Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/13490" target="_blank" data-smartkarma-citation="entities:13490:1">Mulpha International (MIT MK)</a> is trading at 0.21x P/B. It's 22.7% stake in <a href="https://www.smartkarma.com/entities/9390" target="_blank" data-smartkarma-citation="entities:9390:1">Aveo Group (AOG AU)</a> (itself trading at 0.6x P/B, a three and half year low) is worth 133% of Mulpha's market cap. Aveo just announced a <a href="https://www.asx.com.au/asxpdf/20180824/pdf/43xnyydl8kpkf6.pdf" target="_blank">strategic review</a> after receiving various proposal from investors. 
Aveo trades at a steep discount to peers, due to the presence of Mulpha's large stake restricting institutional ownership; the fact Mulpha and Aveo share the same chairman, intimating connected transactions; the ongoing class action; or a combination of all three. 
Corporate activity has also recently slowed. The last entitlement (rights) offer was conducted in 2013; while the last major <a href="https://www.asx.com.au/asxpdf/20160818/pdf/439dny78n9pfp2.pdf" target="_blank">institutional placement</a> occurred in August 2016. And given the prevailing P/B, the quantum of the recent buyback falls short of the strong management commitment shown in August last year.
Aveo is a company that would be better served being privatised by Mulpha.
Further afield, Mulpha should also be privatised by the controlling Lee family. 
Aveo trades around US$2mn/day. Mulpha is smaller - US$135mn mkt cap &amp; liquidity of US$0.3k - if that doesn't float your boat, look away now.

Mulpha International (MIT MK) is trading at 0.21x P/B. It's 22.7% stake in Aveo Group (AOG AU) (itself trading at 0.6x P/B, a three and half year low) is worth 133% of Mulpha's market cap. Aveo just announced a strategic review after receiving various proposal from investors. 
Aveo trades at a steep discount to peers, due to the presence of Mulpha's large stake restricting institutional ownership; the fact Mulpha and Aveo share the same chairman, intimating connected transactions; the ongoing class action; or a combination of all three. 
Corporate activity has also recently slowed. The last entitlement (rights) offer was conducted in 2013; while the last major institutional placement occurred in August 2016. And given the prevailing P/B, the quantum of the recent buyback falls short of the strong management commitment shown in August last year.
Aveo is a company that would be better served being privatised by Mulpha.
Further afield, Mulpha should also be privatised by the controlling Lee family. 
Aveo trades around US$2mn/day. Mulpha is smaller - US$135mn mkt cap &amp; liquidity of US$0.3k - if that doesn't float your boat, look away now.

Australia

Tanami Gold NL acquires, explores for and produces gold in central Western Australia and the Northern Territory.  The Company's prospects include Highland Rocks, the West Australian Joint Venture and Harts Range.

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Tanami Gold Nl (TAM AU)

A Case for Privatising Aveo

Mulpha International (MIT MK) is trading at 0.21x P/B. It's 22.7% stake in Aveo Group (AOG AU) (itself trading at 0.6x P/B, a three and half year...

David Blennerhassett

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