IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Volpara Health Technologies / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health Technologies (VHT AU)</a> IE considers <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. </li>
<li>NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.</li>
<li>The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.</li>
</ul>


The Volpara Health Technologies (VHT AU) IE considers Lunit (328130 KS)'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. 
NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.
The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.


Volpara Health (VHT AU): Scheme Vote on 12 April

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 14 December, <a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health (VHT AU)</a>, which makes software enabling the early detection of breast cancer, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02753743-2A1494345" target="_blank" rel="noopener">announced</a> an Offer by way of a Scheme with <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>
</li>
<li>NZ's OIO approval was <a href="https://announcements.asx.com.au/asxpdf/20240131/pdf/05zxc9ystlshr7.pdf" target="_blank" rel="noopener">satisfied</a> on the 31 January. The  Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.</li>
<li>Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.</li>
</ul>


On the 14 December, Volpara Health (VHT AU), which makes software enabling the early detection of breast cancer, announced an Offer by way of a Scheme with Lunit (328130 KS)

NZ's OIO approval was satisfied on the 31 January. The  Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.
Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.


Volpara Health (VHT AU): 12th April Shareholder Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health Technologies (VHT AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a> at A$1.15 per share, a 48.4% premium to the undisturbed price of A$0.775 (13 December).</li>
<li>The offer is subject to several conditions, such as shareholder and OIO approval. Irrevocables and directors represent 33.30% of outstanding shares. </li>
<li>Barring a competing offer, this is a done deal, as the offer is attractive. At the last close and for the end of May payment, the gross/annualised spread is 5.0%/11.6%.</li>
</ul>



Volpara Health Technologies (VHT AU) has entered a scheme implementation deed with Lunit (328130 KS) at A$1.15 per share, a 48.4% premium to the undisturbed price of A$0.775 (13 December).
The offer is subject to several conditions, such as shareholder and OIO approval. Irrevocables and directors represent 33.30% of outstanding shares. 
Barring a competing offer, this is a done deal, as the offer is attractive. At the last close and for the end of May payment, the gross/annualised spread is 5.0%/11.6%.


Volpara Health (VHT AU): Lunit’s Binding A$1.15 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health  (VHT AU)</a>, which makes software enabling the early detection of breast cancer, has announced it has entered into a Scheme Implementation Deed with South Korea's <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>.</li>
<li>Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. As is Volpara's board.</li>
<li>The Scheme Meeting is expected to be held in 2Q24. The transaction requires NZ's OIO approval.</li>
</ul>



Volpara Health  (VHT AU), which makes software enabling the early detection of breast cancer, has announced it has entered into a Scheme Implementation Deed with South Korea's Lunit (328130 KS).
Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. As is Volpara's board.
The Scheme Meeting is expected to be held in 2Q24. The transaction requires NZ's OIO approval.


<ul>
<li>For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.
The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, May 2024: Malaysia Airports, Alps Logistics, Nihon Housing, Great Eastern

Australia

Volpara Health Technologies Limited develops and markets solutions for breast cancer detection and diagnosis. The Company offers a platform technology to convert digital breast mammogram into quantitative numbers in which the actual breast tissue properties are characterized and differentiated. Volpara Health Technologies serves the healthcare sector globally.

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Volpara Health Technologies (VHT AU)

Volpara Health (VHT AU): Scheme Vote on 12 April

The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross...

Arun George

Volpara Health (VHT AU): 12th April Shareholder Vote

Currently trading at a gross/annualised spread of 1.8%/9.7%, assuming 21 May payment. If small, but straightforward arbs are your thing, get...

David Blennerhassett

Volpara Health (VHT AU): Lunit’s Binding A$1.15 Offer

Barring a competing offer, this is a done deal, as the offer is attractive. At the last close and for the end of May payment, the gross/annualised...

Arun George

Volpara Health/Lunit: Bosom Buddies

This looks clean. Highly doubtful OIO pushes back. Not with South Korea being a free trade agreement investor. Trading at a gross/annualised spread...

David Blennerhassett

(Mostly) Asia M&A, May 2024: Malaysia Airports, Alps Logistics, Nihon Housing, Great Eastern

For the month of May, 10 new deals were discussed on Smartkarma with an overall deal size of just ~US$7bn. The average premium for the new deals...

David Blennerhassett

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