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.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/first-media-tbk-pt" target="_blank" data-smartkarma-citation="entities:11826:1" rel="noopener">First Media (KBLV IJ)</a> EGM on 8 June approved the sale of <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> shares to Axiata Investments and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>The conditions precedent for the sale purchase agreement (SPA) to sell 66.03% of Link Net shares to Axiata Investments and XL Axiata are satisfied. The completion date is 2Q.</li>
<li>The subsequent MTO completes in 3Q. At the last close, the gross and annualised spread of the MTO price for a 3Q completion is 5.3% and 16.8%, respectively.</li>
</ul>


The First Media (KBLV IJ) EGM on 8 June approved the sale of Link Net (LINK IJ) shares to Axiata Investments and XL Axiata (EXCL IJ). 
The conditions precedent for the sale purchase agreement (SPA) to sell 66.03% of Link Net shares to Axiata Investments and XL Axiata are satisfied. The completion date is 2Q.
The subsequent MTO completes in 3Q. At the last close, the gross and annualised spread of the MTO price for a 3Q completion is 5.3% and 16.8%, respectively.


First Media’s EGM Approval Paves the Way for the Link MTO at IDR4,800

<ul>
<li>The <a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata Group (AXIATA MK)</a> EGM narrowly approved the ordinary resolution relating to the proposed acquisition of <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> shares and the proposed MTO. </li>
<li>The next catalyst is the <a href="https://www.smartkarma.com/entities/first-media-tbk-pt" target="_blank" data-smartkarma-citation="entities:11826:1" rel="noopener">First Media (KBLV IJ)</a>’s EGM to approve the transaction on 6 June. The proposed MTO at IDR4,800 per share is targeted to complete by 3Q. </li>
<li>BNM regulatory approval was received on 12 April. At the last close, the gross and annualised spread of the MTO price for a 3Q completion is 4.6% and 13.1%, respectively.</li>
</ul>


The Axiata Group (AXIATA MK) EGM narrowly approved the ordinary resolution relating to the proposed acquisition of Link Net (LINK IJ) shares and the proposed MTO. 
The next catalyst is the First Media (KBLV IJ)’s EGM to approve the transaction on 6 June. The proposed MTO at IDR4,800 per share is targeted to complete by 3Q. 
BNM regulatory approval was received on 12 April. At the last close, the gross and annualised spread of the MTO price for a 3Q completion is 4.6% and 13.1%, respectively.


Axiata Gains Approval for the Link Net MTO; Next up Is First Media’s EGM on 6 June

<ul>
<li>The <a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata Group (AXIATA MK)</a> EGM to approve the ordinary resolution relating to the proposed acquisition of <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> shares and the proposed MTO is on 26 May. </li>
<li>The proposed acquisition is targeted to be complete by 2Q and the subsequent MTO at IDR4,800 per share will complete by 3Q.</li>
<li>At the last close, the gross and annualised spread to the MTO price for a 3Q completion is 7.1% and 11.7%, respectively.</li>
</ul>


The Axiata Group (AXIATA MK) EGM to approve the ordinary resolution relating to the proposed acquisition of Link Net (LINK IJ) shares and the proposed MTO is on 26 May. 
The proposed acquisition is targeted to be complete by 2Q and the subsequent MTO at IDR4,800 per share will complete by 3Q.
At the last close, the gross and annualised spread to the MTO price for a 3Q completion is 7.1% and 11.7%, respectively.


Axiata’s EGM in Relation to the Link Net MTO Set for 26 May

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, and nine new join the fray</li>
<li>Since its inception, the portfolio has gained 75% versus MSCI Asia ex Japan's 64%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, and nine new join the fray
Since its inception, the portfolio has gained 75% versus MSCI Asia ex Japan's 64%


<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>’s two largest shareholders (66.03% of the outstanding shares) have signed a SPA to sell their stakes to Axiata Investments and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> at IDR4,800.</li>
<li>Post-Completion, Axiata Investments and XL Axiata will then be required to launch a mandatory tender offer to acquire the remaining 33.97% Link Net shares at IDR4,800 per share</li>
<li>The tender offer is expected to be completed in 3Q2022. At the last close price of IDR4,430, the shares are trading at an 8.4% gross spread to the offer.</li>
</ul>



Link Net (LINK IJ)’s two largest shareholders (66.03% of the outstanding shares) have signed a SPA to sell their stakes to Axiata Investments and XL Axiata (EXCL IJ) at IDR4,800.
Post-Completion, Axiata Investments and XL Axiata will then be required to launch a mandatory tender offer to acquire the remaining 33.97% Link Net shares at IDR4,800 per share
The tender offer is expected to be completed in 3Q2022. At the last close price of IDR4,430, the shares are trading at an 8.4% gross spread to the offer.


Link Net’s MTO from Axiata Investments and XL Axiata

Malaysia

TIME dotCom Berhad through its subsidiaries, provides fixed-line telecommunication services such as data and voice, international bandwidth provision which includes submarine cable and data centre business.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Time Dotcom Bhd (TDC MK)

First Media’s EGM Approval Paves the Way for the Link MTO at IDR4,800

Conditions precedent for the SPA are satisfied. At the last close, the annualised spread of the MTO price for a 3Q completion is 16.8%.

Arun George

Axiata Gains Approval for the Link Net MTO; Next up Is First Media’s EGM on 6 June

The MTO was narrowly approved at the Axiata EGM. The next catalyst is the First Media EGM on 6 June. At the last close, the annualised spread of...

Arun George

Axiata’s EGM in Relation to the Link Net MTO Set for 26 May

The proposed MTO at IDR4,800 per share will complete by 3Q. At the last close, the annualised spread to the MTO price for a 3Q completion is 11.7%.

Arun George

The Stocks to Own in Asia – Vol. 36

We highlight 14 stocks in Asia that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stock remains, and nine new join...

A. Stotz Investment Research

Link Net’s MTO from Axiata Investments and XL Axiata

The two largest shareholders have agreed to sell their stakes to Axiata Investments and XL Axiata at IDR4,800. Post completion, the two buyers will...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)