Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This morning real estate manager <a href="https://www.smartkarma.com/entities/apn-property-group-ltd" target="_blank" data-smartkarma-citation="entities:3730:1" rel="noopener">Apn Property Group (APD AU)</a> made an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02373507-3A566928?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announcement</a> it had entered into a Scheme with <a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property (DXS AU)</a> at a price of A$0.915/share, a 50% premium to last close.
The Offer has the unanimous backing of APN directors. In addition, APN directors holding 33% of APN's outstanding shares intend to vote in favour of the Scheme.
APN Chairman Chris Aylward has separately granted Dexus a call option equal to 19.9% of APN's shares, exercisable in the event a competing proposal is announced.
The Scheme meeting is expected to be held mid-July with implementation potentially early August. 
Board support, a hefty premium to last close, and a decade-plus high - this is priced to complete and is trading accordingly.
More below the fold.

This morning real estate manager Apn Property Group (APD AU) made an announcement it had entered into a Scheme with Dexus Property (DXS AU) at a price of A$0.915/share, a 50% premium to last close.
The Offer has the unanimous backing of APN directors. In addition, APN directors holding 33% of APN's outstanding shares intend to vote in favour of the Scheme.
APN Chairman Chris Aylward has separately granted Dexus a call option equal to 19.9% of APN's shares, exercisable in the event a competing proposal is announced.
The Scheme meeting is expected to be held mid-July with implementation potentially early August. 
Board support, a hefty premium to last close, and a decade-plus high - this is priced to complete and is trading accordingly.
More below the fold.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Dexus Convenience Retail REIT / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24247" target="_blank" data-smartkarma-citation="entities:24247:1">Convenience Retail REIT (CRR AU)</a> plans to raise up to US$125m in its IPO. The company will own service stations spread across the eastern states of Australia.While the headline yield of 6.8% FY19 looks appealing, however, it is only 40 bps higher than that offered by Viva Energy, even though Viva Energy is nearly 7x larger in terms of asset base and appears to be operationally better positioned. Moreover, the company remains a small player and given its size we fail to see why it deserves to list at a premium to book.

Convenience Retail REIT (CRR AU) plans to raise up to US$125m in its IPO. The company will own service stations spread across the eastern states of Australia.While the headline yield of 6.8% FY19 looks appealing, however, it is only 40 bps higher than that offered by Viva Energy, even though Viva Energy is nearly 7x larger in terms of asset base and appears to be operationally better positioned. Moreover, the company remains a small player and given its size we fail to see why it deserves to list at a premium to book. 

Convenience Retail REIT IPO - Yield Premium Not Enough to Make up for the Size Deficit

Australia

Dexus Convenience Retail REIT operates as a real estate investment trust. The Company invests in service stations and convenience retail stores. Dexus Convenience serves customers in Australia.

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Dexus Convenience Retail REIT (DXC AU)

APN Prop (APD AU): Dexus' Done Deal

Board support, a hefty premium to last close, and a decade-plus high - this is priced to complete and is trading accordingly.

David Blennerhassett

Convenience Retail REIT IPO - Yield Premium Not Enough to Make up for the Size Deficit

Convenience Retail REIT (CRR AU) plans to raise up to US$125m in its IPO. The company will own service stations spread across the eastern states of...

Sumeet Singh

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