In today’s briefing:
- Yancoal Australia Placement – Cleanup Sale by Glencore Now the Ball Is in Yankuang Court
- Australian Unity Office: Crushed as Aliro Walks, But Actively Seeking Situations
- MACA: Thiess’s Friendly Cash Offer
Yancoal Australia Placement – Cleanup Sale by Glencore Now the Ball Is in Yankuang Court
- Glencore is looking to raise US$293m (A$422m) from selling its stake in Yancoal Australia (YAL AU). This would be a clean up sale.
- Glencore has been sitting on its stake for a while now, and the two have a JV in the Hunter Valley Operations, the latter which commenced in Jul 2017.
- The deal, while a large one to process at 135.6 days of three month ADV, represents just 5.6% of Yancoal Australia’s current mcap.
Australian Unity Office: Crushed as Aliro Walks, But Actively Seeking Situations
- Australian Unity Office Fund (AOF AU) was the subject of six successive bids by Starwood between 2018-2020 and a bid by Charter Hall (CHC AU) and Abacus Property (ABP AU).
- Large AOF shareholder Hume knocked back the ABP/CHC bid and Starwood never got to the final stages. But Aliro Group’s (CEO is ex-CHC) bid at A$2.45 got Hume’s support.
- Then on 25 July, Aliro walked. And the shares fell. From A$2.21 to A$1.80. Ouch.
MACA: Thiess’s Friendly Cash Offer
- MACA Ltd (MLD AU) recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.
- The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.
- The Offer has unanimous support from MACA’s board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.
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