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/i-t-ltd" target="_blank" data-smartkarma-citation="entities:2795:1" rel="noopener">I.T Ltd (999 HK)</a> is principally engaged in the design, sourcing and sales of fashion wears and accessories. On Sunday, I.T announced a pre-conditional privatisation offer from Brooklyn Investment Limited, which is owned by Founder group (50.65%) and CVC (49.35%). The joint offerors will offer HK$3.00 in cash per non-founder scheme share, a premium of 54.6% to the last trading price of HK$1.94 per share (30 November prior to the trading halt). </p><div class="content-highlight"><p>The pre-condition is regulatory approval from SAMR. The key conditions precedents are the headcount test and the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). While the offer price is not a knockout bid particularly for long-term shareholders, I.T's uncertain future (due to short-term challenging market conditions and long-term structural challenges) and a reasonable offer make it likely that the privatisation succeeds. </p></div>

I.T Ltd (999 HK) is principally engaged in the design, sourcing and sales of fashion wears and accessories. On Sunday, I.T announced a pre-conditional privatisation offer from Brooklyn Investment Limited, which is owned by Founder group (50.65%) and CVC (49.35%). The joint offerors will offer HK$3.00 in cash per non-founder scheme share, a premium of 54.6% to the last trading price of HK$1.94 per share (30 November prior to the trading halt). The pre-condition is regulatory approval from SAMR. The key conditions precedents are the headcount test and the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). While the offer price is not a knockout bid particularly for long-term shareholders, I.T's uncertain future (due to short-term challenging market conditions and long-term structural challenges) and a reasonable offer make it likely that the privatisation succeeds. 

I.T’s Limited’s Privatisation Bid from a CVC-Led Consortium