Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> announced yesterday that it had decided to proceed with the Unification idea. This is not surprising in the least. </li>
<li>When BHP announced the idea in August (discussed <a href="https://www.smartkarma.com/insights/bhp-dlc-unification-on-dirt-diggers-and-deckchairs" target="_blank" rel="noopener">here</a>) it was already well socialised internally. It needed some external socialisation. Social media promotions started the next day.</li>
<li>Now shareholders have not come out radically against, so this is confirmation the Meetings will be called and votes will go forward. The schedule is faster than thought.</li>
</ul>



BHP Group (BHP AU) announced yesterday that it had decided to proceed with the Unification idea. This is not surprising in the least. 
When BHP announced the idea in August (discussed here) it was already well socialised internally. It needed some external socialisation. Social media promotions started the next day.
Now shareholders have not come out radically against, so this is confirmation the Meetings will be called and votes will go forward. The schedule is faster than thought.


European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Premiums of selected DLC's have generally tightened during November, following the unification of BHP : BHP/BLT 2.1%; Rio Tinto AU/LN, 8.6%; Shell, nil premium.</li>
<li>Discounts to NAV for European holdcos have generally widened during November, following market volatility: Alba, 42.2%; GBL 30.5%; Heineken Holdings 16.4%; Industrivärden, 13.1%; Investor, 12%; Kinnevik B, 19.8% (premium).</li>
<li>Recommended trades: BHP/BLT, GBL vs. listed assets, Industrivärden vs. listed assets.</li>
</ul>


Premiums of selected DLC's have generally tightened during November, following the unification of BHP : BHP/BLT 2.1%; Rio Tinto AU/LN, 8.6%; Shell, nil premium.
Discounts to NAV for European holdcos have generally widened during November, following market volatility: Alba, 42.2%; GBL 30.5%; Heineken Holdings 16.4%; Industrivärden, 13.1%; Investor, 12%; Kinnevik B, 19.8% (premium).
Recommended trades: BHP/BLT, GBL vs. listed assets, Industrivärden vs. listed assets.


Selected European Holdcos and DLCs: November Report

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Liontown Resources / Equity Capital Markets

<ul>
<li>Liontown Resource (LTR) is looking to raise around US$321m in its fully underwritten Australian placement.</li>
<li>The company will use the proceeds from the placement to develop its Kathleen Valley Lithium Project.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Liontown Resource (LTR) is looking to raise around US$321m in its fully underwritten Australian placement.
The company will use the proceeds from the placement to develop its Kathleen Valley Lithium Project.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Liontown Placement - Large Deal but Appears to Be Well Flagged

David Blennerhassett

Last Week in Event SPACE: Softbank, Sydney Airports, SPH, SingTel, Oil Search, Japex/Inpex, Nippo

<ul>
<li>When BHP announced in August its plan to unify its corporate construct, I made a couple of recommendations. One has worked well. The other?</li>
<li>The other? ... <em>"has developed not necessarily to traders' advantage."</em>
</li>
<li>The situation now is interesting. And there are still trades to do.</li>
</ul>


When BHP announced in August its plan to unify its corporate construct, I made a couple of recommendations. One has worked well. The other?
The other? ... "has developed not necessarily to traders' advantage."

The situation now is interesting. And there are still trades to do.


BHP DLC Unification - Spread Narrower, Waiting on the Circular and Management Press

Australia

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

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Rio Tinto Ltd (RIO AU)

BHP Unification: Flowfront Accelerated

BHP's Board of Directors announced Unification would go to shareholder votes. Circular out this week, and the vote 6 weeks later, and Unification...

Travis Lundy

Selected European Holdcos and DLCs: November Report

Premiums of selected DLC's have generally tightened during November whilst discounts to NAV for selected European have generally widened.

Jesus Rodriguez Aguilar

Liontown Placement - Large Deal but Appears to Be Well Flagged

Liontown Resource (LTR) is looking to raise around US$321m in its fully underwritten Australian placement. In this note, we will talk about the...

Sumeet Singh

Last Week in Event SPACE: Softbank, Sydney Airports, SPH, SingTel, Oil Search, Japex/Inpex, Nippo

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

BHP DLC Unification - Spread Narrower, Waiting on the Circular and Management Press

The BHP PLC/Limited Unification trade has moved. BHP is lower, mostly on sectoral risk, the spread is narrower, on risk arb risk-taking, and...

Travis Lundy

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