Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The only way that noisy shareholders in <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> can be eliminated, allowing management and employees to focus on "making Toshiba stronger" is to arrange a privatisation. </li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> approached <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> with a bid of A$25/share. Oz very quickly rejected. There are hints now that A$30 may be the price.   </li>
<li>After 23 months of negotiations with various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> is now without an Offer.</li>
</ul>


The only way that noisy shareholders in Toshiba Corp (6502 JP) can be eliminated, allowing management and employees to focus on "making Toshiba stronger" is to arrange a privatisation. 

BHP Group Ltd (BHP AU) approached OZ Minerals Ltd (OZL AU) with a bid of A$25/share. Oz very quickly rejected. There are hints now that A$30 may be the price.   
After 23 months of negotiations with various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, Link Administration (LNK AU) is now without an Offer.


Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a>, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> launched HKEx IPOs. <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> priced its KRW IPO.</li>
<li>Event-Driven developments - <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>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> and DTAC/True.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - CALB (3931 HK), Leapmotor (9863 HK) and Onewo (2602 HK) launched HKEx IPOs. WCP (WCP KS) priced its KRW IPO.
Event-Driven developments - Genex Power Ltd (GNX AU), Infomedia Ltd (IFM AU), Link Administration (LNK AU), OZ Minerals Ltd (OZL AU), Shandong Fengxiang (9977 HK) and DTAC/True.


Weekly Deals Digest (25 Sep) - CALB, Leapmotor, Onewo, OZ Minerals, Genex, Fengxiang, DTAC/True

<ul>
<li>Earlier this week, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> rejected Dye &amp; Durham's revised proposal to factor in any redress payments from the UK's FCA in regards to the Woodford Fund.</li>
<li>FCA has now assessed an appropriate penalty of £50mn in addition to the previously announced restitution payment of £306.1mn.</li>
<li>The FCA is all but telegraphing it will default LFSL unless Link steps in. Link says it has made no such commitment. D&amp;D should walk.</li>
</ul>


Earlier this week, Link Administration (LNK AU) rejected Dye &amp; Durham's revised proposal to factor in any redress payments from the UK's FCA in regards to the Woodford Fund.
FCA has now assessed an appropriate penalty of £50mn in addition to the previously announced restitution payment of £306.1mn.
The FCA is all but telegraphing it will default LFSL unless Link steps in. Link says it has made no such commitment. D&amp;D should walk.


But Wait ... Even More Penalties In The Link Admin/D&D Situation

<ul>
<li>Dye &amp; Durham/DND has proposed a revised <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> offer to address any FCA redress payments. Around A$1.00 per share will hang on the outcome of the FCA investigation.</li>
<li>The Link Board has said it cannot recommend the revised proposal based on value, structure and alternatives available to Link. We agree with the Board’s view.</li>
<li>The scheme is all but dead. The shares are now a back-end play and remain attractive for value investors.</li>
</ul>


Dye &amp; Durham/DND has proposed a revised Link Administration (LNK AU) offer to address any FCA redress payments. Around A$1.00 per share will hang on the outcome of the FCA investigation.
The Link Board has said it cannot recommend the revised proposal based on value, structure and alternatives available to Link. We agree with the Board’s view.
The scheme is all but dead. The shares are now a back-end play and remain attractive for value investors.


Link’s On Again-Off Again Scheme Is All but Off

<ul>
<li>After 23 months of negotiations, various bids from various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> has called it a day.</li>
<li>D&amp;D arguably did the right thing and tabled a revised proposal to account for any enforcement process after the UK's FCA raised redress payments. Link has rejected the revised terms. </li>
<li>Link will now pursue an in-specie distribution of a minimum of 80% of Link’s shareholding in <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a>.</li>
</ul>


After 23 months of negotiations, various bids from various parties, culminating in a protracted on-again, off-again, negotiation with Dye &amp; Durham, Link Administration (LNK AU) has called it a day.
D&amp;D arguably did the right thing and tabled a revised proposal to account for any enforcement process after the UK's FCA raised redress payments. Link has rejected the revised terms. 
Link will now pursue an in-specie distribution of a minimum of 80% of Link’s shareholding in PEXA Group (PXA AU).


That's It Then As Link Admin Rejects D&D's Revised Terms

Australia

Link Administration Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides fund administration, corporate markets, information, and digital and data services. Link Administration Holdings serves customers worldwide.

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Link Administration (LNK AU)

Last Week in Event SPACE: Toshiba, Oz Minerals, Link Admin, Sands China

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Weekly Deals Digest (25 Sep) - CALB, Leapmotor, Onewo, OZ Minerals, Genex, Fengxiang, DTAC/True

Last week, notable developments occurred in Event-Driven (Genex, Infomedia, Link Admin, OZ Minerals, Fengxiang and DTAC/True ) and ECM (CALB,...

Arun George

But Wait ... Even More Penalties In The Link Admin/D&D Situation

The FCA is playing hardball. Why would D&D take on this ballooning burden and subsume such an overhang? All the negative news appears to be baked...

David Blennerhassett

Link’s On Again-Off Again Scheme Is All but Off

The scheme is all but dead. The Link Board will not recommend the revised proposal. The shares are now a back-end play and remain attractive for...

Arun George

That's It Then As Link Admin Rejects D&D's Revised Terms

D&D revised terms appeared fair: a deferred consideration structure wherein LNK shareholders get any residual payment after £306mn had been set...

David Blennerhassett

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