IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

Merger Arb Mondays (20 Mar) - Toshiba, AAG Energy, Tyro, Newcrest, InvoCare, Pushpay, Golden Energy

Pushpay (PPH NZ): Revised Scheme Meeting on 27 April

Pushpay Draws Another Sixth Street/BGH Offer

Pushpay Enters a SID with Sixth Street/BGH at NZ$1.34

Pushpay (PPH NZ): Scheme Vote on 3 March but Deal Risks Are Emerging

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Shareholders representing around 12.6% of outstanding shares have stated that they will vote against <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>’s NZ$1.34 offer from Sixth Street/BGH (scheme vote on 3 March). </li>
<li>The NO votes will need a less than 63% turnout to block the scheme. A 5% bump (NZ$1.41) would be in line with the IE’s valuation mid-point at current FX.</li>
<li>Sixth Street/BGH have taken issue with the IE’s valuation (unsuitable FX rates and optimistic forecasts) and have got proxy advisors' support. Therefore, a bump is not a sure thing. </li>
</ul>


Shareholders representing around 12.6% of outstanding shares have stated that they will vote against Pushpay Holdings (PPH NZ)’s NZ$1.34 offer from Sixth Street/BGH (scheme vote on 3 March). 
The NO votes will need a less than 63% turnout to block the scheme. A 5% bump (NZ$1.41) would be in line with the IE’s valuation mid-point at current FX.
Sixth Street/BGH have taken issue with the IE’s valuation (unsuitable FX rates and optimistic forecasts) and have got proxy advisors' support. Therefore, a bump is not a sure thing. 


Pushpay (PPH NZ): Proxy Advisors Say Yes but Several Shareholders Say No