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>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> disclosed a revised non-binding indicative proposal from TPG at A$13.00 per share, a mere 2.8% above the previously rejected proposal of A$12.65 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a> has secured a five-week exclusive due diligence. The Board intend to unanimously recommend a binding proposal at no less than A$13.00 per share. </li>
<li>The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. The gross spread stands at 4.6%. </li>
</ul>



Invocare Ltd (IVC AU) disclosed a revised non-binding indicative proposal from TPG at A$13.00 per share, a mere 2.8% above the previously rejected proposal of A$12.65 per share.

TPG Inc (TPG US) has secured a five-week exclusive due diligence. The Board intend to unanimously recommend a binding proposal at no less than A$13.00 per share. 
The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. The gross spread stands at 4.6%. 


InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 7 March, PE outfit TPG took a 17.8% stake in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">InvoCare (IVC AU)</a>, Australia's leading funeral services provider, and also pitched a <a href="https://www.smartkarma.com/compose/insight/102298/The%20Indicative%20proposal%20is%20subject%20to%20the%20completion%20of%20satisfactory%20due%20diligence,%20and%20FIRB.InvoCare,%20which%20has%20struggled%20to%20generate%20consistent%20profits%20in%20recent%20years,%20is%20mulling%20the%20proposal.%20Pricing%20is%20around%20the%20Covid%20cliff." target="_blank" rel="noopener">A$12.65/share non-binding Offer</a> via a Scheme.</li>
<li>The Indicative proposal was subject to the completion of due diligence. InvoCare rejected the proposal on the 27 March. On the 24 April, TPG <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02657206-2A1445038?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">withdrew its NBIO</a>.</li>
<li>TPG has returned with a revised A$13/share, inclusive of a A$0.60/share fully franked dividend. If the proposal becomes a binding transaction, InvoCare's Board intends to unanimously recommend it.</li>
</ul>


On the 7 March, PE outfit TPG took a 17.8% stake in InvoCare (IVC AU), Australia's leading funeral services provider, and also pitched a A$12.65/share non-binding Offer via a Scheme.
The Indicative proposal was subject to the completion of due diligence. InvoCare rejected the proposal on the 27 March. On the 24 April, TPG withdrew its NBIO.
TPG has returned with a revised A$13/share, inclusive of a A$0.60/share fully franked dividend. If the proposal becomes a binding transaction, InvoCare's Board intends to unanimously recommend it.


InvoCare (IVC AU): TPG's Revised $13/Share Non-Binding Offer

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 Apr 28th (reported today) which has an aggregated short interest worth USD16.5bn.</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 Bhp, Pilbara Minerals, Newcrest Mining, Macquarie, Rio Tinto, Igo, Northern Star Re.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 28th (reported today) which has an aggregated short interest worth USD16.5bn.
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 Bhp, Pilbara Minerals, Newcrest Mining, Macquarie, Rio Tinto, Igo, Northern Star Re.


ASX Short Interest Weekly (Apr 28th): BHP, Pilbara, Newcrest Mining, Macquarie, Rio Tinto, Igo

<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/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</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/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG 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>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS 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/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</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/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</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 - 111 Inc (YI US), Estia Health (EHE AU), Aag Energy Holdings (2686 HK), United Malt Group Ltd (UMG AU), Origin Energy (ORG AU), Toshiba Corp (6502 JP). 
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Lian Beng (LBG SP), Golden Energy &amp; Resources (GER SP), HKBN Ltd (1310 HK), Mincor Resources NL (MCR AU).


Merger Arb Mondays (24 Apr) - AAG Energy, Jiangnan, HKBN, Healius, Lian Beng, Toyo

<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/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <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/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/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</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/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</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/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/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/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a>, GK Goh.</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 - 111 Inc (YI US), Alliance Aviation Services (AQZ AU), Genesis Minerals (GMD AU), Estia Health (EHE AU), Aag Energy Holdings (2686 HK), Origin Energy (ORG AU). 
Lowest spreads - Healius (HLS AU), Golden Energy &amp; Resources (GER SP), Liontown Resources (LTR AU), Norwest Energy NL (NWE AU), Mincor Resources NL (MCR AU), GK Goh.


Merger Arb Mondays (10 Apr) - Genesis, Estia, Newcrest, Pushpay, Mincor, Golden Energy, Toyo

Australia

InvoCare Limited owns and operates funeral homes, cemeteries and crematoriums in Australia. The Company's activities include the provision of funerals, burials and cremations through it's funeral home brands including Blackwell, Guardian, George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Invocare Ltd (IVC AU)

InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. At the last close,...

Arun George

ASX Short Interest Weekly (Apr 28th): BHP, Pilbara, Newcrest Mining, Macquarie, Rio Tinto, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Bhp, Pilbara Minerals, Newcrest Mining, Macquarie,...

Ke Yan, CFA, FRM

Merger Arb Mondays (24 Apr) - AAG Energy, Jiangnan, HKBN, Healius, Lian Beng, Toyo

This week, the highest gross spreads are 111 (35.1%), Estia Health (14.5%), AAG Energy (13.5%), United Malt (7.8%), Origin Energy (7.3%), Toshiba...

Arun George

Merger Arb Mondays (10 Apr) - Genesis, Estia, Newcrest, Pushpay, Mincor, Golden Energy, Toyo

This week, the highest gross spreads are 111 (41.3%), Alliance Aviation (32.7%), Genesis (19.3%), Estia (13.2%), AAG (10.8%), Origin (7.3%),...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. At the last close,...

Arun George

InvoCare (IVC AU): TPG's Revised $13/Share Non-Binding Offer

Currently trading at a 5.5%/12% gross/annualised spread, assuming late October completion. Not bad. Even better for those who can take advantage of...

David Blennerhassett

ASX Short Interest Weekly (Apr 28th): BHP, Pilbara, Newcrest Mining, Macquarie, Rio Tinto, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Bhp, Pilbara Minerals, Newcrest Mining, Macquarie,...

Ke Yan, CFA, FRM

Merger Arb Mondays (24 Apr) - AAG Energy, Jiangnan, HKBN, Healius, Lian Beng, Toyo

This week, the highest gross spreads are 111 (35.1%), Estia Health (14.5%), AAG Energy (13.5%), United Malt (7.8%), Origin Energy (7.3%), Toshiba...

Arun George

Merger Arb Mondays (10 Apr) - Genesis, Estia, Newcrest, Pushpay, Mincor, Golden Energy, Toyo

This week, the highest gross spreads are 111 (41.3%), Alliance Aviation (32.7%), Genesis (19.3%), Estia (13.2%), AAG (10.8%), Origin (7.3%),...

Arun George