In today’s briefing:
- National Storage REIT (NSR AU): Brookfield/GIC Firm A$2.86/Share Offer
- National Storage REIT (NSR AU): Brookfield and GIC’s Binding Proposal at A$2.86
- Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged
- Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering
National Storage REIT (NSR AU): Brookfield/GIC Firm A$2.86/Share Offer
- After National Storage REIT (NSR AU) entered a trading halt on the 26th Nov, it subsequently announced a NBIO from Brookfield and Singapore’s GIC.
- Brookfield and GIC tabled a A$2.86/share (~1.11x P/NTA 30th June 2025) Offer, by way of a Scheme. Any 1H26 distribution would be netted (not added, as I incorrectly posted previously).
- This morning, NSR announced it has entered into a Scheme on the same terms. Implementation expected late April 2026. FIRB and NZ’s OIO approvals required, in addition to the vote.
National Storage REIT (NSR AU): Brookfield and GIC’s Binding Proposal at A$2.86
- National Storage REIT (NSR AU) has entered a SID with Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
- The scheme offer is conditional on shareholder and FIRB, NZ OIO and foreign competition (EU, Ukraine, Turkey, China, Korea) approvals.
- Regulatory approvals should be forthcoming. The scheme vote is low risk as the offer represents an all-time high and implies a P/NTA of 1.11x.
Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged
- Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
- The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
- Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic.
Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering
- After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for Jinke Smart Services (9666 HK).
- Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.
- The Revised Composite Doc is now out, with the EGM on the 24th December. The IFA says “fair & reasonable“. They said the same at HK$6.67/share.
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