IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>'s gross spread to <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a>’s offer (less the interim dividend) of A$87.52 has widened touching an all-time high of 17.0% today.</li>
<li>Despite the longer-than-expected due diligence, rising rates and market volatility, the evidence suggests that KKR remains committed. The expectation is for a binding proposal by June end.</li>
<li>At the last close, the risk/reward profile is favourable as the downside due to a deal break (-10% estimated decline) is lower than the upside (+17%) from a binding offer. </li>
</ul>



Ramsay Health Care (RHC AU)'s gross spread to KKR &amp; Co Inc (KKR US)’s offer (less the interim dividend) of A$87.52 has widened touching an all-time high of 17.0% today.
Despite the longer-than-expected due diligence, rising rates and market volatility, the evidence suggests that KKR remains committed. The expectation is for a binding proposal by June end.
At the last close, the risk/reward profile is favourable as the downside due to a deal break (-10% estimated decline) is lower than the upside (+17%) from a binding offer. 


<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> is premarketing a US$1bn SET listing and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> has won approval for a US$100-150m HKEx IPO.</li>
<li>On the Event-Driven front, there were developments at <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, Ramsay, Crown.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, Thai Life Insurance (124744Z TB) is premarketing a US$1bn SET listing and GoGoX Holdings (GOGO HK) has won approval for a US$100-150m HKEx IPO.
On the Event-Driven front, there were developments at China Vast Industrial Urban Development (6166 HK), Suchuang Gas Corp (1430 HK), Link Net (LINK IJ), Atlas Arteria (ALX AU), Ramsay, Crown.


Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

The French Competition Authority (FCA) has given the <a href="https://globenewswire.com/news-release/2018/10/16/1621645/0/en/RAMSAY-GENERALE-DE-SANTE-has-received-competition-clearance-for-the-recommended-public-offer-to-the-shareholders-of-Capio.html" target="_blank">green light</a> to <a href="https://www.smartkarma.com/entities/21473" target="_blank" data-smartkarma-citation="entities:21473:1">Ramsay Generale De Sante (GDS FP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/22319" target="_blank" data-smartkarma-citation="entities:22319:1">Capio AB (CAPIO SS)</a>.
The outstanding condition to the Offer is for 75% (down from 90% initially) of Capio's shareholders to accept the Offer.  Swedbank Robur, R12 Kapital and AP4 (Fourth Swedish National Pension Fund), who collectively hold 24.7% of shares outstanding, are in favour of the Offer.
In its <a href="https://www.ramsaygds.se/en/ramsay-generale-de-sante-increases-the-offer-price-to-sek-58-in-cash-per-share-in-its-public-offer-to-the-shareholders-of-capio-193/" target="_blank">announcement</a> on the 8 October, RGdS had opted to waive the competition clearance condition, meaning that the completion of the Offer is no longer conditional upon such clearance being obtained. However, RGdS did indicate it still expected to receive competition clearance from the FCA by 15 October 2018.
In that announcement, RGdS also raised the consideration to SEK 58, up from its initial Offer back in July of SEK 48.50/share. The increased Offer price is ~39% higher than the undisturbed closing price (July 12) and is ~20% higher than the initial Offer announced on July 13.
The Offer is now open and closes on the 25 October. Settlement is expected to commence on or around the 7 November. This is a done deal and is currently trading at SEK 57.80/share.

The French Competition Authority (FCA) has given the green light to Ramsay Generale De Sante (GDS FP)'s Offer for Capio AB (CAPIO SS).
The outstanding condition to the Offer is for 75% (down from 90% initially) of Capio's shareholders to accept the Offer.  Swedbank Robur, R12 Kapital and AP4 (Fourth Swedish National Pension Fund), who collectively hold 24.7% of shares outstanding, are in favour of the Offer.
In its announcement on the 8 October, RGdS had opted to waive the competition clearance condition, meaning that the completion of the Offer is no longer conditional upon such clearance being obtained. However, RGdS did indicate it still expected to receive competition clearance from the FCA by 15 October 2018.
In that announcement, RGdS also raised the consideration to SEK 58, up from its initial Offer back in July of SEK 48.50/share. The increased Offer price is ~39% higher than the undisturbed closing price (July 12) and is ~20% higher than the initial Offer announced on July 13.
The Offer is now open and closes on the 25 October. Settlement is expected to commence on or around the 7 November. This is a done deal and is currently trading at SEK 57.80/share.

Ramsay Generale's Offer For Capio Is All Stitched Up

France

Orpea operates nursing homes.  The Company serves older clients in all stages of dependency through its facilities located throughout France.

Korian SA operates healthcare facilities, medical establishments.  The Company's facilities include retirement homes and rehabilitation centers. Korian is based in France.

Guerbet manufactures contrast media for radiology and magnetic resonance imaging.

Carmat is medical technology start-up company. The Company intends to market a fully implantable artificial heart for patients suffering in the aftermath of a heart attack or with late-stage heart failure and for whom standard drug therapy, ventricular assistance and/or a heart transplant have failed or are not possible.

Crossject SA develops needle-free injection systems for liquid medicines. The Company product ZENEO is tailored to deliver drugs intra-dermally, subcutaneously and intramuscularly.

Boiron SA researches, develops, and manufactures homeopathic pharmaceutical products.  The Company operates worldwide either directly through subsidiaries and sales offices, or through local distributors.  The main industrial and commercial facilities are located in France, elsewhere in Western Europe, and North America.

Virbac SA manufactures antibiotics, worm medicines, and vaccines for veterinary use.  The Company's products are distributed in the United States, Europe, Asia and South America.

Nanobiotix operates as a late clinical-stage nanomedicine company. The Company offers oncology nanomedicine treatments to control and treat cancer tumors. Nanobiotix serves customers in the United States and France.

Genfit is a biopharmaceutical company.  The Company researches treatments for cardiovascular, metabolic and inflammatory diseases, and age-linked neurodegenerative disorders.

Theraclion is a medical device company that specializes in High Intensity Focused Ultrasound (HIFU). The Company offers a solution of echotherapy to ablate small lesions.

KPJ Healthcare Berhad is an investment holding company. Through its subsidiaries, the Company operates specialist medical centers and also provides pathology and laboratory services, hospital management services, drug and medical distribution along with operating a nursing college.

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

PT Sejahteraraya Anugrahjaya Tbk operates hospitals.

National Healthcare Corporation operates long-term health care centers.  The Company also operates homecare programs, independent living centers, and assisted living centers.  National Healthcare's other services include managed care specialty medical units, Alzheimer's units, and a rehabilitation services company.

Premier Inc. provides health care services. The Company offers clinical and financial database, peers, food and drug administration, drug surveillance, pharmacy, health insurance, and healthcare consultancy.

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

TOHO HOLDINGS CO., LTD. is a wholesaler of medicine and medical tools and equipment.  The Company mainly sells to hospitals and pharmacies.  Toho's merchandise are nursing products mainly for elderly and handicapped, and these include pajamas and bedding products, wheelchairs, walkers, diapers, bathing products, and health foods.

AMN Healthcare Services, Inc., a temporary healthcare staffing company, provides travel nurse staffing services. The Company places nurses and allied health professionals on temporary assignments at hospitals and healthcare facilities throughout the United States.

Addus HomeCare Corp provides a broad range of social and medical services in the home.  The Company's services include personal care and assistance with activities of daily living, skilled nursing and rehabilitative therapies, and adult day care. Addus consumers are individuals with special needs who are at risk of hospitalization or institutionalization.

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

Generale de Sante operates private hospitals.  The Company operates hospitals in France, Italy, Portugal, and Canada.

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Ramsay Generale de Sante (GDS FP)

Ramsay Health's Offer Spread Risk/Reward

At the last close, the risk/reward profile is favourable as the downside due to a deal break (-10% estimated decline) is lower than the upside...

Arun George

Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

Last week, notable developments occurred in Event-Driven (China VAST, Link Net, Suchuang Gas, Yancoal, Link, Atlas Arteria, Ramsay, Crown, True...

Arun George

Ramsay Generale's Offer For Capio Is All Stitched Up

The French Competition Authority (FCA) has given the green light to Ramsay Generale De Sante (GDS FP)'s Offer for Capio AB (CAPIO SS). The...

David Blennerhassett

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