Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> has "given up" and accepted the fact of the Tender Offer. There will be no Poison Pill EGM, and SBI will "honour" Shinsei management policy</li>
<li>Approval from the anti-trust watchdog is by no means a sure thing in the <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> merge. </li>
<li>Hotel operator <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a> has announced a pre-conditional Offer from an entity primarily controlled by Shanghai SASAC. </li>
</ul>



Shinsei Bank (8303 JP) has "given up" and accepted the fact of the Tender Offer. There will be no Poison Pill EGM, and SBI will "honour" Shinsei management policy
Approval from the anti-trust watchdog is by no means a sure thing in the True Corp Pcl (TRUE TB) / Total Access Communication (DTAC TB) merge. 
Hotel operator Shanghai Jin Jiang Capital Company Limited (2006 HK) has announced a pre-conditional Offer from an entity primarily controlled by Shanghai SASAC. 


Last Week in Event SPACE: Shinsei Bank, True Corp/DTAC, Kansai Super, SingTel, DiDi Global

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Vivo Energy announced a recommended offer from Vitol (36%), for $1.85/share ($1.79 cash +$0.04 final dividend +$0.02 special dividend). With irrevocable undertakings from Helios (26.1%), it's a done deal.</li>
<li>I believe a 25% premium is enough for shareholders to tender this relatively illiquid stock, downwards sliding since the IPO. Although the offer seems slightly opportunistic, in my view. </li>
<li>Offer price is close to fair (6.0x EV/Fwd EBITDA, 8.5x Fwd P/E). Gross spread including dividends is 5%. Recommendation is long VVO LN. There is FX risk, which can be hedged.</li>
</ul>


Vivo Energy announced a recommended offer from Vitol (36%), for $1.85/share ($1.79 cash +$0.04 final dividend +$0.02 special dividend). With irrevocable undertakings from Helios (26.1%), it's a done deal.
I believe a 25% premium is enough for shareholders to tender this relatively illiquid stock, downwards sliding since the IPO. Although the offer seems slightly opportunistic, in my view. 
Offer price is close to fair (6.0x EV/Fwd EBITDA, 8.5x Fwd P/E). Gross spread including dividends is 5%. Recommendation is long VVO LN. There is FX risk, which can be hedged.


United Kingdom

Vivo Energy PLC distributes and markets petroleum products. The Company offers supply, storage, distribution, and retail of lubricants, fuels, and liquefied petroleum gas. Vivo Energy serves customers worldwide.

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Vivo Energy (VVO LN)

Last Week in Event SPACE: Shinsei Bank, True Corp/DTAC, Kansai Super, SingTel, DiDi Global

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

Vitol/Vivo Energy: Recommended Offer

I believe a 25% premium is good enough to tender this relatively illiquid stock which has been downwards sliding since the IPO. Gross spread...

Jesus Rodriguez Aguilar

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