Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>Quarz wrote an open letter questioning the <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> deal with MCT for MNACT shareholders, discussed <a href="https://www.smartkarma.com/insights/activist-quarz-objects-to-mapletree-merger-terms-a-commentary" target="_blank" rel="noopener">here</a>. They wrote another letter last Thursday.</li>
<li>Now, Securities Investors Association (Singapore) SIAS has come out with an <a href="https://sias.org.sg/latest-updates/press-statement-questions-to-mapletree-commercial-trust-mct/" target="_blank" rel="noopener">open letter to MCT management</a> questioning the deal. </li>
<li>There are now activists on both sides questioning this deal. That is not necessarily a bad thing. </li>
</ul>


Quarz wrote an open letter questioning the Mapletree North Asia Commercial Trust (MAGIC SP) deal with MCT for MNACT shareholders, discussed here. They wrote another letter last Thursday.
Now, Securities Investors Association (Singapore) SIAS has come out with an open letter to MCT management questioning the deal. 
There are now activists on both sides questioning this deal. That is not necessarily a bad thing. 


SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

<ul>
<li>Sometime activist Quarz presented a 10-page "open letter" to <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> (a.k.a. MNACT) saying it wanted better terms for MNACT holders.</li>
<li>The presentation touches on a lot of points, but needs to be read with care. It makes assumptions some would not make, and doesn't back them up.</li>
<li>However, the right way to think about this may be "Why Not Both?"</li>
</ul>


Sometime activist Quarz presented a 10-page "open letter" to Mapletree North Asia Commercial Trust (MAGIC SP) (a.k.a. MNACT) saying it wanted better terms for MNACT holders.
The presentation touches on a lot of points, but needs to be read with care. It makes assumptions some would not make, and doesn't back them up.
However, the right way to think about this may be "Why Not Both?"


Activist Quarz Objects to Mapletree Merger Terms - A Commentary

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.</li>
<li>VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. </li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing.
VTAC is sponsored by Vertex Venture Holdings (VVH), a wholly owned subsidiary of Temasek. 
In this tear sheet, we will talk about the deal background and structure.


Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Digital Core REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digital-core-reit" target="_blank" data-smartkarma-citation="entities:35145:1" rel="noopener">Digital Core REIT (DCREIT SP)</a> is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. </li>
<li>The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.</li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential acquisitions and debt repayment. 
The deal will be a large one to digest at 72.7 days of three month ADV and 12.8% dilution.
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Digital Core REIT Placement - Taking a Turn for the Better After All the Negative News

<ul>
<li>Temasek raised around US$300m via its secondary selldown in <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> in Jun 2023. The lockup from that placement will expire soon.</li>
<li>Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.</li>
<li>In this note, we talk about the placement lockup dynamics.</li>
</ul>


Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.
Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.
In this note, we talk about the placement lockup dynamics.


SIA Placement Lockup - Time for Another Trim of Its US$7bn Stake

Singapore

Mapletree North Asia Commercial Trust operates as a real estate investment trust. The Company manages and invests in commercial properties, including logistics, industrial spaces, and office buildings. Mapletree North Asia Commercial Trust serves customers in Asia.

Mapletree North Asia Commercial Trust (MAGIC SP)

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Mapletree North Asia Commercial Trust (MAGIC SP)

SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

SIAS has jumped into the MCT/MNACT fray with a letter to MCT questioning the deal. MCT has fallen since deal announcement as unhappy Singaporean...

Travis Lundy

Activist Quarz Objects to Mapletree Merger Terms - A Commentary

MNACT holder and sometime Singapore activistish investor Quarz Management complains about the MNACT/MCT scrip ratio. Several points are raised....

Travis Lundy

Vertex Technology Acquisition Corporation Ltd Tear Sheet - Singapore’s First SPAC Listing

Vertex Technology Acquisition Corporation Ltd (VTAC) aims to raise around US$126m via Singapore’s first SPAC listing. VTAC is backed by Vertex,...

Sumeet Singh

Digital Core REIT Placement - Taking a Turn for the Better After All the Negative News

Digital Core REIT (DCREIT SP) is looking to raise at least US$100m in its primary placement. The proceeds will be used to fund potential...

Ethan Aw

SIA Placement Lockup - Time for Another Trim of Its US$7bn Stake

Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.

Sumeet Singh

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52-week Range

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