In today’s briefing:
- Symbio Backs ABB’s Reduced Terms
- Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal
- Calima Energy Ltd (ASX: CE1): High production in 4Q23 and 1Q24
Symbio Backs ABB’s Reduced Terms
- Back on the 22 September, Superloop Ltd (SLC AU) lobbed a best and final cash/scrip NBIO for Symbio Holdings (SYM AU) with an implied price of A$2.85/share.
- Aussie Broadband Pty Ltd (ABB AU) then tabled a cash/scrip Offer, with an implied price of A$3.151/share. Symbio was supportive, if terms were firmed. Superloop’s Offer subsequently lapsed.
- ABB returned with a reduced cash/scrip Offer of A$2.99-$3.04/share. Symbio has unanimously recommended the Offer (at A$3.011/share) and they entered into a Scheme agreement. A partially/fully franked dividend is permitted.
Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal
- Symbio Holdings (SYM AU)‘s binding proposal with Aussie Broadband Pty Ltd (ABB AU) is at A$2.26 cash and 0.192 ABB shares per SYM share, 3.2% lower than its earlier proposal.
- The key condition is shareholder approval. The scheme booklet will be despatched on 22 December, with a scheme meeting in early February 2024.
- While the offer is light compared to long-term historical prices and multiples, there seem to be no signs of dissent from institutional or retail investors.
Calima Energy Ltd (ASX: CE1): High production in 4Q23 and 1Q24
- • 3Q23 production was 3,683 boe/d, slightly below the company’s guidance due to maintenance, turn-around operations at two of the production facilities and unscheduled downhole maintenance on pumping equipment on a few of the more productive wells.
- This is more than offset by the high current production of ~4,100 boe/d following Pisces 10 and 11 being brought into production.
- Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with Calima’s guidance.
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