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/wide-bay-australia-ltd" target="_blank" data-smartkarma-citation="entities:18747:1" rel="noopener">Auswide Bank (ABA AU)</a> IE has considered <a href="https://www.smartkarma.com/entities/mystate-ltd" target="_blank" data-smartkarma-citation="entities:7370:1" rel="noopener">Mystate Ltd (MYS AU)</a>’s all-scrip merger offer in the best interests of the Auswide shareholders. However, the opinion comes with caveats.  </li>
<li>The offer is conditional on Auswide shareholder and regulatory approvals (ACCC, Treasury). The scheme meeting is on 2 December.</li>
<li>Vote risk is low due to the lack of substantial shareholders and the disinterested retail base. At the last close and for 18 December payment, the gross/annualised spread was 1.6%/10.3%.  </li>
</ul>


The Auswide Bank (ABA AU) IE has considered Mystate Ltd (MYS AU)’s all-scrip merger offer in the best interests of the Auswide shareholders. However, the opinion comes with caveats.  
The offer is conditional on Auswide shareholder and regulatory approvals (ACCC, Treasury). The scheme meeting is on 2 December.
Vote risk is low due to the lack of substantial shareholders and the disinterested retail base. At the last close and for 18 December payment, the gross/annualised spread was 1.6%/10.3%.  


Auswide Bank (ABA AU)/ MyState (MYS AU) Merger: A Done Deal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 19th August, <a href="https://www.smartkarma.com/entities/mystate-ltd" target="_blank" data-smartkarma-citation="entities:7370:1" rel="noopener">MyState Ltd (MYS AU)</a>, Tassie's largest bank, entered into a merger agreement by way of a Scheme with Queensland-based <a href="https://www.smartkarma.com/entities/wide-bay-australia-ltd" target="_blank" data-smartkarma-citation="entities:18747:1" rel="noopener">Auswide Bank (ABA AU)</a>.</li>
<li>MyState will issue 1.112 new shares for every share held by Auswide shareholders, with MyState/Auswide investors holding 65.9%/34.1% ownership in the MergeCo.  </li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20241023/pdf/069g5vfmtptwtp.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting to be held on the 2nd December Expected implementation on the 18th December. The IE (Kroll) says fair &amp; reasonable.</li>
</ul>


On the 19th August, MyState Ltd (MYS AU), Tassie's largest bank, entered into a merger agreement by way of a Scheme with Queensland-based Auswide Bank (ABA AU).
MyState will issue 1.112 new shares for every share held by Auswide shareholders, with MyState/Auswide investors holding 65.9%/34.1% ownership in the MergeCo.  

The Scheme Booklet is now out, with a Scheme Meeting to be held on the 2nd December Expected implementation on the 18th December. The IE (Kroll) says fair &amp; reasonable.


Auswide Bank (ABA AU)/MyState Ltd (MYS AU): 2nd Dec Merger Vote

<ul>
<li>Back on the 19th August, <a href="https://www.smartkarma.com/entities/mystate-ltd" target="_blank" data-smartkarma-citation="entities:7370:1" rel="noopener">MyState Ltd (MYS AU)</a>, Tasmania’s biggest bank, <a href="https://announcements.asx.com.au/asxpdf/20240819/pdf/066rhk5tz7gyr8.pdf" target="_blank" rel="noopener">entered into a merger</a> agreement by way of a Scheme with Queensland-based <a href="https://www.smartkarma.com/entities/wide-bay-australia-ltd" target="_blank" data-smartkarma-citation="entities:18747:1" rel="noopener">Auswide Bank (ABA AU)</a>.</li>
<li>Under the terms, MyState will issue 1.112 new shares for every share held by Auswide shareholders, with MyState/Auswide investors holding 65.9%/34.1% ownership in the combined group.</li>
<li>This is done and is expected to be wrapped up in December. Today is the last day of trading for Auswide cum-FY24 final dividend. </li>
</ul>


Back on the 19th August, MyState Ltd (MYS AU), Tasmania’s biggest bank, entered into a merger agreement by way of a Scheme with Queensland-based Auswide Bank (ABA AU).
Under the terms, MyState will issue 1.112 new shares for every share held by Auswide shareholders, with MyState/Auswide investors holding 65.9%/34.1% ownership in the combined group.
This is done and is expected to be wrapped up in December. Today is the last day of trading for Auswide cum-FY24 final dividend. 


MyState (MYS AU)/Auswide (ABA AU): Consolidation Warranted

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>, <a href="https://www.smartkarma.com/entities/trancom-co-ltd" target="_blank" data-smartkarma-citation="entities:13043:1" rel="noopener">Trancom Co Ltd (9058 JP)</a>, <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia Corp (3738 JP)</a>, <a href="https://www.smartkarma.com/entities/wide-bay-australia-ltd" target="_blank" data-smartkarma-citation="entities:18747:1" rel="noopener">Auswide Bank (ABA AU)</a>, <a href="https://www.smartkarma.com/entities/raysum-co-ltd" target="_blank" data-smartkarma-citation="entities:6084:1" rel="noopener">Raysum Co Ltd (8890 JP)</a>, <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Seven &amp; I Holdings (3382 JP), Shanghai Henlius Biotech (2696 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK), Shinko Electric Industries (6967 JP). 

Lowest spreads: Silverlake Axis (SILV SP), Trancom Co Ltd (9058 JP), T Gaia Corp (3738 JP), Auswide Bank (ABA AU), Raysum Co Ltd (8890 JP), Descente Ltd (8114 JP). 


Merger Arb Mondays (28 Oct) - Henlius, Canvest, CPMC, Seven & I, Shinko, Capitol, Auswide

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a>'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.</li>
<li>Murakami-San is up to 23.5% of voting rights in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. He would probably need 30% to be able to threaten a board spill.</li>
</ul>



Seven &amp; I (3382 JP)'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.

ESR (1821 HK) is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.
Murakami-San is up to 23.5% of voting rights in Exedy Corp (7278 JP). He would probably need 30% to be able to threaten a board spill.


Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

Australia

Auswide Bank Ltd provides banking and financial services. The Bank offers home loans and mortgages, investment opportunities, electronic banking, insurance, credit cards, financial advisory, term deposits, business support, and foreign exchange services. Auswide Bank serves customers in Australia.

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Auswide Bank (ABA AU)