In today’s briefing:
- MVIS Australia Equal Weight Index Rebalance: Three Deletions & Other Changes
- MVIS Australia A-REITs Index Rebalance: ASKing for a Reversal
- Geminder Bumps. Pact Group Accepts
- Pioneer Credit Limited – Growth Step-Up and Additional Finance
MVIS Australia Equal Weight Index Rebalance: Three Deletions & Other Changes
- A2 Milk Co Ltd (A2M AU), AMP Ltd (AMP AU) and Charter Hall (CHC AU) will be deleted from the MVIS Australia Equal Weight Index at the close 15 December.
- Constituent changes plus capping and float changes result in a one-way turnover of 5.05% and will result in a one-way trade of A$99m.
- There is a fair amount of short interest on the deletions and shorts could look to cover against the passive flow.
MVIS Australia A-REITs Index Rebalance: ASKing for a Reversal
- There are no constituent changes for the Vaneck Vectors Australian Property ETF (MVA AU) in December but there are float and capping changes.
- Abacus Storage King (ASK AU) is the biggest sell and is due to a drop in float, a reversal of the excessively high float assigned at the September rebalance.
- Estimated one-way turnover is 4.5% and will result in a one-way trade of A$26m. There are a few stocks with over 1x ADV to trade.
Geminder Bumps. Pact Group Accepts
- Back in September, plastic products manufacturer Pact Group Holdings (PGH AU) announced – and subsequently rejected – an unconditional off-market takeover of A$0.68/share from its major shareholder, Raphael Geminder.
- After a couple of Offer extensions, Geminder has now bumped its bid to A$0.84/share (a 24.4% premium to undisturbed), and declared terms final. Pacts is supportive of the revised offer.
- This is done and will trade at terms through to the Offer completion.
Pioneer Credit Limited – Growth Step-Up and Additional Finance
- Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.
- PNC purchases debt from 18 different Australian vendor partners with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).
- The company’s AGM updates highlighted the strong position PNC occupies in the marketplace and the expected improvement in NPAT following debt refinancing currently in progress.
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