Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 12th March, Aussie-based investment plays <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a> and <a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a>  <a href="https://announcements.asx.com.au/asxpdf/20240312/pdf/061d3zrgqkf867.pdf" target="_blank" rel="noopener">entered into a Scheme</a>. </li>
<li>The current scrip terms are 0.739 new WAM shares per QVE share; OR A$0.989/share cash. Terms will be adjusted for updated pre-tax NTA/shares of both companies after the Scheme Meeting. </li>
<li>The <a href="https://announcements.asx.com.au/asxpdf/20240524/pdf/063xgz06pc1ymp.pdf" target="_blank" rel="noopener">Scheme Booklet</a> is now out, with a Scheme Meeting to be held on the 28th June. Expected implementation on the 15 July. The IE says fair &amp; reasonable.</li>
</ul>


On the 12th March, Aussie-based investment plays QV Equities Ltd (QVE AU) and WAM Leaders Ltd (WLE AU)  entered into a Scheme. 
The current scrip terms are 0.739 new WAM shares per QVE share; OR A$0.989/share cash. Terms will be adjusted for updated pre-tax NTA/shares of both companies after the Scheme Meeting. 
The Scheme Booklet is now out, with a Scheme Meeting to be held on the 28th June. Expected implementation on the 15 July. The IE says fair &amp; reasonable.


QV Equities (QVE AU): 28th June Shareholder Vote

<ul>
<li>Back on the 31 Jan, <a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a>, said it intended to make an off-market Offer after <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a> rejected its all-scrip NBIO.</li>
<li>WAM and QVE have now <a href="https://announcements.asx.com.au/asxpdf/20240312/pdf/061d3zrgqkf867.pdf" target="_blank" rel="noopener">entered into a Scheme</a>. The current scrip terms are 0.7609 new WAM shares per QVE share; OR A$1.02/share cash. Terms will be adjusted ...</li>
<li>... in accordance with the most recently released NTA/shares of WAM and QVE. QVE shareholders are also expected to receive the quarterly dividend of A$0.013/share. </li>
</ul>


Back on the 31 Jan, WAM Leaders Ltd (WLE AU), said it intended to make an off-market Offer after QV Equities Ltd (QVE AU) rejected its all-scrip NBIO.
WAM and QVE have now entered into a Scheme. The current scrip terms are 0.7609 new WAM shares per QVE share; OR A$1.02/share cash. Terms will be adjusted ...
... in accordance with the most recently released NTA/shares of WAM and QVE. QVE shareholders are also expected to receive the quarterly dividend of A$0.013/share. 


QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wam-leaders-ltd" target="_blank" data-smartkarma-citation="entities:24274:1" rel="noopener">WAM Leaders Ltd (WLE AU)</a>, an investment company managed by Wilson Asset Management, has made an all-scrip off-market Offer for <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>.</li>
<li>Terms are one WLE for every 1.4675 shares of QVE, for an implied price of A$0.95/share, a 5% premium to undisturbed.  </li>
<li>The key condition is a 50.1% acceptance condition. WLE-related entities hold a 15.8% stake. QVE should hold out for an improved Offer.</li>
</ul>



WAM Leaders Ltd (WLE AU), an investment company managed by Wilson Asset Management, has made an all-scrip off-market Offer for QV Equities Ltd (QVE AU).
Terms are one WLE for every 1.4675 shares of QVE, for an implied price of A$0.95/share, a 5% premium to undisturbed.  
The key condition is a 50.1% acceptance condition. WLE-related entities hold a 15.8% stake. QVE should hold out for an improved Offer.


WAM Leaders (WLE AU) Makes An Offer for QV Equities (QVE AU)

Australia

WAM Microcap Limited is a listed investment company incorporated in Australia. The Company aims to provide Shareholders with exposure to undervalued growth companies listed on the ASX with a market capitalisation of less than $300 million at the time of acquisition using Wilson Asset Management's research-driven and market-driven investment processes.

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WAM Microcap Ltd (WMI AU)

QV Equities (QVE AU): 28th June Shareholder Vote

Trading at a gross/annualised return to cash terms of 2.5%/20%, assuming payment mid-July. IF cash terms remain unchanged. Alternatively, IF you...

David Blennerhassett

QV Equities (QVE AU) Backs WAM Leaders' Cash/Scrip Offer

Currently trading at a gross/annualised return to cash terms (plus dividend) of 4.9%/15.0%. Not bad. Alternatively, IF you can take down borrow...

David Blennerhassett

WAM Leaders (WLE AU) Makes An Offer for QV Equities (QVE AU)

Currently trading slightly through terms. IF you can take down borrow cheaply on WLE, look to go long QVE, short WLE here.

David Blennerhassett

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