Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Quiddity M&A: Australia Foreign Investment Reforms

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

In July 2021, Australia's largest freehold pub properties owner <a href="https://www.smartkarma.com/entities/ale-property-group" target="_blank" data-smartkarma-citation="entities:7484:1" rel="noopener">Ale Property (LEP AU)</a> ("ALE") received an "unsolicited, confidential, conditional, non-binding indicative proposal" from the Charter Hall Consortium (a consortium managed by <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> comprising <a href="https://www.smartkarma.com/entities/charter-hall-long-wale-reit" target="_blank" data-smartkarma-citation="entities:24076:1" rel="noopener">Charter Hall Long Wale Reit (CLW AU)</a> ("CLW") and superannuation fund Hostplus). The Independent Board Committee established by ALE's Board assessed the proposal and decided to grant the Charter Hall Consortium a period of due diligence.A couple of months later, on 20th September 2021, ALE announced they had entered into a Scheme Implementation Deed with the Charter Hall Consortium. Based on this agreement, ALE securityholders will have the default option of accepting 0.4080 CLW securities and cash of A$3.673 as consideration per ALE security or they can choose between an all-scrip consideration of 1.1546 CLW securities/ALE Security and an all-cash consideration of A$5.681 cash/ALE security. On top of that, ALE securityholders will also be entitled to receive ALE's September quarter distribution of A$0.055/ALE security. More below the fold. <hr>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-australia-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30118" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> and <a href="https://www.smartkarma.com/insights/quiddity-m-a-australia-foreign-investment-reforms" target="_blank" data-smartkarma-citation="insights:40210" rel="noopener">Quiddity M&amp;A: Australia Foreign Investment Reforms</a>

In July 2021, Australia's largest freehold pub properties owner Ale Property (LEP AU) ("ALE") received an "unsolicited, confidential, conditional, non-binding indicative proposal" from the Charter Hall Consortium (a consortium managed by Charter Hall (CHC AU) comprising Charter Hall Long Wale Reit (CLW AU) ("CLW") and superannuation fund Hostplus). The Independent Board Committee established by ALE's Board assessed the proposal and decided to grant the Charter Hall Consortium a period of due diligence.A couple of months later, on 20th September 2021, ALE announced they had entered into a Scheme Implementation Deed with the Charter Hall Consortium. Based on this agreement, ALE securityholders will have the default option of accepting 0.4080 CLW securities and cash of A$3.673 as consideration per ALE security or they can choose between an all-scrip consideration of 1.1546 CLW securities/ALE Security and an all-cash consideration of A$5.681 cash/ALE security. On top of that, ALE securityholders will also be entitled to receive ALE's September quarter distribution of A$0.055/ALE security. More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Australia M&amp;A Guide 2019 and Quiddity M&amp;A: Australia Foreign Investment Reforms 

ALE-Charter Hall: A Post-Lockdown Bet on Australian Pubs