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

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <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>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy NL (NWE AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a>, <a href="https://www.smartkarma.com/entities/conexio-corp" target="_blank" data-smartkarma-citation="entities:19064:1" rel="noopener">Conexio Corp (9422 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - Alliance Aviation Services (AQZ AU), Genesis Minerals (GMD AU), 21Vianet Group (VNET US), Golden Energy &amp; Resources (GER SP), Tyro Payments (TYR AU), Origin Energy (ORG AU).
Lowest spreads - Norwest Energy NL (NWE AU), Nitro Software Ltd (NTO AU), Chip Eng Seng Corp (CHIP SP), Conexio Corp (9422 JP), Nippon Steel Trading Corporation (9810 JP). 


Merger Arb Mondays (09 Jan) - Origin Energy, Warrego, Nitro, Norwest, Halcyon, Kingston

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There are 42 - 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>No new deals were discussed on Smartkarma in the past week. </li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>, and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>.
</li>
</ul>


There are 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
No new deals were discussed on Smartkarma in the past week. 
Key updates took place for: Warrego Energy (WGO AU), Acotec Scientific Holdings (6669 HK), Halcyon Agri (HACL SP), and Thaicom Pcl (THCOM TB).



(Mostly) Asia-Pac Weekly Risk Arb Wrap: Warrego Energy, Acotec Scientific, Halcyon Agri, Thaicom

Acotec Scientific Holdings / Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - Quiet week as <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a> continues to pre-market a US$1bn IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy NL (NWE AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Quiet week as VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
Event-Driven developments - Acotec Scientific Holdings (6669 HK), Nitro Software Ltd (NTO AU), Norwest Energy NL (NWE AU), Warrego Energy (WGO AU), Halcyon Agri (HACL SP). 


Weekly Deals Digest (08 Jan) - Acotec, Halycon, Warrego, Nitro, Norwest, VinFast

<ul>
<li>Back on the 16 November, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber (601118 CH)</a>.</li>
<li>Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. </li>
<li>Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.</li>
</ul>


Back on the 16 November, Halcyon Agri (HACL SP) announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to China Hainan Rubber (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. 
Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.


Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

<ul>
<li>The SPA for <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> to acquire 36.00% of <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s outstanding shares from <a href="https://www.smartkarma.com/entities/sinochem-international-corporation-a" target="_blank" data-smartkarma-citation="entities:13110:1" rel="noopener">Sinochem International Corporation A (600500 CH)</a> at US$0.315 is effective. </li>
<li>Conditions precedent which relate to Chinese regulatory approvals should be satisfied shortly. Completion will trigger an MGO at US$0.315 or S$0.423 (US$/S$ rate fixed on the closing date). </li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities acceptance rate. We think that this is achievable as the offer is attractive. </li>
</ul>


The SPA for China Hainan Rubber Industry (601118 CH) to acquire 36.00% of Halcyon Agri (HACL SP)’s outstanding shares from Sinochem International Corporation A (600500 CH) at US$0.315 is effective. 
Conditions precedent which relate to Chinese regulatory approvals should be satisfied shortly. Completion will trigger an MGO at US$0.315 or S$0.423 (US$/S$ rate fixed on the closing date). 
The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities acceptance rate. We think that this is achievable as the offer is attractive. 


Halcyon Agri (HACL SP) MGO: SPA Effective, Next Is Satisfaction of Conditions Precedent

Singapore

Halcyon Agri Corporation Limited is supply chain manager, specializing in the origination, production and distribution of natural rubber. The Company owns natural rubber plantations and sources rubber of a range of origins and grades for distribution to customers through its international sales network. Halcyon Agri owns and operates natural rubber processing factories.

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Halcyon Agri (HACL SP)

Merger Arb Mondays (09 Jan) - Origin Energy, Warrego, Nitro, Norwest, Halcyon, Kingston

This week, the highest gross spreads are Alliance Aviation (52.7%), Genesis Minerals (35.1%), VNET (33.8%), Golden Energy (23.7%), Tyro (17.2%),...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Warrego Energy, Acotec Scientific, Halcyon Agri, Thaicom

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

Weekly Deals Digest (08 Jan) - Acotec, Halycon, Warrego, Nitro, Norwest, VinFast

Last week, notable developments occurred in Event-Driven (Acotec, Nitro, Norwest, Warrego, Halcyon, Chip Eng Seng) and ECM (VinFast).

Arun George

Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

SASAC approval was the key approval. The remaining regulatory bodies will follow suit. Currently trading at a gross/annualised spread of 7%/24% -...

David Blennerhassett

Halcyon Agri (HACL SP) MGO: SPA Effective, Next Is Satisfaction of Conditions Precedent

Conditions precedent should be satisfied soon due to the SOE heritage of the buyer/seller and SASAC approval of the deal. At last close prices, the...

Arun George

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