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

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

<p><a href="https://www.smartkarma.com/entities/elec-eltek-int-co-ltd" target="_blank" data-smartkarma-citation="entities:2835:1" rel="noopener">Elec &amp; Eltek Int (ELEC SP)</a> designs, develops, manufactures and distributes multi-layered printed circuit boards. On 3 April, it announced a voluntary conditional cash offer of HK$18.07 ($2.33) cash per offer share from <a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a>, the controlling shareholder with a 73.63% stake. </p><div class="content-highlight"><p>The offer is conditional on the offeror receiving valid acceptances which trigger compulsory acquisition rights in both HK and Singapore. While the high acceptance threshold is a risk, our analysis suggests that the offer price is attractive for minorities. On balance, we think that Kingboard has a good chance to succeed with its latest privatisation effort. </p></div>

Elec &amp; Eltek Int (ELEC SP) designs, develops, manufactures and distributes multi-layered printed circuit boards. On 3 April, it announced a voluntary conditional cash offer of HK$18.07 ($2.33) cash per offer share from Kingboard Holdings (148 HK), the controlling shareholder with a 73.63% stake. The offer is conditional on the offeror receiving valid acceptances which trigger compulsory acquisition rights in both HK and Singapore. While the high acceptance threshold is a risk, our analysis suggests that the offer price is attractive for minorities. On balance, we think that Kingboard has a good chance to succeed with its latest privatisation effort. 

Elec & Eltek Privatisation’s High Acceptance Threshold