In today’s briefing:
- MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners
- Samsonite (1910 HK): Dual-Listing Musings
- SillaJen Rights Offering Worth 34% of Outstanding Shares
- MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners
- Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way
- Quiddity Leaderboard T50/100 Jun 24: TDIV Deletion Likely for Bizlink and Farglory Land
- Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report
MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners
- Marine and subsea services provider MMA Offshore (MRM AU) has entered into a Scheme with Singapore’s Cyan Renewables.
- Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP.
- MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July.
Samsonite (1910 HK): Dual-Listing Musings
- It seems like every week, Bloomberg reports a HK-listed company weighing privatisation options. HKBN (1310 HK), ESR (1821 HK), and Samsonite (1910 HK) have all been rumoured of late.
- Last Friday, Samsonite announced it was focused on pursuing the listing of its shares on a second exchange.
- No preferred exchange was mentioned. Nor whether the goal is to secure a dual primary listing, or a secondary listing. A buyout, for now, appears to be on the backburner.
SillaJen Rights Offering Worth 34% of Outstanding Shares
- On 22 March, SillaJen Inc (215600 KS) announced that it will conduct a rights offering worth about 129 billion won for R&D and financials improvement.
- The rights offering size is 34.5 million shares, representing 34% of total outstanding shares. The expected rights offering price is 3,750 won which is 26% lower than current price.
- We would not subscribe to this rights offering and we remain negative on the company.
MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners
- Mma Offshore (MRM AU) has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).
- While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not.
- The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.
Quiddity Leaderboard TDIV Jun 24: 5 Changes; US$1.2bn One-Way
- In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
- I currently see 5 ADDs and 5 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
- The estimate for one-way flow in June 2024 is US$1.22bn.
Quiddity Leaderboard T50/100 Jun 24: TDIV Deletion Likely for Bizlink and Farglory Land
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2024 index rebal event.
- I do not see any changes for the T50 index but there could be at least four changes for the T100 index based on current data.
- If prices fluctuate significantly between now and the base date, there could be more changes.
Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report
- In its 19th March Target Statement, Boral (BLD AU) rejected Seven Group Holdings (SVW AU) cash/scrip Offer after the independent expert (IE) concluded the Offer was neither fair nor reasonable.
- In its updated Bidder’s Statement, Seven slammed the IE report and its conclusions, calling the Target Statement “unbalanced, selective and risks fundamentally misleading Boral minority shareholders“.
- Of interest: the IE’s maximum value for Seven’s Offer is just 1.7% below its fair valuation range. Including a control premium. Yet Seven obtained control of Boral in July 2021.
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