New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business.</li><li>There are positive long term trends including regulatory reform and government growth targets for the aquaculture industry, but it could take some time for this to translate to realisable opportunities for NZK.</li><li>If approved, the Blue Endeavour open ocean farming project still requires significant investment and execution may be challenging.</li></ul>

New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business.There are positive long term trends including regulatory reform and government growth targets for the aquaculture industry, but it could take some time for this to translate to realisable opportunities for NZK.If approved, the Blue Endeavour open ocean farming project still requires significant investment and execution may be challenging.

New Zealand King Salmon: Scaling Down; Neutral

Thematic (Sector/Industry)

<ul><li>Positive undercurrents continue to develop</li><li>Regulatory reform: New Zealand producers continue to lag international peers partially due to a rigid regulatory framework which is not fit for purpose</li><li>A tale of two terms: short term pain for long term gain?</li></ul>

Positive undercurrents continue to developRegulatory reform: New Zealand producers continue to lag international peers partially due to a rigid regulatory framework which is not fit for purposeA tale of two terms: short term pain for long term gain?

Harvest Summary: Stacking up the Seafood Stocks

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Tasmanian salmon producer <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> and Canadian aquaculture play Cooke have <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02553525-3A599116?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme at A$5.23/share. </li>
<li>The revised Offer is Cooke's fourth bid since late May, having initially pitched A$4.67/share. Cooke has been gradually building its stake and now holds 10.5%, up from 5.4% initially.  </li>
<li>This Offer is done and dusted. Tassal's board unanimously recommends shareholders vote in favour of the Scheme.</li>
</ul>


Tasmanian salmon producer Tassal (TGR AU) and Canadian aquaculture play Cooke have entered into a Scheme at A$5.23/share. 
The revised Offer is Cooke's fourth bid since late May, having initially pitched A$4.67/share. Cooke has been gradually building its stake and now holds 10.5%, up from 5.4% initially.  
This Offer is done and dusted. Tassal's board unanimously recommends shareholders vote in favour of the Scheme.


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/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.</li>
<li>The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.</li>
<li>This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.</li>
</ul>



Tassal (TGR AU) entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.
The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.
This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.


<ul>
<li>On 19 July, Cooke, the spurned suitor, increased its stake in <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> to 10.49%. The average price to build the 10.49% stake is A$4.14 per share. </li>
<li>Cooke also hired Phil Wiese, the former CEO of <a href="https://www.smartkarma.com/entities/huon-aquaculture-group-ltd" target="_blank" data-smartkarma-citation="entities:12348:1" rel="noopener">Huon Aquaculture (HUO AU)</a>, as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it. </li>
<li>With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.</li>
</ul>


On 19 July, Cooke, the spurned suitor, increased its stake in Tassal (TGR AU) to 10.49%. The average price to build the 10.49% stake is A$4.14 per share. 
Cooke also hired Phil Wiese, the former CEO of Huon Aquaculture (HUO AU), as a MD in Canada. Mr Wiese is well qualified to run Tassal should Cooke acquire it. 
With shareholders happy to sell to Cooke despite the Board’s assertions that the previous bid undervalued Tassal, a new offer will force the Board to engage.


Tassal: Cooke Increases Its Stake to 10.49%

New Zealand

New Zealand King Salmon Investments Limited provides fish farming services. The Company produces, grows, and sells salmons products. New Zealand King Salmon Investments serves customers worldwide.

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New Zealand King Salmon (NZK NZ)

New Zealand King Salmon: Scaling Down; Neutral

New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business. There are positive long...

Forsyth Barr

Harvest Summary: Stacking up the Seafood Stocks

The New Zealand seafood sector has the potential to experience significant growth in the long run, but the medium term remains highly uncertain

Forsyth Barr

Cooke Nets Tassal On Fourth Attempt

Trading tight at a gross/annualised return of 1.8%/6.8%, assuming mid-November completion. Not as attractive to investors who previously...

David Blennerhassett

Tassal Recommends Cooke’s A$5.23 Offer

This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.

Arun George

Tassal: Cooke Increases Its Stake to 10.49%

Cooke has increased its stake in Tassal to 10.49%. With shareholders happy to sell despite the Board’s assertions that Cooke's bid undervalued...

Arun George

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