Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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)

Australia

WAM Research Ltd is a listed investment company incorporated in Australia. The Fund aims to preserve capital and deliver tax-effective returns. The Fund may invest in any company listed on the ASX, however it concentrates on small to medium-sized industrial companies, focusing on strong management, above average earnings growth, but trading on low price earning multiples.

Wam Research (WAX AU)

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