Back on the 26th August 2026, real-estate developer Peet (PPC AU) entered into a scrip Scheme with Ingenia Communities (INA AU). The major shareholder and board are/were supportive. It looked clean.
Then a competitive bidding situation for Ingenia unfolded from Warburg and AVID. As discussed in Peet Ltd (PPC AU) Is Pretty Depressed. Time To Revisit, value for Peet had emerged.
The Scheme Booklet is now out, with a 7th December Scheme Meeting. The IE (Kroll) concluded “ fair and reasonable”. That conclusion is moot. The vote won’t occur.
The Trade:
The Scheme for Peet is all but toast.
I’d be getting some exposure here on Peet; but more aggressively on any share price weakness.
The RBA just bumped the cash rate (4th time this year) to 4.85%, casting a pall over property development; but one largely expected.