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/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> has registered the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02514701-6A1088688?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Scheme Booklet</a> with ASIC. The Scheme Meeting to vote on <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a>'s Offer will be held on the 1 June.</li>
<li>On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>. WSA trading tight to terms. </li>
</ul>



Western Areas (WSA AU) has registered the Scheme Booklet with ASIC. The Scheme Meeting to vote on IGO Ltd (IGO AU)'s Offer will be held on the 1 June.
On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.
The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from BHP Group Ltd (BHP AU). WSA trading tight to terms. 


Western Areas: 1st June Scheme Meeting.  BHP's Competing Offer Looking Remote

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Over the weekend we outlined Friday's downturn in defensive sectors and the crowded commodity unwind to unfold led by the AUD support break.</li>
<li>Resources plays, base metals, steel, gold and to a lesser extent energy are all seeing mounting sell pressure with impulsive downside moves. Key support breaks will damage breadth.</li>
<li>Safe havens coming under pressure as markets enter a more mature stage of a decline, often leads to bigger out of range moves and varying degrees of panic selling.</li>
</ul>


Over the weekend we outlined Friday's downturn in defensive sectors and the crowded commodity unwind to unfold led by the AUD support break.
Resources plays, base metals, steel, gold and to a lesser extent energy are all seeing mounting sell pressure with impulsive downside moves. Key support breaks will damage breadth.
Safe havens coming under pressure as markets enter a more mature stage of a decline, often leads to bigger out of range moves and varying degrees of panic selling.


Resource/Defensive Shakeout and Pivot Supports

<ul>
<li>
<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO (IGO AU)</a> has bumped its Offer Price for <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> by 15.2% to A$3.87  from A$3.36. WSA unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>IGO entered into a consultation with WSA after an Independent Export draft indicated the initial Offer was not fair and reasonable, and WSA's shares were suspended on 7 April.</li>
<li>This now looks all stitched up with a Scheme Meeting expected next month, and implementation the month after. Unless <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> opts to crash the party.</li>
</ul>



IGO (IGO AU) has bumped its Offer Price for Western Areas (WSA AU) by 15.2% to A$3.87  from A$3.36. WSA unanimously recommends shareholders vote in favour of the Revised Scheme.
IGO entered into a consultation with WSA after an Independent Export draft indicated the initial Offer was not fair and reasonable, and WSA's shares were suspended on 7 April.
This now looks all stitched up with a Scheme Meeting expected next month, and implementation the month after. Unless BHP Group Ltd (BHP AU) opts to crash the party.


Western Areas Supports IGO's Revised Offer

<ul>
<li>#2 shareholder and erstwhile activist 3D Investment Partners writes a letter to <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board demanding 3 measures before the AGM. </li>
<li>
<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> is assessing Perpetual's cash/scrip Offer provides an indicative price of $6.23/share; however, the wording in the announcement suggests the bid is opportunistic and will be rejected. </li>
<li>Because of rising regulatory requirements for NBFCs, a <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> /<a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> was to be expected at some point.</li>
</ul>


#2 shareholder and erstwhile activist 3D Investment Partners writes a letter to Toshiba Corp (6502 JP)'s Board demanding 3 measures before the AGM. 

Pendal Group (PDL AU) is assessing Perpetual's cash/scrip Offer provides an indicative price of $6.23/share; however, the wording in the announcement suggests the bid is opportunistic and will be rejected. 
Because of rising regulatory requirements for NBFCs, a HDFC Bank (HDFCB IN) /HDFC Limited (HDFC IN) was to be expected at some point.


Last Week in Event SPACE: Toshiba, Pendal, HDFC Bank, YZJ Shipbuilding, BHP, Virtus

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> and <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> proposed a merger between Woodside and BHP Petroleum in August 2021, and signed the deal in November 2021.</li>
<li>It required regulatory approvals (of which it already has some) and Woodside shareholder approval, and the Woodside shares to be received by BHP would be distributed to BHP Shareholders.</li>
<li>Today, Woodside presented the <a href="https://www.asx.com.au/asxpdf/20220408/pdf/457vkgr3tsd00s.pdf" target="_blank" rel="noopener">Explanatory Memorandum</a>, the <a href="https://www.asx.com.au/asxpdf/20220408/pdf/457vkk523x0q8z.pdf" target="_blank" rel="noopener">Independent Expert Report</a> ("fair and reasonable"), and <a href="https://www.asx.com.au/asxpdf/20220408/pdf/457vkbn81yv3cr.pdf" target="_blank" rel="noopener">information about the 19 May AGM vote</a>. This deal could be done 1 June.</li>
</ul>



Woodside Petroleum (WPL AU) and BHP Group Ltd (BHP AU) proposed a merger between Woodside and BHP Petroleum in August 2021, and signed the deal in November 2021.
It required regulatory approvals (of which it already has some) and Woodside shareholder approval, and the Woodside shares to be received by BHP would be distributed to BHP Shareholders.
Today, Woodside presented the Explanatory Memorandum, the Independent Expert Report ("fair and reasonable"), and information about the 19 May AGM vote. This deal could be done 1 June.


Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

Western Areas: 1st June Scheme Meeting. BHP's Competing Offer Looking Remote

Trading at a gross/annualised spread of 0.5%/3.6%. if you're in, hold on for any possible (remote) Offer from BHP. If not in, I'd look elsewhere....

David Blennerhassett

Resource/Defensive Shakeout and Pivot Supports

Over the weekend we outlined Friday's downturn in defensive sectors and the crowded commodity unwind to unfold led by the AUD support break.

Thomas Schroeder

Western Areas Supports IGO's Revised Offer

Trading 0.6% above terms. if you're in, hold on for any Offer from BHP. If not in, enter on any pullback. A BHP Offer is by no means a certainty;...

David Blennerhassett

Last Week in Event SPACE: Toshiba, Pendal, HDFC Bank, YZJ Shipbuilding, BHP, Virtus

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be

Woodside has announced its Shareholder Meeting Date for the BHP Petroleum Merger Approval (it was already known). The IE has declared it "fair and...

Travis Lundy

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