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MAI - MAINSTREAM GROUP HOLDINGS LIMITED


nipper
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MainstreamBPO (MAI) was listed on the ASX in September 2015 at 50c a share .... It is one of the largest independent fund administrators in Australia. The Company provides administration services to the wealth management sector of the financial services industry. As at March 2015 the Company had Funds under Administration of approximately $50 billion.

 

The Company operates three businesses:

FundBPO: provides fund administration services for investment managers

SuperBPO: provides superannuation administration services for superannuation trustees

ShareBPO: provides share registry services for listed companies and exchange-traded funds

As would be expected, it is very much a bread and butter business; take a clip, keep costs as low as possible and keep margins steady. So the price action was underwhelming.

On 20 Oct, 2017, MainstreamBPO Limited changed its name to Mainstream Group Holdings Limited, keeping the MAI code.

and now, 2021,

Mainstream is sitting on a $1.20 a share bid from offshore suitor Vistra, and has signed Vistra to a scheme implementation deed designed to see the offshore suitor take control in coming months.

However, Mainstream also negotiated go shop provision, giving it one month to solicit competing proposals. Vistra has customary matching rights during that time and options over a 19.9 per cent stake, but has said it would not stand in the way of a superior proposal.

And today ... a Superior Proposal has emerged from SS&C Technologies Holdings for $2.00 cash per share by way of a scheme of arrangement, being a 67% premium to the price per share offered by Vistra on 9 March 2021.

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the $2 cash offer is from a player

SS&C is a global provider to the financial services and healthcare industries, including wealth management, registered funds, hedge and private equity fund administration, transfer agency and retirement and pension fund services, including Australian Superannuation Funds. Founded in 1986, SS&C is headquartered in Windsor, Connecticut. Some 18,000+ financial services and healthcare organisations, from the world’s largest institutions to local firms, manage and account for their investments using SS&C’s products and services.

MAI up 60% today; opened at $2.03 and ended the day close to the offer, at $1.97. .... Is there a counter offer? (unlikely, IMO)

 

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  • 1 month later...

 

 

but there has been more interest

Mainstream said it has received another unsolicited proposal from Apex, offering $2.80 in cash for each Mainstream share.

 

The fund administration provider is currently considering the offer and will update the market in due course.

 

 

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  • 4 months later...

On 28 October 2021, Mainstream Group Holdings Limited (MAI) was removed from the ASX Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between MAI and its shareholders in connection with the acquisition of all the issued capital in MAI by Apex Fund Holdings Australia Pty Limited.

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