Potential Takeover

Australia’s Ampol (owner of Gull) has offered $3.78 per share to acquire an Elevation Capital Global Shares Fund holding - Z Energy. The Fund identified an opportunity to invest in Z Energy on the back of our investment in Refining NZ (Channel Infrastructure).

The takeover offer has not yet been recommended to shareholders as concerns around monopolistic power from the Commerce Commission and valuation need to be finalised. Ampol now has a window of exclusivity to conduct due diligence. Z-Energy’s share price has risen ~20% since the potential acquisition was announced.

If the acquisition finalises, it will be the Elevation Capital Global Shares Fund’s second takeover of the year. We announced in August 2021 that Zooplus, which we held an investment in since 2019, was acquired by U.S. Private Equity firm - Hellman & Friedman. The Fund has a long history of our holdings becoming takeover targets as a key part of our initial valuation framework explicitly focuses on what an experienced industry participant or financial buyer might pay to acquire 100% of a company based on historical transaction multiples.