Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Centuria Capital Takeover of Augusta Capital - Take Two

Centuria Capital's Takeover Offer for Augusta Capital

Event-Driven

On 29 January 2020, <a href="https://www.smartkarma.com/entities/centuria-capital-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15546:1">Centuria Capital (CNI AU)</a> announced a Bid Implementation Agreement under which it would make a takeover offer for 100% of <a href="https://www.smartkarma.com/entities/augusta-capital-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9901:1">Augusta Capital (AUG NZ)</a>'s shares, subject to obtaining regulatory approvals. The price of the offer was NZ$2 per <a href="https://www.smartkarma.com/entities/augusta-capital-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9901:1">Augusta Capital (AUG NZ)</a> share and shareholders who accepted the offer could elect to take either cash or <a href="https://www.smartkarma.com/entities/centuria-capital-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15546:1">Centuria Capital (CNI AU)</a> stock at a scrip ratio of 0.807 Centuria shares per Augusta share.Since then <a href="https://www.smartkarma.com/entities/augusta-capital-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9901:1">Augusta Capital (AUG NZ)</a> traded up to a high of NZ$2.175 as did <a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" rel="noopener" data-smartkarma-citation="entities:15546:1">Centuria Capital (CNI AU)</a> which traded up to A$2.76. With the volatility and meltdown over the last week, AUG is trading at NZ$1.9 while CNI is trading at A$2.26 a share.In this Insight, we look at the deal details, the options available in this deal, and ways to play the trade.

On 29 January 2020, Centuria Capital (CNI AU) announced a Bid Implementation Agreement under which it would make a takeover offer for 100% of Augusta Capital (AUG NZ)'s shares, subject to obtaining regulatory approvals. The price of the offer was NZ$2 per Augusta Capital (AUG NZ) share and shareholders who accepted the offer could elect to take either cash or Centuria Capital (CNI AU) stock at a scrip ratio of 0.807 Centuria shares per Augusta share.Since then Augusta Capital (AUG NZ) traded up to a high of NZ$2.175 as did Centuria Capital (CNI AU) which traded up to A$2.76. With the volatility and meltdown over the last week, AUG is trading at NZ$1.9 while CNI is trading at A$2.26 a share.In this Insight, we look at the deal details, the options available in this deal, and ways to play the trade.

Augusta Capital - Shareholders Have Options