Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/circadian-technologies-ltd" target="_blank" data-smartkarma-citation="entities:13546:1" rel="noopener">Opthea Ltd (OPT AU)</a> secured up to $170M in non-dilutive financing from Launch Therapeutics, which is backed by  <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>  and its life sciences franchise, Abingworth.</li>
<li>Opthea has closed $90 million equity financing placement at a price of A$1.15 per share in two tranches. Further, the company has raised A$5 million through right issue.</li>
<li>These strategic transactions are expected to fund Opthea through Phase 3 topline data expected in mid-2024 and strengthens its strategic position to maximize the value of OPT-302.</li>
</ul>



Opthea Ltd (OPT AU) secured up to $170M in non-dilutive financing from Launch Therapeutics, which is backed by  Carlyle Group Inc (CG US)  and its life sciences franchise, Abingworth.
Opthea has closed $90 million equity financing placement at a price of A$1.15 per share in two tranches. Further, the company has raised A$5 million through right issue.
These strategic transactions are expected to fund Opthea through Phase 3 topline data expected in mid-2024 and strengthens its strategic position to maximize the value of OPT-302.


Opthea Ltd (OPT AU): Secured Funds as Lead Eye Drug Candidate Advancing in Phase 3 Trials

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/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.</li>
<li>The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.</li>
</ul>



Uzabase Inc (3966 JP) has recommended Carlyle Group Inc (CG US)’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.


Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Following the termination of the proposed scheme with Dye &amp; Durham, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> is working towards a potential in-specie distribution of <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> owns 42.8% of <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> and intends to distribute at least 80% of its holding following ATO tax roll-over relief.</li>
<li>The increased float will put <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> firmly in the running for <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> membership where passive trackers will need to buy a lot of stock.</li>
</ul>


Following the termination of the proposed scheme with Dye &amp; Durham, Link Administration (LNK AU) is working towards a potential in-specie distribution of PEXA Group (PXA AU) shares.

Link Administration (LNK AU) owns 42.8% of PEXA Group (PXA AU) and intends to distribute at least 80% of its holding following ATO tax roll-over relief.
The increased float will put PEXA Group (PXA AU) firmly in the running for S&amp;P/ASX 200 (AS51 INDEX) membership where passive trackers will need to buy a lot of stock.


Link Admin's In-Specie Distribution of PEXA: Potential ASX200 Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> has entered a revised scheme implementation deed with Dye&amp;Durham/DND at A$4.81 per share. The scheme meeting will be held in mid-August.</li>
<li>Shareholders will be supportive due to deal fatigue, and the offer price is 11% above the undisturbed price and at the low end of the original IE valuation range.</li>
<li>Regulatory approvals are a key risk. DND is presumably confident in its undertakings to gain ACCC approval. At last close, the gross spread is 7.8%.</li>
</ul>



Link Administration (LNK AU) has entered a revised scheme implementation deed with Dye&amp;Durham/DND at A$4.81 per share. The scheme meeting will be held in mid-August.
Shareholders will be supportive due to deal fatigue, and the offer price is 11% above the undisturbed price and at the low end of the original IE valuation range.
Regulatory approvals are a key risk. DND is presumably confident in its undertakings to gain ACCC approval. At last close, the gross spread is 7.8%.


Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Notwithstanding bright spots and positive long-term outlook, the ESG gold rush has created an acute state of chaos. Regulatory flux. Rampant greenwashing. ESG litigation. Elon and S&amp;P.</li>
<li>The silver lining? New ESG-<em>related</em> investing opportunities emerging from all the chaos; stocks poised to benefit, regardless of who else wins or losses. The new shovel-sellers, as it were.</li>
<li>One large opportunity is driven by new greenhouse gas (GHG) reporting regulations, specifcally leading GHG emissions software-as-a-service (SaaS) and platform-as-a-service (PaaS) stocks.</li>
</ul>


Notwithstanding bright spots and positive long-term outlook, the ESG gold rush has created an acute state of chaos. Regulatory flux. Rampant greenwashing. ESG litigation. Elon and S&amp;P.
The silver lining? New ESG-related investing opportunities emerging from all the chaos; stocks poised to benefit, regardless of who else wins or losses. The new shovel-sellers, as it were.
One large opportunity is driven by new greenhouse gas (GHG) reporting regulations, specifcally leading GHG emissions software-as-a-service (SaaS) and platform-as-a-service (PaaS) stocks.


Selling Shovels in a Gold Rush: SaaS Stocks Cashing in on Emissions Reporting Rules

United States

The Carlyle Group Inc. operates as a global investment firm. The Company manages investment vehicles that invests across four segments which includes corporate private equity, real assets, global credit, and investment solutions. Carlyle Group serves clients worldwide.

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Carlyle Group / (CG US)

Opthea Ltd (OPT AU): Secured Funds as Lead Eye Drug Candidate Advancing in Phase 3 Trials

Opthea secured up to $170M financing from Carlyle and done $90M equity financing placement. The company’s successful fund raising is an affirmation...

Tina Banerjee

Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

The tender offer is reasonable and ends on 22 December. The lower limit of the offer has been set at a 66.67% ownership ratio. At the last close,...

Arun George

Link Admin's In-Specie Distribution of PEXA: Potential ASX200 Inclusion

Link Group is working on getting ATO tax rollover relief for an in-specie distribution of PEXA of at least 80% of its holding. The increased float...

Brian Freitas

Link and DND Shake Hands at A$4.81

Shareholders will be supportive of the A$4.81 offer. Regulatory approvals are the key risk. At the last close, the gross spread to the offer is 7.8%.

Arun George

Selling Shovels in a Gold Rush: SaaS Stocks Cashing in on Emissions Reporting Rules

ESG investing has been complicated by evolving emissions reporting regulations. With the chaos, comes new investment opportunities. Such as in...

Kyle Rudden

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