In today’s briefing:
- Link Admin Is Cheap Amid PEXA In-Specie And Possible BCM/CM Sale
- Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December
Link Admin Is Cheap Amid PEXA In-Specie And Possible BCM/CM Sale
- Link Administration (LNK AU) has released the explanatory memorandum regarding the PEXA Group (PXA AU) in-specie distribution.
- Link shareholders will receive one PEXA share for every 7.52 Link shares. Shareholders will vote on the distribution on the 23 December. The IE, rightfully, deemed the process fair.
- If D&D buys Link’s BCM/CM ops for A$1.27bn, Link would be net cash of ~A$1.40/share versus an ex-entitlement price of ~A$1.58/share. And Link would still hold the lucrative RSS ops.
Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December
- The IE considers Perpetual Ltd (PPT AU)‘s cash and scrip offer for Pendal Group (PDL AU) to be fair and reasonable as it is within its valuation range of A$4.87-5.71.
- Perpetual shareholders are getting the short end of the stick. While possible, Regal Partners (RPL AU)/BPEA EQT riding to the rescue of Perpetual shareholders is low.
- Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.
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