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

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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

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<p><em><strong>Corrigenda: There is an error in this Insight. Please note the correction.</strong></em></p>
<p><em><strong>Correction: The illustrative issue price per Consideration Unit should read S$0.401, not S$0.4015.</strong></em></p>
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<p><a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a> announced the proposed merger with <a href="https://www.smartkarma.com/entities/sabana-shariah-compliant-reit" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Shari’ah Compliant REIT (SSREIT SP)</a> by way of a trust scheme of arrangement. Under the scheme consideration, each SSREIT unitholder will receive 94 new EREIT units for every 100 SSREIT units held. Based on the illustrative issue price of S$0.4015 per unit and the gross exchange ratio of 0.94x, the implied scheme consideration is S$0.377 per SSREIT unit, and the implied aggregate scheme consideration is S$396.9 million. </p>
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<p>Overall, we believe that the terms of the merger are fair. As the enlarged REIT creates upside potential from a larger diversified asset base, cost savings, organic growth initiatives and accretive acquisitions supported by the debt headroom, we believe that the merger is good for both sets of unitholders.</p>
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Corrigenda: There is an error in this Insight. Please note the correction.
Correction: The illustrative issue price per Consideration Unit should read S$0.401, not S$0.4015.


ESR-REIT (EREIT SP) announced the proposed merger with Sabana Shari’ah Compliant REIT (SSREIT SP) by way of a trust scheme of arrangement. Under the scheme consideration, each SSREIT unitholder will receive 94 new EREIT units for every 100 SSREIT units held. Based on the illustrative issue price of S$0.4015 per unit and the gross exchange ratio of 0.94x, the implied scheme consideration is S$0.377 per SSREIT unit, and the implied aggregate scheme consideration is S$396.9 million. 

Overall, we believe that the terms of the merger are fair. As the enlarged REIT creates upside potential from a larger diversified asset base, cost savings, organic growth initiatives and accretive acquisitions supported by the debt headroom, we believe that the merger is good for both sets of unitholders.


ESR-REIT's Sensible Merger with Sabana REIT

ESR-LOGOS REIT

ESR-REIT's Sensible Merger with Sabana REIT