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.

Event-Driven

<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> has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price. </li>
<li>The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). <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>, the largest shareholder with a 53.58% stake, will support the offer. </li>
<li>The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.</li>
</ul>



Sg Fleet (SGF AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price. 
The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). Super Group (SPG SJ), the largest shareholder with a 53.58% stake, will support the offer. 
The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.


SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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

<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

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/renewable-japan-co-ltd" target="_blank" data-smartkarma-citation="entities:35211:1" rel="noopener">Renewable Japan (9522 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>.     </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Arcadium Lithium (LTM AU), Seven &amp; I Holdings (3382 JP), Get Nice Financial Group Ltd (1469 HK), ESR Group (1821 HK), Goldlion Holdings (533 HK). 
Lowest spreads: Lifestyle China (2136 HK), Renewable Japan (9522 JP), Macromill, Inc (3978 JP), Fuji Soft Inc (9749 JP), Nec Networks &amp; System Integr (1973 JP).     


Merger Arb Mondays (23 Dec) - Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius

Australia

SG Fleet Group Ltd provides vehicle leasing and fleet management services. The Company offers its services to corporate and government customers and individual employees of those customers.

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Sg Fleet (SGF AU)

SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

This is done. The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end...

Arun George

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

Merger Arb Mondays (23 Dec) - Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius

This week, the highest gross spreads are Arcadium Lithium (20.6%), Seven & I (17.8%), Get Nice Financial (10.3%), ESR (8.9%), Goldlion (7.3%),...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

This is done. The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end...

Arun George

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

Merger Arb Mondays (23 Dec) - Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius

This week, the highest gross spreads are Arcadium Lithium (20.6%), Seven & I (17.8%), Get Nice Financial (10.3%), ESR (8.9%), Goldlion (7.3%),...

Arun George