Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 26 August, Goh Peng Ooi, founder and executive chair, made a voluntary unconditional general Offer for the 25.9% in <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> not held.</li>
<li>The Offer Doc for this S$0.36/share cash Offer was dispatched on the 26th August.  The Circular is also now out, which incorporates the IFA opinion.</li>
<li>Trading through terms. The first close is the 7th October. I don't expect a bump, and the share price gradually retraces back to cash terms.</li>
</ul>


On the 26 August, Goh Peng Ooi, founder and executive chair, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
The Offer Doc for this S$0.36/share cash Offer was dispatched on the 26th August.  The Circular is also now out, which incorporates the IFA opinion.
Trading through terms. The first close is the 7th October. I don't expect a bump, and the share price gradually retraces back to cash terms.


Silverlake Axis (SILV SP): Circular Now Out. IFA Says Fair

<ul>
<li>Back on the 26 August, Goh Peng Ooi, the executive chair and founder, made a<a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=816747" target="_blank" rel="noopener"> voluntary unconditional general Offer</a> for the 25.9% in <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> not held.</li>
<li>The Offer Doc is <a href="https://links.sgx.com/FileOpen/Offer_Document.ashx?App=Announcement&amp;FileID=818333" target="_blank" rel="noopener">now out</a> for this S$0.36/share cash Offer. The first close is the 7th October.</li>
<li>There was no IFA opinion in this Doc. This will appear in the Response Doc within a fortnight. It'll be interesting how the mixed consideration alternative is assessed. Or not.</li>
</ul>


Back on the 26 August, Goh Peng Ooi, the executive chair and founder, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
The Offer Doc is now out for this S$0.36/share cash Offer. The first close is the 7th October.
There was no IFA opinion in this Doc. This will appear in the Response Doc within a fortnight. It'll be interesting how the mixed consideration alternative is assessed. Or not.


Silverlake Axis (SILV SP): Goh's Hybrid Offer Now Open

<ul>
<li>Goh Peng Ooi, the Executive Chairman and founder, has made a voluntary unconditional general <a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=816747" target="_blank" rel="noopener">Offer</a> for the 25.9% in <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> not held.</li>
<li>The S$0.36/share cash Offer for the software solutions play is a 20% premium to last close. Or a 31.9% premium to the 12-month VWAP.</li>
<li>The quirk in the terms is the option to receive A$0.30/share (in cash), plus one new redeemable preference share in the Offeror, to be redeemed at A$0.18/share after five years. </li>
</ul>


Goh Peng Ooi, the Executive Chairman and founder, has made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
The S$0.36/share cash Offer for the software solutions play is a 20% premium to last close. Or a 31.9% premium to the 12-month VWAP.
The quirk in the terms is the option to receive A$0.30/share (in cash), plus one new redeemable preference share in the Offeror, to be redeemed at A$0.18/share after five years. 


Silverlake Axis (SILV SP): Goh's Hybrid Offer

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 href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> has disclosed a voluntary unconditional offer from the Goh family and Ikhlas Capital. The default cash consideration is S$0.36, a 20.0% premium to the undisturbed price.</li>
<li>The combi consideration is S$0.30 in cash and one new redeemable preference share (RPS) in the offeror, which will be mandatorily redeemed after five calendar years at S$0.18 per RPS.</li>
<li>While not declared final, the offer is reasonable but not a knockout bid. The offeror is likely to use the voluntary delisting method to privatise Silverlake.</li>
</ul>



Silverlake Axis (SILV SP) has disclosed a voluntary unconditional offer from the Goh family and Ikhlas Capital. The default cash consideration is S$0.36, a 20.0% premium to the undisturbed price.
The combi consideration is S$0.30 in cash and one new redeemable preference share (RPS) in the offeror, which will be mandatorily redeemed after five calendar years at S$0.18 per RPS.
While not declared final, the offer is reasonable but not a knockout bid. The offeror is likely to use the voluntary delisting method to privatise Silverlake.


Silverlake Axis (SILV SP): Voluntary Unconditional Offer

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Since the end of 1Q24, Jardine C&C has gained 10%.</li><li>Jardine C&C also maintains a Refinitiv Consensus Estimates Target Price of S$27.08, an ROE of 16% and P/E of 6x.</li><li>Like Jardine C&C, the past three weeks has seen Silverlake Axis partially reverse share price declines in 1Q24.</li></ul>

Since the end of 1Q24, Jardine C&C has gained 10%.Jardine C&C also maintains a Refinitiv Consensus Estimates Target Price of S$27.08, an ROE of 16% and P/E of 6x.Like Jardine C&C, the past three weeks has seen Silverlake Axis partially reverse share price declines in 1Q24.

10 Stocks that Bucked the Past 3 weeks of Marginal STI Declines

Singapore

Silverlake Axis Limited provides customized software solutions. The Company provides digital economy software solutions and services to the banking, insurance, payment, retail and logistics industries.

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Silverlake Axis (SILV SP)