Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28 March, <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> rejected the third proposal of $2.50/share from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>, the world’s largest lithium producer, citing terms were opportunistic.</li>
<li>Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. </li>
<li>Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.</li>
</ul>


Back on the 28 March, Liontown Resources (LTR AU) rejected the third proposal of $2.50/share from Albemarle (ALB US), the world’s largest lithium producer, citing terms were opportunistic.
Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged. 
Now Albemarle has returned with a revised indicative proposal of $3.00/share - best and final. Due diligence has been granted. The board is supportive if terms are firmed.


<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: the Tender Offer for <a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a> and the Partial Offer for <a href="https://www.smartkarma.com/entities/intage-holdings-inc" target="_blank" data-smartkarma-citation="entities:3151:1" rel="noopener">Intage Holdings (4326 JP)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM 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/golden-eagle-retail-group" target="_blank" data-smartkarma-citation="entities:470:1" rel="noopener">Golden Eagle Retail (3308 HK)</a>, <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>, and <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: the Tender Offer for Dic Corp (4631 JP) and the Partial Offer for Intage Holdings (4326 JP).
Key updates took place for Newcrest Mining (NCM AU),  Liontown Resources (LTR AU), Golden Eagle Retail (3308 HK), Mason Group Holdings (273 HK), and Metro Pacific Investments Co (MPI PM).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest/Newmont, Dic Corp, Golden Eagle, Mason, MPIC

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 href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> has received a revised non-binding privatisation proposal from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a> at A$3.00 per share, a 20.0% premium to the previously rejected offer of A$2.50.</li>
<li>The revised offer is attractive compared to the Kathleen Valley Lithium Project’s NPV range, peer multiples and historical share prices. The offer price is final, barring a superior proposal.</li>
<li>Liontown has granted Albemarle a limited period of exclusive due diligence. The Board intends to recommend a binding proposal at A$3.00 per share. The retail vote could be a risk.</li>
</ul>



Liontown Resources (LTR AU) has received a revised non-binding privatisation proposal from Albemarle Corp (ALB US) at A$3.00 per share, a 20.0% premium to the previously rejected offer of A$2.50.
The revised offer is attractive compared to the Kathleen Valley Lithium Project’s NPV range, peer multiples and historical share prices. The offer price is final, barring a superior proposal.
Liontown has granted Albemarle a limited period of exclusive due diligence. The Board intends to recommend a binding proposal at A$3.00 per share. The retail vote could be a risk.


Liontown Resources (LTR AU): Albemarle’s Final A$3.00 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 Jul 12th (reported today) which has an aggregated short interest worth USD20.9bn.</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 Wesfarmers, Mineral Resource, Macquarie, South32, Car.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 12th (reported today) which has an aggregated short interest worth USD20.9bn.
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 Wesfarmers, Mineral Resource, Macquarie, South32, Car.


ASX Short Interest Weekly (Jul 12th): Wesfarmers, Mineral Resource, Macquarie, South32, Car

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 21st (reported today) which has an aggregated short interest worth USD19.1bn.</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 Telstra, BHP, Aristocrat Leisu, Sonic Healthcare, Treasury Wine, Fortescue, Westpac, NAB, ANZ.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 21st (reported today) which has an aggregated short interest worth USD19.1bn.
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 Telstra, BHP, Aristocrat Leisu, Sonic Healthcare, Treasury Wine, Fortescue, Westpac, NAB, ANZ.


ASX Short Interest Weekly (Jun 21st): Telstra, BHP, Aristocrat Leisure, Sonic Healthcare

Australia

Liontown Resources Ltd. explores for and mines base metals.

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Liontown Resources (LTR AU)

Liontown Warms To Albemarle's Bump

Albermarle withdraws NBIO "due to the growing complexities associated with executing the transaction". Shares subsequently halted until Wednesday...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest/Newmont, Dic Corp, Golden Eagle, Mason, MPIC

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