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>Dye &amp; Durham/DND’s base (A$5.50 cash per share) + A$0.03 per share interim dividend offer of A$5.53 per share, a 27.7% premium to the unaffected price of A$4.33 (4 November). </li>
<li>At <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> last close, <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>’s offer is worth A$5.51 per share. Carlyle’s long interest in Link suggests that it could improve its offer. </li>
<li>We think that the DND offer is reasonable in the context of historical multiples. Nevertheless, there is a good probability that Carlyle tries to regain the upper hand.</li>
</ul>


Dye &amp; Durham/DND’s base (A$5.50 cash per share) + A$0.03 per share interim dividend offer of A$5.53 per share, a 27.7% premium to the unaffected price of A$4.33 (4 November). 
At PEXA Group (PXA AU) last close, Carlyle Group Inc (CG US)’s offer is worth A$5.51 per share. Carlyle’s long interest in Link suggests that it could improve its offer. 
We think that the DND offer is reasonable in the context of historical multiples. Nevertheless, there is a good probability that Carlyle tries to regain the upper hand.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02470354-2A1347932?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme Implementation Deed with Canada's Dye &amp; Durham, at an Offer price of A$5.50/share plus a A$0.03/share fully franked interim dividend.</li>
<li>The Offer Price values Link's equity at $2.9bn and enterprise value at $3.7bn. The Offer Price is a 27.7% premium to the undisturbed price on 4 November 2021.</li>
<li>A Scheme Meeting is expected to be held in May next year with a possible implementation in late June or early July.</li>
</ul>



Link Administration Holdings (LNK AU) has entered into a Scheme Implementation Deed with Canada's Dye &amp; Durham, at an Offer price of A$5.50/share plus a A$0.03/share fully franked interim dividend.
The Offer Price values Link's equity at $2.9bn and enterprise value at $3.7bn. The Offer Price is a 27.7% premium to the undisturbed price on 4 November 2021.
A Scheme Meeting is expected to be held in May next year with a possible implementation in late June or early July.


Link Admin (LNK AU) Inks Deal With Dye & Durham As Carlyle Dithers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> has entered into a Scheme Implementation Deed with Dye &amp; Durham where shareholders will receive A$5.5/share in cash plus an interim dividend of A$0.03/share.</li>
<li>Link shareholders could receive an additional ~A$0.15/share if Link reaches an agreement to sell the BCM business to LC Financial Holdings within 12 months from the implementation of the Scheme.</li>
<li>The question now arises whether Carlyle tops Dye &amp; Durham's offer or if they bow out of the race.</li>
</ul>



Link Administration Holdings (LNK AU) has entered into a Scheme Implementation Deed with Dye &amp; Durham where shareholders will receive A$5.5/share in cash plus an interim dividend of A$0.03/share.
Link shareholders could receive an additional ~A$0.15/share if Link reaches an agreement to sell the BCM business to LC Financial Holdings within 12 months from the implementation of the Scheme.
The question now arises whether Carlyle tops Dye &amp; Durham's offer or if they bow out of the race.


Link Group (LNK AU): Dye & Durham Tops Carlyle's Offer

<ul>
<li>There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus (VRT AU)</a>'s Offer from BGH; <a href="https://www.smartkarma.com/entities/apollo-tourism-leisure-ltd" target="_blank" data-smartkarma-citation="entities:24305:1" rel="noopener">Apollo Tourism (ATL AU)</a> / <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism (THL NZ)</a>'s merger; <a href="https://www.smartkarma.com/entities/shriram-transport-finance" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Transport (SHTF IN)</a> / <a href="https://www.smartkarma.com/entities/shriram-city-union-finance" target="_blank" data-smartkarma-citation="entities:2718:1" rel="noopener">Shriram City (SCUF IN)</a> merger.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/first-service-holding-ltd" target="_blank" data-smartkarma-citation="entities:34884:1" rel="noopener">First Service Holding (2107 HK)</a>, and <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a>. <a href="https://www.smartkarma.com/entities/senex-energy-ltd" target="_blank" data-smartkarma-citation="entities:18390:1" rel="noopener">Senex Energy (SXY AU)</a> also firmed its Offer with Posco.</li>
</ul>


There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals this week: Virtus (VRT AU)'s Offer from BGH; Apollo Tourism (ATL AU) / Tourism (THL NZ)'s merger; Shriram Transport (SHTF IN) / Shriram City (SCUF IN) merger.
Keys updates took place for: Shinsei Bank (8303 JP), First Service Holding (2107 HK), and Kansai Super Market (9919 JP). Senex Energy (SXY AU) also firmed its Offer with Posco.


Asia-Pac Weekly Risk Arb Summary: Virtus Health, Senex Energy, Shinsei Bank, Shiriam, Kansai Super

<ul>
<li>There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Scheme Offer; and <a href="https://www.smartkarma.com/entities/shin-keisei-electric-railway" target="_blank" data-smartkarma-citation="entities:6262:1" rel="noopener">Shin Keisei Electric (9014 JP)</a> cleaning up two of its subsidiaries, </li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a>, and <a href="https://www.smartkarma.com/entities/golden-throat-holdings-group" target="_blank" data-smartkarma-citation="entities:22664:1" rel="noopener">Golden Throat Holdings (6896 HK)</a>.</li>
</ul>


There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals this week: Razer Inc (1337 HK)'s Scheme Offer; and Shin Keisei Electric (9014 JP) cleaning up two of its subsidiaries, 
Keys updates took place for: Australian Pharmaceutical Industries (API AU), Hitachi Metals (5486 JP), and Golden Throat Holdings (6896 HK).


Asia-Pac Weekly Risk Arb Summary: Razer, Daibiru, Utoc, Aussie Pharma, Hitachi Metals, Golden Throat

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)

Link Enters a SID with Dye & Durham

DND’s base + interim dividend offer of A$5.53 per share is a 27.7% premium to the unaffected price of A$4.33. There is a good chance that Carlyle...

Arun George

Link Admin (LNK AU) Inks Deal With Dye & Durham As Carlyle Dithers

I believe Carlyle is not out of the picture. Plus you have the possible bump in terms from Link selling BCM. I'd look to enter around here or below.

David Blennerhassett

Link Group (LNK AU): Dye & Durham Tops Carlyle's Offer

Dye & Durham have offered to buy Link Group in an all-cash deal at A$5.5/share. Shareholders will also receive A$0.03/share as an interim div and a...

Brian Freitas

Asia-Pac Weekly Risk Arb Summary: Virtus Health, Senex Energy, Shinsei Bank, Shiriam, Kansai Super

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

Asia-Pac Weekly Risk Arb Summary: Razer, Daibiru, Utoc, Aussie Pharma, Hitachi Metals, Golden Throat

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

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