In today’s briefing:
- Ecopro BM (247540 KS): Index Implications as KOSPI Transfer Nears
- Auckland Airport Placement – NZ$1.3bn (US$770m) Cleanup Sale Will Remove the Overhang
- SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal
Ecopro BM (247540 KS): Index Implications as KOSPI Transfer Nears
- Eight months after shareholders approved the transfer from the KOSDAQ to the KOSPI market, Ecopro BM (247540 KS) has submitted the application for section transfer to the KRX.
- Given historical precedent, the transfer could take place in February. Ecopro BM‘s deletion will mean an inclusion to the KOSDAQ150 Index to maintain the number of index constituents at 150.
- Ecopro BM (247540 KS) will be deleted from the KOSDAQ 150 Index leading to passive selling and some short covering. Then will come the inclusion to the KOSPI 200 Index.
Auckland Airport Placement – NZ$1.3bn (US$770m) Cleanup Sale Will Remove the Overhang
- Auckland Council is looking to raise NZ$1.3bn (US$772m) from selling its entire stake in Auckland Intl Airport (AIA NZ).
- Overall, the selldown will be a large one for the stock to digest at 10% of shares outstanding and 62 days of three month ADV.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal
- Sg Fleet (SGF AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price.
- The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). Super Group (SPG SJ), the largest shareholder with a 53.58% stake, will support the offer.
- The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.
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