AVJennings (AVJ AU): AVID’s Done Deal

• On the 28th November, AVJennings Ltd (AVJ AU), a widely recognised home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.

• AVID, comprising Proprium Capital Partners and AVID Property Group, have pitched an NBIO (by way of a Scheme) of A$0.67/share, in cash, a punchy 103% premium to last close.

• Apart from entering a SIA after DD (expected end-Jan completion), the Offer requires FIRB and OIO to sign off. AVJ's board, controlled by Singapore's SC Global (54.5% shareholder) is supportive.