In today’s briefing:
- Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817
- Alumina/Alcoa: Binding Agreement On The Same Terms
- Carly Holdings – Growth accelerating
- Carly Holdings Limited – Growth Accelerating
- Pioneer Credit Limited – Strengthening Profit Outlook
Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817
- The AFR reports that Adamantem Capital had submitted a non-binding indicative offer for Qantm Intellectual Property (QIP AU) at A$1.817 per share, a 30.7% premium to the last close.
- In response to a previous AFR article, Qantm disclosed a non-binding indicative offer from Rouse but declined to reveal a price or the structure (cash or scrip).
- AFR reports that other potential interested parties, such as Quadrant Private Equity and IPH, are also in the running. Adamantem’s attractive offer sets a high bar for other potential bidders.
Alumina/Alcoa: Binding Agreement On The Same Terms
- On the 26 February, via an NBIO, Alcoa (AA US) offered 0.02854 of its own shares for each Alumina Ltd (AWC AU) share, a 13% premium to last close.
- Alcoa/Alumina control 60%/40% of the AWAC JV, an owner and operator of global bauxite mines and alumina refineries. Both companies have now entered into a Scheme on the same terms.
- Alcoa holds 19.9% in AWC after reaching an agreement with Allan Gray Australia. The key risks to the deal are FIRB approval and how CITIC, holding 18.9%, will respond.
Carly Holdings – Growth accelerating
- Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.
- Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.
- Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December.
Carly Holdings Limited – Growth Accelerating
- Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.
- Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.
- Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December.
Pioneer Credit Limited – Strengthening Profit Outlook
- Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.
- PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).
- Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace.
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