Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>BGH has filed an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02482688_PS-2A1354502?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">application</a> with the Takeover Panel over, inter alia, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> granting exclusivity to CapVest.</li>
<li>This application is similar in nature to the one filed by <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> last year after <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">AusNet Services (AST AU)</a> granted Brookfield exclusivity in a competitive bidding stoush.</li>
<li>Virtus is currently trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer, and 1.8% above BGH's terms. </li>
</ul>


BGH has filed an application with the Takeover Panel over, inter alia, Virtus Health (VRT AU) granting exclusivity to CapVest.
This application is similar in nature to the one filed by APA Group (APA AU) last year after AusNet Services (AST AU) granted Brookfield exclusivity in a competitive bidding stoush.
Virtus is currently trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer, and 1.8% above BGH's terms. 


BGH Lodges Application With The Takeovers Panel Over CapVest's Bid for Virtus

<ul>
<li>UK-Based CapVest Partners is offering A$7.60/share, in cash, for <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, compared to BGH Capital's bid last month of A$7.10/share. Virtus has granted exclusive due diligence. </li>
<li>CapVest's Offer is non-binding. No doubt due to BGH holding 20% of shares out, CapVest will concurrently run an alternate off-market bid with a 50.1% acceptance condition at A$7.50/share. </li>
<li>At a ~5% spread to the indicative Scheme terms, I would look to get involved. </li>
</ul>


UK-Based CapVest Partners is offering A$7.60/share, in cash, for Virtus Health (VRT AU), compared to BGH Capital's bid last month of A$7.10/share. Virtus has granted exclusive due diligence. 
CapVest's Offer is non-binding. No doubt due to BGH holding 20% of shares out, CapVest will concurrently run an alternate off-market bid with a 50.1% acceptance condition at A$7.50/share. 
At a ~5% spread to the indicative Scheme terms, I would look to get involved. 


Virtus Health (VRT AU): CapVest's Bid Edges BGH Capital

Australian Pharmaceutical Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a>'s surprise takeover Offer for <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a> last month is surpassed by its surprise decision to walk away.</li>
<li>This leaves <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a> in the driving seat - provided the ACCC is satisfied competition is not impeded.</li>
<li>The cash consideration of $1.55 under Wesfarmers' Offer will be reduced by any permitted dividend. A final fully franked dividend of A$0.02/share has been paid.</li>
</ul>



Woolworths Ltd (WOW AU)'s surprise takeover Offer for Australian Pharmaceutical Industries (API AU) last month is surpassed by its surprise decision to walk away.
This leaves Wesfarmers Ltd (WES AU) in the driving seat - provided the ACCC is satisfied competition is not impeded.
The cash consideration of $1.55 under Wesfarmers' Offer will be reduced by any permitted dividend. A final fully franked dividend of A$0.02/share has been paid.


Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02466357-2A1345825?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unsolicited, non-binding Offer from BGH Capital, by way of a Scheme, at A$7.10/share, in cash, a 36% premium to last close.</li>
<li>BHH is also proposing a cash/scrip alternative to major fertility specialist shareholders and certain other affiliated shareholders to continue their investment in Virtus.</li>
<li>The Offer arrives after the ACCC sought an order from the Federal Court preventing the proposed acquisition of Adora Fertility and three day hospitals from <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>.</li>
</ul>



Virtus Health (VRT AU) has announced an unsolicited, non-binding Offer from BGH Capital, by way of a Scheme, at A$7.10/share, in cash, a 36% premium to last close.
BHH is also proposing a cash/scrip alternative to major fertility specialist shareholders and certain other affiliated shareholders to continue their investment in Virtus.
The Offer arrives after the ACCC sought an order from the Federal Court preventing the proposed acquisition of Adora Fertility and three day hospitals from Healius (HLS AU).


Virtus Health (VRT AU): BGH Capital's Non-Binding Proposal

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>At the December rebalance, there will be one change for the ASX100 while there will be five changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. All changes were expected.</li>
<li>Nearly all inclusions and exclusions have over 2 days of ADV to trade and that increases significantly on some stocks. The volatility on the inclusions has been extremely high.</li>
<li>There could be another change announced in the coming week depending on results of the <a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a> Scheme Meeting for the merger with <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>.</li>
</ul>


At the December rebalance, there will be one change for the ASX100 while there will be five changes to the S&amp;P/ASX 200 (AS51 INDEX). All changes were expected.
Nearly all inclusions and exclusions have over 2 days of ADV to trade and that increases significantly on some stocks. The volatility on the inclusions has been extremely high.
There could be another change announced in the coming week depending on results of the Oil Search Ltd (OSH AU) Scheme Meeting for the merger with Santos Ltd (STO AU).


ASX100/​200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock

Australia

Washington H. Soul Pattinson & Company Limited is an investment holding company. The Company owns shares and properties, coal mining, bulk handling, commercial television licensee, telecommunications carrier, merchant banking, funds management, pharmaceutical retailing, manufacture, processing and marketing of biscuits and cakes.

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

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52-week Range	0.00 - 0.00
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Washington H. Soul Pattinson and Co. Ltd (SOL AU)

BGH Lodges Application With The Takeovers Panel Over CapVest's Bid for Virtus

Both proposals (BGH and CapVest's) are indicative - for now. Trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer,...

David Blennerhassett

Virtus Health (VRT AU): CapVest's Bid Edges BGH Capital

Both proposals are indicative - for now. Trading at a gross spread of ~5.1% to the Scheme price, 3.7% to the alternative Offer. and 1.8% above...

David Blennerhassett

Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

Trading at a gross/annualised spread of 1.0%/4.6%. If you are a zero-rate taxpayer, or a low-rate payer, who can reclaim the franking credits,...

David Blennerhassett

Virtus Health (VRT AU): BGH Capital's Non-Binding Proposal

The Offer price appears fair with respect to peers and precedent transactions. Trading at a tight gross spread of ~1.7%, with a possibility of a...

David Blennerhassett

ASX100/200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock

There is 1 change to the ASX100 and 5 changes to the ASX200 index. The adds have outperformed the deletes over the year and are trading at...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BGH Lodges Application With The Takeovers Panel Over CapVest's Bid for Virtus

Both proposals (BGH and CapVest's) are indicative - for now. Trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer,...

David Blennerhassett

Virtus Health (VRT AU): CapVest's Bid Edges BGH Capital

Both proposals are indicative - for now. Trading at a gross spread of ~5.1% to the Scheme price, 3.7% to the alternative Offer. and 1.8% above...

David Blennerhassett

Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

Trading at a gross/annualised spread of 1.0%/4.6%. If you are a zero-rate taxpayer, or a low-rate payer, who can reclaim the franking credits,...

David Blennerhassett

Virtus Health (VRT AU): BGH Capital's Non-Binding Proposal

The Offer price appears fair with respect to peers and precedent transactions. Trading at a tight gross spread of ~1.7%, with a possibility of a...

David Blennerhassett

ASX100/​200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock

There is 1 change to the ASX100 and 5 changes to the ASX200 index. The adds have outperformed the deletes over the year and are trading at...

Brian Freitas

ASX100/200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock