Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>'s executive chairman Tong Kooi Ong has acquired a 20.17% stake from major shareholder Lim Eng Hock, lifting Tong's holding to 53.01%, triggering a <a href="https://links.sgx.com/FileOpen/Maybank_Unconditional_Mandatory%20General_Offer.ashx?App=Announcement&amp;FileID=824785" target="_blank" rel="noopener">unconditional mandatory general offer</a>.</li>
<li>Tong is offering A$0.25/share to minorities of the Singaporean-based paper manufacturing and building materials distributor, a 22% premium to undisturbed.  The Offer price is final. 
</li>
<li>Super straightforward deal. And will trade tight, or at (possibly even through) terms. Tong's intention is to delist Avarga. 
</li>
</ul>



Avarga (AVARGA SP)'s executive chairman Tong Kooi Ong has acquired a 20.17% stake from major shareholder Lim Eng Hock, lifting Tong's holding to 53.01%, triggering a unconditional mandatory general offer.
Tong is offering A$0.25/share to minorities of the Singaporean-based paper manufacturing and building materials distributor, a 22% premium to undisturbed.  The Offer price is final. 

Super straightforward deal. And will trade tight, or at (possibly even through) terms. Tong's intention is to delist Avarga. 



Avarga (SGX:U09): Tong's Unconditional MGO

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/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga Ltd (AVARGA SP)</a> disclosed an unconditional MGO from Dr Tong (the executive Chairman) at S$0.25, a 22.0% and 6.4% premium to the undisturbed price and last close, respectively. </li>
<li>The mandatory offer was triggered by Dr Tong's acquisition of Mr Lim Eng Hock’s entire shareholding (183.2 million or 20.17% of outstanding shares) at S$0.25 per share.</li>
<li>While the offer is attractive compared to historical trading ranges, it values Avarga at a discount to the value of its Taiga stake. The offer price is final.</li>
</ul>



Avarga Ltd (AVARGA SP) disclosed an unconditional MGO from Dr Tong (the executive Chairman) at S$0.25, a 22.0% and 6.4% premium to the undisturbed price and last close, respectively. 
The mandatory offer was triggered by Dr Tong's acquisition of Mr Lim Eng Hock’s entire shareholding (183.2 million or 20.17% of outstanding shares) at S$0.25 per share.
While the offer is attractive compared to historical trading ranges, it values Avarga at a discount to the value of its Taiga stake. The offer price is final.


Avarga (AVARGA SP): Unconditional MGO at S$0.25

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/renewable-japan-co-ltd" target="_blank" data-smartkarma-citation="entities:35211:1" rel="noopener">Renewable Japan (9522 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>.     </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Arcadium Lithium (LTM AU), Seven &amp; I Holdings (3382 JP), Get Nice Financial Group Ltd (1469 HK), ESR Group (1821 HK), Goldlion Holdings (533 HK). 
Lowest spreads: Lifestyle China (2136 HK), Renewable Japan (9522 JP), Macromill, Inc (3978 JP), Fuji Soft Inc (9749 JP), Nec Networks &amp; System Integr (1973 JP).     


Merger Arb Mondays (23 Dec) - Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

<ul>
<li>The new article on <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.</li>
<li>
<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. </li>
<li>Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in <a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.</li>
</ul>


The new article on Seven &amp; I Holdings (3382 JP) from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.

CPMC Holdings (906 HK)'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. 
Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in UBTech Robotics (9880 HK) will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.


Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

Singapore

Avarga Limited operates as an investment holding company. The Company, through its subsidiaries, focuses on paper manufacturing, power generation, and building materials distribution. Avarga also recycles corrugated cartons, newspapers, magazines, office waste, and any other printed paper material. Avarga serves customers worldwide.

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Avarga Ltd (AVARGA SP)

Avarga (SGX:U09): Tong's Unconditional MGO

If you can buy at the open - do so. But this will trade tight to, or perhaps even through, terms. Plus Avarga is illiquid.

David Blennerhassett

Avarga (AVARGA SP): Unconditional MGO at S$0.25

While the offer is attractive compared to historical trading ranges, it values Avarga at a discount to the value of its Taiga stake. The offer...

Arun George

Merger Arb Mondays (23 Dec) - Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius

This week, the highest gross spreads are Arcadium Lithium (20.6%), Seven & I (17.8%), Get Nice Financial (10.3%), ESR (8.9%), Goldlion (7.3%),...

Arun George

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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