Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02726691-3A628584?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">18 October</a>, media play <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> announced a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a> and Anchorage.</li>
<li>SXL shareholders are being offered, by way of a Scheme, 0.753 ARN shares and A$0.296/share in cash. SXL considers the terms to be "complex, and highly conditional". </li>
<li>Reportedly SXL has now signed a confidentiality agreement to gather more info on ARN, possibly leading to a firm deal. </li>
</ul>


Back on the 18 October, media play Southern Cross Media (SXL AU) announced a non-binding indicative proposal from ARN Media (A1N AU) and Anchorage.
SXL shareholders are being offered, by way of a Scheme, 0.753 ARN shares and A$0.296/share in cash. SXL considers the terms to be "complex, and highly conditional". 
Reportedly SXL has now signed a confidentiality agreement to gather more info on ARN, possibly leading to a firm deal. 


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/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> is re-engaging with <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  </li>
</ul>



Southern Cross Media (SXL AU) is re-engaging with ARN Media (A1N AU)/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.
SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.
While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  


Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

Keisei Electric Railway Co / Event-Driven

<ul>
<li>No surprise: <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway (9009 JP)</a> shareholders voted down Palliser's proposal. If the vote was close, Palliser may ups its rhetorical game, and takes a harder stance.</li>
<li>Argyle failed to boot one <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">CMCDI (133 HK)</a> director. They'll next target the management agreement renewal; and agitate the company buy back 20% of shares outstanding at 90% of NAV.</li>
<li>The Offeror now has 90.16% in <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> - so this will get suspended at the close of the Offer.</li>
</ul>


No surprise: Keisei Electric Railway (9009 JP) shareholders voted down Palliser's proposal. If the vote was close, Palliser may ups its rhetorical game, and takes a harder stance.
Argyle failed to boot one CMCDI (133 HK) director. They'll next target the management agreement renewal; and agitate the company buy back 20% of shares outstanding at 90% of NAV.
The Offeror now has 90.16% in Great Eastern Holdings (GE SP) - so this will get suspended at the close of the Offer.


Last Week in Event SPACE: Keisei Electric, China Merchants, Great Eastern, Jardine Matheson/JCNC

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One. new deal was discussed this week: <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>'s cash/scrip Offer. <a href="https://www.smartkarma.com/entities/midea-real-estate-holding-ltd" target="_blank" data-smartkarma-citation="entities:27450:1" rel="noopener">Midea Real Estate Holding (3990 HK)</a> also fielded a "Partial Scheme".</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/s-line-co-ltd" target="_blank" data-smartkarma-citation="entities:8076:1" rel="noopener">S Line Co Ltd (9078 JP)</a>, <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a> .</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One. new deal was discussed this week: Shanghai Henlius Biotech (2696 HK)'s cash/scrip Offer. Midea Real Estate Holding (3990 HK) also fielded a "Partial Scheme".
Key updates took place on: China Traditional Chinese Medicine (570 HK), Malaysia Airports Holdings (MAHB MK), S Line Co Ltd (9078 JP), Best World International (BEST SP) .


(Mostly) Asia-Pac M&A: TCM, Henlius Bio, Mideal Real Estate, Malaysia Airports, S Line, Best World

<ul>
<li>I tally 47 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>'s rubbish Scheme; and the low-balled MBO for <a href="https://www.smartkarma.com/entities/nagatanien-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:8059:1" rel="noopener">Nagatanien Holdings (2899 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal  (ASB AU)</a>,<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed on Smartkarma this week: Asia Cement China (743 HK)'s rubbish Scheme; and the low-balled MBO for Nagatanien Holdings (2899 JP).
Key updates took place on: CPMC Holdings (906 HK), APM Human Services (APM AU), Altium (ALU AU), Austal  (ASB AU),Shinko Electric Industries (6967 JP), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: CPMC, Nagatanien, APM Services, Altium, Austal, Shinko Elect, Hollysys

Australia

Enero Group Limited provides specialist marketing services.  The Company's services build and leverage customer relationships, develop brands and generate sales.  Enero's services include advertising services, media planning and communications, public relations, research services, direct marketing, specialist design and event management.

Brisbane Broncos Limited is a sporting franchise company which manages and operates the Brisbane Broncos rugby league football team.

GTN Limited is a supplier of traffic information reports to radio stations in Australia, United Kingdom, Canada, and Brazil. The Company receives commercial advertising spots adjacent to traffic, news, and information reports from its network of affiliates and these spots are bundled together and sold to advertisers on a national, regional, or specific market basis.

Prime Media Group Limited is a television broadcaster offering programming services in regional New South Wales, Victoria, Western Australia and the Gold Coast.Prime offers a variety of programming including news, sports and entertainment.

Aspermont Limited publishes branded print and Internet trade publications to the mining, oil and gas, construction and related markets.

Victor Group Holdings Ltd provides marketing consulting services to enterprises. The Company focuses on marketing management training, brand planning and marketing strategic planning.

Seven West Media Limited is a national multi-platform media business based in Australia.  The Company's operations include a television network, magazines, newspapers, radio, and Internet.

IVE Group Limited provides advertising and marketing services. The Company offers promotional merchandising, third party sourcing, printing, retail display, and business communication services. IVE Group conducts its business in Australia.

oOh!media Ltd is a media company. The Company provides advertising and marketing solutions, campaign production, campaign management, creative and digital solutions.

Event Hospitality and Entertainment Limited owns and operates motion picture exhibition cinemas, drive-in theaters and film processing laboratories.  The Group also owns and operates the Thredbo Alpine Resort, Sydney harbor ferry services and the Feather -dale Wildlife Park along with operating hotels, resorts and restaurants.

Event Hospitality and Entertainment (EVT AU)

Mei Ah Entertainment Group Limited, through its subsidiaries, distributes films and programs in audio visual products formats.  The Company also sub-licenses film exhibition and rights, and provides internet and related services.  In addition, Mei Ah Entertainment operates television station.

Saga Communications, Inc. acquires, develops, and operates broadcast properties. The Company owns and operates FM and AM radio stations, state radio networks, a farm radio network, and television stations in the United States.

Plexure Group Ltd has developed a smartphone based digital wallet and cloud based m-commerce platform.

Shenghua Entertainment Communication Co., Ltd. is a media and entertainment company engaging in the production and filming of TV drama.

TOW CO., LTD. plans, advertises, produces, and manages various types of events. The Company manages exhibitions, ceremonies, festivals, products promotion campaigns, public service announcements, sporting events, and expositions.

FreakOut Holdings, inc. operates as a digital marketing technology company. The Company offers demand side platform development and sales, trading desk development, and design and implementation of RTB infrastructure. FreakOut markets its products and services internationally.

Chorokbaem Media Co., Ltd. operates in an entertainment business and also manufactures non-woven fabrics for artificial leather reinforcement, filter fabrics, industrial filter fabrics, and needle felts. The Company provides its products to domestic market as well as overseas markets.

Hindustan Media Ventures Ltd. is a publishing company. The Company publishes the "Hindustan" Hindi newspaper which covers news across the entire spectrum of international, national and local news relating to politics, business, entertainment, sports and other general interests.

Korea Cable T.V. Chung-buk System Co., Ltd. (CCS) operates a cable television system for Chungbuk area.  The Company also provides high-speed Internet services.

Zee Media Corporation Limited operates in the media industry. The Company's programming covers all genres, such as news, social service programming, entertainment and sports.

Southern Cross Media Group Limited operates broadcasting and publishing businesses. The Company operates regional radio and television stations in Australia, and publishes community newspapers in the United States.

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Southern Cross Media (SXL AU)

Southern Cross/ARN Media: Getting Cosy?

If small arbs are your thing, look to short ARN (where available), and buy SXL. Or you may want to just go outright long in SXL.

David Blennerhassett