Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A new tool highlights which TSE companies have disclosed a policy/consideration; sometimes referred to as the "name and shame" list. In practice, more "name" than "shame". </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> is trading rich to its NAV. And the simple ratio (JCNC/<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>) is the highest level outside the 2008 GFC. </li>
<li>This is a rubbish Offer for <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>. Given how shareholders voted at last year's AGM, expect this Scheme to be voted down. Avoid.</li>
</ul>


A new tool highlights which TSE companies have disclosed a policy/consideration; sometimes referred to as the "name and shame" list. In practice, more "name" than "shame". 

Jardine Cycle &amp; Carriage (JCNC SP) is trading rich to its NAV. And the simple ratio (JCNC/Astra International (ASII IJ)) is the highest level outside the 2008 GFC. 
This is a rubbish Offer for Asia Cement China (743 HK). Given how shareholders voted at last year's AGM, expect this Scheme to be voted down. Avoid.


Last Week in Event SPACE: Jardine Cycle & Carriage, "Name & Shame", Asia Cement, Northern Minerals

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unipol-gruppo-s-p-a" target="_blank" data-smartkarma-citation="entities:21235:1" rel="noopener">Unipol Gruppo S.p.A (UNI IM)</a> has reached 95% of the share capital of <a href="https://www.smartkarma.com/entities/unipolsai-spa" target="_blank" data-smartkarma-citation="entities:21236:1" rel="noopener">UnipolSai SpA (US IM)</a>, therefore the conditions for the squeeze-out are met.</li>
<li>The dividend-adjusted offer price is €2.535. Unipol has three months from 26 April to implement the squeeze-out. The holding discount, as expected, has closed.</li>
<li>Spread to cash offer is 0.51%/3.85% (gross, annualized assuming settlement of squeeze-out by 26 July). The share alternative is now trading at a premium.</li>
</ul>



Unipol Gruppo S.p.A (UNI IM) has reached 95% of the share capital of UnipolSai SpA (US IM), therefore the conditions for the squeeze-out are met.
The dividend-adjusted offer price is €2.535. Unipol has three months from 26 April to implement the squeeze-out. The holding discount, as expected, has closed.
Spread to cash offer is 0.51%/3.85% (gross, annualized assuming settlement of squeeze-out by 26 July). The share alternative is now trading at a premium.


Unipol Gruppo/UnipolSai: Squeeze-Out and Spread

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Banca Popolare Di Sondrio Scar / Event-Driven

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

<ul>
<li>There is no suggestion of precondition breach attached to <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>'s impairment losses. </li>
<li>Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, with certain tendering thresholds triggering more cash.</li>
<li>
<a href="https://www.smartkarma.com/entities/itoki-corp" target="_blank" data-smartkarma-citation="entities:18032:1" rel="noopener">Itoki Corp (7972 JP)</a>'s mega ToSTNeT-3 buyback is now done.</li>
</ul>


There is no suggestion of precondition breach attached to Outsourcing Inc (2427 JP)'s impairment losses. 
Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in Boral (BLD AU), with certain tendering thresholds triggering more cash.

Itoki Corp (7972 JP)'s mega ToSTNeT-3 buyback is now done.


Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unipol-gruppo-s-p-a" target="_blank" data-smartkarma-citation="entities:21235:1" rel="noopener">Unipol Gruppo S.p.A (UNI IM)</a> offers €2.7/share to buy out <a href="https://www.smartkarma.com/entities/unipolsai-spa" target="_blank" data-smartkarma-citation="entities:21236:1" rel="noopener">UnipolSai SpA (US IM)</a>, for an implied €7.64 billion equity value, 12.6% premium, in an awaited move to simplify the group's structure.</li>
<li>If taken in full, would be worth €1,126.9 million. The share alternative is 3 UNI MI x 10 US IM, and does not account for the huge discount/NAV of Unipol.</li>
<li>Gross spread is: 1.63%/21.5% (cash/share alternative respectively). Annualised return of cash offer is 7.51%. I would expect the share alternative to progressively close the discount.</li>
</ul>



Unipol Gruppo S.p.A (UNI IM) offers €2.7/share to buy out UnipolSai SpA (US IM), for an implied €7.64 billion equity value, 12.6% premium, in an awaited move to simplify the group's structure.
If taken in full, would be worth €1,126.9 million. The share alternative is 3 UNI MI x 10 US IM, and does not account for the huge discount/NAV of Unipol.
Gross spread is: 1.63%/21.5% (cash/share alternative respectively). Annualised return of cash offer is 7.51%. I would expect the share alternative to progressively close the discount.


Unipol Gruppo/UnipolSai: Take the Stock Instead

Italy

Unipol Gruppo S.p.A sells life and property/casualty insurance and reinsurance in Italy.  The Company's non-life insurance coverage includes accident, health, automobile, railroad rolling stock, aircraft, marine, and fire.

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

Unipol Gruppo S.p.A (UNI IM)

Last Week in Event SPACE: Jardine Cycle & Carriage, "Name & Shame", Asia Cement, Northern Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Unipol Gruppo/UnipolSai: Squeeze-Out and Spread

Unipol Gruppo S.p.A (UNI IM) has reached 95% of the share capital of UnipolSai SpA (US IM), therefore the conditions for the squeeze-out are met.

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Unipol Gruppo/UnipolSai: Take the Stock Instead

Unipol Gruppo offers €2.7/share to buy out UnipolSai, simplifying group structure with 12.6% premium. There is potential for the share alternative...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Jardine Cycle & Carriage, "Name & Shame", Asia Cement, Northern Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Unipol Gruppo/UnipolSai: Squeeze-Out and Spread

Unipol Gruppo S.p.A (UNI IM) has reached 95% of the share capital of UnipolSai SpA (US IM), therefore the conditions for the squeeze-out are met.

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Unipol Gruppo/UnipolSai: Take the Stock Instead

​Unipol Gruppo offers €2.7/share to buy out UnipolSai, simplifying group structure with 12.6% premium. There is potential for the share alternative...

Jesus Rodriguez Aguilar

Unipol Gruppo offers €2.7/share to buy out UnipolSai, simplifying group structure with 12.6% premium. There is potential for the share alternative...