Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 25 November, <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a> (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).</li>
<li>The initial due diligence period was <a href="https://announcements.asx.com.au/asxpdf/20241129/pdf/06c17q4c4p8l66.pdf" target="_blank" rel="noopener">extended</a> one week to the 6th December. That short timeframe suggested a firm Offer was imminent. Both parties have now <a href="https://announcements.asx.com.au/asxpdf/20241204/pdf/06c76g0843bt53.pdf" target="_blank" rel="noopener">entered into a SID</a>. </li>
<li>Terms remains the same as the NBIO. SGF's largest shareholder, <a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a> (53.58%), is supportive. Implementation is expected in the 1Q25. </li>
</ul>


Back on the 25 November, SG Fleet (SGF AU) (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).
The initial due diligence period was extended one week to the 6th December. That short timeframe suggested a firm Offer was imminent. Both parties have now entered into a SID. 
Terms remains the same as the NBIO. SGF's largest shareholder, Super Group (SPG SJ) (53.58%), is supportive. Implementation is expected in the 1Q25. 


SG Fleet (SGF AU): Now PEP's A$3.50/Share Firm 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>
<a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> confirmed it received a non-binding indicative proposal from Pacific Equity Partners at A$3.50 per share, a 31.1% premium to the undisturbed price. </li>
<li>In consultation with Bluefin Investments, the largest shareholder, PEP has been granted exclusive due diligence access, which ends on November 29.</li>
<li>The offer is attractive compared to peer multiples and represents an all-time high. The talks are in the final stages, as due diligence ends at the end of the week.</li>
</ul>



Sg Fleet (SGF AU) confirmed it received a non-binding indicative proposal from Pacific Equity Partners at A$3.50 per share, a 31.1% premium to the undisturbed price. 
In consultation with Bluefin Investments, the largest shareholder, PEP has been granted exclusive due diligence access, which ends on November 29.
The offer is attractive compared to peer multiples and represents an all-time high. The talks are in the final stages, as due diligence ends at the end of the week.


SG Fleet (SGF AU): Pacific Equity Partners’ Indicative Offer at A$3.50

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a>, an Aussie provider of fleet leasing services, has announced a A$3.50/share non-binding and indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP). </li>
<li>SGF's board, in consultation with South Africa's <a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a>, its largest shareholder, has granted PEP exclusive due diligence. </li>
<li>A$3.50/Share is a 31% premium to undisturbed. The exclusivity period expires on the 29th November 2024. That short timeframe suggests a firm Offer is imminent. </li>
</ul>



SG Fleet (SGF AU), an Aussie provider of fleet leasing services, has announced a A$3.50/share non-binding and indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP). 
SGF's board, in consultation with South Africa's Super Group (SPG SJ), its largest shareholder, has granted PEP exclusive due diligence. 
A$3.50/Share is a 31% premium to undisturbed. The exclusivity period expires on the 29th November 2024. That short timeframe suggests a firm Offer is imminent. 


SG Fleet (SGF AU): PEP's A$3.50/Share NBIO

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2024 index rebal event.</li>
<li>There are up to two intra-review changes possible between now and the June 2024 review which could triggered by the <a href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" target="_blank" data-smartkarma-citation="entities:6529:1" rel="noopener">Silver Lake (SLR AU)</a> and <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a> deals.</li>
<li>Separately, I see one ASX 20 change and two ASX 100 changes for the regular rebalance in June 2024.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2024 index rebal event.
There are up to two intra-review changes possible between now and the June 2024 review which could triggered by the Silver Lake (SLR AU) and Boral (BLD AU) deals.
Separately, I see one ASX 20 change and two ASX 100 changes for the regular rebalance in June 2024.


Quiddity Leaderboard ASX Jun 24: A Couple of Intra-Review Changes Likely

Thematic (Sector/Industry)

<ul>
<li>To an Australian individual investor, franking credits simply recognise tax already paid by a company on their earnings. These credits may reduce tax you would otherwise pay on dividend income.</li>
<li>This dividend imputation system prevents double taxation and essentially treats company tax paid as a prepayment of shareholder tax.</li>
<li>The system makes a lot of sense. It's a curious thing so few countries have adopted a similar corporate tax structure.</li>
</ul>


To an Australian individual investor, franking credits simply recognise tax already paid by a company on their earnings. These credits may reduce tax you would otherwise pay on dividend income.
This dividend imputation system prevents double taxation and essentially treats company tax paid as a prepayment of shareholder tax.
The system makes a lot of sense. It's a curious thing so few countries have adopted a similar corporate tax structure.


Australia

McMillan Shakespeare Limited provides salary packaging services.  The Company also offers services like procurement of motor vehicles, insurance, finance and fuel and service maintenance programs.

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

Mcmillan Shakespeare (MMS AU)

SG Fleet (SGF AU): Pacific Equity Partners’ Indicative Offer at A$3.50

The offer is attractive compared to peer multiples and represents an all-time high. The talks are in the final stages, as due diligence ends at the...

Arun George

Quiddity Leaderboard ASX Jun 24: A Couple of Intra-Review Changes Likely

I would be LONG Codan (CDA AU) vs the ASX 200 index because I see that as the top potential replacement name for the next ASX 200 change.

Janaghan Jeyakumar, CFA

Let's Talk Aussie Franking Credits

Dividend imputation allows tax credits to be passed to shareholders from companies for corporate tax paid. It prevents double taxation and treats...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SG Fleet (SGF AU): Now PEP's A$3.50/Share Firm Offer

SGF's largest shareholder, Super Group (53.58%), is supportive of the Scheme. This is done and will trade tight. Currently trading at 2.8%/9% gross...

David Blennerhassett

SG Fleet (SGF AU): Pacific Equity Partners’ Indicative Offer at A$3.50

The offer is attractive compared to peer multiples and represents an all-time high. The talks are in the final stages, as due diligence ends at the...

Arun George

SG Fleet (SGF AU): PEP's A$3.50/Share NBIO

Terms remain non-binding. Yet the very short exclusivity period suggests a firm Offer will unfold. Assuming six months to wrap things up, I'd pay...

David Blennerhassett

Quiddity Leaderboard ASX Jun 24: A Couple of Intra-Review Changes Likely

I would be LONG Codan (CDA AU) vs the ASX 200 index because I see that as the top potential replacement name for the next ASX 200 change.

Janaghan Jeyakumar, CFA

Let's Talk Aussie Franking Credits

Dividend imputation allows tax credits to be passed to shareholders from companies for corporate tax paid. It prevents double taxation and treats...

David Blennerhassett