Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul>
<li>Macquarie Asset Management's final bid for Renewi is £8.7/share, with a current spread of 9% and a downside risk of 25%.</li>
<li>Three shareholders holding 15.1% of Renewi have signed irrevocable support agreements; confirmatory due diligence is ongoing.</li>
<li>Macquarie's offer values Renewi at 6.7x TTM adj. EBITDA, aligning with European peers' valuations, considering the control premium.</li>
</ul>


Macquarie Asset Management's final bid for Renewi is £8.7/share, with a current spread of 9% and a downside risk of 25%.
Three shareholders holding 15.1% of Renewi have signed irrevocable support agreements; confirmatory due diligence is ongoing.
Macquarie's offer values Renewi at 6.7x TTM adj. EBITDA, aligning with European peers' valuations, considering the control premium.


Macquarie's £8.7/share Bid for Renewi Supported by Key Shareholders Amid 9% Spread and Due Diligence Completion

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.</li>
<li>Although I do not see any regular ADDs/DELs for the March 2024 rebalance, there might be one or two intra-review changes during the first quarter of 2024. </li>
<li>These intra-review changes will be triggered by the completion of M&amp;A events and it is important to know which names are leading the race to become intra-review ADDs.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.
Although I do not see any regular ADDs/DELs for the March 2024 rebalance, there might be one or two intra-review changes during the first quarter of 2024. 
These intra-review changes will be triggered by the completion of M&amp;A events and it is important to know which names are leading the race to become intra-review ADDs.


Quiddity Leaderboard F100/​​​250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

<ul><li>Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.</li><li>Marlowe resumed stock buybacks, purchasing £1.9m worth of shares, with £22m remaining in buyback authorization.</li><li>Pacific Current Group announced a tender offer at A$12/share, implying a 30% discount to pro-forma NAV.</li></ul>

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.Marlowe resumed stock buybacks, purchasing £1.9m worth of shares, with £22m remaining in buyback authorization.Pacific Current Group announced a tender offer at A$12/share, implying a 30% discount to pro-forma NAV.

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.</li>
<li>I see one change for the F100 index and two other changes for the F250 index. There could be more as there are many names close to the border.</li>
<li>There are also a couple of potential intra-review changes expected in the next few weeks for <a href="https://www.smartkarma.com/entities/lxi-reit-plc" target="_blank" data-smartkarma-citation="entities:40684:1" rel="noopener">LXI REIT (LXI LN)</a> and <a href="https://www.smartkarma.com/entities/network-international-holdings-plc" target="_blank" data-smartkarma-citation="entities:28918:1" rel="noopener">Network International Holdings (NETW LN)</a> </li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.
I see one change for the F100 index and two other changes for the F250 index. There could be more as there are many names close to the border.
There are also a couple of potential intra-review changes expected in the next few weeks for LXI REIT (LXI LN) and Network International Holdings (NETW LN) 


Quiddity Leaderboard F100/​​​250 Mar 24: One More Day to Base Date. Lots of Possibilities!

<ul>
<li>The F100 and F250 December 2023 index changes are likely to be announced after the close on Wednesday 29th December 2023.</li>
<li>In this insight, we take a look at the potential index changes for F100 and F250 based on rankings as of 27th November 2023.</li>
<li>There could be one change for the F100 index and six separate changes for the F250 index. Some names lurking close to the border can still make it.</li>
</ul>


The F100 and F250 December 2023 index changes are likely to be announced after the close on Wednesday 29th December 2023.
In this insight, we take a look at the potential index changes for F100 and F250 based on rankings as of 27th November 2023.
There could be one change for the F100 index and six separate changes for the F250 index. Some names lurking close to the border can still make it.


Quiddity Leaderboard F100/​​​250 Dec 23: Final Expectations; Two Trading Days for Announcement

United Kingdom

Renewi plc provides waste management services. The Company collects and recycles energy and fuel, paper, metal, plastic, glass, woodchips and compost, and other products. Renewi serves customers in Europe and North America.

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Renewi (RWI LN)

Quiddity Leaderboard F100/250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

F250 members Network International Holdings and LXI REIT could get deleted from the F250 index in 1Q 2024. The F250 potential ADDs leading the race...

Janaghan Jeyakumar, CFA

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.

Special Situation Investments

Quiddity Leaderboard F100/250 Mar 24: One More Day to Base Date. Lots of Possibilities!

There could be two slots for intra-review replacements in March 2024. Currently, Alfa Financial Software (ALFA LN) and Brunner Investment Trust...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Dec 23: Final Expectations; Two Trading Days for Announcement

Today is the base date for the December 2023 review. The index changes for the December 2023 review will be decided based on full market cap...

Janaghan Jeyakumar, CFA

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Macquarie's £8.7/share Bid for Renewi Supported by Key Shareholders Amid 9% Spread and Due Diligence Completion

Macquarie Asset Management's final bid for Renewi is £8.7/share, with a current spread of 9% and a downside risk of 25%.

Special Situation Investments

Quiddity Leaderboard F100/​​​250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

F250 members Network International Holdings and LXI REIT could get deleted from the F250 index in 1Q 2024. The F250 potential ADDs leading the race...

Janaghan Jeyakumar, CFA

SSI Weekly Highlights: Merger Arbs, Acquisition Challenges, and Strategic Buybacks in Focus

Highwire Capital's acquisition of SPAR Group at $2.50/share faces challenges due to financing issues and founder stock sales.

Special Situation Investments

Quiddity Leaderboard F100/​​​250 Mar 24: One More Day to Base Date. Lots of Possibilities!

There could be two slots for intra-review replacements in March 2024. Currently, Alfa Financial Software (ALFA LN) and Brunner Investment Trust...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/​​​250 Dec 23: Final Expectations; Two Trading Days for Announcement

Today is the base date for the December 2023 review. The index changes for the December 2023 review will be decided based on full market cap...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Mar 24: Intra-Review Replacements for NETW and LXI REIT

Quiddity Leaderboard F100/250 Mar 24: One More Day to Base Date. Lots of Possibilities!

Quiddity Leaderboard F100/250 Dec 23: Final Expectations; Two Trading Days for Announcement