Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
You get the impression <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> is a tad late to the party. Not that they still can't join in the fun - but only after the hors d'oeuvres and apéritifs have been consumed.
On the 20 September, Victorian electricity operator <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">AusNet Services (AST AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423286-3A576179?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it would open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share, up from $2.35/share on the 30 August. Concurrently, APA had approached AusNet with a non-binding proposal of A$2.32 on the 1 September, and that APA had made AusNet aware last Thursday (16 September) it intended to make a revised proposal.
AusNet opted to grant Brookfield around 8 weeks of exclusive due diligence in return for a "materially increased indicative" offer.
APA subsequently <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423895-2A1324638?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a "superior proposal" on the 21 September, involving a non-binding indicative Offer by way of a Scheme for A$2.60/share in cash and scrip.
AusNet's board <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02424119_PS-3A576346?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">concluded</a> APA's Proposal was:
<blockquote>
inferior in respect of price, form of consideration, structure and certainty, and that it was in the best interests of AusNet shareholders to engage with Brookfield on its proposal.
</blockquote>
APA proceeded to lodge an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02425258_PS-3A576544?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">application</a> to the Takeovers Panel yesterday, such that:
<blockquote>
The exclusivity arrangements (with Brookfield) prevent AusNet “from responding to a superior proposal provided by APA to acquire all of the issued shares of [AusNet] at an indicative value of $2.60 per [AusNet] share”; and that
The circumstances (including the entry into the confidentiality deed with Brookfield) “hinder, or are likely to hinder, the acquisition of control of [AusNet] taking place in an efficient, competitive and informed market, contrary to section 602(a) and deny, or are likely to deny, [AusNet] shareholders an opportunity to participate in the benefits of a proposal contrary to section 602(c)”.
</blockquote>
APA is seeking final orders including that the exclusivity arrangements “be terminated" to permit AusNet to respond to APA’s proposal (and any other competing proposals).
Today, APA issued a presentation deck further expounding its superior proposal. <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02425518-2A1325440?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Page 15</a> summarises the "superiorness".
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/231/525/original/image_10447746721632445607373.png?1632445608" class="editor-image img-responsive" data-smartkarma-image-id="231525"></figure>
APA's headline Offer price is clearly superior, although this is subject to fluctuations in APA's share price. The Offer consideration  - using the A$1.82/0.0878 cash/scrip breakdown as per the announcements - is currently worth $2.59. It remains unknown what the caps will be on either the cash or scrip portion of the consideration. 
Not being subject to FIRB is a positive, but with AusNet already majority controlled by foreign shareholders, this is not APA's strongest argument. 
APA is locked out of negotiations, for now. I'd be surprised if the TO backs APA's submission of "unacceptable circumstances". 
</div>
<div>More below the fold.</div>


You get the impression APA Group (APA AU) is a tad late to the party. Not that they still can't join in the fun - but only after the hors d'oeuvres and apéritifs have been consumed.
On the 20 September, Victorian electricity operator AusNet Services (AST AU) announced it would open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share, up from $2.35/share on the 30 August. Concurrently, APA had approached AusNet with a non-binding proposal of A$2.32 on the 1 September, and that APA had made AusNet aware last Thursday (16 September) it intended to make a revised proposal.
AusNet opted to grant Brookfield around 8 weeks of exclusive due diligence in return for a "materially increased indicative" offer.
APA subsequently announced a "superior proposal" on the 21 September, involving a non-binding indicative Offer by way of a Scheme for A$2.60/share in cash and scrip.
AusNet's board concluded APA's Proposal was:

inferior in respect of price, form of consideration, structure and certainty, and that it was in the best interests of AusNet shareholders to engage with Brookfield on its proposal.

APA proceeded to lodge an application to the Takeovers Panel yesterday, such that:

The exclusivity arrangements (with Brookfield) prevent AusNet “from responding to a superior proposal provided by APA to acquire all of the issued shares of [AusNet] at an indicative value of $2.60 per [AusNet] share”; and that
The circumstances (including the entry into the confidentiality deed with Brookfield) “hinder, or are likely to hinder, the acquisition of control of [AusNet] taking place in an efficient, competitive and informed market, contrary to section 602(a) and deny, or are likely to deny, [AusNet] shareholders an opportunity to participate in the benefits of a proposal contrary to section 602(c)”.

APA is seeking final orders including that the exclusivity arrangements “be terminated" to permit AusNet to respond to APA’s proposal (and any other competing proposals).
Today, APA issued a presentation deck further expounding its superior proposal. Page 15 summarises the "superiorness".

APA's headline Offer price is clearly superior, although this is subject to fluctuations in APA's share price. The Offer consideration  - using the A$1.82/0.0878 cash/scrip breakdown as per the announcements - is currently worth $2.59. It remains unknown what the caps will be on either the cash or scrip portion of the consideration. 
Not being subject to FIRB is a positive, but with AusNet already majority controlled by foreign shareholders, this is not APA's strongest argument. 
APA is locked out of negotiations, for now. I'd be surprised if the TO backs APA's submission of "unacceptable circumstances". 

More below the fold.

AusNet (AST AU): APA Elevates Tussle With Brookfield And Taps Takeover Panel

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.

<a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> is a diversified Australian energy infrastructure business with over $11 billion of electricity and gas network and connection assets. AusNet has received a non-binding indicative offer from <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a>. APA is offering cash and scrip comprising A$1.820 cash and 0.0878 stapled securities in Australian Pipeline Trust and APT Investment Trust per AusNet share. APA’s offer has an implied value of A$2.60 per share (based on APA’s share price on 20 September) and A$2.56 per share (APA’s last close price). APA expressed frustration that AusNet had offered Brookfield due diligence access as it lobbed its first A$2.32 cash and scrip offer on 1 September, a day after Brookfield’s first offer of A$2.35 per share and made AusNet aware on 16 September it would return with a revised higher offer. As a reminder, AusNet revealed yesterday a conditional, non-binding indicative offer from Brookfield Asset Management for A$2.50 cash per share. The Board announced that it will provide Brookfield exclusive due diligence access. If Brookfield puts forward a binding offer, the Board will also unanimously recommend the offer in the absence of a superior proposal.  APA argues that its offer is superior as it is not conditional on FIRB approval, result in synergies (that AusNet shareholders can benefit through the scrip component) and would be only subject to four weeks of due diligence (vs eight weeks for Brookfield). AusNet responded that it offered Brookfield exclusive due diligence as APA’s original offer was inferior (consideration, structure and certainty) and Brookfield’s improved all-cash offer was conditional on exclusive due diligence. AusNet can only engage with APA following the completion of Brookfield’s eight weeks of due diligence. <div class="content-highlight">AusNet is this year’s first large Australian M&amp;A deal to be contested. Both offers are attractive in terms of historical multiples and share prices. Clearly, the implied value of APA’s offer is less certain and will fluctuate based on APA’s share price. We think that there is another round to this contested takeover battle. At the last close price of A$2.59, AusNet’s shares are trading at a 3.6% premium to Brookfield’s cash offer of A$2.50 and a 1.1% premium to APA’s offer of A$2.56 (based on APA’s last close price).</div>

Ausnet Services (AST AU) is a diversified Australian energy infrastructure business with over $11 billion of electricity and gas network and connection assets. AusNet has received a non-binding indicative offer from APA Group (APA AU). APA is offering cash and scrip comprising A$1.820 cash and 0.0878 stapled securities in Australian Pipeline Trust and APT Investment Trust per AusNet share. APA’s offer has an implied value of A$2.60 per share (based on APA’s share price on 20 September) and A$2.56 per share (APA’s last close price). APA expressed frustration that AusNet had offered Brookfield due diligence access as it lobbed its first A$2.32 cash and scrip offer on 1 September, a day after Brookfield’s first offer of A$2.35 per share and made AusNet aware on 16 September it would return with a revised higher offer. As a reminder, AusNet revealed yesterday a conditional, non-binding indicative offer from Brookfield Asset Management for A$2.50 cash per share. The Board announced that it will provide Brookfield exclusive due diligence access. If Brookfield puts forward a binding offer, the Board will also unanimously recommend the offer in the absence of a superior proposal.  APA argues that its offer is superior as it is not conditional on FIRB approval, result in synergies (that AusNet shareholders can benefit through the scrip component) and would be only subject to four weeks of due diligence (vs eight weeks for Brookfield). AusNet responded that it offered Brookfield exclusive due diligence as APA’s original offer was inferior (consideration, structure and certainty) and Brookfield’s improved all-cash offer was conditional on exclusive due diligence. AusNet can only engage with APA following the completion of Brookfield’s eight weeks of due diligence. AusNet is this year’s first large Australian M&amp;A deal to be contested. Both offers are attractive in terms of historical multiples and share prices. Clearly, the implied value of APA’s offer is less certain and will fluctuate based on APA’s share price. We think that there is another round to this contested takeover battle. At the last close price of A$2.59, AusNet’s shares are trading at a 3.6% premium to Brookfield’s cash offer of A$2.50 and a 1.1% premium to APA’s offer of A$2.56 (based on APA’s last close price).

AusNet’s in a Contested Takeover Battle Between Brookfield and APA

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

On 20 September, <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> announced that it had received an unsolicited, indicative, non-binding and conditional proposal from the infrastructure affiliate of <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> to acquire all the shares in <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> via a Scheme of Arrangement at an indicative price of A$2.50/share in cash.<a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> finished the day 19.2% higher at A$2.36 on volumes that were nearly 3 times the ADV.In a surprising development, earlier today, <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> announced that it has made a non-binding indicative proposal to acquire all the shares in <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> via a Scheme of Arrangement at an indicative price of A$2.60/share in cash and scrip.What makes this even more surprising is that <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> and <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> were in discussions earlier. <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> knew that a revised offer from <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> was forthcoming, yet went ahead and gave Brookfield an 8 week period of exclusivity for due diligence.<a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> has clearly laid out why its proposal is superior to the proposal from <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> and this could get interesting with a possibility of even higher bids coming in for <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a>.<a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> is a member of the S&amp;P/ASX 100, <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX 300 Indices. Once the stock is delisted, it will be replaced in the indices with the highest ranking stocks that are not part of the index. With the wave of ongoing M&amp;A activity, there will be a lot of additions to the indices in the next few months.

On 20 September, Ausnet Services (AST AU) announced that it had received an unsolicited, indicative, non-binding and conditional proposal from the infrastructure affiliate of Brookfield Asset Management (BAM US) to acquire all the shares in Ausnet Services (AST AU) via a Scheme of Arrangement at an indicative price of A$2.50/share in cash.Ausnet Services (AST AU) finished the day 19.2% higher at A$2.36 on volumes that were nearly 3 times the ADV.In a surprising development, earlier today, APA Group (APA AU) announced that it has made a non-binding indicative proposal to acquire all the shares in Ausnet Services (AST AU) via a Scheme of Arrangement at an indicative price of A$2.60/share in cash and scrip.What makes this even more surprising is that APA Group (APA AU) and Ausnet Services (AST AU) were in discussions earlier. Ausnet Services (AST AU) knew that a revised offer from APA Group (APA AU) was forthcoming, yet went ahead and gave Brookfield an 8 week period of exclusivity for due diligence.APA Group (APA AU) has clearly laid out why its proposal is superior to the proposal from Brookfield Asset Management (BAM US) and this could get interesting with a possibility of even higher bids coming in for Ausnet Services (AST AU).Ausnet Services (AST AU) is a member of the S&amp;P/ASX 100, S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Indices. Once the stock is delisted, it will be replaced in the indices with the highest ranking stocks that are not part of the index. With the wave of ongoing M&amp;A activity, there will be a lot of additions to the indices in the next few months.

AusNet (AST AU): Bidding War Between Brookfield & APA Brewing?

<div>
Yesterday Victorian electricity operator <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">AusNet Services (AST AU)</a>  <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423286-3A576179?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it would open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share. It is understood Brookfield made a A$2.35/share Offer on the 30 August, followed by $2.45/share, before all parties settled on $2.50/share.
As it turns out, according to <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a>, APA had approached AusNet with a non-binding proposal of A$2.32 on the 1 September, and that APA had made AusNet aware last Thursday (16 September) it intended to make a revised proposal.
APA sounded out AusNet’s major shareholders prior to its initial approach, and that APA understood Singapore Power was supportive of APA and AusNet engaging in discussions. APA had also discussed the initial proposal directly with State Grid. 
Seems someone didn't get the memo.
<blockquote>
APA is disappointed that AusNet has purported to enter into a period of exclusivity with Brookfield for effectively eight weeks, notwithstanding AusNet’s knowledge of the pending revised, and potentially superior proposal, from APA.
</blockquote>
</div>
<div>
The "superior proposal", <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423895-2A1324638?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> this morning, is a non-binding indicative Offer by way of a Scheme for A$2.60/share in cash and scrip.
Apart from the higher price, APA's Offer enables AusNet shareholders to participate in the back-end via APA scrip, plus there is no FIRB conditionality.
In addition, APA would only require 4 weeks of due diligence, compared to seven to eight weeks for Brookfield.
For now, APA will have to sit tight until the completion of Brookfield's exclusive due diligence. APA's proposal is conditional on AusNet granting due diligence access by the 28 September. 
</div>
<div>
More below the fold.
</div>


Yesterday Victorian electricity operator AusNet Services (AST AU)  announced it would open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share. It is understood Brookfield made a A$2.35/share Offer on the 30 August, followed by $2.45/share, before all parties settled on $2.50/share.
As it turns out, according to APA Group (APA AU), APA had approached AusNet with a non-binding proposal of A$2.32 on the 1 September, and that APA had made AusNet aware last Thursday (16 September) it intended to make a revised proposal.
APA sounded out AusNet’s major shareholders prior to its initial approach, and that APA understood Singapore Power was supportive of APA and AusNet engaging in discussions. APA had also discussed the initial proposal directly with State Grid. 
Seems someone didn't get the memo.

APA is disappointed that AusNet has purported to enter into a period of exclusivity with Brookfield for effectively eight weeks, notwithstanding AusNet’s knowledge of the pending revised, and potentially superior proposal, from APA.



The "superior proposal", announced this morning, is a non-binding indicative Offer by way of a Scheme for A$2.60/share in cash and scrip.
Apart from the higher price, APA's Offer enables AusNet shareholders to participate in the back-end via APA scrip, plus there is no FIRB conditionality.
In addition, APA would only require 4 weeks of due diligence, compared to seven to eight weeks for Brookfield.
For now, APA will have to sit tight until the completion of Brookfield's exclusive due diligence. APA's proposal is conditional on AusNet granting due diligence access by the 28 September. 


More below the fold.


AusNet Services (AST AU): Spurned APA Trumps Brookfield's Proposal

Victorian electricity operator <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">AusNet Services (AST AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423286-3A576179?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it will open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share, up from A$2.35 initially. The cash consideration will be reduced to the extent of any dividends paid. 
The due diligence is on an exclusive basis. If a firm Offer is tabled, AusNet's board will unanimously recommend the proposal to its shareholders.
A firm bid will be subject to FIRB and shareholder approval. Neither Singapore Power nor China's State Grid  - AusNet's two largest shareholders - have made their intentions known as to the proposal.
<blockquote>
Following careful consideration, and consultation with its advisers, the board of AusNet considers that it is in the best interests of AusNet’s shareholders to engage further with Brookfield on the indicative proposal.
</blockquote>
The Offer price is full. Assuming Singapore Power and the State Grid are supportive, this is a done deal.
More below the fold.

Victorian electricity operator AusNet Services (AST AU) has announced it will open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share, up from A$2.35 initially. The cash consideration will be reduced to the extent of any dividends paid. 
The due diligence is on an exclusive basis. If a firm Offer is tabled, AusNet's board will unanimously recommend the proposal to its shareholders.
A firm bid will be subject to FIRB and shareholder approval. Neither Singapore Power nor China's State Grid  - AusNet's two largest shareholders - have made their intentions known as to the proposal.

Following careful consideration, and consultation with its advisers, the board of AusNet considers that it is in the best interests of AusNet’s shareholders to engage further with Brookfield on the indicative proposal.

The Offer price is full. Assuming Singapore Power and the State Grid are supportive, this is a done deal.
More below the fold.

AusNet Services (AST AU) Opens Its Books to Brookfield

Australia

AGL Energy Limited sells and distributes gas and electricity. The Company retails and wholesales energy and fuel products to customers throughout Australia.

Volt Power Group Limited operates as an energy company. The Company offers a technology that harvests waste heat from power generation and other industrial process and turns into low emission electricity, as well as acquires and develops power generation assets. Volt Power Group serves customers in Australia.

Petratherm Limited explores for sources of geothermal energy in the South Australian region such as hot rocks.  These sources can be used for the development of renewable energy power generation.

Carnegie Clean Energy Limited operates as a renewable energy company. The Company generates energy from wave, solar, and wind. Carnegie Clean Energy offers its services worldwide.

ReNu Energy Limited generates electricity through renewable energy projects. The Company operates biogas energy generation project, as well as offers solar photovoltaics, battery storage, and hybrid energy solutions.

K2 Energy Limited is an oil and gas exploration Company.  The Company explores for oil and gas in the Okfuskee County in Oklahoma, in the United States of America.

Energy World Corporation Ltd. generates electricity.  The Company operates gas-fired power plants in Sengkang, South Sulawesi, Indonesia; and Alice Springs, Northern Territory, Australia.  Energy World also produces natural gas and liquefied natural gas in Australia.

New Energy Solar Limited operates as an renewable energy development company. The Company acquires and develops solar and renewable energy sectors. New Energy Solar also renders in wind, geothermal, hydro-electricity, and hybrid solutions. New Energy Solar serves customers in Australia and the United States.

Black Rock Mining Ltd focuses on the exploration and development of its Mahenge graphite project. The Company engages in the drilling of diamond core and reverse circulation drillholes. Green Rock Energy operates in Tanzania.

High Peak Royalties Ltd is a Hot Fractured Rock geothermal exploration company. The Company is focused on the exploration and production of geothermal resources for power generation.

PetroVietnam Gas JSC transports, stores, and markets petroleum gas.  The Companies products include liquefied petroleum gas, dry gas, compressed natural gas, and liquefied natural gas.  PetroVietnam's services include gas gathering, gas importation, gas transportation and distribution, gas engine development and gas operation and maintenance.

Petronas Gas Berhad processes and separates natural gas into its components from the gas field offshore Terengganu. The Company stores, transports, and distributes these components as well as trades utilities to petrochemical plants.

China Resources Gas Group Ltd distributes natural gas and petroleum gas in the cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The Company also operates compressed natural gas filling stations in Chengdu, Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas distribution in cities of Fuyang, Suzhou and Wuxi.

ENN Energy Holdings Ltd. distributes natural gas in China.  The Company, through its subsidiaries, invests in, operates, and manages gas pipelines, and sells and distributes piped and bottled gas in China.

Southwest Gas Corporation purchases, transports, and distributes natural gas to residential, commercial, and industrial customers in portions of Arizona, Nevada, and California.  The Company also provides construction services to utility companies, including trenching and installation, replacement, and maintenance services for energy distribution systems.

TOKYO GAS CO., LTD. produces and supplies liquefied natural gas to Tokyo and the surrounding areas.  The Company maintains and manages gas supply equipment and sells air conditioning appliances.  Tokyo Gas operates power generation business as well.

National Fuel Gas Company is an integrated natural gas company with operations in all segments of the natural gas industry, including utility, pipeline and storage, exploration and production, and marketing operations.  The Company operates across the United States.

China Gas Holdings Ltd. invests in, operates and manages natural gas distribution pipelines.  The Company distributes and sells natural gas to residential, commercial and industrial users, and bottles and sells compressed natural gas.  China Gas also constructs and operates gas stations.

Enn Natural Gas Co.,Ltd. offers natural gas engineering services. The Company provides natural gas engineering investment, gas station construction, and energy equipment distribution services. Enn Natural Gas also operates coal materials, chemicals,  and biopharmaceutical products trading businesses.

UGI Corporation distributes and markets energy products and services.  The Company is a domestic and international distributor of propane.  UGI also distributes and markets natural gas and electricity, and sells related products and services in the Middle Atlantic region of the United States.

APA Group is a natural gas infrastructure company. The Company owns and or operates gas transmission and distribution assets whose pipelines span every state and territory in mainland Australia. APA Group also holds minority interests in energy infrastructure enterprises.

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APA Group (APA AU)

AusNet (AST AU): APA Elevates Tussle With Brookfield And Taps Takeover Panel

Entering here at $2.56 (as I type) - halfway between the two Offers - appears a reasonable entry point. If using the EV/RCAB for Transurban last...

David Blennerhassett

AusNet’s in a Contested Takeover Battle Between Brookfield and APA

AusNet is this year’s first large Australian M&A deal to be contested. We think that there is another round to this contested takeover battle...

Arun George

AusNet (AST AU): Bidding War Between Brookfield & APA Brewing?

Yesterday, Brookfield made an offer for AusNet at A$2.5/share in cash. Today, APA Group made an offer at A$2.6/share in cash + scrip. This could go...

Brian Freitas

AusNet Services (AST AU): Spurned APA Trumps Brookfield's Proposal

Assuming APA is granted DD - after the completion of Brookfield's - this transaction may drag into 2Q22. You have two large players in the mix. I...

David Blennerhassett

AusNet Services (AST AU) Opens Its Books to Brookfield

Assuming an estimated effective date towards the end of March 2022 - today's close is around a gross/annualised return of 5.9%/11.6%. Not bad....

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)