Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 2 March, the Court approved the distribution of the <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> Scheme Booklet, which was posted on 3 March 2023. The Scheme Meeting is 13 April 2023.</li>
<li>The Independent Expert has concluded the Scheme is Fair and Reasonable and in the best interests of OZL shareholders. Directors unanimously support.</li>
<li>This deal is almost certainly done. The IE report is, as is often the case, enormously informative. Watch the franking credit timing. Not a lot of spread left here. </li>
</ul>


On 2 March, the Court approved the distribution of the OZ Minerals Ltd (OZL AU) Scheme Booklet, which was posted on 3 March 2023. The Scheme Meeting is 13 April 2023.
The Independent Expert has concluded the Scheme is Fair and Reasonable and in the best interests of OZL shareholders. Directors unanimously support.
This deal is almost certainly done. The IE report is, as is often the case, enormously informative. Watch the franking credit timing. Not a lot of spread left here. 


OZL Scheme Booklet Posted - 60 Days to Completion

External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>Timing of CEO retirement has the market rightly nervous: (1) On the cusp of projected material cashflows after eight of transitioning the business into a global fund manager; (2) very slow YTD completions; and (3) a material increase to the cost base (not expected!). </li><li><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>That said, the successor is well-credential with natural shareholder alignment (holding 1.6% of issued capital). </li><li><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>Available funding remains sound with $193m of corporate cash, receivables, and facilities at its disposal, and Fund 1 is approaching run-off. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Timing of CEO retirement has the market rightly nervous: (1) On the cusp of projected material cashflows after eight of transitioning the business into a global fund manager; (2) very slow YTD completions; and (3) a material increase to the cost base (not expected!). That said, the successor is well-credential with natural shareholder alignment (holding 1.6% of issued capital). Available funding remains sound with $193m of corporate cash, receivables, and facilities at its disposal, and Fund 1 is approaching run-off. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Omni Bridgeway Limited (OBL) - Greater than 1x Yearly Cashflow Requirements at 1H23

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 24th (reported today) which has an aggregated short interest worth USD42.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 24th (reported today) which has an aggregated short interest worth USD42.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance.


ASX Short Interest Weekly (Feb 24th): Pilbara Minerals, Nine Entertainment, ANZ, Reliance

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 17th (reported today) which has an aggregated short interest worth USD14.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Suncorp, Corporate Travel, Incitec Pivot, Bhp, Endeavour.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 17th (reported today) which has an aggregated short interest worth USD14.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Suncorp, Corporate Travel, Incitec Pivot, Bhp, Endeavour.


ASX Short Interest Weekly (Feb 17th): Suncorp, Corporate Travel, Incitec Pivot, BHP, Endeavour

<ul><li>A slower 1H23 case completion period translated in a reduction in corporate cash and receivables of $75.7m.</li><li>Available funding remains sound with $193m of corporate cash, receivables, and facilities at its disposal, while Fund 1 is approaching run-off.</li><li>The emergence of secondary buyers and insurers willing to underwrite OBL’s capital and expected profits is testament to the underwriting standards and the global origination platform that the business has created.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A slower 1H23 case completion period translated in a reduction in corporate cash and receivables of $75.7m.Available funding remains sound with $193m of corporate cash, receivables, and facilities at its disposal, while Fund 1 is approaching run-off.The emergence of secondary buyers and insurers willing to underwrite OBL’s capital and expected profits is testament to the underwriting standards and the global origination platform that the business has created.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Omni Bridgeway Limited (OBL) - 2Q23 Investment Update

Australia

Omni Bridgeway Limited provides investment management services. The Company offers claims securitization, litigation, funding, legal recovery, trading, and other related solutions. Omni Bridgeway serves customer worldwide.

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Omni Bridgeway (OBL AU)

OZL Scheme Booklet Posted - 60 Days to Completion

The OZL Scheme Booklet is out. Scheme Meeting 13 April. Completion 2 May. IE Report says "Fair and Reasonable", trading at a tight spread. ASX100...

Travis Lundy

Omni Bridgeway Limited (OBL) - Greater than 1x Yearly Cashflow Requirements at 1H23

Available funding remains sound with $193m of corporate cash, receivables, and facilities at its disposal, and Fund 1 is approaching run-off.

Taylor Collison

ASX Short Interest Weekly (Feb 24th): Pilbara Minerals, Nine Entertainment, ANZ, Reliance

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Feb 17th): Suncorp, Corporate Travel, Incitec Pivot, BHP, Endeavour

We analyzed ASX short interest report for the past week and highlight short interest changes in Suncorp, Corporate Travel, Incitec Pivot, Bhp,...

Ke Yan, CFA, FRM

Omni Bridgeway Limited (OBL) - 2Q23 Investment Update

Available funding remains sound with $193m of corporate cash, receivables, and facilities at its disposal, while Fund 1 is approaching run-off.

Taylor Collison

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