Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a></strong> has indicated that <strong><a href="https://www.smartkarma.com/entities/nrw-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9271:1" rel="noopener">NRW Holdings (NWH AU)</a></strong>'s A$1.085/share Offer is inferior to Thiess' conditional A$1.025/share takeover offer.</li>
<li>The reasons for the rejection are expected to be fleshed out at MACA's full years results briefing.</li>
<li>NRW's Offer is higher, has a lower shareholder approval, and provides MACA shareholders the option of cash, scrip or a combination of both. But is subject to scaling.</li>
</ul>



MACA Ltd (MLD AU) has indicated that NRW Holdings (NWH AU)'s A$1.085/share Offer is inferior to Thiess' conditional A$1.025/share takeover offer.
The reasons for the rejection are expected to be fleshed out at MACA's full years results briefing.
NRW's Offer is higher, has a lower shareholder approval, and provides MACA shareholders the option of cash, scrip or a combination of both. But is subject to scaling.


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>With the Reference Period for the September 2022 Rebalance nearing its end, we take a final look at the potential index changes for ASX 300, 200, 100, 50, and 20.</li>
<li>
<a href="https://www.smartkarma.com/entities/avz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:6148:1" rel="noopener">AVZ Minerals (AVZ AU)</a> and <a href="https://www.smartkarma.com/entities/firefinch-ltd" target="_blank" data-smartkarma-citation="entities:16094:1" rel="noopener">Firefinch Ltd (FFX AU)</a> are both members of the ASX Index family and are currently suspended from trading. There could be index consequences here.</li>
<li>Based on current data, I expect 7 ADDs/DELs for the ASX 200 Index and 22 ADDs and 18 DELs for the ASX 300 Index.</li>
</ul>


With the Reference Period for the September 2022 Rebalance nearing its end, we take a final look at the potential index changes for ASX 300, 200, 100, 50, and 20.

AVZ Minerals (AVZ AU) and Firefinch Ltd (FFX AU) are both members of the ASX Index family and are currently suspended from trading. There could be index consequences here.
Based on current data, I expect 7 ADDs/DELs for the ASX 200 Index and 22 ADDs and 18 DELs for the ASX 300 Index.


S&P/​​​​​​​ASX Quiddity Leaderboard Sep 2022: Potential Last Minute Surprises

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.

Equity Capital Markets

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<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/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (601888 CH)</a> has launched an H Share listing to raise US$1.9-2.2 billion.</li>
<li>Event-Driven developments at <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</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/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>, MyDeal.    </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 - China Tourism Group Duty Free Corp Ltd (601888 CH) has launched an H Share listing to raise US$1.9-2.2 billion.
Event-Driven developments at EVOC Intelligent Technology Company Limited H (2308 HK), Lifestyle International Holdings (1212 HK), OZ Minerals Ltd (OZL AU), MACA Ltd (MLD AU), Excelpoint Technology (EXLP SP), MyDeal.    


Weekly Deals Digest (14 Aug) - CTG Duty Free, OZ Minerals, Lifestyle Intl., EVOC, MACA, MyDeal

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>The highest spreads are <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET 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/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, Link Admin. </li>
<li>Lowest gross spreads are <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>, <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener">MyDeal.com.au Ltd (MYD AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD 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, Indonesia, Malaysia, Thailand and Chinese ADRs.
The highest spreads are 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Resapp Health (RAP AU), Ramsay Health Care (RHC AU), Yashili International Holdings (1230 HK), Link Admin. 
Lowest gross spreads are Hwa Hong Corp (HWAH SP), Excelpoint Technology (EXLP SP), Giordano International (709 HK), MyDeal.com.au Ltd (MYD AU), Cocoaland Holdings (COLA MK), MACA Ltd (MLD AU). 


Merger Arb Mondays (01 Aug) - Genex, Yashili, Link Admin, VNET, Ramsay, Alliance Aviation

European Event-Driven Analyst

Jesus Rodriguez Aguilar

ACS, Actividades de Construcción y Servicios / Event-Driven

ACS, Actividades de Construcción y Servicios

<ul>
<li>ACS is simplifying  its corporate structure: it has acquired the minorities in CIMIC, increased its stake in Hochtief and is buyer for any shares in Hochtief owned by Atlantia.</li>
<li>Thiess is now acquiring MACA and could also be a candidate for acquisition by the parent.</li>
<li>I see value in ACS. Further rationalisation in the holding structure would be a catalyst for the reduction of the discount.</li>
</ul>


ACS is simplifying  its corporate structure: it has acquired the minorities in CIMIC, increased its stake in Hochtief and is buyer for any shares in Hochtief owned by Atlantia.
Thiess is now acquiring MACA and could also be a candidate for acquisition by the parent.
I see value in ACS. Further rationalisation in the holding structure would be a catalyst for the reduction of the discount.


Australia

MACA Limited offers contract mining, civil earthworks, and material haulage solutions. The Company specializes in providing mining services to predominantly mid-size mining projects for open pit mining including loading and hauling, drilling and blasting, crushing and screening, and civil works.

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MACA Ltd (MLD AU)

MACA (MLD AU): NRW's Offer Rejected

You have a firm, unanimously-backed Offer. And now you have another interested party who may raise terms, notably the 100% cash option.

David Blennerhassett

S&P/ASX Quiddity Leaderboard Sep 2022: Potential Last Minute Surprises

The ASX 200 ADDs have underperformed the ASX 200 DELs in the last 3 months. Over the next couple of weeks, the ADDs could outperform the DELs

Janaghan Jeyakumar, CFA

Weekly Deals Digest (14 Aug) - CTG Duty Free, OZ Minerals, Lifestyle Intl., EVOC, MACA, MyDeal

Last week, notable developments occurred in Event-Driven (Alliance Aviation, MACA. MyDeal, OZ Minerals Dongzheng AFC, EVOC, Lifestyle Intl.,...

Arun George

Merger Arb Mondays (01 Aug) - Genex, Yashili, Link Admin, VNET, Ramsay, Alliance Aviation

This week, the highest gross spreads are VNET (55.0%), Alliance Aviation (47.5%), ResApp (27.0%), Ramsay (24.7%), Yashili (10.1%), Link Admin...

Arun George

Untangling ACS Holding Chain

Catalysts for the reduction of the discount would be increases in the Hochtief stake, direct ownership by ACS of the 50% of Abertis into the...

Jesus Rodriguez Aguilar

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MACA (MLD AU): NRW's Offer Rejected

You have a firm, unanimously-backed Offer. And now you have another interested party who may raise terms, notably the 100% cash option.

David Blennerhassett

S&P/​​​​​​​ASX Quiddity Leaderboard Sep 2022: Potential Last Minute Surprises

The ASX 200 ADDs have underperformed the ASX 200 DELs in the last 3 months. Over the next couple of weeks, the ADDs could outperform the DELs

Janaghan Jeyakumar, CFA

Weekly Deals Digest (14 Aug) - CTG Duty Free, OZ Minerals, Lifestyle Intl., EVOC, MACA, MyDeal

Last week, notable developments occurred in Event-Driven (Alliance Aviation, MACA. MyDeal, OZ Minerals Dongzheng AFC, EVOC, Lifestyle Intl.,...

Arun George

Merger Arb Mondays (01 Aug) - Genex, Yashili, Link Admin, VNET, Ramsay, Alliance Aviation

This week, the highest gross spreads are VNET (55.0%), Alliance Aviation (47.5%), ResApp (27.0%), Ramsay (24.7%), Yashili (10.1%), Link Admin...

Arun George

Untangling ACS Holding Chain

Catalysts for the reduction of the discount would be increases in the Hochtief stake, direct ownership by ACS of the 50% of Abertis into the...

Jesus Rodriguez Aguilar

S&P/ASX Quiddity Leaderboard Sep 2022: Potential Last Minute Surprises