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

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<li>
<a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> is re-engaging with <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  </li>
</ul>



Southern Cross Media (SXL AU) is re-engaging with ARN Media (A1N AU)/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.
SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.
While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  


Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

US/Europe Event-Driven Analyst

John DeMasi

<a href="https://www.smartkarma.com/entities/iheartmedia" target="_blank" data-smartkarma-citation="entities:28256:1" rel="noopener">iHeartMedia (IHRT US)</a>, the largest owner and operator of radio stations in the U.S., with 854 stations (612 FM and 242 AM), announced on March 14, 2018 an agreement with the majority of its creditors and its financial sponsors for a comprehensive restructuring of its balance sheet to reduce its debt by approximately $10 billion to less than $6 billion. The restructuring was to be pursued through a Chapter 11 <a href="https://cases.primeclerk.com/iHeartMedia/" target="_blank" rel="noopener">bankruptcy</a> process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The Plan of Reorganization was confirmed by the Court on January 22, 2019 and the Company exited bankruptcy on May 1, 2019 as “the number one audio company in America.”
The old, closely-held equity was wiped out and creditors and other claimants received new notes, new equity and warrants in the new iHeartMedia, along with the Company’s shares in the publicly-traded, former subsidiary, <a href="https://www.smartkarma.com/entities/clear-channel-outdoor-cl-a" target="_blank" data-smartkarma-citation="entities:5745:1" rel="noopener">Clear Channel Outdoor Cl A (CCO US)</a>, now a completely separate and independent company.
As new, publicly-traded equity securities, IHRT US shares came to the market without an IPO and without a sponsored roadshow and all the hype that usually comes with a new $2 billion equity market capitalization listing. In earlier bankruptcy waves, such as in the 1990s, post-bankruptcy/post-reorg equities were called “orphaned equities” and were often undervalued until the market came to appreciate the value inherent in some of these under-followed gems.
Will IHRT shares provide a similar bounty or has the market already tuned in to a fair valuation?

iHeartMedia (IHRT US), the largest owner and operator of radio stations in the U.S., with 854 stations (612 FM and 242 AM), announced on March 14, 2018 an agreement with the majority of its creditors and its financial sponsors for a comprehensive restructuring of its balance sheet to reduce its debt by approximately $10 billion to less than $6 billion. The restructuring was to be pursued through a Chapter 11 bankruptcy process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The Plan of Reorganization was confirmed by the Court on January 22, 2019 and the Company exited bankruptcy on May 1, 2019 as “the number one audio company in America.”
The old, closely-held equity was wiped out and creditors and other claimants received new notes, new equity and warrants in the new iHeartMedia, along with the Company’s shares in the publicly-traded, former subsidiary, Clear Channel Outdoor Cl A (CCO US), now a completely separate and independent company.
As new, publicly-traded equity securities, IHRT US shares came to the market without an IPO and without a sponsored roadshow and all the hype that usually comes with a new $2 billion equity market capitalization listing. In earlier bankruptcy waves, such as in the 1990s, post-bankruptcy/post-reorg equities were called “orphaned equities” and were often undervalued until the market came to appreciate the value inherent in some of these under-followed gems.
Will IHRT shares provide a similar bounty or has the market already tuned in to a fair valuation? 

IHeartMedia, Inc. (IHRT US) – Turn On, Tune In, Cash In

United States

Cumulus Media Inc. operates as a radio broadcasting company. The Company owns and operates radio stations which provides local programs, music, sports, entertainment, news, and advertising solutions. Cumulus Media serves clients in the United States.

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Cumulus Media Inc Cl A (CMLS US)

Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are...

Arun George

IHeartMedia, Inc. (IHRT US) – Turn On, Tune In, Cash In

iHeartMedia (IHRT US), the largest owner and operator of radio stations in the U.S., with 854 stations (612 FM and 242 AM), announced on March 14,...

John DeMasi

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