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>Unsurprisingly, the independent expert (IE) considers the consortium's offer of A$5.00 per share to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is approval from <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> shareholders and regulatory authorities (FIRB). The scheme meeting is scheduled for 9:30 am on 15 July. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the gross and annualised spread is 0.8% and 5.1%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers the consortium's offer of A$5.00 per share to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is approval from Uniti Group Ltd (UWL AU) shareholders and regulatory authorities (FIRB). The scheme meeting is scheduled for 9:30 am on 15 July. 
We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the gross and annualised spread is 0.8% and 5.1%, respectively.


Uniti’s Scheme Meeting on 15 July, IE’s Opinion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends declared or paid after today. </li>
<li>The key scheme conditions are shareholder approval, FIRB approval and Court approval. The scheme meeting will be held in July.</li>
<li>We think that the offer is attractive. At the last close price of A$4.96, the gross and annualised spread to a July-end effective date is 0.8% and 2.8%, respectively.</li>
</ul>



Uniti Group Ltd (UWL AU) has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends declared or paid after today. 
The key scheme conditions are shareholder approval, FIRB approval and Court approval. The scheme meeting will be held in July.
We think that the offer is attractive. At the last close price of A$4.96, the gross and annualised spread to a July-end effective date is 0.8% and 2.8%, respectively.


Uniti Enters a SID with Morrison/Brookfield Consortium at A$5.00 Per Share

<ul>
<li>The Morrison/Brookfield's revised offer is A$5.00 cash per share which is in line with the offer from the Connect consortium. At last close, the gross spread is 7.8%. </li>
<li>The Board has decided to engage with Morrison/Brookfield but not with the Connect consortium. The Connect Consortium is said to have walked away, according to press reports. </li>
<li>Nevertheless, the emergence of another bidder cannot be ruled out as <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>’s recurring revenues, cash flows and strong balance sheet is enticing for private equity bidders.  </li>
</ul>


The Morrison/Brookfield's revised offer is A$5.00 cash per share which is in line with the offer from the Connect consortium. At last close, the gross spread is 7.8%. 
The Board has decided to engage with Morrison/Brookfield but not with the Connect consortium. The Connect Consortium is said to have walked away, according to press reports. 
Nevertheless, the emergence of another bidder cannot be ruled out as Uniti Group Ltd (UWL AU)’s recurring revenues, cash flows and strong balance sheet is enticing for private equity bidders.  


Uniti’s Revised A$5.00 Offer from Morrison/Brookfield

<ul>
<li>The Connect consortium will offer A$5.00 cash per share, an 11.1% premium to the Morrison &amp; Co indicative offer of A$4.50.</li>
<li>Brookfield has joined Morrison &amp; Co as joint bidders. This development suggests another round of bids for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>.</li>
<li>The A$5m fee to break the Morrison/Brookfield exclusivity pales in comparison to Connect consortium’s A$340m premium to the Morrison/Brookfield offer. Expect Connect consortium to secure due diligence access. </li>
</ul>


The Connect consortium will offer A$5.00 cash per share, an 11.1% premium to the Morrison &amp; Co indicative offer of A$4.50.
Brookfield has joined Morrison &amp; Co as joint bidders. This development suggests another round of bids for Uniti Group Ltd (UWL AU).
The A$5m fee to break the Morrison/Brookfield exclusivity pales in comparison to Connect consortium’s A$340m premium to the Morrison/Brookfield offer. Expect Connect consortium to secure due diligence access. 


Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<div>
<p>Back on the 19 July, systems integrator <a href="https://www.smartkarma.com/entities/empired-ltd" target="_blank" data-smartkarma-citation="entities:9406:1" rel="noopener">Empired Ltd (EPD AU)</a> entered into a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02396546-6A1041326?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Scheme</a> with <a href="https://www.smartkarma.com/entities/capgemini-se" target="_blank" data-smartkarma-citation="entities:28633:1" rel="noopener">Capgemini SE (CGEMY US)</a> at a price of A$1.35/share, a 64.6% premium to last close, and an all-time high. The Offer had the unanimous backing of Empired's board. CEO Russell Baskerville, with 5.8% of Empired's outstanding shares, intended to vote in favour of the Scheme.</p>
</div>
<div>
<p>The Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02425467-6A1051843?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>. The Scheme Meeting will take place on the 25 October, with expected implementation on the 16 November. The Independent Expert concluded that the Scheme is fair and reasonable.</p>
</div>
<div>
<p>This looks done. </p>
</div>
<div>
<p>More below the fold.</p>
</div>


Back on the 19 July, systems integrator Empired Ltd (EPD AU) entered into a Scheme with Capgemini SE (CGEMY US) at a price of A$1.35/share, a 64.6% premium to last close, and an all-time high. The Offer had the unanimous backing of Empired's board. CEO Russell Baskerville, with 5.8% of Empired's outstanding shares, intended to vote in favour of the Scheme.


The Scheme Booklet is now out. The Scheme Meeting will take place on the 25 October, with expected implementation on the 16 November. The Independent Expert concluded that the Scheme is fair and reasonable.


This looks done. 


More below the fold.


Empired (EPD AU): Scheme Booklet Out. Meeting On The 25 October

Australia

Data#3 Limited provides Information Technology (IT) solutions to business and government markets in Australia.  These solutions integrate equipment and software from leading suppliers with Data#3's own design, management, installation and support services including procurement, recruitment and application services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Data#3 Ltd (DTL AU)

Uniti’s Scheme Meeting on 15 July, IE’s Opinion

We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the annualised spread is 5.1%.

Arun George

Uniti’s Revised A$5.00 Offer from Morrison/Brookfield

The Morrison/Brookfield's revised offer is A$5. The Connect Consortium is said to have walked away. The emergence of another bidder still cannot be...

Arun George

Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

The Connect consortium will offer A$5.00, an 11.1% premium to the Morrison & Co indicative offer of A$4.50. Expect a bidding war. At last close,...

Arun George

Empired (EPD AU): Scheme Booklet Out. Meeting On The 25 October

Trading relatively tight at a 1.5%/11.3% gross/annualised spread. That's reasonable, but this is not a super liquid arb situation.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Uniti’s Scheme Meeting on 15 July, IE’s Opinion

We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the annualised spread is 5.1%.

Arun George

Uniti Enters a SID with Morrison/Brookfield Consortium at A$5.00 Per Share

Uniti has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends. A done deal with annualised spread to a...

Arun George

Uniti’s Revised A$5.00 Offer from Morrison/Brookfield

The Morrison/Brookfield's revised offer is A$5. The Connect Consortium is said to have walked away. The emergence of another bidder still cannot be...

Arun George

Uniti’s Indicative Bid from Connect Consortium to Set off a Bidding War?

The Connect consortium will offer A$5.00, an 11.1% premium to the Morrison & Co indicative offer of A$4.50. Expect a bidding war. At last close,...

Arun George

Empired (EPD AU): Scheme Booklet Out. Meeting On The 25 October

Trading relatively tight at a 1.5%/11.3% gross/annualised spread. That's reasonable, but this is not a super liquid arb situation.

David Blennerhassett