In today’s briefing:
- Ingenia Communities (INA AU) Mulls Warburg’s Third Proposal
- FnGuide – Significant Improvement in the New Value-Up Program
- Get Nice Holdings (64 HK): Low-Risk Scheme Vote on 26 October
- Ingenia (INA AU): Warburg’s Third Offer at A$5.25 Puts the Board on the Clock
- Singapura Finance Ltd Company Update (11 September 2026)
- India: Relative Value Opportunities and Pair Trades (29 Sep 2026)
- American Financial Group’s $125 Million Charleston Harbor Gain Could Lift Investment Income Further!
- Chairmen Build Stakes as Seatrium Doubles Buyback Programme
- Get Nice (64 HK): 26th October Vote On Hung’s Low-Balled Offer.
- Monday Delight: 28/09/2026
Ingenia Communities (INA AU) Mulls Warburg’s Third Proposal
- Ingenia Communities (INA AU)‘s share price declined ~13% as shareholders didn’t take kindly to its 26th August cash/scrip Offer for real estate developer Peet Ltd (PPC AU).
- Warburg Pincus saw an opportunity, and pitched a A$4.75/share NBIO, by way of a Scheme, on the 7th September (rejected); then A$5.05/share on the 21st September (also rejected).
- A third NBIO, at A$5.25/share, was announced this morning. Ingenia is assessing terms. As with the two previous bids, Warburg’s Offer is conditional on terminating the Peet Scheme.
FnGuide – Significant Improvement in the New Value-Up Program
- FnGuide Inc (064850 KS) announced a significant improvement in its new Corporate Value-Up program. The changes are meaningful and likely to have positive impact on share price.
- FnGuide also plans on share buyback and cancellation of 15 billion won over the next three years (2026 – 2028).
- FnGuide raised total shareholder returns to 40% or higher from 2026 to 2028. Previously, FnGuide did not explicitly mention the total shareholder returns, other than the 25%+ dividend payout ratio.
Get Nice Holdings (64 HK): Low-Risk Scheme Vote on 26 October
- Mr Hung’s offer for Get Nice (64 HK) is HK$2.00 in cash plus a HK$2.00 special dividend. The gross spread is now 3.6%, and the vote is on 26 October.
- Mr Hung holds 51.67%. Blocking the scheme requires 4.83% of outstanding shares (10% of disinterested holders), and no disinterested shareholder appears to be close to that.
- The IFA says the offer is fair and reasonable. It justifies the 62.5% NAV discount by past trading discounts and the cost of selling assets. This is a done deal.
Ingenia (INA AU): Warburg’s Third Offer at A$5.25 Puts the Board on the Clock
- Ingenia Communities (INA AU) received a revised Warburg Pincus proposal at A$5.25, a 4.0% premium to the prior A$5.05 offer and 22.7% to the undisturbed price. The Board is assessing it.
- The offer implies only a modest control premium to sell-side price targets and peer multiples, but a third outright rejection would be hard to justify amid mounting shareholder pressure.
- The offer lapses on Friday 2 October unless the Board grants due diligence. I expect engagement, and no “best and final” wording leaves room for a higher bid.
Singapura Finance Ltd Company Update (11 September 2026)
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Singapura Finance (“SF”) is a Singapore-based financial services firm that offers loans for both consumers and corporates.
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Other services include savings and fixed deposits.
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The firm has seven branches located in populous areas to serve its client base that’s spread throughout Singapore.
India: Relative Value Opportunities and Pair Trades (29 Sep 2026)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: In India, currently three pair trade opportunities persist across two sectors.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
American Financial Group’s $125 Million Charleston Harbor Gain Could Lift Investment Income Further!
- American Financial Group reported its second quarter 2026 results with a 32% increase in core net operating earnings per share to $2.82, driven by strong underwriting margins, premium growth, and higher net investment income.
- The company recorded an annualized core operating return on equity of 19.2%.
- Its $17.1 billion investment portfolio benefited from a 23% year-over-year increase in net investment income, boosted by improved alternative investment returns, which generated an annualized return of approximately 7.1% for the quarter compared to 1.2% in the prior year.
Chairmen Build Stakes as Seatrium Doubles Buyback Programme
- Over five sessions, 60 director interests and substantial shareholdings were filed, including 23 acquisitions and two disposals by directors/CEOs.
- Seatrium launched a new S$200 million Share Buyback Programme, funded from existing cash, doubling the previous programme.
- Alan Goh of Katrina Group sold 12.6 million shares, reducing his interest to 76.7%, with BYD By 1826 acquiring 5%.
Get Nice (64 HK): 26th October Vote On Hung’s Low-Balled Offer.
- On the 17th July, Hung Hon Man, Get Nice (64 HK)‘s chairman (& founder) offered HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.
- Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. However, minorities are indifferent when perusing past AGM voting.
- The Scheme Booklet is now out, with a 26th October Scheme Meeting, and expected payment on the 16th November. The IFA (Veda Capital) concluded “fair and reasonable“.
Monday Delight: 28/09/2026
- Instone Real Estate Group SE is a German residential-development company listed on Deutsche Börse’s Xetra market (ticker INS)
- Acquiring land and developing multi-family and mixed-use residential projects across major German cities — Frankfurt, Hamburg, Leipzig and the wider Rhine-Main region
- Then selling completed units to retail buyers and institutional investors alike.
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