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

Sydney Airport (SYD AU): Scheme Implementation Deed Out; Index Impact

Link Group (LNK AU): Dye & Durham Tops Carlyle's Offer

ASX200 Index Rebalance: Telix Pharma to Replace Sydney Airport

Event-Driven

Earlier today, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> announced that it had received a non-binding indicative proposal from Carlyle Asia Partners to acquire 100% of the shares in Link Group by way of a Scheme of Arrangement for a consideration of A$3/share in cash plus a pro-rata distribution of Link Group's shareholding in <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>. At a lookthrough valuation of A$2.38 per Link Group share based on the PEXA holding, the Carlyle offer values <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> at A$5.38/share, a 24.2% premium to the last close.This follows a consortium offer (of which Carlyle was a part) in October 2020 to acquire all the shares in Link Group at an indicative price of A$5.20/share. The Link Group board rejected the offer and then Carlyle upped their offer to A$5.40/share following which due diligence was granted. SS&amp;C then jumped into the fray with an A$5.65/share offer in December. Neither offer came to fruition and <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> went ahead with the listing of <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>.And now here were are again with Carlyle making another go for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>.We do not expect the Link Group Board to recommend the offer to shareholders but they could grant due diligence access in the hope of getting Carlyle to make a higher offer.

Earlier today, Link Administration Holdings (LNK AU) announced that it had received a non-binding indicative proposal from Carlyle Asia Partners to acquire 100% of the shares in Link Group by way of a Scheme of Arrangement for a consideration of A$3/share in cash plus a pro-rata distribution of Link Group's shareholding in PEXA Group (PXA AU). At a lookthrough valuation of A$2.38 per Link Group share based on the PEXA holding, the Carlyle offer values Link Administration Holdings (LNK AU) at A$5.38/share, a 24.2% premium to the last close.This follows a consortium offer (of which Carlyle was a part) in October 2020 to acquire all the shares in Link Group at an indicative price of A$5.20/share. The Link Group board rejected the offer and then Carlyle upped their offer to A$5.40/share following which due diligence was granted. SS&amp;C then jumped into the fray with an A$5.65/share offer in December. Neither offer came to fruition and Link Administration Holdings (LNK AU) went ahead with the listing of PEXA Group (PXA AU).And now here were are again with Carlyle making another go for Link Administration Holdings (LNK AU).We do not expect the Link Group Board to recommend the offer to shareholders but they could grant due diligence access in the hope of getting Carlyle to make a higher offer.

Link Administration

Link Group (LNK AU): Carlyle's Back