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>
<a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a>’s scheme offer from <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> hangs in the balance due to Warburg Pincus’ repeated (but rejected) offers for Ingenia. </li>
<li>The Warburg offer is conditional on Ingenia not proceeding with the Peet scheme offer. Ingenia is increasingly in a bind as Warburg remains interested and it faces unhappy shareholders.</li>
<li>At the last close of A$1.64, the risk/reward is attractive, as the upside (at least 15% if the Ingenia offer succeeds) exceeds the downside (little to no downside).</li>
</ul>



Peet Ltd (PPC AU)’s scheme offer from Ingenia Communities (INA AU) hangs in the balance due to Warburg Pincus’ repeated (but rejected) offers for Ingenia. 
The Warburg offer is conditional on Ingenia not proceeding with the Peet scheme offer. Ingenia is increasingly in a bind as Warburg remains interested and it faces unhappy shareholders.
At the last close of A$1.64, the risk/reward is attractive, as the upside (at least 15% if the Ingenia offer succeeds) exceeds the downside (little to no downside).


Peet (PPC AU): Risk/Reward as Ingenia’s Offer Hangs in the Balance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a> entered into a scheme with <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> at A$0.68 cash + 0.3367 INA shares per PPC share + an A$0.065 dividend (total value A$2.185).</li>
<li>Regulatory approvals (ACCC) are low-risk. While a discount to peers' EV/EBITDA multiples, the offer is attractive compared to historical price ratios, precedent transactions and peers' P/NTA multiples. </li>
<li>The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a 10% decline since offer announcement). </li>
</ul>



Peet Ltd (PPC AU) entered into a scheme with Ingenia Communities (INA AU) at A$0.68 cash + 0.3367 INA shares per PPC share + an A$0.065 dividend (total value A$2.185).
Regulatory approvals (ACCC) are low-risk. While a discount to peers' EV/EBITDA multiples, the offer is attractive compared to historical price ratios, precedent transactions and peers' P/NTA multiples. 
The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a 10% decline since offer announcement). 


Peet (PPC AU): Ingenia (INA AU)’s Cash-And-Scrip Scheme Offer

<ul>
<li>The <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.</li>
<li>The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. </li>
<li>The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  </li>
</ul>


The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. 
The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  


AVJennings (AVJ AU): Scheme Vote on 11 July

New Zealand

Winton Land Limited operates as a real estate company. The Company develops resident lots, dwellings, apartments, and retirement units. Winton Land serves customers in New Zealand.

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Winton Land Ltd (WIN NZ)

Peet (PPC AU): Risk/Reward as Ingenia’s Offer Hangs in the Balance

At the last close of A$1.64, the risk/reward is attractive, as the upside (at least 15% if the Ingenia offer succeeds) exceeds the downside (little...

Arun George

Peet (PPC AU): Ingenia (INA AU)’s Cash-And-Scrip Scheme Offer

The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a...

Arun George

AVJennings (AVJ AU): Scheme Vote on 11 July

This is a done deal as the largest shareholder is supportive. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.

Arun George

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