Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Both <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a> and <a href="https://www.smartkarma.com/entities/g-steel-pcl" target="_blank" data-smartkarma-citation="entities:18121:1" rel="noopener">G Steel (GSTEL TB)</a> have announced Form 247-4, the Notification on Receipt of the Tender Offer for Securities, from Nippon Steel.</li>
<li>As expected, the Offer period is for 25 days, between 23 February and 29 March. The payment is the 31 March. </li>
<li>GJS is trading tight to terms. The Offer is unconditional.</li>
</ul>


Both G J Steel PCL (GJS TB) and G Steel (GSTEL TB) have announced Form 247-4, the Notification on Receipt of the Tender Offer for Securities, from Nippon Steel.
As expected, the Offer period is for 25 days, between 23 February and 29 March. The payment is the 31 March. 
GJS is trading tight to terms. The Offer is unconditional.


GJ Steel: Nippon Steel’s Offer Opens On The 23 February

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> is likely to be a hot IPO. One small problem is the lack of dividends. </li>
<li>Andrew Forrest's Wyloo Metals pivots to a back-end JV with <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> after recently paying through terms on <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> enters into a Scheme with Blackstone as <a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> bows out. </li>
</ul>



SBI Sumishin Net Bank (7163 JP) is likely to be a hot IPO. One small problem is the lack of dividends. 
Andrew Forrest's Wyloo Metals pivots to a back-end JV with IGO Ltd (IGO AU) after recently paying through terms on Western Areas (WSA AU).

Crown Resorts (CWN AU) enters into a Scheme with Blackstone as Star Entertainment Group (SGR AU) bows out. 


Last Week in Event SPACE: SBI Sumishin Net Bank, Western Areas, Keisei Electric, Crown Resorts

<ul>
<li>There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal this week: the unconditional Offer for <a href="https://www.smartkarma.com/entities/hock-seng-lee-berhad" target="_blank" data-smartkarma-citation="entities:19887:1" rel="noopener">Hock Seng Lee (HSL MK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, <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>, True/DTAC, and <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a>.</li>
</ul>


There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
One new deal this week: the unconditional Offer for Hock Seng Lee (HSL MK).
Key updates took place for: Crown Resorts (CWN AU), Western Areas (WSA AU), Australian Pharmaceutical Industries (API AU), True/DTAC, and G J Steel PCL (GJS TB).


Asia-Pac Weekly Risk Arb Summary: Crown Resorts, GJ Steel, Western Areas, Aussie Pharma, DTAC/True

<ul>
<li>Both <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a> and <a href="https://www.smartkarma.com/entities/g-steel-pcl" target="_blank" data-smartkarma-citation="entities:18121:1" rel="noopener">G Steel Pcl (GSTEL TB)</a> have announced <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a>'s statement of intent (Form 247-3).</li>
<li>This suggests Nippon Steel shall begin accepting tenders later this month, with possible settlement in early April. </li>
<li>GJS' transaction is done and trading tight to the Offer terms. </li>
</ul>


Both G J Steel PCL (GJS TB) and G Steel Pcl (GSTEL TB) have announced Nippon Steel Corporation (5401 JP)'s statement of intent (Form 247-3).
This suggests Nippon Steel shall begin accepting tenders later this month, with possible settlement in early April. 
GJS' transaction is done and trading tight to the Offer terms. 


GJ Steel: Nippon Steel’s Mandatory Offer One Step Closer

<ul>
<li>The parent company of <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has announced a plan to increase its holding. This is better than a poke in the eye with a sharp stick. </li>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> is inexpensive, even for a cross-border, possibly-difficult-to-short subsidiary, Holdco situation. </li>
<li>The BHP LN vs BHP AU unification should cause US$40bn of rebalance trading across the major indices. Other indices will simply roll their exposure from PLC to Limited without trading. </li>
</ul>


The parent company of China Mobile (941 HK) has announced a plan to increase its holding. This is better than a poke in the eye with a sharp stick. 

Wilmar International (WIL SP) is inexpensive, even for a cross-border, possibly-difficult-to-short subsidiary, Holdco situation. 
The BHP LN vs BHP AU unification should cause US$40bn of rebalance trading across the major indices. Other indices will simply roll their exposure from PLC to Limited without trading. 


Last Week in Event SPACE: China Mobile, Wilmar, BHP, Link Net, Hollysys, GJ Steel, Guodian Tech, ASX

Japan

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

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Nippon Steel Corporation (5401 JP)

GJ Steel: Nippon Steel’s Offer Opens On The 23 February

At THB 0.58/share, I see the gross/annualised spread at 1.4%/15.3% assuming 31 March completion. This transaction is done.

David Blennerhassett

Last Week in Event SPACE: SBI Sumishin Net Bank, Western Areas, Keisei Electric, Crown Resorts

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

Asia-Pac Weekly Risk Arb Summary: Crown Resorts, GJ Steel, Western Areas, Aussie Pharma, DTAC/True

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

GJ Steel: Nippon Steel’s Mandatory Offer One Step Closer

This transaction is done. The share price is up 3.6% today. I see the gross/annualised spread at 1.5%/10.9% assuming early April completion. That's...

David Blennerhassett

Last Week in Event SPACE: China Mobile, Wilmar, BHP, Link Net, Hollysys, GJ Steel, Guodian Tech, ASX

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

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