IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>IFM Investors is seeking to amass a 15% interest in <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> through a combination of total return swaps and physical shares, <a href="https://www.afr.com/street-talk/atlas-arteria-in-departures-lounge-as-ifm-investors-makes-big-move-20220607-p5arso" target="_blank" rel="noopener">according to AFR</a>.</li>
<li>If successful in securing its stake, IFM intends to request due diligence access to judge if it can lob a privatisation proposal. </li>
<li>Jarden, IFM’s broker, was buying shares at A$8.10 a share, a 14% premium to the last close but below the Australian takeover premium range of 20% to 40%.</li>
</ul>


IFM Investors is seeking to amass a 15% interest in Atlas Arteria (ALX AU) through a combination of total return swaps and physical shares, according to AFR.
If successful in securing its stake, IFM intends to request due diligence access to judge if it can lob a privatisation proposal. 
Jarden, IFM’s broker, was buying shares at A$8.10 a share, a 14% premium to the last close but below the Australian takeover premium range of 20% to 40%.


Atlas Arteria in the Crosshairs of IFM Investors

European Event-Driven Analyst

Jesus Rodriguez Aguilar

The recent reforms incorporate "loyalty shares" as an option, which in practice come to transform the 'one share one vote' rule that prevailed in listed companies to protect equal voting rights of shareholders. The instrument equates the Spanish rules with those of other European Union countries, such as Germany, Italy, France or the Netherlands, among others, and aims to reward long-term investors, also protecting companies against short-term investors (opportunistic funds).
The Government toughens the takeover law before the arrival of 'loyal investors' on fear that hard core shareholders will take control of Spanish companies with the new double voting system.
According to the change in the regulation, an investor who exceeds 30% of the vote of a company listed due to the double voting rights of the loyalty shares, will have three months to decide whether to launch a takeover bid, reduce participation or waive its new political rights.
The Ministry of Finance discreetly introduces the change in the new Securities Market Law.
In Spain, the companies that establish the double voting system will be less prone to receiving a takeover offer. If it is already difficult to carry out an offer now without the support of the hard core nucleus on shareholders (for instance, MásMóvil has had to agree with those of <a href="https://www.smartkarma.com/entities/euskaltel-sa" target="_blank" data-smartkarma-citation="entities:21263:1" rel="noopener">Euskaltel SA (EKT SM)</a> ), it will be next to impossible under the new framework.

The recent reforms incorporate "loyalty shares" as an option, which in practice come to transform the 'one share one vote' rule that prevailed in listed companies to protect equal voting rights of shareholders. The instrument equates the Spanish rules with those of other European Union countries, such as Germany, Italy, France or the Netherlands, among others, and aims to reward long-term investors, also protecting companies against short-term investors (opportunistic funds).
The Government toughens the takeover law before the arrival of 'loyal investors' on fear that hard core shareholders will take control of Spanish companies with the new double voting system.
According to the change in the regulation, an investor who exceeds 30% of the vote of a company listed due to the double voting rights of the loyalty shares, will have three months to decide whether to launch a takeover bid, reduce participation or waive its new political rights.
The Ministry of Finance discreetly introduces the change in the new Securities Market Law.
In Spain, the companies that establish the double voting system will be less prone to receiving a takeover offer. If it is already difficult to carry out an offer now without the support of the hard core nucleus on shareholders (for instance, MásMóvil has had to agree with those of Euskaltel SA (EKT SM) ), it will be next to impossible under the new framework.

Loyalty Shares in Spain: Double-Voting Rights Could Hinder Takeovers

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote). While the weakness in factory output was seen ahead of the Brexit vote, the effect of UK’s exit is clearly felt in the aftermath, and it is expected to come in weaker going forward.Industrial Production (IPI) in the Eurozone came in at 0.4% y-o-y in June 2016 similar to the growth seen…

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote). While the weakness in factory output was seen ahead of the Brexit vote, the effect of UK’s exit is clearly felt in the aftermath, and it is expected to come in weaker going forward.Industrial Production (IPI) in the Eurozone came in at 0.4% y-o-y in June 2016 similar to the growth seen…

EUROZONE: Weak Industrial Production Poses Risk to GDP Growth

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Eurozone: March Industrial Production Lower than Expected

Spain

Sacyr S.A. offers construction services, operates concessions and develops and rents real estate in Spain.  The Company develops housing, office buildings, factories, shopping malls, hotels and retirement homes, offers building maintenance services, and administers and markets real estate.

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Sacyr SA (SCYR SM)

Atlas Arteria in the Crosshairs of IFM Investors

IFM Investors is seeking to amass a 15% interest in Atlas which could lead to a privatisation proposal. IFM's buying at A$8.10 sets a floor price...

Arun George

Loyalty Shares in Spain: Double-Voting Rights Could Hinder Takeovers

In Spain, the companies that establish the double voting system will be less prone to takeover, such as Repsol SA (REP SM) and Telefonica SA (TEF...

Jesus Rodriguez Aguilar

EUROZONE: Weak Industrial Production Poses Risk to GDP Growth

Industrial production in Eurozone continues to struggle to gain momentum and came in weaker than expected in June which poses a risk to our GDP...

Rajan Govil

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Eurozone: March Industrial Production Lower than Expected

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a seasonally and working day adjusted basis, production...

Rajan Govil

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