In today’s briefing:
- AVJennings (AVJ AU): Competing Offer Brewing
AVJennings (AVJ AU): Competing Offer Brewing
- On 28 November, Avjennings Ltd (AVJ AU) disclosed a non-binding indicative proposal from AVID at A$0.67 per share, a 103.0% premium to the undisturbed price.
- On 27 December, Queensgate Investments became a substantial shareholder, representing 5.39% of outstanding shares. Ho Bee Land Ltd (HOBEE SP), a Singaporean real-estate developer, owns Queensgate.
- Ho Bee Land is a strategic investor and is likely contemplating a competing offer, mainly because AVID’s offer is below NTA and AVJennings’s controlling shareholder’s ties to Singapore.
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