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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS 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/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), United Malt Group Ltd (UMG AU), Silk Laser Australia (SLA AU), Estia Health (EHE AU), Chindata Group (CD US), ENM Holdings (128 HK).
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Musgrave Minerals (MGV AU), Toyo Construction (1890 JP), Lian Beng (LBG SP), Penguin International (PBS SP).


Merger Arb Mondays (19 Jun) - Golden Eagle, Hailan, Yitai Coal, Toshiba, Kenedix, Tesserent, Oishi

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, <a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a> and <a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> IPOs.</li>
<li>Event-Driven developments  <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/kenedix-office-investment-co" target="_blank" data-smartkarma-citation="entities:16263:1" rel="noopener">Kenedix Office Investment Co (8972 JP)</a>, <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a>, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a>, <a href="https://www.smartkarma.com/entities/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan Holdings (2278 HK)</a>, Yitai Coal. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Amman Mineral Internasional (1416286D IJ), Tata Technologies (TATATECH IN), JD Industrials (2231713D CH) and JD Property (JDP HK) IPOs.
Event-Driven developments  Toshiba Corp (6502 JP), Kenedix Office Investment Co (8972 JP), Abacus Property (ABP AU), Austal Ltd (ASB AU), Tesserent Ltd (TNT AU), Hailan Holdings (2278 HK), Yitai Coal. 


Weekly Deals Digest (18 Jun) - Toshiba, Kenedix, Abacus Storage King, Austal, Hailan, Yitai Coal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Cybersecurity firm <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has announced it has entered into a Scheme with France's <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>.</li>
<li>Thales is offering A$0.13/share, a whopping 165% premium to last close. Although, TNT is down 87% from its January 2021 high. </li>
<li>The Offer is conditional on TNT shareholder approval and FIRB/OIO approvals. Those regulatory approvals will not be straightforward.</li>
</ul>


Cybersecurity firm Tesserent Ltd (TNT AU) has announced it has entered into a Scheme with France's Thales SA (HO FP).
Thales is offering A$0.13/share, a whopping 165% premium to last close. Although, TNT is down 87% from its January 2021 high. 
The Offer is conditional on TNT shareholder approval and FIRB/OIO approvals. Those regulatory approvals will not be straightforward.


<ul>
<li>After broker <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group (273 HK)</a> was suspended pursuant to Hong Kong's Takeovers Code on the 31 May, it has now announced a privatisation by way of Scheme at HK$0.0338/share.</li>
<li>The Offer price is only a 20.7% premium to last close, and a 12.7% premium to the three-month average closing price. It has not been declared final.</li>
<li>The Offeror is Red Emerald. Shareholders with 47.55% of shares out have given irrevocables in support of the Scheme. </li>
</ul>


After broker Mason Group (273 HK) was suspended pursuant to Hong Kong's Takeovers Code on the 31 May, it has now announced a privatisation by way of Scheme at HK$0.0338/share.
The Offer price is only a 20.7% premium to last close, and a 12.7% premium to the three-month average closing price. It has not been declared final.
The Offeror is Red Emerald. Shareholders with 47.55% of shares out have given irrevocables in support of the Scheme. 


<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</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>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS 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/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR 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, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  111 Inc (YI US), Mason Group Holdings (273 HK), United Malt Group Ltd (UMG AU), HKBN Ltd (1310 HK), Silk Laser Australia (SLA AU), Chindata Group (CD US). 
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Musgrave Minerals (MGV AU), Lian Beng (LBG SP), Toyo Construction (1890 JP), Mincor Resources NL (MCR AU). 


Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

Hong Kong

Mason Group Holdings Limited is a health and wealth solutions conglomerate. The Company provides financial services in Hong Kong, including financial brokerage, leveraged and acquisition financing, asset and wealth management and mortgages business. Mason Group Holdings provides health solutions through its healthcare business, mother-infant-child business and dairy products business.

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Mason Group Holdings (273 HK)

Merger Arb Mondays (19 Jun) - Golden Eagle, Hailan, Yitai Coal, Toshiba, Kenedix, Tesserent, Oishi

This week, the highest gross spreads are 111 (28.4%), United Malt (14.7%), Silk Laser (14.7%), Estia (10.0%), Chindata (9.7%), ENM (9.4%), Metro...

Arun George

Weekly Deals Digest (18 Jun) - Toshiba, Kenedix, Abacus Storage King, Austal, Hailan, Yitai Coal

Last week, notable developments occurred in Event-Driven (Toshiba, Kenedix, Abacus, Austal, Tesserent, Hailan, Yitai Coal, Oishi) and ECM (Amman...

Arun George

Tesserent (TNT AU)'s Offer From Thales

Trading at a 6.6% gross spread, but your downside is >60% if FIRB blocks. And this is not a super liquid arb situation. I'd pass on this given the...

David Blennerhassett

Mason (273 HK): Red Emerald's Scheme

Provided Hsu Yu Yu is supportive - and I assume she is - I can't see this Scheme being blocked. Assuming late September payment, buy up to...

David Blennerhassett

Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

This week, the highest gross spreads are 111 (31.2%), Mason Group (20.7%), United Malt (17.1%), HKBN (16.7%), Silk Laser (13.2%), Chindata (12.5%),...

Arun George

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