Morningstar - Ardent Leisure (AAD) Corporate Action: We Recommend Ardent Securityholders Vote in Favour of Corporatisation Proposal

Report

Morningstar

Brian Han

EUR 100.00 For Business Accounts Only

Corporate Action: We Recommend Ardent Securityholders Vote in Favour of Corporatisation Proposal

We recommend securityholders in Ardent Leisure approve the proposal to corporatise the entity, at a Scheme Meeting on Nov. 20, 2018. The proposal involves a new single company, Ardent Leisure Group Limited, replacing the current stapled structure where securityholders own both shares in Ardent Leisure Limited (an Australian incorporated company) and units in Ardent Leisure Trust (an Australian trust).
The proposal does not impact our AUD 2.00 fair value estimate. It is a simplification process t...

12/11/2018 14 EN

Underlying

Ardent Leisure

Ardent Leisure invests in and operates leisure and entertainment businesses in Australia, New Zealand and the U.S. Co. is organised into the following divisions: Marinas, which comprises seven d'Albora Marina properties, located in New South Wales and Victoria; Family entertainment centres, which comprises of 27 Main Event sites in the U.S.; Bowling centres, which comprises 48 bowling centres and six amusement arcades located in Australia and New Zealand; Theme parks, which comprises Dreamworld and WhiteWater World in Coomera, Queensland and the SkyPoint observation deck and climb in Surfers Paradise, Queensland; as well as Health clubs, which comprises 76 clubs in Australia.

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AU000000AAD7 Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Brian Han

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Corporate Action: We Recommend Ardent Securityholders Vote in Favour of Corporatisation Proposal

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Morningstar | Ardent Leisure Requires Ardent Patience

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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