Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

Friday after the close of trading and before the long holiday weekend, Ferrovial Services Australia - the bidding party in <a href="https://www.smartkarma.com/entities/21031" target="_blank" data-smartkarma-citation="entities:21031">Ferrovial's</a> Offer for <a href="https://www.smartkarma.com/entities/5" target="_blank" data-smartkarma-citation="entities:5">Broadspectrum Ltd</a> - <a href="http://www.asx.com.au/asxpdf/20160422/pdf/436pvkxt0xwnnt.pdf" target="_blank">announced</a> the Status of Defeating Conditions...<div class="content-highlight"><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/007/481/original/20160423_BRS_SDCs.png?1461406088" class="editor-image img-responsive" data-smartkarma-image-id="7481"></figure></div> and...gave <a href="http://www.asx.com.au/asxpdf/20160422/pdf/436pyt3ryc7710.pdf" target="_blank">notice</a> that it had not extended the Offer, and it was scheduled to close at 7pm Sydney time on 2 May 2016.That's it, folks. The Offer will not have its 50% condition waived and will not be further extended. The most recent update (April 18th pre-open) of the position held by…

Friday after the close of trading and before the long holiday weekend, Ferrovial Services Australia - the bidding party in Ferrovial's Offer for Broadspectrum Ltd - announced the Status of Defeating Conditions... and...gave notice that it had not extended the Offer, and it was scheduled to close at 7pm Sydney time on 2 May 2016.That's it, folks. The Offer will not have its 50% condition waived and will not be further extended. The most recent update (April 18th pre-open) of the position held by…

Broadspectrum:  Mattress Mischief Managed

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Macroeconomics

<div class="content-highlight">The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors.</div> We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: <ul><li><div class="content-highlight">The failure of some…</div></li></ul>

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors. We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: The failure of some…

It has been a long and tiring battle behind the mattresses for both sides. Ferrovial initially bid $A$1.35/share in a hostile approach last December when Broadspectrum was on its knees at A$0.85/share and Broadspectrum was in danger of not winning a big contract with the Australian Department of Immigration and Border Protection. In fact, the renewal of the contract for Nauru &amp; Manus Island Detention Centre got delayed, and put into competition, Broadspectrum got more contracts, the numbers…

It has been a long and tiring battle behind the mattresses for both sides. Ferrovial initially bid $A$1.35/share in a hostile approach last December when Broadspectrum was on its knees at A$0.85/share and Broadspectrum was in danger of not winning a big contract with the Australian Department of Immigration and Border Protection. In fact, the renewal of the contract for Nauru &amp; Manus Island Detention Centre got delayed, and put into competition, Broadspectrum got more contracts, the numbers…

Last night, the Sydney Morning Herald carried an article titled <a href="http://www.smh.com.au/business/ferrovial-digs-in-for-long-haul-after-broadspectrum-rejection-of-715m-takeover-20160129-gmgr7b.html" target="_blank">Ferrovial Digs In For the Long Haul After Broadspectrum Rejection of [A]$715mm Takeover.</a> <blockquote>
Broadspectrum suitor Ferrovial is settling in for a long takeover battle, with the Spanish company waiting for regulatory approvals before issuing a formal response to the contractor's rejection of its $715 million hostile bid.
Ferrovial is preparing a response to Broadspectrum, which was previously known as Transfield Services, but is in no…
</blockquote>

Last night, the Sydney Morning Herald carried an article titled Ferrovial Digs In For the Long Haul After Broadspectrum Rejection of [A]$715mm Takeover. 
Broadspectrum suitor Ferrovial is settling in for a long takeover battle, with the Spanish company waiting for regulatory approvals before issuing a formal response to the contractor's rejection of its $715 million hostile bid.
Ferrovial is preparing a response to Broadspectrum, which was previously known as Transfield Services, but is in no…


Ferrovial Peeks Head Out From Behind Mattress Yet Again

A few hours ago, <a href="https://www.smartkarma.com/entities/5" target="_blank" data-smartkarma-citation="entities:5">Broadspectrum</a> released its <a href="http://tse.live.irmau.com/irm/showdownloaddoc.aspx?SiteId=254&amp;AnnounceGuid=60ccaa34-68fe-4c0c-89dc-d6a9333e17be" target="_blank">Target's Statement</a> regarding <a href="https://www.smartkarma.com/entities/21031" target="_blank" data-smartkarma-citation="entities:21031">Ferrovial</a>'s unsolicited Offer to acquire 50.1% of the shares at A$1.35/share.This is as expected.  The chairman's letter and the board unanimously recommends shareholders REJECT, for lots of reasons. Some are valid. Some are not. The main reasons explained in the Chairman's Letter are as follows: <ol><li>Ferrovial's Offer "Significantly undervalues your Broadspectrum shares" as the Independent Expert came up with a fair value range…</li></ol>

A few hours ago, Broadspectrum released its Target's Statement regarding Ferrovial's unsolicited Offer to acquire 50.1% of the shares at A$1.35/share.This is as expected.  The chairman's letter and the board unanimously recommends shareholders REJECT, for lots of reasons. Some are valid. Some are not. The main reasons explained in the Chairman's Letter are as follows: Ferrovial's Offer "Significantly undervalues your Broadspectrum shares" as the Independent Expert came up with a fair value range…

Broadspectrum Peaks Head Out from Behind Mattress. Shoots. Ducks Again.

Australia

Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, project management, construction, and airport ground handling services. Monadelphous Group serves customers in Australia.

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Monadelphous (MND AU)

Broadspectrum: Mattress Mischief Managed

Friday after the close of trading and before the long holiday weekend, Ferrovial Services Australia - the bidding party in Ferrovial's Offer...

Travis Lundy

Beware Impairments in EM and Asia

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for...

Mark Artherton

Broadspectrum: One Bump & It's Final

It has been a long and tiring battle behind the mattresses for both sides. Ferrovial initially bid $A$1.35/share in a hostile approach last...

Travis Lundy

Ferrovial Peeks Head Out From Behind Mattress Yet Again

Last night, the Sydney Morning Herald carried an article titled Ferrovial Digs In For the Long Haul After Broadspectrum Rejection of [A]$715mm...

Travis Lundy

Broadspectrum Peaks Head Out from Behind Mattress. Shoots. Ducks Again.

A few hours ago, Broadspectrum released its Target's Statement regarding Ferrovial's unsolicited Offer to acquire 50.1% of the shares at...

Travis Lundy

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52-week Range

Market Cap (USDm)

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