Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Investment houses <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. (SOL AU)</a> (WHSP) and <a href="https://www.smartkarma.com/entities/milton-corp-ltd" target="_blank" data-smartkarma-citation="entities:29090:1" rel="noopener">Milton Corp Ltd (MLT AU)</a> have <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02386623-2A1304538?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a merger by way of a Scheme via a scrip consideration.
The proposal implies Milton shareholders will receive a total consideration of $6.00/share, a 20% premium to last close and a 9.9% premium to the pre-tax NTA, comprising:
<ul>
<li>new WHSP shares;</li>
<li>a fully franked special dividend from Milton of up A$0.37/share;</li>
<li>a fully franked final dividend from Milton of A$.08/share (estimated); and</li>
</ul>
There is also a fully franked final dividend from WHSP of A$0.36 which when applying the scrip ratio will be worth A$0.07/share (estimated) to MLT holders if they hold WHSP as of the record date. 
As such, an additional A$0.22/share in franking credits (including 3c for the ~7c distribution from the WHSP shares) will be distributed for those Milton shareholders who can take advantage.
The merger has limited conditionality - that being the approval by independent Milton shareholders at a Scheme Meeting, tentatively scheduled for mid-September.
Provided all goes to plan, the Scheme is expected to be implemented late October. 
The independent directors of Milton unanimously recommend the proposal.
More below the fold.

Investment houses Washington H. Soul Pattinson and Co. (SOL AU) (WHSP) and Milton Corp Ltd (MLT AU) have announced a merger by way of a Scheme via a scrip consideration.
The proposal implies Milton shareholders will receive a total consideration of $6.00/share, a 20% premium to last close and a 9.9% premium to the pre-tax NTA, comprising:

new WHSP shares;
a fully franked special dividend from Milton of up A$0.37/share;
a fully franked final dividend from Milton of A$.08/share (estimated); and

There is also a fully franked final dividend from WHSP of A$0.36 which when applying the scrip ratio will be worth A$0.07/share (estimated) to MLT holders if they hold WHSP as of the record date. 
As such, an additional A$0.22/share in franking credits (including 3c for the ~7c distribution from the WHSP shares) will be distributed for those Milton shareholders who can take advantage.
The merger has limited conditionality - that being the approval by independent Milton shareholders at a Scheme Meeting, tentatively scheduled for mid-September.
Provided all goes to plan, the Scheme is expected to be implemented late October. 
The independent directors of Milton unanimously recommend the proposal.
More below the fold.

Australia

Milton Corporation Limited is a listed investment company incorporated in Australia.  The Fund aims to generate an increasing income stream in the form of fully franked dividends by investing in a portfolio that will also provide growth.  The Fund invests in companies, trusts, fixed interest securities (including mortgages), and property.

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

Milton Corp Ltd (MLT AU)

WHSP's Proposed Merger With Milton Corp

Pretty tight for what has a three and half month expected timeline. Plus terms fluctuate with the market. If the NTA, for example, falls 5% and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)