In today’s briefing:
- Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value
- Pendal/Perpetual: 23 Dec Scheme Meeting
Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value
- The EGM to approve the PEXA Group (PXA AU) distribution of Link Administration (LNK AU)’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.
- This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND’s acquisition of the CM and the BCM business for A$1.27 billion.
- Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.
Pendal/Perpetual: 23 Dec Scheme Meeting
- After the Supreme Court of NSW ruled that Perpetual Ltd (PPT AU) cannot stall the Scheme for Pendal Group (PDL AU), the Scheme Booklet is now out.
- Under the revised terms, Pendal shareholders will receive 1 Perpetual (share for every 7 Pendal shares plus $1.65/share cash. The IE concluded the terms are fair and reasonable.
- The Scheme Meeting will be held on the 23 December, with an expected implementation date on the 23 January.
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