Real estate developer Peet Ltd (PPC AU) has entered into a Scheme with Ingenia Communities (INA AU).
Ingenia is offering 0.3367 new shares plus A$0.68/share in cash for each Peet share, or an implied price of A$2.185/share (when including the A$0.065/share final dividend - 8th September ex-date).
Major shareholder (Anthony Lennon; ~14.5%) and board are supportive. Mix-and-match facilities afforded (subject to clawback). Expected late-December implementation. Looks clean
The Trade:
Trading at a gross/annualised spread of 3.8%/11.7%, assuming late December completion. Including the FY26 A$0.065/share (unfranked) dividend.
If you can take down borrow cheaply in Ingenia, do so, if not already.
Note: Ingenia declared a FY26 A$0.048/share dividend - the ex date is today.