In today’s briefing:
- PTB Group’s Binding Offer from PAG
- Cleanaway Waste Management Placement – Accretive Acquisition Could Outweigh Weak Momentum
PTB Group’s Binding Offer from PAG
- Ptb Group Ltd (PTB AU) entered a scheme implementation deed (SID) with Precision Aviation Group (PAG). The offer comprises A$1.595 + dividend up to A$0.03 per share (total of A$1.625).
- The offer price is attractive. The key conditions are shareholder approvals and FIRB approval. The scheme meeting is on 16 November.
- This is a done deal. At last close and for the 2 December payment, the gross and annualised spread to the offer + div is 3.8% and 13.5%, respectively.
Cleanaway Waste Management Placement – Accretive Acquisition Could Outweigh Weak Momentum
- Cleanaway Waste Management (CWY AU) is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for funding its Blueprint 2030 initiatives.
- Cleanaway Waste Management (CWY) had recently released its update for the Blueprint 2030 initiative. Short interest on the stock has been on the rise as well.
- The deal is relatively large at 21.3 days of three month ADV, representing 6.3% of current mcap.
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