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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>’s NZ$1.42 revised offer from Sixth Street/BGH is around the midpoint of the IE’s unchanged valuation range of NZ$1.33 to NZ$1.53 per share.</li>
<li>Class 3 shareholders are the key vote. On the assumption of a similar voter turnout to the last scheme, 81.3% of Class 3 shares will vote for the scheme.</li>
<li>This is a done deal. At the last close and for the 17 May payment, the gross and annualised spread is 2.2% and 21.4%, respectively.</li>
</ul>



Pushpay Holdings (PPH NZ)’s NZ$1.42 revised offer from Sixth Street/BGH is around the midpoint of the IE’s unchanged valuation range of NZ$1.33 to NZ$1.53 per share.
Class 3 shareholders are the key vote. On the assumption of a similar voter turnout to the last scheme, 81.3% of Class 3 shares will vote for the scheme.
This is a done deal. At the last close and for the 17 May payment, the gross and annualised spread is 2.2% and 21.4%, respectively.


Pushpay (PPH NZ): Revised Scheme Meeting on 27 April

<ul>
<li>Sixth Street/BGH have come back for <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a> with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.</li>
<li>Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme. </li>
<li>The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.</li>
</ul>


Sixth Street/BGH have come back for Pushpay Holdings (PPH NZ) with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.
Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme. 
The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.


Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Aussie PE outfit BGH Capital and consortium partner Sixth Street have increased their offer for NZ church donations group <strong><a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a></strong>, gaining the support of its major shareholders.</li>
<li>The consortium, Pegasus Bidco, will pay $NZ1.42/share, an 6% increase over the previous Offer which failed to muster investor support at the 3 March Scheme Meeting. </li>
<li>The revised Offer is around the mid-point of the independent expert's assessed valuation range of $NZ1.33 to $NZ1.53/share.</li>
</ul>


Aussie PE outfit BGH Capital and consortium partner Sixth Street have increased their offer for NZ church donations group Pushpay Holdings (PPH NZ), gaining the support of its major shareholders.
The consortium, Pegasus Bidco, will pay $NZ1.42/share, an 6% increase over the previous Offer which failed to muster investor support at the 3 March Scheme Meeting. 
The revised Offer is around the mid-point of the independent expert's assessed valuation range of $NZ1.33 to $NZ1.53/share.


Pushpay: Large & "Sophisticated Shareholders" Back Pegasus' Revised Offer

<ul>
<li>Shareholders representing around 12.6% of outstanding shares have stated that they will vote against <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>’s NZ$1.34 offer from Sixth Street/BGH (scheme vote on 3 March). </li>
<li>The NO votes will need a less than 63% turnout to block the scheme. A 5% bump (NZ$1.41) would be in line with the IE’s valuation mid-point at current FX.</li>
<li>Sixth Street/BGH have taken issue with the IE’s valuation (unsuitable FX rates and optimistic forecasts) and have got proxy advisors' support. Therefore, a bump is not a sure thing. </li>
</ul>


Shareholders representing around 12.6% of outstanding shares have stated that they will vote against Pushpay Holdings (PPH NZ)’s NZ$1.34 offer from Sixth Street/BGH (scheme vote on 3 March). 
The NO votes will need a less than 63% turnout to block the scheme. A 5% bump (NZ$1.41) would be in line with the IE’s valuation mid-point at current FX.
Sixth Street/BGH have taken issue with the IE’s valuation (unsuitable FX rates and optimistic forecasts) and have got proxy advisors' support. Therefore, a bump is not a sure thing. 


Pushpay (PPH NZ): Proxy Advisors Say Yes but Several Shareholders Say No

<ul>
<li>The Scheme Meeting for BGH/Sixth Street's NZ$1.34/share Offer for church donor management play <strong><a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a></strong> will take place on the 3 March.</li>
<li>Accident Compensation Corporation (ACC), holding 6.2% of shares out, said it will vote against the Scheme. Nikko Asset Management (1.4%) also said they will reject the Offer. </li>
<li>Shares have wobbled and are now 5.5% adrift of terms. BGH/Sixth Street still has the flexibility to bump.</li>
</ul>


The Scheme Meeting for BGH/Sixth Street's NZ$1.34/share Offer for church donor management play Pushpay Holdings (PPH NZ) will take place on the 3 March.
Accident Compensation Corporation (ACC), holding 6.2% of shares out, said it will vote against the Scheme. Nikko Asset Management (1.4%) also said they will reject the Offer. 
Shares have wobbled and are now 5.5% adrift of terms. BGH/Sixth Street still has the flexibility to bump.


Pushpay Holdings: ACC & Nikko Say No To Scheme

United States

Blackbaud, Inc. provides software and related services designed specifically for non-profit organizations. The Company's products and services enable non-profit organizations to increase donations, reduce fundraising costs, improve communication with constituents, manage their finances, and optimize internal operations.

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Blackbaud Inc (BLKB US)

Pushpay (PPH NZ): Revised Scheme Meeting on 27 April

This is a done deal due to the secured voting commitments. At the last close and for the 17 May payment, the gross and annualised spread is 2.2%...

Arun George

Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

Secured commitments and a fair revised price suggest a done deal. At the last close and for the end-May payment, the annualised spread is 7.4%.

Arun George

Pushpay: Large & "Sophisticated Shareholders" Back Pegasus' Revised Offer

This revised Scheme is done. Currently trading tight at a 1.4%/8% gross/annualised spread assuming payment late May. Not a lot in it - buy here and...

David Blennerhassett

Pushpay (PPH NZ): Proxy Advisors Say Yes but Several Shareholders Say No

The vocal NO camp could force a bump. However, Sixth Street/BGH had sufficient warning signs and time to avoid this unpleasant standoff. Difficult...

Arun George

Pushpay Holdings: ACC & Nikko Say No To Scheme

BGH/Sixth Street needs to bump - ~5% - otherwise, this will be a very close run thing. It needn't be so. This consortium has been running a ruler...

David Blennerhassett

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