Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 11th November 2024, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a> entered into an Offer by way of a Scheme with Dubai-based DP World, Australia's biggest ports operator.</li>
<li>DP World offered A$2.14/share (less any dividends), a 45.6% premium to last close. The Offer has the backing of Silk's board, and co-founders (holding ~46% of the shares out).</li>
<li>This looked all stitched up. Potentially a delay for ACCC/FIRB, but it felt like one that should get approved. But the ACCC has now detailed a comprehensive list of concerns.</li>
</ul>


Back on the 11th November 2024, Silk Logistics (SLH AU) entered into an Offer by way of a Scheme with Dubai-based DP World, Australia's biggest ports operator.
DP World offered A$2.14/share (less any dividends), a 45.6% premium to last close. The Offer has the backing of Silk's board, and co-founders (holding ~46% of the shares out).
This looked all stitched up. Potentially a delay for ACCC/FIRB, but it felt like one that should get approved. But the ACCC has now detailed a comprehensive list of concerns.


Silk Logistics (SLH AU): ACCC's Statement Of Issues

External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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Equity Bottom-Up

<ul><li>1H25 result demonstrated top line growth though margin was impacted by cost growth; 1H25 revenue and EBITDA were $287.9m and $47.9m, up 4.1% and 0.4%, respectively.</li><li>The company reported underlying EBIT of $15.6m (-14.3% vs pcp) and underlying NPAT at $2.4m (-68.4% vs pcp) which were impacted by $1.8m of non-recurring items.</li><li>No interim dividend was declared in respect of 1H25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H25 result demonstrated top line growth though margin was impacted by cost growth; 1H25 revenue and EBITDA were $287.9m and $47.9m, up 4.1% and 0.4%, respectively.The company reported underlying EBIT of $15.6m (-14.3% vs pcp) and underlying NPAT at $2.4m (-68.4% vs pcp) which were impacted by $1.8m of non-recurring items.No interim dividend was declared in respect of 1H25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - Challenging Market Conditions

<ul>
<li>
<a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a> has entered into an <a href="https://announcements.asx.com.au/asxpdf/20241111/pdf/06b7hq5s2wlhcj.pdf" target="_blank" rel="noopener">Offer</a> by way of a Scheme with  Dubai-based DP World, Australia's biggest ports operator.</li>
<li>DP World is offering A$2.14/share (less any dividends), a 45.6% premium to last close. The Offer has the backing of Silk's board, and co-founders (holding ~46% of the shares out).</li>
<li>In addition to a Scheme vote, the Offer is subject to FIRB. Expected implementation is 3Q25. This should complete earlier.  This looks done.</li>
</ul>



Silk Logistics (SLH AU) has entered into an Offer by way of a Scheme with  Dubai-based DP World, Australia's biggest ports operator.
DP World is offering A$2.14/share (less any dividends), a 45.6% premium to last close. The Offer has the backing of Silk's board, and co-founders (holding ~46% of the shares out).
In addition to a Scheme vote, the Offer is subject to FIRB. Expected implementation is 3Q25. This should complete earlier.  This looks done.


<ul>
<li>Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, were considering taking Japfa private.</li>
<li>This was discussed in<a href="https://www.smartkarma.com/compose/insight/174028/%20https:/skr.ma/iKVsA" target="_blank" rel="noopener"> Japfa (JAP SP): Impressive Gain. But No Firm Offer</a>. Then crickets. </li>
<li>The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. </li>
</ul>


Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play Japfa Ltd (JAP SP), were considering taking Japfa private.
This was discussed in Japfa (JAP SP): Impressive Gain. But No Firm Offer. Then crickets. 
The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. 


Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

<div><ul><li>Silk Logistics Holdings Limited (SLH) has entered into a binding Scheme Implementation Deed (SID) with DP World Australia Limited (DP World) for the proposed acquisition of 100% of the shares in SLH.</li><li>SLH shareholders will receive $2.14/share, less any dividends declared prior to the Scheme implementation.</li><li>The offer values SLH equity at approximately $174.5m and represents a significant premium to recent trading. </li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holdings Limited (SLH) has entered into a binding Scheme Implementation Deed (SID) with DP World Australia Limited (DP World) for the proposed acquisition of 100% of the shares in SLH.SLH shareholders will receive $2.14/share, less any dividends declared prior to the Scheme implementation.The offer values SLH equity at approximately $174.5m and represents a significant premium to recent trading. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - DP World Make Cash Offer of $2.14/Share

Australia

Silk Logistics Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides port logistics, warehousing, and distribution services for FMCG, retail, light industrial, food, and dairy sectors. Silk Logistics Holdings serves customers in Australia.

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Silk Logistics (SLH AU)