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

Golden Energy (GER SP): Revised Offer Is Still Not Good Enough

Golden Energy (GER SP): DSS Vote on 2 May; Appraiser Unconvincingly States that Offer Is Fair

Golden Energy (GER SP): Annual Report Data Points Further Underscore a Low-Balled Offer

Golden Energy (GER SP): Long-Stop Date Extended as the Offer Looks Increasingly Light

Golden Energy & Resources (GER SP)’s Lacking Offer from the Widjaja Family

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>’s update notes that the Widjaja family’s offer remains conditional on Indonesian regulatory, <a href="https://www.smartkarma.com/entities/dian-swastatika-sentosa-tbk" target="_blank" data-smartkarma-citation="entities:15281:1" rel="noopener">Dian Swastatika Sentosa (DSSA IJ)</a> shareholder and SGX circular approval.</li>
<li>There are four issues - an unattractive distribution cash alternative, a decline in <a href="https://www.smartkarma.com/entities/golden-energy-mines-tbk-pt" target="_blank" data-smartkarma-citation="entities:16150:1" rel="noopener">Golden Energy Mines (GEMS IJ)</a> shares, unfavourable FX and an increase in <a href="https://www.smartkarma.com/entities/stanmore-coal-ltd" target="_blank" data-smartkarma-citation="entities:15252:1" rel="noopener">Stanmore Coal (SMR AU)</a> shares.  </li>
<li>The offer remains light. A “fair” delisting price is around S$0.40 (vs S$0.16 current delisting price) and would imply an all-cash offer of S$1.074, 19% above the last close.</li>
</ul>



Golden Energy &amp; Resources (GER SP)’s update notes that the Widjaja family’s offer remains conditional on Indonesian regulatory, Dian Swastatika Sentosa (DSSA IJ) shareholder and SGX circular approval.
There are four issues - an unattractive distribution cash alternative, a decline in Golden Energy Mines (GEMS IJ) shares, unfavourable FX and an increase in Stanmore Coal (SMR AU) shares.  
The offer remains light. A “fair” delisting price is around S$0.40 (vs S$0.16 current delisting price) and would imply an all-cash offer of S$1.074, 19% above the last close.


Golden Energy (GER SP): The Disconnect Between the Offer and Underlying Assets