Abacus Storage (ASK AU): Kirsh/Public Storage Buck Market Volatility With NBIO

• Ki Corporation and Public Storage (PSA US) together announced a NBIO, by way of a Scheme, to acquire all of the outstanding securities of Abacus Storage (ASK AU) not held.

• The indicative offer of A$1.47/stapled security is a 26.7% premium to undisturbed and ~8% discount to the latest NTA/security. Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK.

• Trading at a gross/annualised spread of 6.9%/10.9%, assuming late Nov completion. That's tight given timing risk, and terms not being firm.