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>
<a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a> and <a href="https://www.smartkarma.com/entities/livent-corp" target="_blank" data-smartkarma-citation="entities:27434:1" rel="noopener">Livent (LTHM US)</a> announced a merger of equals. AKE shareholders receive 1 NewCo share per AKE share, LTHM shareholders get 2.406 NewCo shares per LTHM share.</li>
<li>The transaction is expected to close by the end of calendar year 2023 subject to shareholder (AKM and LTHM) and regulatory approvals. </li>
<li>The merger is sensible as NewCo will have scale, synergies and capital efficiency. AKE shareholders benefit from an attractive merger ratio and potential rerating from a US listing. </li>
</ul>



Allkem Ltd (AKE AU) and Livent (LTHM US) announced a merger of equals. AKE shareholders receive 1 NewCo share per AKE share, LTHM shareholders get 2.406 NewCo shares per LTHM share.
The transaction is expected to close by the end of calendar year 2023 subject to shareholder (AKM and LTHM) and regulatory approvals. 
The merger is sensible as NewCo will have scale, synergies and capital efficiency. AKE shareholders benefit from an attractive merger ratio and potential rerating from a US listing. 


Allkem (AKE AU): Merger of Equals with Livent (LTHM US)

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, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, <a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</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/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>, <a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</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>, <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/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>. </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 - Mankind Pharma (6596876Z IN), Nexus Select Trust (NST IN), Tata Technologies (TATATECH IN), ADICON Holdings Limited (ADI HK), Horizon Construction Development (1887128D HK) IPOs.
Event-Driven developments - Aag Energy Holdings (2686 HK), Golden Energy &amp; Resources (GER SP), Lian Beng (LBG SP), Penguin International (PBS SP), Estia Health (EHE AU),  Liontown Resources (LTR AU). 


Weekly Deals Digest (07 May) - Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

<ul>
<li>
<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> has rejected an unsolicited non-binding privatisation proposal from <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a> at A$2.50 per share, which is a 63.9% premium to the undisturbed price (27 March).</li>
<li>The offer is attractive in comparison to peer multiples and historical share prices. Liontown suggests that the offer does not appropriately value the Kathleen Valley Lithium Project.</li>
<li>A bump to the Board’s desired A$3.00 offer is justifiable based on the Kathleen Valley NPV sensitivity analysis related to spodumene prices. Albemarle remains willing to engage. </li>
</ul>



Liontown Resources (LTR AU) has rejected an unsolicited non-binding privatisation proposal from Albemarle Corp (ALB US) at A$2.50 per share, which is a 63.9% premium to the undisturbed price (27 March).
The offer is attractive in comparison to peer multiples and historical share prices. Liontown suggests that the offer does not appropriately value the Kathleen Valley Lithium Project.
A bump to the Board’s desired A$3.00 offer is justifiable based on the Kathleen Valley NPV sensitivity analysis related to spodumene prices. Albemarle remains willing to engage. 


Liontown Resources (LTR AU): A Bump to Albermale’s A$2.50 Offer Is Justifiable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a> has entered a SID with a <a href="https://www.smartkarma.com/entities/sichuan-tianqi-lithium-industries-inc" target="_blank" data-smartkarma-citation="entities:5698:1" rel="noopener">Tianqi Lithium (002466 CH)</a>/<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).</li>
<li>The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.</li>
<li>There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. </li>
</ul>



Essential Metals (ESS AU) has entered a SID with a Tianqi Lithium (002466 CH)/IGO Ltd (IGO AU) JV at A$0.50, a 44.9% premium to the undisturbed price (6 January).
The scheme is subject to shareholder and FIRB approval. The FIRB should approve a 49% Aussie-owned offeror for a project to be processed in Australia.
There is a possibility of a competing bid as the offer is far from a knockout bid and ESS lacks substantial shareholders. The scheme meeting is in April. 


Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

High Quality Stock Setups, Weekly Stock Bull Finder

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Thematic (Sector/Industry)

<ul><li>This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week rally after a surprising CPI inflation print which beat estimates on Thursday.</li><li>While pundits can posit various reasons for Thursday and Friday’s market rallies, there appears to be at least a few brewing catalysts that could carry positive momentum into 2023 which include 1) continued downside surprises in either CPI or PCE inflation data which would allow the Fed to back off its aggressive tightening campaign 2) steps leading to Chinese economy reopening reducing existing supply chain bottlenecks 3) steps leading to a ceasefire or peace agreement in Ukraine and 4) significant improvement in EU energy security situation resulting in lower EU inflation.</li><li>In the near term, it appears as of this writing that political gridlock in Washington D.C. will be upon us for the next 2 years removing the worst case scenarios of any significant market-negative legislation (i.e. tax hikes, etc.) being passed.</li></ul>

This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week rally after a surprising CPI inflation print which beat estimates on Thursday.While pundits can posit various reasons for Thursday and Friday’s market rallies, there appears to be at least a few brewing catalysts that could carry positive momentum into 2023 which include 1) continued downside surprises in either CPI or PCE inflation data which would allow the Fed to back off its aggressive tightening campaign 2) steps leading to Chinese economy reopening reducing existing supply chain bottlenecks 3) steps leading to a ceasefire or peace agreement in Ukraine and 4) significant improvement in EU energy security situation resulting in lower EU inflation.In the near term, it appears as of this writing that political gridlock in Washington D.C. will be upon us for the next 2 years removing the worst case scenarios of any significant market-negative legislation (i.e. tax hikes, etc.) being passed.

Chile

Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers including potassium nitrate, sodium nitrate, and potassium sulfate for the agricultural industry.  The Company also produces industrial chemicals, iodine and lithium.  SQM markets its products in over 100 countries.

Sociedad Quimica y Minera de Chile (SQM US)

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Sociedad Quimica y Minera de Chile (SQM US)

Allkem (AKE AU): Merger of Equals with Livent (LTHM US)

The merger is sensible as NewCo will have scale, synergies and capital efficiency. AKE shareholders benefit from an attractive merger ratio and...

Arun George

Weekly Deals Digest (07 May) - Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

Last week, notable developments occurred in Event-Driven (Estia, Healius, Liontown, Golden Energy, Lian Beng, Penguin, Oishi) and ECM (Mankind,...

Arun George

Liontown Resources (LTR AU): A Bump to Albermale’s A$2.50 Offer Is Justifiable

A bump to the Board’s desired A$3.00 offer is justifiable based on the Kathleen Valley NPV sensitivity analysis related to spodumene prices....

Arun George

Essential Metals (ESS AU)’s Enters a SID at A$0.50 with a Tianqi/IGO JV

FIRB approval is a risk. The offer is far from a knockout bid which raises the possibility of a competing bid. At the last close and for a May end...

Arun George

Weekly Stock Bullfinder - Week of 11/14

This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week...

Weekly Stock Bull Finder

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