Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Merger of <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> with <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> subsidiary BHP Petroleum sees a vote 19 May and likely Effective Date by 1 June.</li>
<li>BHP would go ex-dividend on 25 May, with the in-specie dividend payment WPL shares delivered on 1 June and tradable one day later. </li>
<li>As discussed in <a href="https://www.smartkarma.com/insights/woodside-bhp-petroleum-merger-on-tap-index-impact-minimal-but-flowback-may-not-be" target="_blank" data-smartkarma-citation="insights:68190" rel="noopener">Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be</a>, major index impact is minimal, but monsters lurk beneath the tranquil surface.</li>
</ul>


The Merger of Woodside Petroleum (WPL AU) with BHP Group Ltd (BHP AU) subsidiary BHP Petroleum sees a vote 19 May and likely Effective Date by 1 June.
BHP would go ex-dividend on 25 May, with the in-specie dividend payment WPL shares delivered on 1 June and tradable one day later. 
As discussed in Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be, major index impact is minimal, but monsters lurk beneath the tranquil surface.


Woodside / BHP Petroleum Merger - Thinking About Flows (Still a Flowback Sell)

David Blennerhassett

<ul>
<li>#2 shareholder and erstwhile activist 3D Investment Partners writes a letter to <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board demanding 3 measures before the AGM. </li>
<li>
<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> is assessing Perpetual's cash/scrip Offer provides an indicative price of $6.23/share; however, the wording in the announcement suggests the bid is opportunistic and will be rejected. </li>
<li>Because of rising regulatory requirements for NBFCs, a <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> /<a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> was to be expected at some point.</li>
</ul>


#2 shareholder and erstwhile activist 3D Investment Partners writes a letter to Toshiba Corp (6502 JP)'s Board demanding 3 measures before the AGM. 

Pendal Group (PDL AU) is assessing Perpetual's cash/scrip Offer provides an indicative price of $6.23/share; however, the wording in the announcement suggests the bid is opportunistic and will be rejected. 
Because of rising regulatory requirements for NBFCs, a HDFC Bank (HDFCB IN) /HDFC Limited (HDFC IN) was to be expected at some point.


Last Week in Event SPACE: Toshiba, Pendal, HDFC Bank, YZJ Shipbuilding, BHP, Virtus

<ul>
<li>
<a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> and <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> proposed a merger between Woodside and BHP Petroleum in August 2021, and signed the deal in November 2021.</li>
<li>It required regulatory approvals (of which it already has some) and Woodside shareholder approval, and the Woodside shares to be received by BHP would be distributed to BHP Shareholders.</li>
<li>Today, Woodside presented the <a href="https://www.asx.com.au/asxpdf/20220408/pdf/457vkgr3tsd00s.pdf" target="_blank" rel="noopener">Explanatory Memorandum</a>, the <a href="https://www.asx.com.au/asxpdf/20220408/pdf/457vkk523x0q8z.pdf" target="_blank" rel="noopener">Independent Expert Report</a> ("fair and reasonable"), and <a href="https://www.asx.com.au/asxpdf/20220408/pdf/457vkbn81yv3cr.pdf" target="_blank" rel="noopener">information about the 19 May AGM vote</a>. This deal could be done 1 June.</li>
</ul>



Woodside Petroleum (WPL AU) and BHP Group Ltd (BHP AU) proposed a merger between Woodside and BHP Petroleum in August 2021, and signed the deal in November 2021.
It required regulatory approvals (of which it already has some) and Woodside shareholder approval, and the Woodside shares to be received by BHP would be distributed to BHP Shareholders.
Today, Woodside presented the Explanatory Memorandum, the Independent Expert Report ("fair and reasonable"), and information about the 19 May AGM vote. This deal could be done 1 June.


Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ampol-ltd" target="_blank" data-smartkarma-citation="entities:345:1" rel="noopener">Caltex Australia (ALD AU)</a>’s offer of NZ$3.76 per share is near the mid-point of the independent expert (IE) assessed range of NZ$3.54-4.07. We think that IE’s valuation approach is sound.    </li>
<li>The offer includes an adjustment mechanism to pay NZ0.055 cents per share for each calendar day the implementation date extends beyond 31 March, up to a limit of NZ10 cents. </li>
<li>We think that the offer is attractive for <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a> shareholders. For a 30 June implementation date, the gross and annualised spread is 5.0% and 15.2%, respectively. </li>
</ul>



Caltex Australia (ALD AU)’s offer of NZ$3.76 per share is near the mid-point of the independent expert (IE) assessed range of NZ$3.54-4.07. We think that IE’s valuation approach is sound.    
The offer includes an adjustment mechanism to pay NZ0.055 cents per share for each calendar day the implementation date extends beyond 31 March, up to a limit of NZ10 cents. 
We think that the offer is attractive for Z Energy Ltd (ZEL NZ) shareholders. For a 30 June implementation date, the gross and annualised spread is 5.0% and 15.2%, respectively. 


Z Energy Scheme Meeting on 25 March, IE Opinion

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. </li>
<li>In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential intra-quarterly changes.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
In March 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20. 
In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential intra-quarterly changes.


S&P/​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance

Australia

Woodside Petroleum Limited explores for and produces oil and gas from offshore and onshore facilities located in Western Australia and Northern Territory. The Company operates numerous oil and gas fields and pipelines throughout Australia, United States and Mauritania and its products include liquefied natural gas, domestic gas, condensate, crude oil and liquefied petroleum gas.

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Woodside Petroleum (WPL AU)

Woodside / BHP Petroleum Merger - Thinking About Flows (Still a Flowback Sell)

BHP is about to deliver A$27bn of WPL shares to its holders - plus a LOT of franking credits. Not all the WPL Shares To Be Received will be...

Travis Lundy

Last Week in Event SPACE: Toshiba, Pendal, HDFC Bank, YZJ Shipbuilding, BHP, Virtus

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be

Woodside has announced its Shareholder Meeting Date for the BHP Petroleum Merger Approval (it was already known). The IE has declared it "fair and...

Travis Lundy

Z Energy Scheme Meeting on 25 March, IE Opinion

Z Energy released its scheme booklet with the scheme meeting scheduled for 25 March. For a 30 June implementation date, the gross and annualised...

Arun George

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance

A look at the leading candidates who could become Adds/Deletes for the S&P ASX Indices during the March 2022 Rebalance and other potential intra...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Woodside / BHP Petroleum Merger - Thinking About Flows (Still a Flowback Sell)

BHP is about to deliver A$27bn of WPL shares to its holders - plus a LOT of franking credits. Not all the WPL Shares To Be Received will be...

Travis Lundy

Last Week in Event SPACE: Toshiba, Pendal, HDFC Bank, YZJ Shipbuilding, BHP, Virtus

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be

Woodside has announced its Shareholder Meeting Date for the BHP Petroleum Merger Approval (it was already known). The IE has declared it "fair and...

Travis Lundy

Z Energy Scheme Meeting on 25 March, IE Opinion

Z Energy released its scheme booklet with the scheme meeting scheduled for 25 March. For a 30 June implementation date, the gross and annualised...

Arun George

S&P/​ASX Indices: Quiddity Leaderboard for March 2022 Rebalance

A look at the leading candidates who could become Adds/Deletes for the S&P ASX Indices during the March 2022 Rebalance and other potential intra...

Janaghan Jeyakumar, CFA

S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance