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>Unsurprisingly, the independent expert (IE) considers <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s A$13.10 offer from <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is approval from shareholders and gaming regulatory authorities. The scheme meeting is scheduled for 29 April. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 12 May implementation date, the gross and annualised spread is 2.7% and 27.1%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers Crown Resorts (CWN AU)'s A$13.10 offer from Blackstone Group (BX US) to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is approval from shareholders and gaming regulatory authorities. The scheme meeting is scheduled for 29 April. 
We continue to think that offer is attractive. At the last close price and for the 12 May implementation date, the gross and annualised spread is 2.7% and 27.1%, respectively.


Crown Resorts Scheme Meeting on 29 April, IE Opinion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02504351-3A590725?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 29 April with possible implementation on the 12 May.  </li>
<li>The Independent Expert has concluded Blackstone's Offer is fair and reasonable and in the best interest of Crown shareholders.</li>
<li>This transaction is a done deal, and is trading accordingly.</li>
</ul>



Crown Resorts (CWN AU)'s Scheme Booklet is now out. The Scheme Meeting will be held on the 29 April with possible implementation on the 12 May.  
The Independent Expert has concluded Blackstone's Offer is fair and reasonable and in the best interest of Crown shareholders.
This transaction is a done deal, and is trading accordingly.


Crown Resorts: Scheme Booklet Lodged. Shareholder Meeting On 29 April

Yashili International Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). </li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>
</li>
<li>Lowest gross spreads <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <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>     </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). 
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), 51 Job Inc Adr (JOBS US), Sezzle Inc (SZL AU)

Lowest gross spreads CIMIC Group Ltd (CIM AU), Z Energy Ltd (ZEL NZ), China Logistics Property Holdings (1589 HK), Virtus Health (VRT AU), Mapletree North Asia Commercial Trust (MAGIC SP)     


Merger Arb Mondays - Yashili, Razer, 51job, Sezzle, Link, Uniti, Guodian, Jin Jiang

<ul>
<li>There are 40 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>One new deal this week: <a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a> taking over the rest of a boring, old construction company <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>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti  (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial (MCT SP)</a> /<a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North (MAGIC SP)</a>, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press (SPH SP)</a>, <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener"> DTAC TB</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">TRUE TB</a>
</li>
</ul>


There are 40 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
One new deal this week: INFRONEER Holdings (5076 JP) taking over the rest of a boring, old construction company Toyo Construction (1890 JP).
Key updates took place for: Link (LNK AU), Uniti  (UWL AU), Mapletree Commercial (MCT SP) /Mapletree North (MAGIC SP), Singapore Press (SPH SP),  DTAC TB / TRUE TB



Asia-Pac Weekly Risk Arb Wrap: Link Admin, Uniti, Mapletree, Singapore Press, DTAC/TRUE

<ul>
<li>The <a href="https://www.parliament.wa.gov.au/publications/tabledpapers.nsf/displaypaper/4111048a8d7a626ef0a339594825880f00079102/%24file/pcrc+final+report+digital.pdf" target="_blank" rel="noopener">Perth commission report</a> found <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.</li>
<li>The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.</li>
<li>At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively. </li>
</ul>


The Perth commission report found Crown Resorts (CWN AU) not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.
The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.
At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively. 


Crown Resorts' Offer Spread Risk/Reward - The Perth Commission Report

Australia

Crown Resorts Ltd. operates and manages gaming and entertainment facilities, bars, restaurants, nightclubs, cinemas and retail outlets. The Company also develops hotels and conference centre facilities.

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Crown Resorts (CWN AU)

Crown Resorts Scheme Meeting on 29 April, IE Opinion

The key condition is approval from shareholders and gaming regulatory authorities. Scheme meeting is on 29 April. At the last close and for the 12...

Arun George

Crown Resorts: Scheme Booklet Lodged. Shareholder Meeting On 29 April

This transaction is done. Trading at a gross/annualised spread of 2.7%/25.8%. This remains a buy here and on any weakness.

David Blennerhassett

Merger Arb Mondays - Yashili, Razer, 51job, Sezzle, Link, Uniti, Guodian, Jin Jiang

This week, the highest gross spreads are Yashili (22.4%), Razer (16.5%), 51 Job (12.9%), Sezzle (10.3%), Link (6.6%), Uniti Group (5.3%), Guodian...

Arun George

Asia-Pac Weekly Risk Arb Wrap: Link Admin, Uniti, Mapletree, Singapore Press, DTAC/TRUE

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Crown Resorts' Offer Spread Risk/Reward - The Perth Commission Report

We believe that the Perth commission Report is a positive outcome for the Blackstone offer. At the last close, the gross and annualised spread for...

Arun George

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