Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Taxi-Related services operator <a href="https://www.smartkarma.com/entities/a2b-australia-ltd" target="_blank" data-smartkarma-citation="entities:16558:1" rel="noopener">A2B Australia (A2B AU)</a> has completed a large property sale and subsequently entered into a Scheme with Singapore's <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">ComfortDelGro Corp (CD SP)</a>.</li>
<li>The property sale enabled a $0.60/share fully franked dividend. Separately, and in addition, ComfortDelGro is offering A$1.45/share. Or A$2.05/share all-in. Before franking credits, for those who can take advantage. </li>
<li>The special divi ex-date is the 12 January. It is not conditional on the Scheme. Implementation for the Scheme, assuming all approvals are met, is expected mid-April.</li>
</ul>


Taxi-Related services operator A2B Australia (A2B AU) has completed a large property sale and subsequently entered into a Scheme with Singapore's ComfortDelGro Corp (CD SP).
The property sale enabled a $0.60/share fully franked dividend. Separately, and in addition, ComfortDelGro is offering A$1.45/share. Or A$2.05/share all-in. Before franking credits, for those who can take advantage. 
The special divi ex-date is the 12 January. It is not conditional on the Scheme. Implementation for the Scheme, assuming all approvals are met, is expected mid-April.


A2B (A2B AU): A$0.60 Fully Franked Divi + A$1.45/Share Offer From ComfortDelGro

<ul>
<li>Drugs maker/packager group <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02757332-3A633846" target="_blank" rel="noopener">entered into a Scheme</a> with Indonesia's <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). Interim and final  dividends up to A$0.035/share and A$0.04/share, respectively, may be added.</li>
<li>It has not been declared final. The Offer has the board's backing. A Scheme Meeting is expected to be held in May with possible completion in early June 2024.</li>
</ul>


Drugs maker/packager group Probiotec Ltd (PBP AU) has entered into a Scheme with Indonesia's Pyridam Farma (PYFA IJ).
Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). Interim and final  dividends up to A$0.035/share and A$0.04/share, respectively, may be added.
It has not been declared final. The Offer has the board's backing. A Scheme Meeting is expected to be held in May with possible completion in early June 2024.


Probiotec (PBP AU) Agrees To Pyridam's Bid

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/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> has entered a SID with <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> at A$2.26 (A$2.10 scheme consideration + A$0.16 dividend), a 32.9% premium to the undisturbed price.</li>
<li>The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose a challenge for the scheme to get up. </li>
<li>MUFG’s offer could spark a rival offer, but Link’s long-suffering shareholders have endured a history of failed bids. At the last close, the risk/reward is unfavourable.</li>
</ul>



Link Administration (LNK AU) has entered a SID with Mitsubishi UFJ Financial (MUFG) (8306 JP) at A$2.26 (A$2.10 scheme consideration + A$0.16 dividend), a 32.9% premium to the undisturbed price.
The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose a challenge for the scheme to get up. 
MUFG’s offer could spark a rival offer, but Link’s long-suffering shareholders have endured a history of failed bids. At the last close, the risk/reward is unfavourable.


Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

<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>, the largest provider of services in Australia’s superannuation administration industry, has entered into a Scheme with Mitsubishi UFJ Financial Group.</li>
<li>MUFJ is offering long-suffering Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in, to the undisturbed price. It has not been declared final. </li>
<li>The Offer has the board's backing. A Scheme Meeting is expected to be held in May with possible completion in June 2024. </li>
</ul>



Link Administration (LNK AU), the largest provider of services in Australia’s superannuation administration industry, has entered into a Scheme with Mitsubishi UFJ Financial Group.
MUFJ is offering long-suffering Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in, to the undisturbed price. It has not been declared final. 
The Offer has the board's backing. A Scheme Meeting is expected to be held in May with possible completion in June 2024. 


Link Admin (LNK AU): Mitsubishi UFJ's Bittersweet Scheme

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 13th (reported today) which has an aggregated short interest worth USD16.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pilbara Minerals, Domino'S Pizza E, Computershare, ANZ, Igo.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 13th (reported today) which has an aggregated short interest worth USD16.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Domino'S Pizza E, Computershare, ANZ, Igo.


ASX Short Interest Weekly (Oct 13th): Pilbara Minerals, Domino'S Pizza E, Computershare, ANZ, Igo

Australia

Computershare Limited operates share registries and computer bureaus which includes the administration of employee share and option plans and the provision of software that specializes in share registry, financial and stock markets. The Company also provides corporate trust services and acts as a trustee for clients' debt offerings in certain markets.

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Computershare Ltd (CPU AU)

Probiotec (PBP AU) Agrees To Pyridam's Bid

A life-time high offer price, board approval, and funding secured. This looks done. Trading at a 6.0%/12.7% gross/annualised spread, including...

David Blennerhassett

Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose...

Arun George

Link Admin (LNK AU): Mitsubishi UFJ's Bittersweet Scheme

I think this is done. Trading tight at a 3.0%/5.6% gross/annalused sprad, assuming late June completion. It appears the market is holding out for a...

David Blennerhassett

ASX Short Interest Weekly (Oct 13th): Pilbara Minerals, Domino'S Pizza E, Computershare, ANZ, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Domino'S Pizza E, Computershare,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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A2B (A2B AU): A$0.60 Fully Franked Divi + A$1.45/Share Offer From ComfortDelGro

Trading through terms at A$2.14/share as I type. Unless you can take advantage of the franking credits, look elsewhere. ComfortDelGro may bump. I...

David Blennerhassett

Probiotec (PBP AU) Agrees To Pyridam's Bid

A life-time high offer price, board approval, and funding secured. This looks done. Trading at a 6.0%/12.7% gross/annualised spread, including...

David Blennerhassett

Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose...

Arun George

Link Admin (LNK AU): Mitsubishi UFJ's Bittersweet Scheme

I think this is done. Trading tight at a 3.0%/5.6% gross/annalused sprad, assuming late June completion. It appears the market is holding out for a...

David Blennerhassett

ASX Short Interest Weekly (Oct 13th): Pilbara Minerals, Domino'S Pizza E, Computershare, ANZ, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Domino'S Pizza E, Computershare,...

Ke Yan, CFA, FRM