Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Scheme Booklet for Morrison/​Brookfield/CSC's Offer for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> has now been despatched. The Scheme Meeting will be held on the 15th July. </li>
<li>The Independent Expert considers the terms to be fair and reasonable with a fair value range between A$4.65-A$5.20 compared to the Offer price of $5.00/share.</li>
<li>Trading tight to terms, as it has done since parties entered into the Scheme Implementation Deed. </li>
</ul>


The Scheme Booklet for Morrison/​Brookfield/CSC's Offer for Uniti Group Ltd (UWL AU) has now been despatched. The Scheme Meeting will be held on the 15th July. 
The Independent Expert considers the terms to be fair and reasonable with a fair value range between A$4.65-A$5.20 compared to the Offer price of $5.00/share.
Trading tight to terms, as it has done since parties entered into the Scheme Implementation Deed. 


Uniti Group: 15th July To Vote On Morrison/​Brookfield's Scheme

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>IFM bought around 67.1m shares (7% of shares out) of <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> at A$8.1/share last evening taking its total holding to around 15% of shares outstanding.</li>
<li>IFM intends to request certain information that would help it assess whether it can submit a non-binding proposal to acquire all the shares in <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria</a> that it does not own.</li>
<li>With the indicative offer floor set at A$8.1/share, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria</a> still trades cheaper than <a href="https://www.smartkarma.com/entities/transurban-group" target="_blank" data-smartkarma-citation="entities:593:1" rel="noopener">Transurban Group</a> and offers a 14% premium to last close and even higher premiums to longer-term VWAPs.</li>
</ul>


IFM bought around 67.1m shares (7% of shares out) of Atlas Arteria (ALX AU) at A$8.1/share last evening taking its total holding to around 15% of shares outstanding.
IFM intends to request certain information that would help it assess whether it can submit a non-binding proposal to acquire all the shares in Atlas Arteria that it does not own.
With the indicative offer floor set at A$8.1/share, Atlas Arteria still trades cheaper than Transurban Group and offers a 14% premium to last close and even higher premiums to longer-term VWAPs.


Atlas Arteria Group (ALX AU): IFM Makes an Approach

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/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends declared or paid after today. </li>
<li>The key scheme conditions are shareholder approval, FIRB approval and Court approval. The scheme meeting will be held in July.</li>
<li>We think that the offer is attractive. At the last close price of A$4.96, the gross and annualised spread to a July-end effective date is 0.8% and 2.8%, respectively.</li>
</ul>



Uniti Group Ltd (UWL AU) has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends declared or paid after today. 
The key scheme conditions are shareholder approval, FIRB approval and Court approval. The scheme meeting will be held in July.
We think that the offer is attractive. At the last close price of A$4.96, the gross and annualised spread to a July-end effective date is 0.8% and 2.8%, respectively.


Uniti Enters a SID with Morrison/Brookfield Consortium at A$5.00 Per Share

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> has now entered into a Scheme Implementation Deed (SID) with the Morrison/Brookfield Consortium.</li>
<li>The Offer price remains at A$5.00/share, in line with the revised proposal on the 29 March. </li>
<li>Uniti's Board of Directors unanimously recommends that Uniti shareholders vote in favour of the Scheme in the absence of a Superior Proposal. </li>
</ul>



Uniti Group Ltd (UWL AU) has now entered into a Scheme Implementation Deed (SID) with the Morrison/Brookfield Consortium.
The Offer price remains at A$5.00/share, in line with the revised proposal on the 29 March. 
Uniti's Board of Directors unanimously recommends that Uniti shareholders vote in favour of the Scheme in the absence of a Superior Proposal. 


Uniti Enters SID With Morrison/Brookfield

<ul>
<li>There are 33 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>A quiet week with no new deals discussed on Smartkarma.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate (IAP AU)</a>, <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Jin Jiang Capital (2006 HK)</a> 
</li>
</ul>


There are 33 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
A quiet week with no new deals discussed on Smartkarma.
Key updates took place for: Razer (1337 HK), Uniti Group (UWL AU), Toyo Construction (1890 JP), Irongate (IAP AU), Crown (CWN AU), CIMIC (CIM AU), Jin Jiang Capital (2006 HK) 



Asia-Pac Weekly Risk Arb Wrap: Uniti, Toyo Construction, Irongate, Crown, CIMIC, Jin Jiang Capital

Australia

Uniti Group Limited provides broadband solutions. The Company offers internet access and other related services. Uniti Group serves customers in Australia.

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Uniti Group Ltd (UWL AU)

Uniti Group: 15th July To Vote On Morrison/Brookfield's Scheme

The Scheme Meeting will be held on the 15th July. The IE considers the terms to be fair and reasonable with a fair value range between A$4.65...

David Blennerhassett

Atlas Arteria Group (ALX AU): IFM Makes an Approach

IFM has bought 7% of Atlas Arteria at A$8.1/share and now holds 15% of the company. An indicative offer should be made soon and there is a decent...

Brian Freitas

Uniti Enters SID With Morrison/Brookfield

Trading tight at a gross/annualised spread of ~0.8/2.6%. I'm increasingly less confident Macquarie will return with a superior Offer. If you're...

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: Uniti, Toyo Construction, Irongate, Crown, CIMIC, Jin Jiang Capital

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Uniti Group: 15th July To Vote On Morrison/​Brookfield's Scheme

The Scheme Meeting will be held on the 15th July. The IE considers the terms to be fair and reasonable with a fair value range between A$4.65...

David Blennerhassett

Atlas Arteria Group (ALX AU): IFM Makes an Approach

IFM has bought 7% of Atlas Arteria at A$8.1/share and now holds 15% of the company. An indicative offer should be made soon and there is a decent...

Brian Freitas

Uniti Enters a SID with Morrison/Brookfield Consortium at A$5.00 Per Share

Uniti has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends. A done deal with annualised spread to a...

Arun George

Uniti Enters SID With Morrison/Brookfield

Trading tight at a gross/annualised spread of ~0.8/2.6%. I'm increasingly less confident Macquarie will return with a superior Offer. If you're...

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: Uniti, Toyo Construction, Irongate, Crown, CIMIC, Jin Jiang Capital

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Uniti Group: 15th July To Vote On Morrison/Brookfield's Scheme