terms will be adjusted for updated pre-tax NTA/shares of both companies after the Scheme Meeting. </li>
<li>The <a href="https://announcements.asx.com.au/asxpdf/20240524/pdf/063xgz06pc1ymp.pdf" target="_blank" rel="noopener">Scheme Booklet</a> is now out, with a Scheme Meeting to be held on the 28th June. Expected implementation on the 15 July. The IE says fair &amp; reasonable.</li>
</ul>


On the 12th March, Aussie-based investment plays QV Equities Ltd (QVE AU) and WAM Leaders Ltd (WLE AU)  entered into a Scheme. 
The current scrip terms are 0.739 new WAM shares per QVE share; OR A$0.989/share cash. Terms will be adjusted for updated pre-tax NTA/shares of both companies after the Scheme Meeting. 
The Scheme Booklet is now out, with a Scheme Meeting to be held on the 28th June. Expected implementation on the 15 July. The IE says fair &amp; reasonable.


QV Equities (QVE AU): 28th June Shareholder Vote

<ul>
<li>Back on the 31 Jan, <a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a>, said it intended to make an off-market Offer after <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a> rejected its all-scrip NBIO.</li>
<li>WAM and QVE have now <a href="https://announcements.asx.com.au/asxpdf/20240312/pdf/061d3zrgqkf867.pdf" target="_blank" rel="noopener">entered into a Scheme</a>. The current scrip terms are 0.7609 new WAM shares per QVE share; OR A$1.02/share cash. Terms will be adjusted ...</li>
<li>... in accordance with the most recently released NTA/shares of WAM and QVE. QVE shareholders are also expected to receive the quarterly dividend of A$0.013/share. </li>
</ul>


Back on the 31 Jan, WAM Leaders Ltd (WLE AU), said it intended to make an off-market Offer after QV Equities Ltd (QVE AU) rejected its all-scrip NBIO.
WAM and QVE have now entered into a Scheme. The current scrip terms are 0.7609 new WAM shares per QVE share; OR A$1.02/share cash. Terms will be adjusted ...
... in accordance with the most recently released NTA/shares of WAM and QVE. QVE shareholders are also expected to receive the quarterly dividend of A$0.013/share. 


QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a>, an investment company managed by Wilson Asset Management, has made an all-scrip off-market Offer for <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>.</li>
<li>Terms are one WLE for every 1.4675 shares of QVE, for an implied price of A$0.95/share, a 5% premium to undisturbed.  </li>
<li>The key condition is a 50.1% acceptance condition. WLE-related entities hold a 15.8% stake. QVE should hold out for an improved Offer.</li>
</ul>



WAM Leaders Ltd (WLE AU), an investment company managed by Wilson Asset Management, has made an all-scrip off-market Offer for QV Equities Ltd (QVE AU).
Terms are one WLE for every 1.4675 shares of QVE, for an implied price of A$0.95/share, a 5% premium to undisturbed.  
The key condition is a 50.1% acceptance condition. WLE-related entities hold a 15.8% stake. QVE should hold out for an improved Offer.


WAM Leaders (WLE AU) Makes An Offer for QV Equities (QVE AU)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners</a> and BPEA have made a conditional, non-binding indicative proposal to acquire <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd</a> at A$30/share in cash. Perpetual would need to terminate the SID with <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>'s Board has rejected the offer. Today's price action is partially driven by arbs selling Pendal shares and buying back their Perpetual shorts. </li>
<li>The <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group</a> / <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd</a> price ratio is trading below the levels from August and could move higher if Perpetual and/or the consortium decide not to move ahead.</li>
</ul>



Regal Partners and BPEA have made a conditional, non-binding indicative proposal to acquire Perpetual Ltd at A$30/share in cash. Perpetual would need to terminate the SID with Pendal Group.

Perpetual Ltd (PPT AU)'s Board has rejected the offer. Today's price action is partially driven by arbs selling Pendal shares and buying back their Perpetual shorts. 
The Pendal Group / Perpetual Ltd price ratio is trading below the levels from August and could move higher if Perpetual and/or the consortium decide not to move ahead.


Arbs Take Another Hit as Regal's Offer for Perpetual Puts Pendal Deal at Risk

Travis Lundy

Despite a very large move in <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. (SOL AU)</a> ("WHSP") on Wednesday 23 June as people started to figure out the index implications on WHSP, the arb and the <a href="https://www.smartkarma.com/entities/milton-corp-ltd" target="_blank" data-smartkarma-citation="entities:29090:1" rel="noopener">Milton Corp Ltd (MLT AU)</a> ("MLT") leg appears under-appreciated, still. The Marvelous Milton Arb still has much to offer. And for those who care, it pays to build your model. The fancy arithmetic in the Marvelous MLT Merger Model is described in <a href="https://www.smartkarma.com/insights/milton-merger-is-a-most-marvelous-arb" target="_blank" data-smartkarma-citation="insights:53464" rel="noopener">Milton Merger Is A Most Marvelous Arb</a> .Much more below the fold.

Despite a very large move in Washington H. Soul Pattinson and Co. (SOL AU) ("WHSP") on Wednesday 23 June as people started to figure out the index implications on WHSP, the arb and the Milton Corp Ltd (MLT AU) ("MLT") leg appears under-appreciated, still. The Marvelous Milton Arb still has much to offer. And for those who care, it pays to build your model. The fancy arithmetic in the Marvelous MLT Merger Model is described in Milton Merger Is A Most Marvelous Arb .Much more below the fold. 

Milton-WHSP Merger Index Implications and the Marvelous Arb

Australia

WAM Capital Ltd is an investment company incorporated in Australia. The objectives of the Fund are to achieve a high real rate of return, preserve capital and create strong dividend flow. The Fund invests in ASX listed and unlisted securities, bills of exchange and other negotiable investments, as well as cash management trusts.

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WAM Capital Ltd (WAM AU)

QV Equities (QVE AU): 28th June Shareholder Vote

Trading at a gross/annualised return to cash terms of 2.5%/20%, assuming payment mid-July. IF cash terms remain unchanged. Alternatively, IF you...

David Blennerhassett

QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer

Currently trading at a gross/annualised return to cash terms (plus dividend) of 4.9%/15.0%. Not bad. Alternatively, IF you can take down borrow...

David Blennerhassett

WAM Leaders (WLE AU) Makes An Offer for QV Equities (QVE AU)

Currently trading slightly through terms. IF you can take down borrow cheaply on WLE, look to go long QVE, short WLE here.

David Blennerhassett

Arbs Take Another Hit as Regal's Offer for Perpetual Puts Pendal Deal at Risk

A Regal/BPEA consortium has offered to buy 100% of Perpetual for A$30/share in cash. Perpetual's SID with Pendal will need to be cancelled. Short...

Brian Freitas

Milton-WHSP Merger Index Implications and the Marvelous Arb

The proposed Milton / WHSP Merger has some marvelous math. And some funky index effects. Milton is smaller but has higher "float" so index weights...

Travis Lundy

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