In today’s briefing:
- Link’s Scheme Approved but Time Running Out for Satisfying Conditions Precedent
- PTB Group Enters Scheme With PAG
- Nearmap Enters a SID with Thoma Bravo at A$2.10
- Nearmap Inks Scheme With Thoma Bravo
Link’s Scheme Approved but Time Running Out for Satisfying Conditions Precedent
- Shareholders approved the scheme at the scheme meeting. However, Link Administration (LNK AU) shares declined due to the slow progress in satisfaction of conditions precedent.
- Key conditions precedent is ACCC, FIRB, UK’s FCA and Central Bank of Ireland approvals. The wording in the Chairman’s address on the conditions precedent is incrementally negative.
- The downside to a deal break remains low. At the last close, the potential upside to the offer (10.1%) outweighs the downside (-3.8% to our A$4.21 price target).
PTB Group Enters Scheme With PAG
- Late last week aviation engine repair play PTB Group Ltd (PTB AU) entered into a Scheme Implementation Deed (SID) with PAG Holding Corp.
- PAG is offering $1.595/share, a 40.5% premium to last close.
- Apart from PTB shareholder approval, PAG’s Offer requires FIRB. This looks done. PTB’s board unanimously recommends the Scheme.
Nearmap Enters a SID with Thoma Bravo at A$2.10
- Nearmap Ltd (NEA AU) entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.
- The offer price is attractive. The key conditions are shareholders and regulatory (FIRB & US antitrust) approvals. The scheme meeting is in November.
- At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.
Nearmap Inks Scheme With Thoma Bravo
- It was a curious thing Nearmap Ltd (NEA AU) agreeing to pay Thoma Bravo up to US$3mn if a transaction agreement did not result. Unless negotiations were well advanced.
- Mapping technology outfit Nearmap’s board has now unanimously backed Thoma Bravo’s A$2.10/share Offer by way of a Scheme of Arrangement.
- This is a done deal and accordingly, trading tight to terms.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
