SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4's Offer
Back on the 23rd June, eftpos terminal provider SmartPay Holdings (SMP AU/NZ) entered into a Scheme Implementation Deed with Shift4 Payments (FOUR US).
Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.
The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says "fair & reasonable".
SmartPay is illiquid - look away now if this is not your thing.
The Trade:
Trading at a 3.4%/30.1% gross/annualised spread, ostensibly reflecting various large shareholders on the register who could conceivably push back on terms.
If small illiquid arbs are your bag, enter around here.
I'd personally sit this one out.
This insight is labelled bullish as I expect the Offer to get up. The Offer price is a 90.5% premium to undisturbed.
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