Australia’s Centuria back with second bid to buy out NZ’s Augusta Capital

Sydney, Australia. Photo: Unsplash

Australia’s Centuria Capital Group on Monday said it intends to buy the remaining shares of New Zealand’s Augusta Capital Ltd for NZ$130 million ($83.5 million), months after pulling its previous takeover offer amid volatile market conditions.

Fund manager Centuria, which owns 23.3% of Augusta, said Augusta shareholders will receive NZ$0.20 in cash and 0.392 of a Centuria stapled security for each Augusta share – an implied offer price of NZ$1 per Augusta share.

The implied price represents a 46% premium to Augusta’s last close on June 12.

Centuria in January aimed to buy 100% of Augusta with a cash and stock offer of NZ$2 per Augusta share. It withdrew the bid in March due to volatile market conditions and economic disruption brought about by the coronavirus outbreak, which caused far-reaching commercial and social restrictions.

It subsequently bought a 23.3% stake in Augusta in May via a capital raising.

Both Australia and New Zealand have since eased the restrictions and markets conditions have become relatively stable.

Augusta shares jumped as much as 40% to NZ$0.96 following Centuria’s announcement. It recommended its shareholders to not take any action on the offer.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.