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

Cocoaland’s RM1.50 Per Share Privatisation Offer from Fraser & Neave

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The independent advisor considers <a href="https://www.smartkarma.com/entities/fraser-neave-holdings-bhd" target="_blank" data-smartkarma-citation="entities:7742:1" rel="noopener">Fraser &amp; Neave Holdings (FNH MK)</a>'s RM1.50 offer for <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a> fair as it falls within its valuation range of RM1.21-1.66 per share.</li>
<li>The key conditions are the headcount test and &lt;10% rejection from all disinterested shareholders. The shareholder with a blocking stake has provided an irrevocable. </li>
<li>We continue to think that offer is attractive. At the last close and for the end of October payment date, the gross and annualised spread is 1.4% and 4.8%, respectively.</li>
</ul>


The independent advisor considers Fraser &amp; Neave Holdings (FNH MK)'s RM1.50 offer for Cocoaland Holdings (COLA MK) fair as it falls within its valuation range of RM1.21-1.66 per share.
The key conditions are the headcount test and &lt;10% rejection from all disinterested shareholders. The shareholder with a blocking stake has provided an irrevocable. 
We continue to think that offer is attractive. At the last close and for the end of October payment date, the gross and annualised spread is 1.4% and 4.8%, respectively.


Cocoaland’s Court Meeting on 18 August, IA’s Opinion