domain peet logos and websites
Image – Domain, Canva, Peet.
  • Peet (ASX: PPC) successfully raised $75M
  • Vitalharvest (ASX: VTH) received another offer from Roc
  • The market set a new 100 day high

Welcome to another end of week wrap, the last for the month.

The week counted down to a quiet end, after a week where the market saw three takeover tussles, two raises, and one acquisition.

The mid-week wrap can be found here.

The broader market

The market has bounced back to near all-time highs today, a 0.10% hair off the 52-week high. Today’s trading set a 100 day high however, at 7,179.50.

Markets were propped up by mining once more with energy also making a significant contribution.

ASX market chart end of the day 28 may 2021
Image – Google.

Winner winner chicken dinner sang Ingham Group (ASX: ING), who was the market’s best performer, followed by the resources sector. Fourth place was taken out by Link Administrations, who own 44.18% of property exchange platform PEXA.

At today’s end of week close, the top-performing real estate companies were:

Top-performing ASX listed real estate companies

Company Code Price ($) Change (%)
The Agency AU1 0.056 +7.69
Acumentis ACU 0.115 +4.55
Scentre Group SCG 2.76 +3.37
Unibail-Rodamco-Westfield URW 5.66 +3.28
Domain DHG 5.03 +2.65

Source: ASX

Movement

The latter half of this week only saw three notable items.

Thursday saw the early close of Peet Limited’s (ASX: PPC) raising efforts following a successful and oversubscribed round. The company issued new senior unsecured notes offering to raise up to A$75 million.

The note issuance and previously announced increase and extension of the Group’s existing senior debt facility is said to “increase the weighted average debt maturity from 1.7 years as at 31 December 2020 to 3.2 years as at 30 June 2021.”

Some two weeks after the last time Vitalharvest (ASX: VTH) announced something to market, the Macquarie Agricultural Funds Management (MAFM) proposal of $1.28 per VTH unit, the company again made an announcement on Thursday.

Roc Private Equity hadsraised their offer once more, now to $1.29 per unit or $353.65 million in assets. The move is the private equity firm’s eighth offer; it is the sixteenth overall.

It was also announced the company intended to overbid any MAFM offer by one cent.

Today, Domain (ASX: DHG) responded to the extensive coverage on a takeover bid for property exchange platform PEXA. DHG said it:

“… is participating in a process as part of a consortium with respect to potentially acquiring a 10% interest in Torrens Group Holdings Pty Ltd that owns PEXA.”

Domain

It has been widely reported Domain and private equity company KKR teamed up to bid for PEXA, the deal to be worth some $3 billion.

Link Administration (ASX: LNK) confirmed to the market on Thursday an offer had been received from KKR, “The Proposal represents an Enterprise Value for 100% of PEXA at $3 billion plus cash on the balance sheet as at date of settlement, noting cash on the balance sheet as at 31 March 2021 was $126 million.”

The offer is conditional on three elements, one being that the PEXA IPO not proceed.

That’s this week in ASX listed real estate companies, where new market highs rose to look a lot like the cliffs of Dover…

white-cliffs-of-dover-compared-to-asx
The ASX doing an excellent impression of the White Cliffs of Dover. Image – Canva, Google.
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