Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Apollo Tourism & Leisure Ltd / Event-Driven

<ul>
<li>Last week, Australia-based <a href="https://www.smartkarma.com/entities/apollo-tourism-leisure-ltd" target="_blank" data-smartkarma-citation="entities:24305:1" rel="noopener">Apollo Tourism &amp; Leisure Ltd (ATL AU)</a> and New Zealand-based <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> agreed to merge in a ~US$430mn all-scrip transaction.</li>
<li>Apollo Shareholders will receive 1 new ordinary THL share for every 3.680818 ordinary Apollo shares held. The Deal is conditional on shareholder and regulatory approvals and other conditions.</li>
<li>Below is a closer look at the details of this Deal and potential reasons for why it is trading wide with roughly six months to completion.</li>
</ul>


Last week, Australia-based Apollo Tourism &amp; Leisure Ltd (ATL AU) and New Zealand-based Tourism Holdings (THL NZ) agreed to merge in a ~US$430mn all-scrip transaction.
Apollo Shareholders will receive 1 new ordinary THL share for every 3.680818 ordinary Apollo shares held. The Deal is conditional on shareholder and regulatory approvals and other conditions.
Below is a closer look at the details of this Deal and potential reasons for why it is trading wide with roughly six months to completion.


Apollo - THL: Scrip Merger of RV Travel Companies Trading Wide Now

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Thematic (Sector/Industry)

<h2>Our Independent Lemonade stand approach</h2>In 1973, Bob Jamison introduced his business simulation game in which choices are made by a player regarding prices, advertising, etc. to determine the success or failure of the enterprise. The game owed its success not just to the Apple II release providing the game, but by offering just enough variables to make the game a complex challenge for users, whilst providing them with a simple grasp on what makes a business succeed or fail.Fundamental Small-Mid Cap Company Research, in its simplicity, is about assessing the merits of each variable depending on the market and its environment, no matter whether the company is publicly listed or held privately.The aim of this note is to lay in simple terms, our approach to researching the Small-Mid Cap Space and identifying the best ideas. In this context, this note allows the user of our product to understand the following:<ul><li>How we are different to other mainstream offerings,</li><li>How we filter our focus universe,</li><li>What’s our approach to best idea selection <ol><li>Balancing risk and reward </li><li>Accommodating Sector Rotation </li><li>Fundamental components of our commentary</li></ol></li><li>What you won’t get from us.</li><li>How you can interact with us.</li><li>What we hope to receive from you.</li></ul>Along, the way, we hope to highlight some clear truths, dismiss some myths about the Small-Mid Cap Company space, and also provide a clear outline of the mechanisms of the successful Lemonade Stand and the not-so-successful stands.In the meantime, pull out a bottle of your favourite ‘Lemonade’ and join us on our journey. We look forward to hearing from you!

Our Independent Lemonade stand approachIn 1973, Bob Jamison introduced his business simulation game in which choices are made by a player regarding prices, advertising, etc. to determine the success or failure of the enterprise. The game owed its success not just to the Apple II release providing the game, but by offering just enough variables to make the game a complex challenge for users, whilst providing them with a simple grasp on what makes a business succeed or fail.Fundamental Small-Mid Cap Company Research, in its simplicity, is about assessing the merits of each variable depending on the market and its environment, no matter whether the company is publicly listed or held privately.The aim of this note is to lay in simple terms, our approach to researching the Small-Mid Cap Space and identifying the best ideas. In this context, this note allows the user of our product to understand the following:How we are different to other mainstream offerings,How we filter our focus universe,What’s our approach to best idea selection Balancing risk and reward Accommodating Sector Rotation Fundamental components of our commentaryWhat you won’t get from us.How you can interact with us.What we hope to receive from you.Along, the way, we hope to highlight some clear truths, dismiss some myths about the Small-Mid Cap Company space, and also provide a clear outline of the mechanisms of the successful Lemonade Stand and the not-so-successful stands.In the meantime, pull out a bottle of your favourite ‘Lemonade’ and join us on our journey. We look forward to hearing from you!

Notes from the Silk Road: Setting Out Our Small-Mid Cap Lemonade Stand

New Zealand

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

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Tourism Holdings (THL NZ)

Apollo - THL: Scrip Merger of RV Travel Companies Trading Wide Now

Australia-based Apollo Tourism and New Zealand-based Tourism Holdings have agreed to merge in an all-scrip transaction. Here is a discussion on...

Janaghan Jeyakumar, CFA

Notes from the Silk Road: Setting Out Our Small-Mid Cap Lemonade Stand

Our Independent Lemonade stand approachIn 1973, Bob Jamison introduced his business simulation game in which choices are made by a player regarding...

David Lepper

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52-week Range

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