In today’s briefing:
- Sigma Healthcare (SIG AU): Shareholders Approve Merger; Passives Could Start Buying in Two Weeks
- Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal
- Sigma Healthcare (SIG AU): Shareholders Approves CWG Merger
Sigma Healthcare (SIG AU): Shareholders Approve Merger; Passives Could Start Buying in Two Weeks
- Sigma Healthcare (SIG AU) and Chemist Warehouse (CWG) shareholders have approved the merger with 99.86% and 100% of the votes cast in favour.
- The Second Court Hearing is on 3 February and the merger will be implemented on 12 February, which is when the passive buying could commence.
- Sigma Healthcare has continued to trade higher on a record margin and sales expansion for CWG and expected passive buying that could top A$3bn over the next few months.
Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal
- On 28 January, Dropsuite Ltd (DSE AU) entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.
- The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable.
- The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.
Sigma Healthcare (SIG AU): Shareholders Approves CWG Merger
- Sigma Healthcare (SIG AU) announced that more than 99% of the shareholders cast vote in favor of the merger with CWG. The merger now remains subject to court approval.
- The court hearing is scheduled on February 3, 2025. If the Court approves the merger, it is expected that implementation of the merger scheme will occur on February 12, 2025.
- CWG continued healthy performance, with double-digit like-for-like retail network sales growth and 400bps EBIT margin expansion in H1FY25. We are bullish on the long-term growth prospect of the merged entity.
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