IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>The <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> scheme meeting is scheduled for 13 July. The independent expert has concluded that the Dye &amp; Durham (DND) offer is fair and reasonable.</li>
<li>The offer faces significant risks which are ACCC review (<a href="https://www.accc.gov.au/public-registers/mergers-registers/public-informal-merger-reviews/dye-durham-corporation-link-administration-holdings" target="_blank" rel="noopener">findings delayed</a> from the 26 May release date), a contract renewal potentially triggering the MAC clause and an ongoing <a href="https://www.fca.org.uk/news/news-stories/lf-woodford-equity-income-fund-investigation" target="_blank" rel="noopener">FCA investigation</a>.</li>
<li>At the last close, the gross spread to the base offer is 10.7%. We would be buyers up to A$5.20 per share (implies 75% deal probability).</li>
</ul>


The Link Administration Holdings (LNK AU) scheme meeting is scheduled for 13 July. The independent expert has concluded that the Dye &amp; Durham (DND) offer is fair and reasonable.
The offer faces significant risks which are ACCC review (findings delayed from the 26 May release date), a contract renewal potentially triggering the MAC clause and an ongoing FCA investigation.
At the last close, the gross spread to the base offer is 10.7%. We would be buyers up to A$5.20 per share (implies 75% deal probability).


Link’s Scheme Meeting on 13 July, High Spread Reflects Deal Risk

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Supreme Court of New South Wales today approved the convening of a Scheme Meeting for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> on the 13 July.  </li>
<li>The Explanatory Booklet has been registered with ASIC. The Independent Expert (Deloitte) has concluded that the A$5.50/share Scheme Consideration is fair and reasonable. </li>
<li>Separately, the Offeror, Canada's Dye &amp; Durham, has seen its shares decline 57% since the release of its 2Q22 results.</li>
</ul>


The Supreme Court of New South Wales today approved the convening of a Scheme Meeting for Link Administration Holdings (LNK AU) on the 13 July.  
The Explanatory Booklet has been registered with ASIC. The Independent Expert (Deloitte) has concluded that the A$5.50/share Scheme Consideration is fair and reasonable. 
Separately, the Offeror, Canada's Dye &amp; Durham, has seen its shares decline 57% since the release of its 2Q22 results.


Link Admin (LNK AU): 13 July Scheme Meeting As Dye & Durham Takes A Bath

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> announced that all applications for regulatory approvals have been submitted. The Scheme explanatory booklet will be submitted to ASIC this week.</li>
<li>Separately, discussions with LCFH have not resulted in an agreement for the sale of Link's BCM business. Additionally, a proposal from FNZ Group for the RSS business was rejected.</li>
<li>The ACCC and FCA approvals are the key risks to the deal completing.</li>
</ul>



Link Administration Holdings (LNK AU) announced that all applications for regulatory approvals have been submitted. The Scheme explanatory booklet will be submitted to ASIC this week.
Separately, discussions with LCFH have not resulted in an agreement for the sale of Link's BCM business. Additionally, a proposal from FNZ Group for the RSS business was rejected.
The ACCC and FCA approvals are the key risks to the deal completing.


Link Admin (LNK AU): Scheme On Track as Proposal Emerges For RSS Business

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02470354-2A1347932?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme Implementation Deed with Canada's Dye &amp; Durham, at an Offer price of A$5.50/share plus a A$0.03/share fully franked interim dividend.</li>
<li>The Offer Price values Link's equity at $2.9bn and enterprise value at $3.7bn. The Offer Price is a 27.7% premium to the undisturbed price on 4 November 2021.</li>
<li>A Scheme Meeting is expected to be held in May next year with a possible implementation in late June or early July.</li>
</ul>



Link Administration Holdings (LNK AU) has entered into a Scheme Implementation Deed with Canada's Dye &amp; Durham, at an Offer price of A$5.50/share plus a A$0.03/share fully franked interim dividend.
The Offer Price values Link's equity at $2.9bn and enterprise value at $3.7bn. The Offer Price is a 27.7% premium to the undisturbed price on 4 November 2021.
A Scheme Meeting is expected to be held in May next year with a possible implementation in late June or early July.


Link Admin (LNK AU) Inks Deal With Dye & Durham As Carlyle Dithers

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>On 1 December, Blue Prism recommended SS&amp;C's 1,275p offer, 2% above Vista's "increased and final". Minimal acceptance condition is 75%. SS&amp;C's leverage will reach 4.05x net debt/adjusted EBITDA.</li>
<li>Consideration represents an implied equity value of £1,24 billion, a lofty 6.2x EV/Fwd Revenue, which reflects the growth prospects for the industry.</li>
<li>A new bid from Vista is highly likely. It could lead to a Takeover Panel-led auction. Reiterate long PRSM LN.</li>
</ul>


On 1 December, Blue Prism recommended SS&amp;C's 1,275p offer, 2% above Vista's "increased and final". Minimal acceptance condition is 75%. SS&amp;C's leverage will reach 4.05x net debt/adjusted EBITDA.
Consideration represents an implied equity value of £1,24 billion, a lofty 6.2x EV/Fwd Revenue, which reflects the growth prospects for the industry.
A new bid from Vista is highly likely. It could lead to a Takeover Panel-led auction. Reiterate long PRSM LN.


United States

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

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SS&C Technologies (SSNC US)

Link’s Scheme Meeting on 13 July, High Spread Reflects Deal Risk

The high gross spread of 10.7% reflects significant risks which are ACCC review, a contract renewal potentially leading to MAC and an FCA...

Arun George

Link Admin (LNK AU): 13 July Scheme Meeting As Dye & Durham Takes A Bath

The dispatch of the Explanatory Booklet is positive. Trading at a 10.7%/46.4% gross/annualised spread. That's attractive.

David Blennerhassett

Link Admin (LNK AU): Scheme On Track as Proposal Emerges For RSS Business

Trading at a 6.8%/26.8% gross/annualised spread. That appears highly attractive. The ACCC and FCA approvals are the key risks. The fact the...

David Blennerhassett

Link Admin (LNK AU) Inks Deal With Dye & Durham As Carlyle Dithers

I believe Carlyle is not out of the picture. Plus you have the possible bump in terms from Link selling BCM. I'd look to enter around here or below.

David Blennerhassett

SS&C/Blue Prism: Ongoing Bidding War

Blue Prism recommends SS&C's 1,275p offer, 2% above Vista's. A raised offer by the latter is highly likely. It could lead to a Takeover Panel-led...

Jesus Rodriguez Aguilar

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