Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 28th January 2025, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a>, a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne's A$5.90/share Offer was a 34.1% premium to undisturbed. The Offer had the backing of Dropsuite's largest shareholder, Topline Capital (31% - at the time!). Board/management held a further 9%.</li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250402/pdf/06h8yqg5k4585w.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 9th May, and expected payment on or before the 30th May. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


On the 28th January 2025, Dropsuite Ltd (DSE AU), a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne's A$5.90/share Offer was a 34.1% premium to undisturbed. The Offer had the backing of Dropsuite's largest shareholder, Topline Capital (31% - at the time!). Board/management held a further 9%.

The Scheme Booklet is now out, with a Court Meeting on the 9th May, and expected payment on or before the 30th May. The IE (BDO) says "fair &amp; reasonable".


Dropsuite (DSE AU): 9th May Vote On NinjaOne's Offer

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a> IE considers NinjaOne’s A$5.90 offer fair and reasonable as it is above its A$3.92-5.88 valuation range.</li>
<li>The offer is conditional on shareholder and FIRB approval. Despite the largest shareholder's selldown, the vote remains low-risk.  </li>
<li>The offer is attractive and represents an all-time high. At the last close and for a 30 May payment, the gross/annualised spread is 1.7%/11.5%.  </li>
</ul>


The Dropsuite Ltd (DSE AU) IE considers NinjaOne’s A$5.90 offer fair and reasonable as it is above its A$3.92-5.88 valuation range.
The offer is conditional on shareholder and FIRB approval. Despite the largest shareholder's selldown, the vote remains low-risk.  
The offer is attractive and represents an all-time high. At the last close and for a 30 May payment, the gross/annualised spread is 1.7%/11.5%.  


<ul>
<li>Back on the 28th January, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a>, a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne's A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%. </li>
<li>Done &amp; dusted no? Then Topline sold down to 19.7% on the <a href="https://announcements.asx.com.au/asxpdf/20250218/pdf/06fn28rx7qf8ym.pdf" target="_blank" rel="noopener">28th Jan</a>, then 10.5% on the <a href="https://announcements.asx.com.au/asxpdf/20250318/pdf/06grdx4sl4yn5t.pdf" target="_blank" rel="noopener">28th Feb</a>. The Takeover Panel now <a href="https://announcements.asx.com.au/asxpdf/20250320/pdf/06gtnhdbqyjk2j.pdf" target="_blank" rel="noopener">orders</a> Topline to stop selling. </li>
</ul>


Back on the 28th January, Dropsuite Ltd (DSE AU), a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne's A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%. 
Done &amp; dusted no? Then Topline sold down to 19.7% on the 28th Jan, then 10.5% on the 28th Feb. The Takeover Panel now orders Topline to stop selling. 


Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite (DSE AU)</a>, a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. </li>
<li>The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. </li>
</ul>



Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. 
The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. 


Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

<ul>
<li>On 28 January, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a> entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.</li>
<li>The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable. </li>
<li>The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.</li>
</ul>


On 28 January, Dropsuite Ltd (DSE AU) entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.
The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable. 
The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.


Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

Australia

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

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Dropsuite Ltd (DSE AU)

Dropsuite (DSE AU): 9th May Vote On NinjaOne's Offer

This is a clean deal. Trading tightish at 1.9%/12.8% gross/annualised spread. If small, illiquid arbs are your bent, look to enter here and on any w

David Blennerhassett

Dropsuite (DSE AU): Scheme Vote on 9 May

The offer is attractive and represents an all-time high. This is a done deal. At the last close and for a 30 May payment, the gross/annualised...

Arun George

Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

This was, and still is, a clean deal. As the spread widening is not specifically deal related, but a forced seller, all else being equal, this is a...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

The offer is attractive and represents an all-time high. The vote is done. At the last close, for a 20 May payment, the gross/annualised spread was...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dropsuite (DSE AU): 9th May Vote On NinjaOne's Offer

This is a clean deal. Trading tightish at 1.9%/12.8% gross/annualised spread. If small, illiquid arbs are your bent, look to enter here and on any w

David Blennerhassett

Dropsuite (DSE AU): Scheme Vote on 9 May

The offer is attractive and represents an all-time high. This is a done deal. At the last close and for a 30 May payment, the gross/annualised...

Arun George

Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

This was, and still is, a clean deal. As the spread widening is not specifically deal related, but a forced seller, all else being equal, this is a...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

This is a clean deal. Trading tight at 3.1%/9.8% gross/annualised spread, assuming late May completion. If in, stay in. If small, illiquid arbs are...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

The offer is attractive and represents an all-time high. The vote is done. At the last close, for a 20 May payment, the gross/annualised spread was...

Arun George