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

Primewest (PWG AU): Centuria Offer Period Extended; Trading Wide

Quiddity M&A: Australia Foreign Investment Reforms

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>On 19th April 2021, ASX-listed real estate funds managers <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a> and <a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" data-smartkarma-citation="entities:15546:1" rel="noopener">Centuria Capital (CNI AU)</a> announced plans to merge in a A$600mn cash-and-scrip Deal. This transaction will be structured as an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02364563-6A1028800?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Off-market Takeover bid</a> by CNI for 100% of PWG Securities where PWG securityholders will get A$0.20 in cash and 0.473 CNI Securities per PWG security. </p><p>The transaction is conditional on a minimum acceptance condition. The Offer Period is expected to open in mid-May and close in mid-June 2021. </p><p>CNI last closed at A$2.77 translating to a Offer consideration of A$1.51 which is the same as PWG's price.</p><p><em>More below the fold. </em></p><hr><div><div><div class="content-remarks"><p>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> </p></div></div></div>

On 19th April 2021, ASX-listed real estate funds managers Primewest Group Ltd (PWG AU) and Centuria Capital (CNI AU) announced plans to merge in a A$600mn cash-and-scrip Deal. This transaction will be structured as an Off-market Takeover bid by CNI for 100% of PWG Securities where PWG securityholders will get A$0.20 in cash and 0.473 CNI Securities per PWG security. The transaction is conditional on a minimum acceptance condition. The Offer Period is expected to open in mid-May and close in mid-June 2021. CNI last closed at A$2.77 translating to a Offer consideration of A$1.51 which is the same as PWG's price.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 

Primewest (PWG AU): Centuria's Off-Market Takeover Bid Could Trigger ASX/S&P 200 Index Inclusion