Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence

• Two months ago, Abacus Storage King (ASK AU) announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and Public Storage (PSA US)

• The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.

• Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share.

The Trade:

• I'd pay up to A$1.56/share or 5%/15% gross/annualised, assuming mid-December completion.

• Terms are fair - but remain indicative.

• I don't expect any further bump.