IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Ainsworth Game Technology (AGI AU): Novomatic’s Polarising Scheme Offer

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>The <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a> IE considers Novomatic’s A$1.00 to be fair and reasonable, as it falls within its A$0.93-1.07 valuation range. The vote is on 29 August.</li>
<li>The offer has drawn opposition from several notable shareholders. There remains at least a 50% chance that the scheme vote fails.  </li>
<li>Novomatic can switch to an alternative takeover offer, which limits the downside risk. At the last close and for a 26 September payment, the gross/annualised spread was 1.5%/8.2%.  </li>
</ul>


The Ainsworth Game Technology (AGI AU) IE considers Novomatic’s A$1.00 to be fair and reasonable, as it falls within its A$0.93-1.07 valuation range. The vote is on 29 August.
The offer has drawn opposition from several notable shareholders. There remains at least a 50% chance that the scheme vote fails.  
Novomatic can switch to an alternative takeover offer, which limits the downside risk. At the last close and for a 26 September payment, the gross/annualised spread was 1.5%/8.2%.  


Ainsworth (AGI AU): A Dicey Scheme Vote Underwritten by an Alternative Takeover Offer