Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

<a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd</a>  bid for <a href="https://www.smartkarma.com/entities/1114" target="_blank" data-smartkarma-citation="entities:1114">Tiger Airways Holdings Ltd</a> and people complained the bid was too low. I said there was bump or break risk. Then they extended. Then they bumped. Then some people complained again. It was a bit extended. Then it went unconditional. As of now, Singapore Air is 85.74%. The deal is now unconditional and closes next week. There is optionality left. In fact there may be a fair bit more than most people realize.But it is unusual.More below the fold if you an arbitrager.

Singapore Airlines Ltd  bid for Tiger Airways Holdings Ltd and people complained the bid was too low. I said there was bump or break risk. Then they extended. Then they bumped. Then some people complained again. It was a bit extended. Then it went unconditional. As of now, Singapore Air is 85.74%. The deal is now unconditional and closes next week. There is optionality left. In fact there may be a fair bit more than most people realize.But it is unusual.More below the fold if you an arbitrager.

TIGER: That Last Little Bit Has Value. Really.

Last Friday#<a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd</a>  announced it had purchased yet more TGR shares in the market and this morning, as I suggested likely in <a href="https://www.smartkarma.com/insights/tiger-sias-warns-and-sia-buys-how-to-read-this" target="_blank" data-smartkarma-citation="insights:2260">TIGER: SIAS Warns and SIA Buys - How to Read This</a>, SIA <a href="http://infopub.sgx.com/FileOpen/Revision%20Announcement%20dated%2011%20January%202016.ashx?App=Announcement&amp;FileID=385246" target="_blank">announced</a> its Offer for <a href="https://www.smartkarma.com/entities/1114" target="_blank" data-smartkarma-citation="entities:1114">Tiger Airways Holdings Ltd</a> was Unconditional.Singapore Air also announced that the Offer Close would be extended to 5 February.<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/004/921/original/SIAUnconditionalTGR.png?1452475118" class="editor-image img-responsive" data-smartkarma-image-id="4921"></figure>That's it. You're done.This means a couple of things: <ol>
<li>Shares will be paid 10 days after they are validly received.</li>
<li>Your options are worth a bit more…</li>
</ol>

Last Friday#Singapore Airlines Ltd  announced it had purchased yet more TGR shares in the market and this morning, as I suggested likely in TIGER: SIAS Warns and SIA Buys - How to Read This, SIA announced its Offer for Tiger Airways Holdings Ltd was Unconditional.Singapore Air also announced that the Offer Close would be extended to 5 February.That's it. You're done.This means a couple of things: 
Shares will be paid 10 days after they are validly received.
Your options are worth a bit more…


Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

2016 - Washout Year for Container Shipping

Yesterday, a day after <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd</a> had raised and extended its offer for #<a href="https://www.smartkarma.com/entities/1114" target="_blank" data-smartkarma-citation="entities:1114">Tiger Airways Holdings Ltd</a>, two things happened (Read the Smartkarma research in the series on the topic in the margin at right).<h2>What Happened?</h2><ol><li>The Securities Investors Association (Singapore) better known as SIAS came out with a press statement. </li></ol><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/004/865/original/SIAS_20150105_Final.png?1452053956" class="editor-image img-responsive" data-smartkarma-image-id="4865"></figure>2.   Singapore Air purchased 24.8mm shares of Tiger Airways on-market. <h2>HOW TO READ THIS</h2>THE FIRST was taken by the Singapore <a href="http://www.businesstimes.com.sg/companies-markets/some-minority-shareholders-still-unhappy-with-revised-offer-for-tiger-sias?xtor=EREC-16-4%5BBT_Newsletter_Debrief%5D-20160105-%5BSome+minority+shareholders+still+unhappy+with+revised+offer+for+Tiger%3A+SIAS%5D&amp;xts=538380" target="_blank">press</a> as a warning by SIAS that some minority…

Yesterday, a day after Singapore Airlines Ltd had raised and extended its offer for #Tiger Airways Holdings Ltd, two things happened (Read the Smartkarma research in the series on the topic in the margin at right).What Happened?The Securities Investors Association (Singapore) better known as SIAS came out with a press statement. 2.   Singapore Air purchased 24.8mm shares of Tiger Airways on-market. HOW TO READ THISTHE FIRST was taken by the Singapore press as a warning by SIAS that some minority…

TIGER: SIAS Warns and SIA Buys - How to Read This

The <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd</a> deal for <a href="https://www.smartkarma.com/entities/1114" target="_blank" data-smartkarma-citation="entities:1114">Tiger Airways Holdings Ltd</a> has always been a "Risk of Bump or Break."<h2>The New News</h2>After a weak 74.5% acceptance level and and a last minute extension last week discussed in <a href="https://www.smartkarma.com/insights/tiger-sia-extends" target="_blank" data-smartkarma-citation="insights:2210">TIGER: SIA Extends</a>, Singapore Air has bumped the Offer Price for Tiger Airways shares by 9.76% from S$0.41/share plus associated options to roll proceeds into SIA shares at S$11.1043/share to S$0.45/share plus the same SIA options. The Offer Price is now 45-56% higher than the various…

The Singapore Airlines Ltd deal for Tiger Airways Holdings Ltd has always been a "Risk of Bump or Break."The New NewsAfter a weak 74.5% acceptance level and and a last minute extension last week discussed in TIGER: SIA Extends, Singapore Air has bumped the Offer Price for Tiger Airways shares by 9.76% from S$0.41/share plus associated options to roll proceeds into SIA shares at S$11.1043/share to S$0.45/share plus the same SIA options. The Offer Price is now 45-56% higher than the various…

TIGER:  SIA Bumps to S$0.45, Declares Offer Price Final

Singapore

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

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Singapore Airlines (SIA SP)

TIGER: That Last Little Bit Has Value. Really.

Singapore Airlines Ltd bid for Tiger Airways Holdings Ltd and people complained the bid was too low. I said there was bump or break risk. Then...

Travis Lundy

TIGER: SIA Goes Unconditional

Last Friday#Singapore Airlines Ltd announced it had purchased yet more TGR shares in the market and this morning, as I suggested likely in TIGER:...

Travis Lundy

2016 - Washout Year for Container Shipping

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight...

Drewry Maritime Financial Research

TIGER: SIAS Warns and SIA Buys - How to Read This

Yesterday, a day after Singapore Airlines Ltd had raised and extended its offer for #Tiger Airways Holdings Ltd, two things happened (Read the...

Travis Lundy

TIGER: SIA Bumps to S$0.45, Declares Offer Price Final

The Singapore Airlines Ltd deal for Tiger Airways Holdings Ltd has always been a "Risk of Bump or Break."The New NewsAfter a weak 74.5% acceptance...

Travis Lundy

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