Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Brookfield and EIG/MidOcean are Offering <strong><a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a></strong> shareholders $9.00/share, a 54.9% premium to last close, by way of a Scheme. The Offer is non-binding and indicative.</li>
<li>Negotiations kicked off at $7.95 for the LNG developer in early August. Exclusive due diligence has been granted. </li>
<li>A firm offer will be contingent on ACCC and FIRB approval. Such a takeover <em>may</em> actually play into the Albanese government's future energy plans.</li>
</ul>


Brookfield and EIG/MidOcean are Offering Origin Energy (ORG AU) shareholders $9.00/share, a 54.9% premium to last close, by way of a Scheme. The Offer is non-binding and indicative.
Negotiations kicked off at $7.95 for the LNG developer in early August. Exclusive due diligence has been granted. 
A firm offer will be contingent on ACCC and FIRB approval. Such a takeover may actually play into the Albanese government's future energy plans.


Origin Energy: Brookfield's Energy Transition Bet

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> received a conditional, non-binding indicative proposal from Brookfield and EIG at A$9.00 per share, a 54.9%  premium to the undisturbed price (9 November).</li>
<li>The Board will grant eight weeks of due diligence access and intends to unanimously recommend a binding offer at A$9.00 per share. The offer is attractive.</li>
<li>Regulatory approvals are an overhang and would likely require price concessions. At the last close, the gross spread to the offer is 14.9%.</li>
</ul>



Origin Energy (ORG AU) received a conditional, non-binding indicative proposal from Brookfield and EIG at A$9.00 per share, a 54.9%  premium to the undisturbed price (9 November).
The Board will grant eight weeks of due diligence access and intends to unanimously recommend a binding offer at A$9.00 per share. The offer is attractive.
Regulatory approvals are an overhang and would likely require price concessions. At the last close, the gross spread to the offer is 14.9%.


Origin Energy's (ORG AU) Indicative Offer of A$9.00 from Brookfield/EIG

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 21st (reported today) which has an aggregated short interest worth USD17.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth, Rio Tinto, Santos.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 21st (reported today) which has an aggregated short interest worth USD17.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth, Rio Tinto, Santos.


ASX Short Interest Weekly (Oct 21st): Telstra, BHP, Woolworth, Rio Tinto, Santos

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 16th which has an aggregated short interest worth USD15.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 16th which has an aggregated short interest worth USD15.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths.


ASX Short Interest Weekly: South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.</li>
<li>Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.</li>
<li>In this note, we will talk about the deal dynamic and run the deal through our ECM framework.</li>
</ul>


Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.
Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.
In this note, we will talk about the deal dynamic and run the deal through our ECM framework.


Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

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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Santos Ltd (STO AU)

Origin Energy: Brookfield's Energy Transition Bet

The Offer remains non-binding. I think a firm Offer will get up - but the final pricing may change subject to discussions with the government on...

David Blennerhassett

Origin Energy's (ORG AU) Indicative Offer of A$9.00 from Brookfield/EIG

The offer is attractive. Regulatory approvals are an overhang and would likely require price concessions. At the last close, the gross spread to...

Arun George

ASX Short Interest Weekly (Oct 21st): Telstra, BHP, Woolworth, Rio Tinto, Santos

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly: South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths.

Ke Yan, CFA, FRM

Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in...

Sumeet Singh

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