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>
<a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a>’s privatisation offer from Alpha Luck and AKM Meadville of HK$1.8345 consists of a base offer (HK$1.82) and a final dividend (HK1.45 cent).</li>
<li>The pre-condition was fulfilled on 22 April. The latest date for the despatch of the scheme document has been extended to 10 June. </li>
<li>Shareholders with blocking stakes have previously provided irrevocables. At last close and for an early-August effective date, the gross and annualised spread to the offer is 3.1% and 10.7%, respectively.</li>
</ul>



AKM Industrial (1639 HK)’s privatisation offer from Alpha Luck and AKM Meadville of HK$1.8345 consists of a base offer (HK$1.82) and a final dividend (HK1.45 cent).
The pre-condition was fulfilled on 22 April. The latest date for the despatch of the scheme document has been extended to 10 June. 
Shareholders with blocking stakes have previously provided irrevocables. At last close and for an early-August effective date, the gross and annualised spread to the offer is 3.1% and 10.7%, respectively.


AKM Industrial’s Offer Risk/Reward – Pre-Condition Satisfied

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a>’s privatisation offer from Alpha Luck and AKM Meadville of HK$1.8345 consists of a base offer (HK$1.82) and a final dividend (HK1.45 cents). </li>
<li>Approval from the State Administration of Foreign Exchange is the remaining pre-condition. The Court hearing of the petition for the sanction of the scheme is set for 19 July.</li>
<li>At last close and for a July end effective date, the gross and annualised spread to the total offer of HK$1.8345 is 3.6% and 11.2%, respectively.</li>
</ul>



AKM Industrial (1639 HK)’s privatisation offer from Alpha Luck and AKM Meadville of HK$1.8345 consists of a base offer (HK$1.82) and a final dividend (HK1.45 cents). 
Approval from the State Administration of Foreign Exchange is the remaining pre-condition. The Court hearing of the petition for the sanction of the scheme is set for 19 July.
At last close and for a July end effective date, the gross and annualised spread to the total offer of HK$1.8345 is 3.6% and 11.2%, respectively.


AKM Industrial’s Offer Spread Risk/Reward

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Flexible printed board player <a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a> has announced the approvals for the pre-conditions attached to the Scheme are in the final stages.</li>
<li>Separately, the Court date for sanctioning the Scheme has been listed for the 19 July.</li>
<li>Trading at a gross spread to terms of 3.6%, including the final dividend.</li>
</ul>


Flexible printed board player AKM Industrial (1639 HK) has announced the approvals for the pre-conditions attached to the Scheme are in the final stages.
Separately, the Court date for sanctioning the Scheme has been listed for the 19 July.
Trading at a gross spread to terms of 3.6%, including the final dividend.


AKM (1639 HK): Timeline Clarified As Pre-Conditions Nearly Fulfilled

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/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>
</li>
<li>The lowest gross spreads are <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/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/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/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/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH 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), Uniti Group Ltd (UWL AU)

The lowest gross spreads are CIMIC Group Ltd (CIM AU), Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Z Energy Ltd (ZEL NZ), Singapore Press Holdings (SPH SP) 


Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

<ul>
<li>There are currently 44  - mostly firm - transactions currently being discussed and analysed on Smartkarma</li>
<li>One new deal this week: <a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a> has announced a pre-conditional Scheme from Alpha Luck and AKM Meadville at HK$1.82/share.</li>
<li>Keys updates took place for: <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/yorkey-optical-international-cayman" target="_blank" data-smartkarma-citation="entities:12407:1" rel="noopener">Yorkey Optical International Cayman (2788 HK)</a>, and <a href="https://www.smartkarma.com/entities/dragon-crown-group-holdings" target="_blank" data-smartkarma-citation="entities:18919:1" rel="noopener">Dragon Crown Group (935 HK)</a> </li>
</ul>


There are currently 44  - mostly firm - transactions currently being discussed and analysed on Smartkarma
One new deal this week: AKM Industrial (1639 HK) has announced a pre-conditional Scheme from Alpha Luck and AKM Meadville at HK$1.82/share.
Keys updates took place for: Virtus Health (VRT AU), Yorkey Optical International Cayman (2788 HK), and Dragon Crown Group (935 HK) 


Asia-Pac Weekly Risk Arb Summary: Virtus Health, AKM, Yorkey, Dragon Crown

Hong Kong

AKM Industrial Company Limited manufactures and sells flexible printed circuit (FPC), which is used in communication, consumer electrical and electronic appliances such as mobile phones, laptop computers and cameras.  The Company's products include single-sided, double-sided, and multi-layer FPC.

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AKM Industrial (1639 HK)

AKM Industrial’s Offer Risk/Reward – Pre-Condition Satisfied

The pre-condition was fulfilled on 22 April. The scheme document will be out by 10 June. For an early-August effective date, the annualised spread...

Arun George

AKM Industrial’s Offer Spread Risk/Reward

Approval from the State Administration of Foreign Exchange is the remaining pre-condition. For a July end effective date, the annualised spread to...

Arun George

AKM (1639 HK): Timeline Clarified As Pre-Conditions Nearly Fulfilled

At HK$1.77/share as I type, AKM is currently trading at a gross/annualised spread of 2.8%/8.1% - excluding any dividends - and 3.6%/10.6% with the...

David Blennerhassett

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George

Asia-Pac Weekly Risk Arb Summary: Virtus Health, AKM, Yorkey, Dragon Crown

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

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