Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).</li>
<li>This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.</li>
</ul>


For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).
This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/senex-energy-ltd" target="_blank" data-smartkarma-citation="entities:18390:1" rel="noopener">Senex Energy (SXY AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02465599-2A1345453?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme of Arrangement with Posco at A$4.60/share, in cash. In addition, Senex intends to pay an interim dividend of up to A$0.05/share.</li>
<li>Senex's board unanimously recommends that shareholders vote in favour of the Scheme. Key conditions of the Scheme include Senex shareholder approval and FIRB approval.</li>
<li>Senex expects a Scheme Meeting to occur in March 2022 and, if approved, the transaction is expected to complete in late March 2022.</li>
</ul>



Senex Energy (SXY AU) has entered into a Scheme of Arrangement with Posco at A$4.60/share, in cash. In addition, Senex intends to pay an interim dividend of up to A$0.05/share.
Senex's board unanimously recommends that shareholders vote in favour of the Scheme. Key conditions of the Scheme include Senex shareholder approval and FIRB approval.
Senex expects a Scheme Meeting to occur in March 2022 and, if approved, the transaction is expected to complete in late March 2022.


Senex Energy Enters Into Scheme With Posco

<ul>
<li>Cashed-Up <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718" rel="noopener">Jardine Matheson Holdings (JM SP)</a> doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081" rel="noopener">Jardine Strategic (JS SP)</a> are now underway in Bermuda's Supreme Court. </li>
<li>The PBOC, CBIRC, and CSRC appear to have thrown <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."</li>
<li>The ACCC approval, a key condition to the <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063" rel="noopener">Sydney Airport (SYD AU)</a> proposal completing, has been obtained.</li>
</ul>


Cashed-Up Jardine Matheson Holdings (JM SP) doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of Jardine Strategic (JS SP) are now underway in Bermuda's Supreme Court. 
The PBOC, CBIRC, and CSRC appear to have thrown Evergrande (3333 HK) management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."
The ACCC approval, a key condition to the Sydney Airport (SYD AU) proposal completing, has been obtained.


Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

<ul>
<li>There are currently 45  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal this week: <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>-controlled supermarket companies <a href="https://www.smartkarma.com/entities/fuji-co-ltd-ehime" target="_blank" data-smartkarma-citation="entities:11419:1" rel="noopener">Fuji (8278 JP)</a> and <a href="https://www.smartkarma.com/entities/maxvalu-nishinihon-co-ltd" target="_blank" data-smartkarma-citation="entities:13743:1" rel="noopener">Maxvalu Nishinihon (8287 JP)</a> announced the Exchange Ratio for the first stage of their integration process.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a>, and <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a>.</li>
</ul>


There are currently 45  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
One new deal this week: Aeon (8267 JP)-controlled supermarket companies Fuji (8278 JP) and Maxvalu Nishinihon (8287 JP) announced the Exchange Ratio for the first stage of their integration process.
Keys updates took place for: Shinsei Bank (8303 JP), Sydney Airport (SYD AU), Kansai Super Market (9919 JP), and Shanghai Jin Jiang Capital Company Limited (2006 HK).


Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, Sydney Airports, Kansi Super, Shanghai Jin Jiang

<ul>
<li>The Independent Consumer and Competition Commission of Papua New Guinea has approved the <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> / <a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a> merger. This was the key regulatory condition.</li>
<li>This approval follows the approval of the Scheme by OSH shareholders on the 7 December. </li>
<li>This deal is done. Shares will be suspended at the close of trading tomorrow (the 10 December). </li>
</ul>


The Independent Consumer and Competition Commission of Papua New Guinea has approved the Santos Ltd (STO AU) / Oil Search Ltd (OSH AU) merger. This was the key regulatory condition.
This approval follows the approval of the Scheme by OSH shareholders on the 7 December. 
This deal is done. Shares will be suspended at the close of trading tomorrow (the 10 December). 


Australia

Santos Limited explores for and produces natural gas, crude oil, condensate, naphtha and liquid petroleum gas.  The Company conducts major onshore and offshore petroleum exploration activities at oil and gas fields in Australia (Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and Papua New Guinea. The Company also transports crude oil by pipeline.

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