Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Tally 50 - 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 deals was discussed on Smartkarma this week, being <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>'s Tender Offer. There's also <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>'s unsolicited Offer for <a href="https://www.smartkarma.com/entities/anglo-american-plc-04f6cda9-c726-4c33-8544-c5046bc74b29" target="_blank" data-smartkarma-citation="entities:28603:1" rel="noopener">Anglo American (NGLOY US)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a>, and <a href="https://www.smartkarma.com/entities/iclick-interactive-asia-group-limited" target="_blank" data-smartkarma-citation="entities:27314:1" rel="noopener">iClick Interactive Asia Group (ICLK US)</a>.</li>
</ul>


Tally 50 - 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 deals was discussed on Smartkarma this week, being Mimasu Semiconductor Industry (8155 JP)'s Tender Offer. There's also BHP Group (BHP AU)'s unsolicited Offer for Anglo American (NGLOY US).
Key updates took place on: Tietto Minerals Ltd (TIE AU), CSR Ltd (CSR AU), CPMC Holdings (906 HK), Roland DG Corp (6789 JP), and iClick Interactive Asia Group (ICLK US).


(Mostly) Asia-Pac M&A: Mimasu Semi, Tietto Minerals, CSR, CPMC, Roland DG, IClick Interactive

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/silver-lake-resources-ltd" target="_blank" data-smartkarma-citation="entities:6529:1" rel="noopener">Silver Lake Resources (SLR AU)</a> and <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a> will merge. SLR shareholders receive 3.434 RED shares per SLR share, implying A$1.133, a 10.4% discount to the undisturbed price. </li>
<li>The merger is strategically sensible as the combined entity should re-rate due to scale, diversification and better cash flow generation.</li>
<li>The merger terms are more favourable for RED shareholders than SLR shareholders, posing a risk for the vote. The merger may draw out rival suitors.  </li>
</ul>



Silver Lake Resources (SLR AU) and Red 5 Ltd (RED AU) will merge. SLR shareholders receive 3.434 RED shares per SLR share, implying A$1.133, a 10.4% discount to the undisturbed price. 
The merger is strategically sensible as the combined entity should re-rate due to scale, diversification and better cash flow generation.
The merger terms are more favourable for RED shareholders than SLR shareholders, posing a risk for the vote. The merger may draw out rival suitors.  


Silver Lake (SLR AU): Merger Terms Favour Red 5 (RED AU)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> has switched to an off-market takeover offer. The <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.</li>
<li>The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal. </li>
<li>The crucial question is whether <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal. </li>
</ul>



Silvercorp Metals (SVM US) has switched to an off-market takeover offer. The Orecorp Ltd (ORR AU) consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.
The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal. 
The crucial question is whether Perseus Mining (PRU AU) is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal. 


OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> has disclosed a revised offer from <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> at A$0.19 cash per share and 0.0967 SVM shares per ORR share.</li>
<li>The revised offer was necessitated due to the decline in SVM shares. Since 7 August, the revised offer is, on average, 7.8% higher than the previous offer.</li>
<li>Directors and irrevocables represent around 20% of voting rights. The revised offer should help the scheme get up. At the last close, the gross spread was 8.6%.</li>
</ul>



Orecorp Ltd (ORR AU) has disclosed a revised offer from Silvercorp Metals (SVM US) at A$0.19 cash per share and 0.0967 SVM shares per ORR share.
The revised offer was necessitated due to the decline in SVM shares. Since 7 August, the revised offer is, on average, 7.8% higher than the previous offer.
Directors and irrevocables represent around 20% of voting rights. The revised offer should help the scheme get up. At the last close, the gross spread was 8.6%.


OreCorp (ORR AU): Silvercorp Returns with a Higher Offer

<ul>
<li>The <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> IE considers <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a>’s A$0.15 cash per share and 0.0967 SVM shares per ORR share offer fair and reasonable. </li>
<li>The offer is subject to the Tanzanian Fair Competition Commission and shareholder approval. The offer is attractive compared to the adjusted exchange ratios and historical prices.</li>
<li>While the offer has suffered from the steep SVM share price decline, there has been no visible dissent from major shareholders. At the last close, the gross spread was 12.1%. </li>
</ul>


The Orecorp Ltd (ORR AU) IE considers Silvercorp Metals (SVM US)’s A$0.15 cash per share and 0.0967 SVM shares per ORR share offer fair and reasonable. 
The offer is subject to the Tanzanian Fair Competition Commission and shareholder approval. The offer is attractive compared to the adjusted exchange ratios and historical prices.
While the offer has suffered from the steep SVM share price decline, there has been no visible dissent from major shareholders. At the last close, the gross spread was 12.1%. 


OreCorp (ORR AU): A Wide Spread Heading into the 8 December Vote

Australia

Gold Road Resources Limited operates as a mineral exploration and production company. The Company focuses on its Yamarna Gold Project located east of Laverton, Western Australia.

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Gold Road Resources (GOR AU)

(Mostly) Asia-Pac M&A: Mimasu Semi, Tietto Minerals, CSR, CPMC, Roland DG, IClick Interactive

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

Silver Lake (SLR AU): Merger Terms Favour Red 5 (RED AU)

The merger terms are more favourable for RED shareholders than SLR shareholders, posing a risk for the vote. The merger may draw out rival suitors.

Arun George

OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus

The takeover offer is conditional on a 50.1% minimum acceptance condition, which is achievable. A counteroffer by Perseus depends on whether it is...

Arun George

OreCorp (ORR AU): Silvercorp Returns with a Higher Offer

The revised offer was necessitated due to the decline in SVM shares. The revised offer should help the scheme get up. At the last close, the gross...

Arun George

OreCorp (ORR AU): A Wide Spread Heading into the 8 December Vote

While the offer has suffered from the steep SVM share price decline, there has been no visible dissent from major shareholders.

Arun George

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