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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>, <a href="https://www.smartkarma.com/entities/itochu-techno-solutions-corp" target="_blank" data-smartkarma-citation="entities:2431:1" rel="noopener">Itochu Techno Solutions (4739 JP)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>, <a href="https://www.smartkarma.com/entities/kenedix-retail-reit-corp" target="_blank" data-smartkarma-citation="entities:188:1" rel="noopener">Kenedix Retail REIT (3453 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), Chindata Group (CD US), Estia Health (EHE AU), Invocare Ltd (IVC AU), ENM Holdings (128 HK), Eoflow (294090 KS), JSR Corp (4185 JP). 
Lowest spreads - Healius (HLS AU), Toyo Construction (1890 JP), Penguin International (PBS SP), Itochu Techno Solutions (4739 JP), Oishi Group PCL (OISHI TB), Kenedix Retail REIT (3453 JP). 


Merger Arb Mondays (07 Aug) - JSR, ITOCHU, Allkem, Origin, Symbio, Pacific Current, United Malt, MPI

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, <a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, <a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> and <a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/e-guardian-inc" target="_blank" data-smartkarma-citation="entities:10629:1" rel="noopener">E Guardian Inc (6050 JP)</a>, <a href="https://www.smartkarma.com/entities/itochu-techno-solutions-corp" target="_blank" data-smartkarma-citation="entities:2431:1" rel="noopener">Itochu Techno Solutions (4739 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>.     </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Rakuten Securities (RAKUSEC JP), EbixCash (EBIXC IN), Lalatech Holdings Co Ltd (LALA HK) and Lianlian DigiTech (2104619D CH) IPOs.
Event-Driven developments - E Guardian Inc (6050 JP), Itochu Techno Solutions (4739 JP), Toshiba Corp (6502 JP), Symbio Holdings (SYM AU), Metro Pacific Investments Co (MPI PM).     


Weekly Deals Digest (06 Aug) - Toshiba, E-Guardian, ITOCHU, Allkem, Symbio, Pacific Current, MPI

<ul>
<li>
<a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> has disclosed a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a> at A$1.425 cash per share and 2.14 SLC shares per SYM share. </li>
<li>The implied offer price of A$2.85 per share is a 19.7% premium to the undisturbed price of A$2.38 per share. A 4-week reciprocal exclusivity period starts on 1 August.</li>
<li>The offer is not close to being a knockout bid. Superloop states that it will progress the transaction on "a disciplined basis", suggesting some risk towards a binding proposal.</li>
</ul>



Symbio Holdings (SYM AU) has disclosed a non-binding indicative proposal from Superloop Ltd (SLC AU) at A$1.425 cash per share and 2.14 SLC shares per SYM share. 
The implied offer price of A$2.85 per share is a 19.7% premium to the undisturbed price of A$2.38 per share. A 4-week reciprocal exclusivity period starts on 1 August.
The offer is not close to being a knockout bid. Superloop states that it will progress the transaction on "a disciplined basis", suggesting some risk towards a binding proposal.


Symbio (SYM AU): Superloop’s Indicative Offer

<ul>
<li>Unsurprisingly, the independent expert (IE) considers the consortium's offer of A$5.00 per share to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is approval from <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> shareholders and regulatory authorities (FIRB). The scheme meeting is scheduled for 9:30 am on 15 July. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the gross and annualised spread is 0.8% and 5.1%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers the consortium's offer of A$5.00 per share to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is approval from Uniti Group Ltd (UWL AU) shareholders and regulatory authorities (FIRB). The scheme meeting is scheduled for 9:30 am on 15 July. 
We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the gross and annualised spread is 0.8% and 5.1%, respectively.


Uniti’s Scheme Meeting on 15 July, IE’s Opinion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends declared or paid after today. </li>
<li>The key scheme conditions are shareholder approval, FIRB approval and Court approval. The scheme meeting will be held in July.</li>
<li>We think that the offer is attractive. At the last close price of A$4.96, the gross and annualised spread to a July-end effective date is 0.8% and 2.8%, respectively.</li>
</ul>



Uniti Group Ltd (UWL AU) has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends declared or paid after today. 
The key scheme conditions are shareholder approval, FIRB approval and Court approval. The scheme meeting will be held in July.
We think that the offer is attractive. At the last close price of A$4.96, the gross and annualised spread to a July-end effective date is 0.8% and 2.8%, respectively.


Uniti Enters a SID with Morrison/Brookfield Consortium at A$5.00 Per Share

Australia

Superloop Limited operates as a telecommunications infrastructure company. The Company designs, constructs, and operates underground fibre-optic cable network. Superloop conducts business throughout the Asia Pacific region.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Superloop Ltd (SLC AU)

Merger Arb Mondays (07 Aug) - JSR, ITOCHU, Allkem, Origin, Symbio, Pacific Current, United Malt, MPI

This week, the highest gross spreads are 111 (19.6%), Chindata (15.3%), Estia (12.7%), InvoCare (10.4%), ENM (9.4%), Eoflow (7.7%), JSR (7.2%),...

Arun George

Weekly Deals Digest (06 Aug) - Toshiba, E-Guardian, ITOCHU, Allkem, Symbio, Pacific Current, MPI

Last week, notable developments occurred in Event-Driven (Toshiba, E-Guardian, Itochu Techno, MPI, Allkem, PAC, Symbio, United Malt) and ECM...

Arun George

Symbio (SYM AU): Superloop’s Indicative Offer

The offer is not close to being a knockout bid. Superloop states that it will progress the transaction on "a disciplined basis", suggesting some...

Arun George

Uniti’s Scheme Meeting on 15 July, IE’s Opinion

We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the annualised spread is 5.1%.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Merger Arb Mondays (07 Aug) - JSR, ITOCHU, Allkem, Origin, Symbio, Pacific Current, United Malt, MPI

This week, the highest gross spreads are 111 (19.6%), Chindata (15.3%), Estia (12.7%), InvoCare (10.4%), ENM (9.4%), Eoflow (7.7%), JSR (7.2%),...

Arun George

Weekly Deals Digest (06 Aug) - Toshiba, E-Guardian, ITOCHU, Allkem, Symbio, Pacific Current, MPI

Last week, notable developments occurred in Event-Driven (Toshiba, E-Guardian, Itochu Techno, MPI, Allkem, PAC, Symbio, United Malt) and ECM...

Arun George

Symbio (SYM AU): Superloop’s Indicative Offer

The offer is not close to being a knockout bid. Superloop states that it will progress the transaction on "a disciplined basis", suggesting some...

Arun George

Uniti’s Scheme Meeting on 15 July, IE’s Opinion

We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the annualised spread is 5.1%.

Arun George

Uniti Enters a SID with Morrison/Brookfield Consortium at A$5.00 Per Share

Uniti has entered a SID with the Morrison/Brookfield consortium at A$5.00 cash per share less dividends. A done deal with annualised spread to a...

Arun George