IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Ardent Leisure’s EGM Related to Main Event Sale on 29 June; Unlock Value

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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

Coast Entertainment Holdings L / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ardent-leisure-group-ltd" target="_blank" data-smartkarma-citation="entities:29059:1" rel="noopener">Ardent Leisure Group Ltd (ALG AU)</a>'s shareholders have approved <a href="https://www.smartkarma.com/entities/dave-buster-s-entertainment-inc" target="_blank" data-smartkarma-citation="entities:19774:1" rel="noopener">Dave &amp; Buster'S Entertainment, Inc (PLAY US)</a> acquisition of Main Event business. Ardent will receive A$670.3 million.</li>
<li>Shareholders will receive a total return of A$0.95 through capital return (A$0.46) and unfranked special dividends (A$0.49) on 13 July. </li>
<li>Precedent transactions and peer multiples suggest that the remaining business is worth A$0.23-0.30, implying a 16%-21% upside to the last close. The remaining business would be attractive to private equity. </li>
</ul>



Ardent Leisure Group Ltd (ALG AU)'s shareholders have approved Dave &amp; Buster'S Entertainment, Inc (PLAY US) acquisition of Main Event business. Ardent will receive A$670.3 million.
Shareholders will receive a total return of A$0.95 through capital return (A$0.46) and unfranked special dividends (A$0.49) on 13 July. 
Precedent transactions and peer multiples suggest that the remaining business is worth A$0.23-0.30, implying a 16%-21% upside to the last close. The remaining business would be attractive to private equity. 


Dave & Buster'S Entertainment, Inc (PLAY US)

Ardent Leisure’s EGM Approves the Main Event Sale