Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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Back on the 12 October last year,  <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02292481-2A1255763?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a conditional, non-binding indicative proposal from a consortium comprising Pacific Equity Partners (PEP) and the Carlyle Group, by way of a Scheme. 
The indicative cash price was A$5.20/share, a 30% premium to last close. Perpetual, holding 9.65% of shares out, said it would vote for a firm Offer of $5.20/share and above.
PEP had previously owned Link before it floated the company at A$6.37/share in 2015.
After Link <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02297758-2A1258281?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">said</a> the proposal from PEP/Carlyle "materially undervalued the company", the following events took place:
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<h3>Date</h3>
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<td style="width: 534.94px;">
<h3>Data in the Date</h3>
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<td style="width: 168.591px;">26-Oct-20</td>
<td style="width: 534.94px;">PEP/Carlyle <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02298663-2A1258716?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">tabled</a> a A$5.40/share non-binding indicative Offer, in cash.</td>
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<td style="width: 168.591px;">28-Oct-20</td>
<td style="width: 534.94px;">Link <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02300645-2A1259592?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">responded</a> that the proposal was not compelling - but gave the consortium DD access nonetheless.</td>
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<td style="width: 168.591px;">7-Dec-20</td>
<td style="width: 534.94px;">Software provider <a href="https://www.smartkarma.com/entities/ss-c-technologies-holdings" target="_blank" data-smartkarma-citation="entities:3464:1" rel="noopener">Ss&amp;C Technologies (SSNC US)</a> pitched a non-binding indicative proposal, by way of Scheme, at A$5.65/share, 4.6% above PEP/Carlyle's proposal. <a href="https://skr.ma/aNsnW" target="_blank" rel="noopener">Link Admin (LNK AU): SS&amp;C Trumps PEP/Carlyle</a>
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<td style="width: 168.591px;">
10-Dec-20
</td>
<td style="width: 534.94px;">
Link <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02320482-2A1269370?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">grants</a> <a href="https://www.smartkarma.com/entities/ss-c-technologies-holdings" target="_blank" data-smartkarma-citation="entities:3464:1" rel="noopener">Ss&amp;C Technologies (SSNC US)</a> due diligence, despite Offer not being compelling. 
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<td style="width: 168.591px;">
3-Jan-21
</td>
<td style="width: 534.94px;">SS&amp;C <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02327774-2A1273133?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">withdraws</a> proposal for Link</td>
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<td style="width: 168.591px;">26-Apr-21</td>
<td style="width: 534.94px;">Bids coming in for Link's 44% stake in PEXA, the digital property settlements group. <a href="https://skr.ma/BxzDT" target="_blank" rel="noopener">Link Admin (LNK AU): PEXA Bidding</a>
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<td style="width: 168.591px;">
28-Apr-21
</td>
<td style="width: 534.94px;">
After PEP/Carlyle <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02367784-2A1294740?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">withdrew</a> its proposal, Link said it had received non-binding indications for PEXA "significantly greater" than the $1.60/share proposed under the PEP/Carlyle Offer.
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27-May-21
</td>
<td style="width: 534.94px;">
Link <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02379094-2A1300378?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it had received an Offer from KKR, in partnership with <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>, representing an EV of $3bn for 100% of PEXA, or A$1.38bn for Link's equity stake.  <a href="https://skr.ma/NQHcJ" target="_blank" rel="noopener">Link Group (LNK AU): KKR Opens The Bidding For PEXA</a>
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<td style="width: 168.591px;">
30 May-21
</td>
<td style="width: 534.94px;">
Link <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02379720-2A1300690?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it would take PEXA public on with an enterprise value of A$3.3bn. <a href="https://skr.ma/CrBHo" target="_blank" rel="noopener">Link Admin (LNK AU) Goes IPO Route For PEXA Afterall</a>
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<td style="width: 168.591px;">
31-May-21
</td>
<td style="width: 534.94px;">
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02379766-2A1300716?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it is no longer participating in the PEXA sale process. 
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<td style="width: 168.591px;">
15-Jun-21
</td>
<td style="width: 534.94px;">
<a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> prospectus <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02384387-2A1303417?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">lodged</a>
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1-Jul-21
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<td style="width: 534.94px;">
PEXA commenced trading at <a href="https://www.pexa.com.au/news/pexa-lists-on-the-australian-securities-exchange" target="_blank" rel="noopener">$17.13/share</a>. Link held 42.8% at the conclusion of the IPO.
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<td style="width: 168.591px;">
26-Aug-21
</td>
<td style="width: 534.94px;">
Link announced on-market buybacks up to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02412381-2A1318563?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$150mn</a>
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<h3>The New News</h3>
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Carlyle has returned to the well with a non-binding offer of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02447824-2A1336602?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">$5.38/share</a>, by way of a Scheme, valuing Link at A$2.8bn.
The Offer consideration is $3.00/share in cash for Link's core business, plus a pro-rata distribution of Link’s 42.8% stake in <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>, which has a look-through value of A$2.38/share. Therefore Carlyle's proposal values each Link share at $5.38/share, a 24.2% premium to last close.
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That looks to be a compelling Offer.
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More below the fold.

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Back on the 12 October last year,  Link Administration Holdings (LNK AU) announced a conditional, non-binding indicative proposal from a consortium comprising Pacific Equity Partners (PEP) and the Carlyle Group, by way of a Scheme. 
The indicative cash price was A$5.20/share, a 30% premium to last close. Perpetual, holding 9.65% of shares out, said it would vote for a firm Offer of $5.20/share and above.
PEP had previously owned Link before it floated the company at A$6.37/share in 2015.
After Link said the proposal from PEP/Carlyle "materially undervalued the company", the following events took place:





Date


Data in the Date



26-Oct-20
PEP/Carlyle tabled a A$5.40/share non-binding indicative Offer, in cash.


28-Oct-20
Link responded that the proposal was not compelling - but gave the consortium DD access nonetheless.


7-Dec-20
Software provider Ss&amp;C Technologies (SSNC US) pitched a non-binding indicative proposal, by way of Scheme, at A$5.65/share, 4.6% above PEP/Carlyle's proposal.  Link Admin (LNK AU): SS&amp;C Trumps PEP/Carlyle




10-Dec-20


Link grants Ss&amp;C Technologies (SSNC US) due diligence, despite Offer not being compelling. 




3-Jan-21

SS&amp;C withdraws proposal for Link


26-Apr-21
Bids coming in for Link's 44% stake in PEXA, the digital property settlements group.  Link Admin (LNK AU): PEXA Bidding




28-Apr-21


After PEP/Carlyle withdrew its proposal, Link said it had received non-binding indications for PEXA "significantly greater" than the $1.60/share proposed under the PEP/Carlyle Offer.




27-May-21


Link announced it had received an Offer from KKR, in partnership with Domain Holdings Australia (DHG AU), representing an EV of $3bn for 100% of PEXA, or A$1.38bn for Link's equity stake.   Link Group (LNK AU): KKR Opens The Bidding For PEXA




30 May-21


Link announced it would take PEXA public on with an enterprise value of A$3.3bn.  Link Admin (LNK AU) Goes IPO Route For PEXA Afterall




31-May-21


Domain Holdings Australia (DHG AU)announced it is no longer participating in the PEXA sale process. 




15-Jun-21


PEXA Group (PXA AU) prospectus lodged




1-Jul-21


PEXA commenced trading at $17.13/share. Link held 42.8% at the conclusion of the IPO.




26-Aug-21


Link announced on-market buybacks up to A$150mn





The New News


Carlyle has returned to the well with a non-binding offer of $5.38/share, by way of a Scheme, valuing Link at A$2.8bn.
The Offer consideration is $3.00/share in cash for Link's core business, plus a pro-rata distribution of Link’s 42.8% stake in PEXA Group (PXA AU), which has a look-through value of A$2.38/share. Therefore Carlyle's proposal values each Link share at $5.38/share, a 24.2% premium to last close.


That looks to be a compelling Offer.


More below the fold.



Link Admin (LNK AU): Carlyle Returns. With A Lower Offer

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Earlier today, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> announced that it had received a non-binding indicative proposal from Carlyle Asia Partners to acquire 100% of the shares in Link Group by way of a Scheme of Arrangement for a consideration of A$3/share in cash plus a pro-rata distribution of Link Group's shareholding in <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>. At a lookthrough valuation of A$2.38 per Link Group share based on the PEXA holding, the Carlyle offer values <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> at A$5.38/share, a 24.2% premium to the last close.This follows a consortium offer (of which Carlyle was a part) in October 2020 to acquire all the shares in Link Group at an indicative price of A$5.20/share. The Link Group board rejected the offer and then Carlyle upped their offer to A$5.40/share following which due diligence was granted. SS&amp;C then jumped into the fray with an A$5.65/share offer in December. Neither offer came to fruition and <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> went ahead with the listing of <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>.And now here were are again with Carlyle making another go for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>.We do not expect the Link Group Board to recommend the offer to shareholders but they could grant due diligence access in the hope of getting Carlyle to make a higher offer.

Earlier today, Link Administration Holdings (LNK AU) announced that it had received a non-binding indicative proposal from Carlyle Asia Partners to acquire 100% of the shares in Link Group by way of a Scheme of Arrangement for a consideration of A$3/share in cash plus a pro-rata distribution of Link Group's shareholding in PEXA Group (PXA AU). At a lookthrough valuation of A$2.38 per Link Group share based on the PEXA holding, the Carlyle offer values Link Administration Holdings (LNK AU) at A$5.38/share, a 24.2% premium to the last close.This follows a consortium offer (of which Carlyle was a part) in October 2020 to acquire all the shares in Link Group at an indicative price of A$5.20/share. The Link Group board rejected the offer and then Carlyle upped their offer to A$5.40/share following which due diligence was granted. SS&amp;C then jumped into the fray with an A$5.65/share offer in December. Neither offer came to fruition and Link Administration Holdings (LNK AU) went ahead with the listing of PEXA Group (PXA AU).And now here were are again with Carlyle making another go for Link Administration Holdings (LNK AU).We do not expect the Link Group Board to recommend the offer to shareholders but they could grant due diligence access in the hope of getting Carlyle to make a higher offer.

Investment administrator <a href="https://www.smartkarma.com/entities/praemium-ltd" target="_blank" data-smartkarma-citation="entities:9360:1" rel="noopener">Praemium Ltd (PPS AU)</a> has rejected a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446233-3A580069?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">non-binding proposal</a> from key competitor <a href="https://www.smartkarma.com/entities/netwealth-group-ltd" target="_blank" data-smartkarma-citation="entities:25951:1" rel="noopener">Netwealth (NWL AU)</a>.
By way of a Scheme, Netwealth was offering 1 new NWL share for every 11.96 PPS shares, or an indicative Offer consideration of A$1.50, a 29% premium to last close, and a lifetime high.
PPS' board said the Proposal did not appropriately value Praemium’s current performance, near-term trajectory, growth momentum, and was not representative of recent transaction premia in the Australian platform and funds administration space.
This space is indeed hot. When PPS peer <a href="https://www.smartkarma.com/entities/onevue-holdings-ltd" target="_blank" data-smartkarma-citation="entities:24327:1" rel="noopener">Onevue Holdings (OVH AU)</a> was taken private in the middle of last year (as discussed by <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar</a> in<a href="https://skr.ma/rGK8k" target="_blank" rel="noopener"> OneVue-Iress: Australian Deal Trading Wide</a>), the independent expert flagged (<a href="https://onevue.com.au/wp-content/uploads/2020/09/Scheme-Booklet_final.pdf" target="_blank" rel="noopener">page 132</a>) 12 peers (including PPS and NWL). Of the remaining 10:
<ul>
<li>
<a href="https://www.smartkarma.com/entities/powerwrap-ltd" target="_blank" data-smartkarma-citation="entities:30664:1" rel="noopener">Powerwrap Ltd (PWL AU)</a> was taken private (by PPS) last October;</li>
<li>
<a href="https://www.smartkarma.com/entities/xplore-wealth-ltd" target="_blank" data-smartkarma-citation="entities:12161:1" rel="noopener">xplore (XPL AU)</a> was taken private by <a href="https://www.smartkarma.com/entities/hub24-ltd" target="_blank" data-smartkarma-citation="entities:12336:1" rel="noopener">Hub24 Ltd (HUB AU)</a> in <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02349028-2A1284538?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">March</a>;</li>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> was subject to Offers from SS&amp;C and Carlyle, but in May this year opted to go the IPO route for PEXA, the digital property settlement platform - <a href="https://skr.ma/CrBHo" target="_blank" rel="noopener">Link Admin (LNK AU) Goes IPO Route For PEXA Afterall</a>;
</li>
<li>
<a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a> backed an Offer from EQT but the two were <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02422609-3A576043?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">unable to agree</a> to a transaction in September - <a href="https://skr.ma/Rm5oC" target="_blank" rel="noopener">Iress (IRE AU) Accepts EQT's Latest Proposal</a>;</li>
<li>
<a href="https://www.smartkarma.com/entities/mainstream-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:30611:1" rel="noopener">Mainstream Group Holdings Ltd (MAI AU)</a> was taken private by Apex last month  - <a href="https://skr.ma/fu9ej" target="_blank" rel="noopener">Mainstream (MAI AU): Apex on Top Again as Bidding War Continues....</a>; and</li>
<li>
<a href="https://www.smartkarma.com/entities/hub24-ltd" target="_blank" data-smartkarma-citation="entities:12336:1" rel="noopener">Hub24 Ltd (HUB AU)</a> and <a href="https://www.smartkarma.com/entities/class-ltd" target="_blank" data-smartkarma-citation="entities:24287:1" rel="noopener">Class Ltd (CL1 AU)</a> entered into a Scheme Implementation Deed last month - <a href="https://skr.ma/odCXE" target="_blank" rel="noopener">Class - Hub24: Scheme Trading Wide</a>.</li>
</ul>
Given the above, you can build an understanding why PPS would hold out for a superior Offer.
More below the fold.

Investment administrator Praemium Ltd (PPS AU) has rejected a non-binding proposal from key competitor Netwealth (NWL AU).
By way of a Scheme, Netwealth was offering 1 new NWL share for every 11.96 PPS shares, or an indicative Offer consideration of A$1.50, a 29% premium to last close, and a lifetime high.
PPS' board said the Proposal did not appropriately value Praemium’s current performance, near-term trajectory, growth momentum, and was not representative of recent transaction premia in the Australian platform and funds administration space.
This space is indeed hot. When PPS peer Onevue Holdings (OVH AU) was taken private in the middle of last year (as discussed by Janaghan Jeyakumar in OneVue-Iress: Australian Deal Trading Wide), the independent expert flagged (page 132) 12 peers (including PPS and NWL). Of the remaining 10:


Powerwrap Ltd (PWL AU) was taken private (by PPS) last October;

xplore (XPL AU) was taken private by Hub24 Ltd (HUB AU) in March;

Link Administration Holdings (LNK AU) was subject to Offers from SS&amp;C and Carlyle, but in May this year opted to go the IPO route for PEXA, the digital property settlement platform - Link Admin (LNK AU) Goes IPO Route For PEXA Afterall;


Iress Ltd (IRE AU) backed an Offer from EQT but the two were unable to agree to a transaction in September - Iress (IRE AU) Accepts EQT's Latest Proposal;

Mainstream Group Holdings Ltd (MAI AU) was taken private by Apex last month  - Mainstream (MAI AU): Apex on Top Again as Bidding War Continues....; and

Hub24 Ltd (HUB AU) and Class Ltd (CL1 AU) entered into a Scheme Implementation Deed last month - Class - Hub24: Scheme Trading Wide.

Given the above, you can build an understanding why PPS would hold out for a superior Offer.
More below the fold.

Praemium (PPS AU) Spurns Netwealth's (NWL AU) Proposal

Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

S&amp;P Dow Jones Indices will announce changes to the S&amp;P/ASX 100 and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> as part of the December index review on 3 December and the changes will be effective after the close of trading on 17 December.The review period for the rebalance ends on 19 November, so we are exactly two-thirds of the way through the review period.As of the close on 20 September, we see <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a> as a potential inclusion to the S&amp;P/ASX100 and <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> as a potential deletion.For the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>, potential inclusions are <a href="https://www.smartkarma.com/entities/imugene-ltd" target="_blank" data-smartkarma-citation="entities:20276:1" rel="noopener">Imugene Ltd (IMU AU)</a>, <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a>, <a href="https://www.smartkarma.com/entities/amalgamated-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20978:1" rel="noopener">Event Hospitality and Entertainment (EVT AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> and <a href="https://www.smartkarma.com/entities/arena-reit" target="_blank" data-smartkarma-citation="entities:12209:1" rel="noopener">Arena Reit (ARF AU)</a>, while potential deletions are <a href="https://www.smartkarma.com/entities/kogan-com-ltd" target="_blank" data-smartkarma-citation="entities:23575:1" rel="noopener">Kogan.com (KGN AU)</a>, <a href="https://www.smartkarma.com/entities/redbubble-ltd" target="_blank" data-smartkarma-citation="entities:24321:1" rel="noopener">Redbubble Ltd (RBL AU)</a>, <a href="https://www.smartkarma.com/entities/monadelphous-group-ltd" target="_blank" data-smartkarma-citation="entities:553:1" rel="noopener">Monadelphous (MND AU)</a>, <a href="https://www.smartkarma.com/entities/omni-bridgeway-ltd" target="_blank" data-smartkarma-citation="entities:8840:1" rel="noopener">Imf Bentham Ltd (OBL AU)</a> and <a href="https://www.smartkarma.com/entities/spark-new-zealand-ltd-3dcc706a-f086-4dd4-882b-2a42a36ccf8d" target="_blank" data-smartkarma-citation="entities:26915:1" rel="noopener">Spark New Zealand (SPK AU)</a>.With multiple M&amp;A deal pending, including <a href="https://www.smartkarma.com/entities/afterpay-limited" target="_blank" data-smartkarma-citation="entities:26940:1" rel="noopener">Afterpay Touch (APT AU)</a>, <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>, <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a>, <a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a> and <a href="https://www.smartkarma.com/entities/spark-infrastructure-group" target="_blank" data-smartkarma-citation="entities:595:1" rel="noopener">Spark Infrastructure (SKI AU)</a>, there could be more additions to the index if deals are completed or highly likely to be completed by end November.Short interest on most potential inclusions is quite low, while the short interest on many potential exclusions is quite high.

S&amp;P Dow Jones Indices will announce changes to the S&amp;P/ASX 100 and S&amp;P/ASX 200 (AS51 INDEX) as part of the December index review on 3 December and the changes will be effective after the close of trading on 17 December.The review period for the rebalance ends on 19 November, so we are exactly two-thirds of the way through the review period.As of the close on 20 September, we see Pilbara Minerals (PLS AU) as a potential inclusion to the S&amp;P/ASX100 and Link Administration Holdings (LNK AU) as a potential deletion.For the S&amp;P/ASX 200 (AS51 INDEX), potential inclusions are Imugene Ltd (IMU AU), Paladin Energy (PDN AU), Event Hospitality and Entertainment (EVT AU), Liontown Resources (LTR AU) and Arena Reit (ARF AU), while potential deletions are Kogan.com (KGN AU), Redbubble Ltd (RBL AU), Monadelphous (MND AU), Imf Bentham Ltd (OBL AU) and Spark New Zealand (SPK AU).With multiple M&amp;A deal pending, including Afterpay Touch (APT AU), Sydney Airport (SYD AU), Ausnet Services (AST AU), Oil Search Ltd (OSH AU) and Spark Infrastructure (SKI AU), there could be more additions to the index if deals are completed or highly likely to be completed by end November.Short interest on most potential inclusions is quite low, while the short interest on many potential exclusions is quite high.

ASX100/​200 Index Rebalance Preview: Potential December Changes With Large Impact

Australia

Link Administration Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides fund administration, corporate markets, information, and digital and data services. Link Administration Holdings serves customers worldwide.

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Link Administration (LNK AU)

Link Admin (LNK AU): Carlyle Returns. With A Lower Offer

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Link Group (LNK AU): Carlyle's Back

Carlyle is back with an offer for Link Group. The consideration is A$3/share in cash and a pro-rata distribution of Link's holding in PEXA Group....

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Praemium (PPS AU) Spurns Netwealth's (NWL AU) Proposal

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Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

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Brian Freitas

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Link Admin (LNK AU): Carlyle Returns. With A Lower Offer

Trading at a gross/annualised spread of 13.1%/34.7%, assuming five months to complete. There are risks attached to Indicative Offers. However,...

David Blennerhassett

Link Group (LNK AU): Carlyle's Back

Carlyle is back with an offer for Link Group. The consideration is A$3/share in cash and a pro-rata distribution of Link's holding in PEXA Group....

Brian Freitas

Praemium (PPS AU) Spurns Netwealth's (NWL AU) Proposal

Currently trading 2.8% through terms. Apart from the premium to last close, the proposal for Praemium appears full. Yet this sector is very much...

David Blennerhassett

Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ASX100/​200 Index Rebalance Preview: Potential December Changes With Large Impact

There could be 1 change to the ASX100 and 5 changes to the ASX200 at the December rebalance. With a long M&A pipeline, there could be additional...

Brian Freitas

ASX100/200 Index Rebalance Preview: Potential December Changes With Large Impact