Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28th January, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a>, a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne's A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%. </li>
<li>Done &amp; dusted no? Then Topline sold down to 19.7% on the <a href="https://announcements.asx.com.au/asxpdf/20250218/pdf/06fn28rx7qf8ym.pdf" target="_blank" rel="noopener">28th Jan</a>, then 10.5% on the <a href="https://announcements.asx.com.au/asxpdf/20250318/pdf/06grdx4sl4yn5t.pdf" target="_blank" rel="noopener">28th Feb</a>. The Takeover Panel now <a href="https://announcements.asx.com.au/asxpdf/20250320/pdf/06gtnhdbqyjk2j.pdf" target="_blank" rel="noopener">orders</a> Topline to stop selling. </li>
</ul>


Back on the 28th January, Dropsuite Ltd (DSE AU), a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne's A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%. 
Done &amp; dusted no? Then Topline sold down to 19.7% on the 28th Jan, then 10.5% on the 28th Feb. The Takeover Panel now orders Topline to stop selling. 


Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite (DSE AU)</a>, a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. </li>
<li>The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. </li>
</ul>



Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. 
The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. 


Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

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>On 28 January, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a> entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.</li>
<li>The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable. </li>
<li>The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.</li>
</ul>


On 28 January, Dropsuite Ltd (DSE AU) entered a scheme implementation deed with NinjaOne at A$5.90 per share, a 34.1% premium to the undisturbed price of A$4.40 per share.
The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the largest shareholder has provided an irrevocable. 
The offer is attractive and represents an all-time high. At the last close, for a 20 May payment, the gross/annualised spread was 3.0%/10.3%.


Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

Shinko Electric Industries / Event-Driven

<ul>
<li>I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week: <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>,<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, and <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings (DHG AU)</a>,<a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a>, and <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>/<a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>.</li>
</ul>


I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week: Gold Road Resources (GOR AU),ENN Energy (2688 HK), and Sinarmas Land (SML SP).
Key updates/news took place on: Shinko Electric Industries (6967 JP), Domain Holdings (DHG AU),Japfa Ltd (JAP SP), Paragon REIT (PGNREIT SP), and Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP).


(Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia

<ul>
<li>Cuscaden Peak, the sponsor of <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

Australia

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

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Dropsuite Ltd (DSE AU)

Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

This was, and still is, a clean deal. As the spread widening is not specifically deal related, but a forced seller, all else being equal, this is a...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

The offer is attractive and represents an all-time high. The vote is done. At the last close, for a 20 May payment, the gross/annualised spread was...

Arun George

(Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

This was, and still is, a clean deal. As the spread widening is not specifically deal related, but a forced seller, all else being equal, this is a...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

This is a clean deal. Trading tight at 3.1%/9.8% gross/annualised spread, assuming late May completion. If in, stay in. If small, illiquid arbs are...

David Blennerhassett

Dropsuite (DSE AU): NinjaOne’s Binding Offer a Done Deal

The offer is attractive and represents an all-time high. The vote is done. At the last close, for a 20 May payment, the gross/annualised spread was...

Arun George

(Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett