Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 17th Feb, <a href="https://www.smartkarma.com/entities/pec-ltd" target="_blank" data-smartkarma-citation="entities:19415:1" rel="noopener">PEC Ltd. (PEC SP)</a>, a plant and terminal engineering specialist, announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.</li>
<li>Liberty offered S$0.84/share (not final), including a AS$0.20/share special dividend, a 12.8% premium to undisturbed; but more like a &gt;35% premium. Irrevocables from the board of 63.38% had been secured.</li>
<li>
The Scheme Doc is now <a href="https://links.sgx.com/FileOpen/PEC%20-%20Scheme%20Document.ashx?App=Announcement&amp;FileID=841439" target="_blank" rel="noopener">out</a>, with an EGM on the 5th May, with payment on or before the 20th June. The IFA (Deloitte) says "fair &amp; reasonable".</li>
</ul>


Back on the 17th Feb, PEC Ltd. (PEC SP), a plant and terminal engineering specialist, announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty offered S$0.84/share (not final), including a AS$0.20/share special dividend, a 12.8% premium to undisturbed; but more like a &gt;35% premium. Irrevocables from the board of 63.38% had been secured.

The Scheme Doc is now out, with an EGM on the 5th May, with payment on or before the 20th June. The IFA (Deloitte) says "fair &amp; reasonable".


PEC Ltd. (PEC SP): 5th May Vote On Liberty's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pec-ltd" target="_blank" data-smartkarma-citation="entities:19415:1" rel="noopener">PEC Ltd. (PEC SP)</a>, a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.</li>
<li>Liberty is offering S$0.84/share (not final) - including a AS$0.20/share special  dividend - a 12.8% premium to undisturbed; but really more like a &gt;35% premium. </li>
<li>Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread. </li>
</ul>



PEC Ltd. (PEC SP), a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty is offering S$0.84/share (not final) - including a AS$0.20/share special  dividend - a 12.8% premium to undisturbed; but really more like a &gt;35% premium. 
Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread. 


PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, <a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan International Airport (357 HK)</a>, and of course, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, and <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Four new deals discussed on Smartkarma this week: Ainsworth Game (AGI AU), Bright Smart Securities (1428 HK), Hainan Meilan International Airport (357 HK), and of course, Toyota Industries (6201 JP).
Key updates/news took place on: PointsBet Holdings (PBH AU), Gold Road Resources (GOR AU), Dickson Concepts Intl (113 HK), Canvest Environmental Protection Group (1381 HK), and Shibaura Electronics (6957 JP).


(Mostly) Asia-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura

<ul>
<li>For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>'s potential Offer.</li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including Toyota Industries (6201 JP)'s potential Offer.
The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>No new deals discussed on Smartkarma this week. Although <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts (113 HK)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart (1428 HK)</a>, and <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Bank (6122 HK)</a> are suspended pursuant to the Takeovers Code. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont (PLL AU)</a>/<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona (SYA AU)</a>, <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco (7408 JP)</a>, <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a>, and <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>. </li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
No new deals discussed on Smartkarma this week. Although Dickson Concepts (113 HK), Bright Smart (1428 HK), and Jilin Jiutai Bank (6122 HK) are suspended pursuant to the Takeovers Code. 
Key updates/news took place on Mayne Pharma (MYX AU), Piedmont (PLL AU)/Sayona (SYA AU), Jamco (7408 JP), Makino Milling (6135 JP), Sinarmas Land (SML SP), and Dada Nexus (DADA US). 


(Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus

Singapore

PEC Ltd. offers engineering services to the oil and natural gas production, petrochemical, pharmaceutical, and oil and chemical terminal industries.  The Company offers engineering, procurement, construction and/or construction management, and maintenance services.

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PEC Ltd. (PEC SP)

PEC Ltd. (PEC SP): 5th May Vote On Liberty's Offer

Clean deal. Trading at a 2.4%/14.7% gross/annualised spread. That looks right. If not in, and small illiquid arbs are your thing, get involved here...

David Blennerhassett

PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

This is done. If small, illliquid arbs are your bent, and assuming late May payment, I'd pay up to S$0.79/share for a gross/annualised return of 6%...

David Blennerhassett

(Mostly) Asia-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura

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

(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

For the month of April, 9 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus

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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