In today’s briefing:
- Estia & Bain: 15th Nov Shareholder Vote
- Ingenia Communities Placement – Largest Shareholder Selling Isn’t Particularly Well Flagged
Estia & Bain: 15th Nov Shareholder Vote
- On the 7 August, aged care provider Estia Health (EHE AU) and Bain Capital entered into a Scheme Implementation Agreement at A$3.20/share (less any dividends), a 50% premium to undisturbed
- The Scheme Booklet is now out. A shareholder meeting will be held on the 15th of November with implementation expected on the 30th of November.
- Estia paid a fully franked dividend of A$0.12/share on the 15th of September. Currently trading tight to the adjusted terms of A$3.08/share. This still needs FIRB approval.
Ingenia Communities Placement – Largest Shareholder Selling Isn’t Particularly Well Flagged
- Sun Communities (SUI US) is looking to raise A$165m (US$106m) via selling its entire stake in Ingenia Communities (INA AU).
- With the investor selling down its entire stake, the deal will be a large one for the firm to digest, with shares representing 32.9 days of three month ADV.
- While short covering could potentially provide some support for share price post-deal, the selldown here doesn’t seem particularly well flagged.
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