Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2024 index rebal event.</li>
<li>The final rankings will be decided based on the full market cap at the close of trading today (3rd December 2024).</li>
<li>Based on the current numbers, we see three for the F100 index and three or more other changes for the F250 index in December 2024.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2024 index rebal event.
The final rankings will be decided based on the full market cap at the close of trading today (3rd December 2024).
Based on the current numbers, we see three for the F100 index and three or more other changes for the F250 index in December 2024.


Quiddity Leaderboard F100/F250 Dec 24: Final Trading Day; Announcement Tomorrow!

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>FTSE-250 constituent <a href="https://www.smartkarma.com/entities/vistry-group-plc" target="_blank" data-smartkarma-citation="entities:21858:1" rel="noopener">Vistry Group (VTY LN)</a> has agreed to buy rival <a href="https://www.smartkarma.com/entities/countryside-partnerships-plc" target="_blank" data-smartkarma-citation="entities:35428:1" rel="noopener">Countryside Partnerships (CSP LN)</a> in a recommended cash&amp;stock deal that values embattled Countryside at c.£1.25 billion (lower than previous offers).</li>
<li>Consideration is 1 CSP LN=0.255 VTY LN+60p, 9.1% premium, 7.0x EV/Fwd EBITDA and 1.3x P/Fwd BV, which seems cheap. The sector is pricing in many potential bad news.</li>
<li>Gross spread is +2.1%. It has only been negative during three days since the deal announcement. I would wait for the spread to become negative before taking a position. </li>
</ul>


FTSE-250 constituent Vistry Group (VTY LN) has agreed to buy rival Countryside Partnerships (CSP LN) in a recommended cash&amp;stock deal that values embattled Countryside at c.£1.25 billion (lower than previous offers).
Consideration is 1 CSP LN=0.255 VTY LN+60p, 9.1% premium, 7.0x EV/Fwd EBITDA and 1.3x P/Fwd BV, which seems cheap. The sector is pricing in many potential bad news.
Gross spread is +2.1%. It has only been negative during three days since the deal announcement. I would wait for the spread to become negative before taking a position. 


Vistry/Countryside Partnerships:  Agreed Offer

United Kingdom

Crest Nicholson Holdings plc is a holding company and developer of sustainable housing and mixed-use communities.

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Crest Nicholson Holdings (CRST LN)

Quiddity Leaderboard F100/F250 Dec 24: Final Trading Day; Announcement Tomorrow!

There are multiple names close to the border and depending on how prices move today, these names can get involved in index changes or miss out on...

Janaghan Jeyakumar, CFA

Vistry/Countryside Partnerships: Agreed Offer

Vistry agreed to acquire the entire share capital of Countryside in a stock swap transaction via scheme of arrangement, at a lower price than that...

Jesus Rodriguez Aguilar

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