Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Based on an admittedly somewhat finger-in-the-air estimate of probability of privatisation,  shorting <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> here against its Peer Basket is probably not a good outcome.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd" target="_blank" data-smartkarma-citation="entities:23726:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> has started buying back with 3.5x the average ADV impact on Bs vs As. That is likely to continue. </li>
<li>KKR's all cash A$88/share Offer for <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health (RHC AU)</a> is off. The alternative Offer has a lower implied value, and has been unceremoniously rejected, despite Ramsay's horrible FY22 numbers.</li>
</ul>


Based on an admittedly somewhat finger-in-the-air estimate of probability of privatisation,  shorting Toshiba Corp (6502 JP) here against its Peer Basket is probably not a good outcome.

Swire Pacific (19 HK) has started buying back with 3.5x the average ADV impact on Bs vs As. That is likely to continue. 
KKR's all cash A$88/share Offer for Ramsay Health (RHC AU) is off. The alternative Offer has a lower implied value, and has been unceremoniously rejected, despite Ramsay's horrible FY22 numbers.


Last Week in Event SPACE: Toshiba, Swire Pacific, Ramsay Health, Pendal, Intouch

<ul>
<li>There are 49 - 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 were discussed this week: <a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a>'s and <a href="https://www.smartkarma.com/entities/bright-scholar-education" target="_blank" data-smartkarma-citation="entities:24126:1" rel="noopener">Bright Scholar Education (BEDU US)</a>.</li>
<li>Key updates took place for <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/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, and<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>


There are 49 - 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 were discussed this week: PTB Group Ltd (PTB AU)'s and Bright Scholar Education (BEDU US).
Key updates took place for Ramsay Health Care (RHC AU), Pendal Group (PDL AU), Nearmap Ltd (NEA AU), Xiamen International Port H (3378 HK), andMACA Ltd (MLD AU).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Ramsay Health, Pendal, Nearmap, Xiamen Port, PTB Group, MACA

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 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> H Share's flat debut, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>'s listing approval for a US$1.5 billion HKEx IPO.</li>
<li>Event-Driven developments - <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/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM 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>, DTAC/True </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) H Share's flat debut, Leapmotor (2007699D HK)'s listing approval for a US$1.5 billion HKEx IPO.
Event-Driven developments - Ramsay Health Care (RHC AU), Pendal Group (PDL AU), Link Administration (LNK AU), Nearmap Ltd (NEA AU), Infomedia Ltd (IFM AU), MACA Ltd (MLD AU), DTAC/True 


Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>. The revised offer - scrip (1 Perpetual share for every 7.5 Pendal share) and cash (A$1.976).</li>
<li>The revised offer throws in an 18.3% higher cash component as a sweetener. The offer implies a healthy acquisition multiple compared to peers.</li>
<li>The offer is subject to shareholder and regulatory approvals. At the last close price, the gross spread to the current offer value of A$5.635 per share is 13.7%.</li>
</ul>



Pendal Group (PDL AU) entered a scheme implementation deed with Perpetual Ltd (PPT AU). The revised offer - scrip (1 Perpetual share for every 7.5 Pendal share) and cash (A$1.976).
The revised offer throws in an 18.3% higher cash component as a sweetener. The offer implies a healthy acquisition multiple compared to peers.
The offer is subject to shareholder and regulatory approvals. At the last close price, the gross spread to the current offer value of A$5.635 per share is 13.7%.


Pendal Gets a Binding Offer from Perpetual

<ul>
<li>On the 4 April, asset manager <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal (PDL AU)</a>'s board unanimously determined the indicative cash/scrip Offer proposal from <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a> undervalued the current and future value of the company.</li>
<li>Pendal And Perpetual have now entered into a SID such that Pendal shareholders will receive 1 Perpetual share for every 7.5 Pendal shares plus $1.976 cash for each Pendal share.</li>
<li>The negotiation clincher was the increase in the cash component by A$0.306/share. Should the deal complete, Pendal will hold 47% in the enlarged entity.</li>
</ul>


On the 4 April, asset manager Pendal (PDL AU)'s board unanimously determined the indicative cash/scrip Offer proposal from Perpetual (PPT AU) undervalued the current and future value of the company.
Pendal And Perpetual have now entered into a SID such that Pendal shareholders will receive 1 Perpetual share for every 7.5 Pendal shares plus $1.976 cash for each Pendal share.
The negotiation clincher was the increase in the cash component by A$0.306/share. Should the deal complete, Pendal will hold 47% in the enlarged entity.


Australia

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

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Perpetual Ltd (PPT AU)

Last Week in Event SPACE: Toshiba, Swire Pacific, Ramsay Health, Pendal, Intouch

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Ramsay Health, Pendal, Nearmap, Xiamen Port, PTB Group, MACA

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

Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

Last week, notable developments occurred in Event-Driven (DTAC/True, Ramsay, Pendal, Link Admin, ResApp, Infomedia, Nearmap, MACA, Lifestyle) and...

Arun George

Pendal Gets a Binding Offer from Perpetual

The offer implies a healthy acquisition multiple. Timing of regulatory approvals a key risk. At the last close price, the gross spread to the...

Arun George

Pendal Enters Scheme With Perpetual

Trading at a gross/annualised spread of 6.7%/14.7% if mid-Feb 2023 completion. Perpetual's full-year divi goes ex on the 8th Sept. If long/short...

David Blennerhassett

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