In today’s briefing:
- Eureka Group (EGH AU): Aspen’s Offer Is A Non-Starter
- NLOP: Starting Point for the Year
Eureka Group (EGH AU): Aspen’s Offer Is A Non-Starter
- On the 23 January, Aspen (APZ AU) improved its scrip terms to 0.26 Aspen shares per Eureka (EGH AU) share, up from 0.225 Aspen shares on the 2 March 2023.
- Two weeks later, Eureka said they still had not received a formal Offer. Aspen has now released its Bidder’s Statement. Its Offer has a 50.1% acceptance condition.
- Complicating the Offer was the recent disclosures from FDC Group that it held a 12.89% stake, preventing Aspen compulsory acquiring shares.
NLOP: Starting Point for the Year
- Net Lease Office Products (NLOP) reported its first quarterly report since being spun off late last year.
- The takeaway from the results was how the Company was structuring the balance sheet ahead of more properties being sold.
- There were a series of lease signings and extensions within the December quarter. Most notably were the extensions for the property in Poland and Wisconsin
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