Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Mapping technology outfit <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> has fielded a non-binding indicative offer from San Francisco-based PE firm Thoma Bravo.</li>
<li>Thoma Bravo is offering A$2.10/share, a 39% premium to last close, and an 83% premium to when Nearmap was first approached in early July. </li>
<li>Due diligence is at an advanced stage. Curiously, Nearmap has agreed to pay Thoma Bravo up to US$3mn if a transaction agreement does not result.</li>
</ul>


Mapping technology outfit Nearmap Ltd (NEA AU) has fielded a non-binding indicative offer from San Francisco-based PE firm Thoma Bravo.
Thoma Bravo is offering A$2.10/share, a 39% premium to last close, and an 83% premium to when Nearmap was first approached in early July. 
Due diligence is at an advanced stage. Curiously, Nearmap has agreed to pay Thoma Bravo up to US$3mn if a transaction agreement does not result.


<ul>
<li>Sanjuro, the consortium behind <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong directors previously holding out, will now tender. </li>
<li>The Offer will still close on the 1 August - it will not be extended. </li>
<li>Should Sanjuro fail to acquire less than 90% of disinterested shares, Hwa Hong will continue to remain listed. </li>
</ul>


Sanjuro, the consortium behind Hwa Hong Corp (HWAH SP) proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong directors previously holding out, will now tender. 
The Offer will still close on the 1 August - it will not be extended. 
Should Sanjuro fail to acquire less than 90% of disinterested shares, Hwa Hong will continue to remain listed. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.</li>
<li>The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.</li>
<li>The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.</li>
</ul>



MACA Ltd (MLD AU) recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.
The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.
The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.


<ul>
<li>Renewable energy play <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> has announced a non-binding indicative proposal from Atlassian's Scott Farquhar and Stonepeak, by way of a Scheme, at A$0.23/share. </li>
<li>That's around a 64% premium. Farquhar holds a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02544798-2A1386679?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">19.9% stake</a>. </li>
<li>Farquhar, along with Atlassian co-founder Mike Cannon-Brookes, backed Genex capital raising in March last year.</li>
</ul>


Renewable energy play Genex Power Ltd (GNX AU) has announced a non-binding indicative proposal from Atlassian's Scott Farquhar and Stonepeak, by way of a Scheme, at A$0.23/share. 
That's around a 64% premium. Farquhar holds a 19.9% stake. 
Farquhar, along with Atlassian co-founder Mike Cannon-Brookes, backed Genex capital raising in March last year.


Genex: Atlassian's Farquhar Makes An Offer

<ul>
<li>As a result of market acquisitions, the Offeror for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> now holds 30.0%, triggering a mandatory general offer (MGO). </li>
<li>Including shares tendered, the Offeror controls 38.24%. The Offer remains subject to a 50% acceptance condition. HWAH directors holding 29.26% of shares still do not intend to accept the Offer. </li>
<li>The S$0.40/share Offer price has been declared final. The final closing date is 1 August. This transaction will go down to the wire.</li>
</ul>


As a result of market acquisitions, the Offeror for Hwa Hong Corp (HWAH SP) now holds 30.0%, triggering a mandatory general offer (MGO). 
Including shares tendered, the Offeror controls 38.24%. The Offer remains subject to a 50% acceptance condition. HWAH directors holding 29.26% of shares still do not intend to accept the Offer. 
The S$0.40/share Offer price has been declared final. The final closing date is 1 August. This transaction will go down to the wire.


Hwa Hong (HWAH SP): MGO Triggered, Offeror Now Controls 38.2%

Australia

Japara Healthcare Limited, is a provider of aged care and retirement living services in Australia.

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Japara Healthcare (JHC AU)

Nearmap: Thoma Bravo's Bird's Eye View

Trading at a 10.2% gross spread to terms as I type. Though still a non-binding Offer, I'd be a buyer of Nearmap (NEA AU) here.

David Blennerhassett

Hwa Hong (HWAH SP): MGO Unconditional

Sanjuro, the consortium behind Hwa Hong Corp (HWAH SP) proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong...

David Blennerhassett

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

Genex: Atlassian's Farquhar Makes An Offer

Trading ~17% gross spread to the indicative Offer. This is not a firm Offer. I would expect board support and a firm offer to emerge. It's a buy...

David Blennerhassett

Hwa Hong (HWAH SP): MGO Triggered, Offeror Now Controls 38.2%

Currently trading at terms. This remains a hostile Offer. I still think this Offer will (just) fail to meet the 50% acceptance condition. This is...

David Blennerhassett

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