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 the offer for <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</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 regulatory authorities (FIRB, OIO, SARB). The scheme meeting is scheduled for 29 June. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 15 July implementation date, the gross and annualised spread is 1.4% and 9.2%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers the offer for Irongate Group (IAP AU) to be fair and reasonable. We think that IE’s valuation approach is sound.
The key condition is approval from shareholders and regulatory authorities (FIRB, OIO, SARB). The scheme meeting is scheduled for 29 June. 
We continue to think that offer is attractive. At the last close price and for the 15 July implementation date, the gross and annualised spread is 1.4% and 9.2%, respectively.


Irongate’s Scheme Meeting on 29 June, IE’s Opinion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02523176-2A1374745?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">convened a Scheme Meeting</a> on the 29 June to vote on the proposal from Charter Hall and PGGM.</li>
<li>The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable. </li>
<li>Trading at a gross/annualised spread of 2.1%/14.5%, assuming mid-July completion. Get involved.</li>
</ul>



Irongate Group (IAP AU) has convened a Scheme Meeting on the 29 June to vote on the proposal from Charter Hall and PGGM.
The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable. 
Trading at a gross/annualised spread of 2.1%/14.5%, assuming mid-July completion. Get involved.


Irongate (IAP AU): 29th June Shareholder Vote On Charter Hall/PGGM Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> has entered into Scheme Implementation Agreement with <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> and Dutch pension fund PGGM.</li>
<li>The consideration of A$1.90/cash plus a A$0.0467/security distribution is in line with the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02480691_PS-2A1353504?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">non-binding proposal</a> terms announced on the 31 January.</li>
<li>A Scheme Booklet is expected to be despatched in May. The transaction is expected to close late July.</li>
</ul>



Irongate Group (IAP AU) has entered into Scheme Implementation Agreement with Charter Hall (CHC AU) and Dutch pension fund PGGM.
The consideration of A$1.90/cash plus a A$0.0467/security distribution is in line with the non-binding proposal terms announced on the 31 January.
A Scheme Booklet is expected to be despatched in May. The transaction is expected to close late July.


Irongate Enters Into SIA With Charter Hall And PGGM

<ul>
<li>
<a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> has entered into an SIA with Charter Hall and PGGM. The offer of A$1.90 and maximum FY22 distribution of 4.67 cents implies a total of A$1.9467.   </li>
<li>The scheme booklet will be dispatched in May with an implementation date in late July. The offer price is attractive in terms of multiples and security prices. </li>
<li>At the last close and for the July-end implementation date, the gross and annualised spread of the total offer is 1.4% and 4.2%, respectively.   </li>
</ul>



Irongate Group (IAP AU) has entered into an SIA with Charter Hall and PGGM. The offer of A$1.90 and maximum FY22 distribution of 4.67 cents implies a total of A$1.9467.   
The scheme booklet will be dispatched in May with an implementation date in late July. The offer price is attractive in terms of multiples and security prices. 
At the last close and for the July-end implementation date, the gross and annualised spread of the total offer is 1.4% and 4.2%, respectively.   


Irongate Enters into an SIA with Charter Hall and PGGM

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

Australia

Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

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Charter Hall (CHC AU)

Irongate’s Scheme Meeting on 29 June, IE’s Opinion

The IE considers the offer to be fair and reasonable. At the last close price and for the 15 July implementation date, the annualised spread is 9.2%.

Arun George

Irongate (IAP AU): 29th June Shareholder Vote On Charter Hall/PGGM Offer

Currently trading at a gross/annualised spread of 2.1%/14.5%, including the distribution. This is a clean deal. I'd play the spread and be buying...

David Blennerhassett

Irongate Enters Into SIA With Charter Hall And PGGM

Currently trading at a gross/annualised spread of 2.8%/8.6% assuming late-July, including the distribution. Relatively tight, but a clean deal, I'd...

David Blennerhassett

Irongate Enters into an SIA with Charter Hall and PGGM

Irongate has entered into an SIA with Charter Hall/PGGM. The offer of A$1.90 and the max dist of 4.67 cents implies a total of A$1.9467. For the...

Arun George

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

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