In today’s briefing:
- JSE September 2023 Index Rebalance
- Golden Eagle Energy (SMMT IJ): Trading Wide To Terms
- Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events
- Geminder’s Opening Salvo For Pact?
JSE September 2023 Index Rebalance
- JSE indexes will be rebalanced in the closing auction tomorrow.
- MCG will fall out of the TOPI and DTOP and HAR will enter. The ALSI gets reviewed semi-annually in March and September.
- ACL and LBR will fall out of the ALSI, ALSI SWIX and the capped variants.
Golden Eagle Energy (SMMT IJ): Trading Wide To Terms
- On the 26 July, Geo Energy Resources (GERL SP) announced an agreement to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).
- Via an S&P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.
- The completion of the S&P, which is subject to Indonesia’s OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.
Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events
- The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- In this insight, we take a brief look at the index selection methodology and the historical price and volume performance of ChiNext and ChiNext 50 rebalance baskets.
Geminder’s Opening Salvo For Pact?
- Plastic products manufacturer Pact Group Holdings (PGH AU) has announced an unconditional off-market takeover from its major shareholder, Raphael Geminder.
- Geminder, with a current stake of 50%, is offering – via wholly-owned entity Kin Group – A$0.68/share, a paltry 0.07% premium to last close. Shares recently touched an all-time low.
- The Offer is (should be) open for a month. As the bid is unconditional, there’s nothing to stop Geminder from buying shares higher, then simply lifting his Offer price.
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