Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 26 July, <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a> announced an intention to acquire a majority stake in coal miner <a href="https://www.smartkarma.com/entities/golden-eagle-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:3835:1" rel="noopener">Golden Eagle Energy (SMMT IJ)</a> (GEE).</li>
<li>GEO shareholders have now approved the purchase of a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group, triggering an MTO at IDR1,255/share, which is subject to Indonesia's OJK.</li>
<li>In addition, GEE announced a special/additional dividend, with a cum-entitlement today, the 17th of October. </li>
</ul>


Back on the 26 July, Geo Energy Resources (GERL SP) announced an intention to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).
GEO shareholders have now approved the purchase of a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group, triggering an MTO at IDR1,255/share, which is subject to Indonesia's OJK.
In addition, GEE announced a special/additional dividend, with a cum-entitlement today, the 17th of October. 


Golden Eagle Energy: Last Day To Buy Cum-Divvie

<ul>
<li>Should the nominated directors, to be voted on by <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a>'s shareholders at the November EGM, include <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> executives, then game on.</li>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> STILL has a Nikkei 225 problem, which means it probably has to underperform Nikkei 225 slightly between now and the Base Date (31 July 2024).</li>
<li>
<a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> has been one of the more annoying partial tenders out there. Even post-facto, it is tough to know what the disposition was. This is extraordinarily vexing.</li>
</ul>


Should the nominated directors, to be voted on by EOFlow (294090 KS)'s shareholders at the November EGM, include Medtronic Plc (MDT US) executives, then game on.

Fast Retailing (9983 JP) STILL has a Nikkei 225 problem, which means it probably has to underperform Nikkei 225 slightly between now and the Base Date (31 July 2024).

JMDC (4483 JP) has been one of the more annoying partial tenders out there. Even post-facto, it is tough to know what the disposition was. This is extraordinarily vexing.


Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy

<ul>
<li>I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co Ltd (A) (600837 CH)</a>'s Offer for <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">NWS (659 HK)</a>,<a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China (1970 HK)</a>, and <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>.</li>
</ul>


I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this week: Haitong Securities Co Ltd (A) (600837 CH)'s Offer for Haitong International Securities Group (665 HK).
Key updates took place for: Origin Energy (ORG AU), Estia Health (EHE AU), Newcrest Mining (NCM AU), Liontown Resources (LTR AU), NWS (659 HK),IMAX China (1970 HK), and Eoflow (294090 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int'l, Liontown, NWS, IMAX China

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region.</li><li>In Singapore, the trio of most traded energy stocks Rex Int, Geo Energy Resources and RH Petrogas have generated median gains of 8.2%, with a skew to their average gain given Rex International’s 357% gain from 31 Aug through to 22 Sep.</li><li>These two Sectors have recently been in play, with the past three weeks have seeing energy stocks lead the global stock market, while telecommunication stocks have led the region.</li></ul>

Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region.In Singapore, the trio of most traded energy stocks Rex Int, Geo Energy Resources and RH Petrogas have generated median gains of 8.2%, with a skew to their average gain given Rex International’s 357% gain from 31 Aug through to 22 Sep.These two Sectors have recently been in play, with the past three weeks have seeing energy stocks lead the global stock market, while telecommunication stocks have led the region.

Global Energy Stocks on the Move in Sep, while Telcos Lead Region

<ul>
<li>On the 26 July, <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a> announced an agreement to acquire a majority stake in coal miner <a href="https://www.smartkarma.com/compose/insight/112915/ht" target="_blank" data-smartkarma-citation="entities:3835:1" rel="noopener">Golden Eagle Energy (SMMT IJ) </a>(GEE).
</li>
<li>Via an S&amp;P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.</li>
<li>The completion of the S&amp;P, which is subject to Indonesia's OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.</li>
</ul>


On the 26 July, Geo Energy Resources (GERL SP) announced an agreement to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).

Via an S&amp;P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.
The completion of the S&amp;P, which is subject to Indonesia's OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.


Golden Eagle Energy (SMMT IJ): Trading Wide To Terms

Singapore

Geo Energy Resources Limited is a coal mining specialist based in Indonesia. The Company owns and operates coal mines.

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Geo Energy Resources (GERL SP)

Golden Eagle Energy: Last Day To Buy Cum-Divvie

This is a pretty clean arb trade. Plus you get the dividend in a little over a week. Regulatory approval will not be an issue. Trading at a gross...

David Blennerhassett

Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int'l, Liontown, NWS, IMAX China

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

Global Energy Stocks on the Move in Sep, while Telcos Lead Region

Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region. In Singapore,...

Singapore Exchange Ltd (SGX)

Golden Eagle Energy (SMMT IJ): Trading Wide To Terms

Regulatory approval should not be an issue. The GEO vote should be straightforward. Assuming end-Jan 24 payment under the MTO, the gross/annualised...

David Blennerhassett

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