Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Under the revised terms, <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal (PDL AU)</a> shareholders will receive 1 <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a> share for every 7 Pendal shares plus $1.65/share cash versus 7.50 Pendal shares and $1.976 cash.</li>
<li>Separately, the Supreme Court of NSW ruled that Perpetual cannot delay the Scheme on the expectation of a more favourable Offer for the company. </li>
<li>The first court hearing for the Scheme has been deferred until next week to seek orders convening the Scheme Meeting and for the despatch of the Scheme Booklet to shareholders.</li>
</ul>


Under the revised terms, Pendal (PDL AU) shareholders will receive 1 Perpetual (PPT AU) share for every 7 Pendal shares plus $1.65/share cash versus 7.50 Pendal shares and $1.976 cash.
Separately, the Supreme Court of NSW ruled that Perpetual cannot delay the Scheme on the expectation of a more favourable Offer for the company. 
The first court hearing for the Scheme has been deferred until next week to seek orders convening the Scheme Meeting and for the despatch of the Scheme Booklet to shareholders.


Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed

<ul>
<li>Software outfit <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech (RDY AU)</a> has announced an indicative proposal from Pacific Equity Partners and affiliates, to acquire ReadyTech by way of a Scheme of Arrangement at $4.50/share.</li>
<li>Pemba Capital, with 32.01% of shares out, are in discussion with PEP as to what appears to be the PE firm rolling over shares. </li>
<li>ReadyTech's independent board has granted PEP non-exclusive due diligence to flesh out a firm Offer. According to media reports, Microequities, with ~13%, is not on board whatsoever.</li>
</ul>


Software outfit ReadyTech (RDY AU) has announced an indicative proposal from Pacific Equity Partners and affiliates, to acquire ReadyTech by way of a Scheme of Arrangement at $4.50/share.
Pemba Capital, with 32.01% of shares out, are in discussion with PEP as to what appears to be the PE firm rolling over shares. 
ReadyTech's independent board has granted PEP non-exclusive due diligence to flesh out a firm Offer. According to media reports, Microequities, with ~13%, is not on board whatsoever.


Readytech (RDY AU): Microequities Baulks At PEP's A$4.50/Share Indicative Offer

<ul>
<li>On the 15 August, mapping technology outfit <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> unanimously backed Thoma Bravo's A$2.10/share Offer by way of a Scheme of Arrangement. </li>
<li>The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. </li>
<li>The Scheme Meeting will be held on the 25 November, as previously flagged in August's SID, with an expected implementation on the 15 December. </li>
</ul>


On the 15 August, mapping technology outfit Nearmap Ltd (NEA AU) unanimously backed Thoma Bravo's A$2.10/share Offer by way of a Scheme of Arrangement. 
The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. 
The Scheme Meeting will be held on the 25 November, as previously flagged in August's SID, with an expected implementation on the 15 December. 


Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable

<ul>
<li>Back on the 18 August, aviation engine repair play <a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group (PTB AU)</a> entered into a Scheme Implementation Deed with PAG Holding, at $1.595/share, a 40.5% premium to last close.</li>
<li>The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. </li>
<li>The Scheme Meeting will be held on the 16 November, as previously flagged in August's SID, with an expected implementation on the 9 December. </li>
</ul>


Back on the 18 August, aviation engine repair play PTB Group (PTB AU) entered into a Scheme Implementation Deed with PAG Holding, at $1.595/share, a 40.5% premium to last close.
The Scheme Booklet has now been lodged with ASIC. The Independent Expert reckons the Offer is fair and reasonable. 
The Scheme Meeting will be held on the 16 November, as previously flagged in August's SID, with an expected implementation on the 9 December. 


PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

<ul>
<li>Diversified contractor <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> announced a friendly off-market cash offer from fellow contractor Thiess on the 26 July, at A$1.025/share, a 28.1% premium to the undisturbed price.  </li>
<li>After MACA rejected <a href="https://www.smartkarma.com/entities/nrw-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9271:1" rel="noopener">NRW Holdings (NWH AU)</a>'s non-binding proposal (with an implied consideration of $1.085/share), Thiess lifted its all-cash Offer to A$1.075/share. NRW subsequently <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02561122-6A1106889?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">walked</a>.</li>
<li>The Offer was conditional on Thiess having a relevant interest in more than 90% of MACA. That condition has been waived and the Offer is now Unconditional.</li>
</ul>


Diversified contractor MACA Ltd (MLD AU) announced a friendly off-market cash offer from fellow contractor Thiess on the 26 July, at A$1.025/share, a 28.1% premium to the undisturbed price.  
After MACA rejected NRW Holdings (NWH AU)'s non-binding proposal (with an implied consideration of $1.085/share), Thiess lifted its all-cash Offer to A$1.075/share. NRW subsequently walked.
The Offer was conditional on Thiess having a relevant interest in more than 90% of MACA. That condition has been waived and the Offer is now Unconditional.


MACA: Thiess Declares Offer Unconditional

Australia

Japara Healthcare Limited, is a provider of aged care and retirement living services in Australia.

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

Japara Healthcare (JHC AU)

Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed

Perpetual "clarifying" its commitment to the Scheme is not a great look. Yet the revised terms provide Pendal with more skin in the game, I'm still...

David Blennerhassett

Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable

Trading wide at a 5.8%/46.3% gross/annualised spread. I believe this is more a reflection of general risk aversion, as opposed to investors...

David Blennerhassett

PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

Trading relatively tight at a 1.9%/12.4% gross/annualised spread, assuming 9 December payment. This is a done deal. Although it's not a super...

David Blennerhassett

MACA: Thiess Declares Offer Unconditional

Trading at terms. This is unlikely to change. Unless you can take advantage of any franking credits - assuming such a dividend actually takes place...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed

Perpetual "clarifying" its commitment to the Scheme is not a great look. Yet the revised terms provide Pendal with more skin in the game, I'm still...

David Blennerhassett

Readytech (RDY AU): Microequities Baulks At PEP's A$4.50/Share Indicative Offer

Given the indictive nature, trading at an 8.9% gross spread. I'd be disinclined to chase this given the number of no-deals in this space, and...

David Blennerhassett

Nearmap (NEA AU): 25 Nov Scheme Meeting. IE Says Fair & Reasonable

Trading wide at a 5.8%/46.3% gross/annualised spread. I believe this is more a reflection of general risk aversion, as opposed to investors...

David Blennerhassett

PTB Group (PTB AU): 16 Nov Scheme Meeting. IE Says Fair

Trading relatively tight at a 1.9%/12.4% gross/annualised spread, assuming 9 December payment. This is a done deal. Although it's not a super...

David Blennerhassett

MACA: Thiess Declares Offer Unconditional

Trading at terms. This is unlikely to change. Unless you can take advantage of any franking credits - assuming such a dividend actually takes place...

David Blennerhassett