Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On the 15 December, <a href="https://www.smartkarma.com/entities/amaysim-australia-ltd" target="_blank" data-smartkarma-citation="entities:24288:1" rel="noopener">amaysim Australia (AYS AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02322235-2A1270211?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> <a href="https://www.smartkarma.com/entities/wam-capital-ltd" target="_blank" data-smartkarma-citation="entities:29122:1" rel="noopener">WAM Capital Ltd (WAM AU)</a> was offering AYS shareholders the choice of A$0.695/share in cash, or A$0.833/share in WAM scrip, or a combination of both, in an off-market takeover. The Offer had limited conditionality - shareholder approval of the mobile ops to Optus, and the standard regulatory approvals. And no MACs.</p>
<h3>The New News</h3>
<p>Micro-fund <a href="https://ramcap.com.au/" target="_blank" rel="noopener">RAMcap</a>'s CEO Richard Matthews has been in contact with AYS seeking a meeting to elaborate on a proposal for RAMcap to make a scrip takeover offer for AYS. The bid consideration of the proposed offer, comprising either RAMcap ORD shares and options or REDP shares and options would value 1 AYS share at A$0.85 (for the ORD offer) and A$0.90 (for the REDP offer).</p>
<p>The text of the email response sent to AYS' general counsel is <a href="https://ramcap.com.au/2020/12/23/ramcap-has-designs-on-amaysim/" target="_blank" rel="noopener">here</a>. </p>
<p>RAM believes they have been misrepresented. I'm not inclined to agree, and do not expect AYS' board to support its scrip Offer. </p>
<p>More below the fold.</p>

On the 15 December, amaysim Australia (AYS AU) announced WAM Capital Ltd (WAM AU) was offering AYS shareholders the choice of A$0.695/share in cash, or A$0.833/share in WAM scrip, or a combination of both, in an off-market takeover. The Offer had limited conditionality - shareholder approval of the mobile ops to Optus, and the standard regulatory approvals. And no MACs.
The New News
Micro-fund RAMcap's CEO Richard Matthews has been in contact with AYS seeking a meeting to elaborate on a proposal for RAMcap to make a scrip takeover offer for AYS. The bid consideration of the proposed offer, comprising either RAMcap ORD shares and options or REDP shares and options would value 1 AYS share at A$0.85 (for the ORD offer) and A$0.90 (for the REDP offer).
The text of the email response sent to AYS' general counsel is here. 
RAM believes they have been misrepresented. I'm not inclined to agree, and do not expect AYS' board to support its scrip Offer. 
More below the fold.

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<p>Back on the 31 August this year, mobile virtual service operator <a href="https://www.smartkarma.com/entities/amaysim-australia-ltd" target="_blank" data-smartkarma-citation="entities:24288:1" rel="noopener">Amaysim Australia (AYS AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02274320-2A1246479?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a Share Sale Agreement (SSA) to sell Click Energy Group, its energy business, to <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> for A$115mn, in cash. The divestment was <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02287479-2A1253306?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">completed</a> on the 30 September. </p>
<p>This was followed on the 2 November by them <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02303308-2A1260667?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entering</a> into an SSA to sell their mobile ops to Optus Mobile for A$250mn, in cash. Should the sale complete, AYS expected to distribute between A$207.2mn - A$225.7mn (A$0.67-A$0.73/share) via three tranches. The distribution will include a fully franked dividend of A$0.26/share.</p>
<h3>The New News</h3>
<p>AYS has now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02322235-2A1270211?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> <a href="https://www.smartkarma.com/entities/wam-capital-ltd" target="_blank" data-smartkarma-citation="entities:29122:1" rel="noopener">WAM Capital Ltd (WAM AU)</a> is offering AYS shareholders the choice of A$0.695/share in cash, or A$0.833/share in WAM scrip, or a combination of both, in an off-market takeover.</p>
<p>The offer has limited conditionality - shareholder approval of the mobile ops to Optus, and the standard regulatory approvals. And no MACs.</p>
<p>Evidently, WAM has its sights set on the fully franked payout from the Optus sale.</p>
<p>AYS' board unanimously recommends the Offer.</p>
<p>More below the fold.</p>
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Back on the 31 August this year, mobile virtual service operator Amaysim Australia (AYS AU) announced a Share Sale Agreement (SSA) to sell Click Energy Group, its energy business, to AGL Energy Ltd (AGL AU) for A$115mn, in cash. The divestment was completed on the 30 September. 
This was followed on the 2 November by them entering into an SSA to sell their mobile ops to Optus Mobile for A$250mn, in cash. Should the sale complete, AYS expected to distribute between A$207.2mn - A$225.7mn (A$0.67-A$0.73/share) via three tranches. The distribution will include a fully franked dividend of A$0.26/share.
The New News
AYS has now announced WAM Capital Ltd (WAM AU) is offering AYS shareholders the choice of A$0.695/share in cash, or A$0.833/share in WAM scrip, or a combination of both, in an off-market takeover.
The offer has limited conditionality - shareholder approval of the mobile ops to Optus, and the standard regulatory approvals. And no MACs.
Evidently, WAM has its sights set on the fully franked payout from the Optus sale.
AYS' board unanimously recommends the Offer.
More below the fold.








Amaysim/WAM: A Question Of Franking Credits

Australia

WAM Capital Ltd is an investment company incorporated in Australia. The objectives of the Fund are to achieve a high real rate of return, preserve capital and create strong dividend flow. The Fund invests in ASX listed and unlisted securities, bills of exchange and other negotiable investments, as well as cash management trusts.

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WAM Capital Ltd (WAM AU)

Amaysim (AYS AU): A WAM RAM Stoush

If you can take advantage of the franking credits, get involved around here. Then look to sell your AYS shares in the market - or exchange them...

David Blennerhassett

Amaysim/WAM: A Question Of Franking Credits

If you can take advantage of the franking credits under the mobile distribution, getting involved here, but preferably a spread or two lower.

David Blennerhassett

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