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

PNM Resources - Iberdrola: Friendly Acquisition

PNM Resources - Iberdrola, Work-In-Progress, Attractive Spread

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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

<p><a href="https://www.smartkarma.com/entities/infigen-energy" target="_blank" data-smartkarma-citation="entities:12391:1" rel="noopener">Infigen Energy (IFN AU)</a> generates and sources renewable energy, increases the value of intermittent renewables by firming, and provides customers with clean and competitively priced energy solutions. Its shares rose 36% to A$0.81 on Wednesday on the back of an off-market takeover offer by UAC Energy. UAC Energy will offer A$0.80 cash per stapled security with no minimum acceptance condition. UAC Energy has a 12.82% aggregate interest in Infigen through beneficial ownership of 9.90% and 2.92% via a total return swap (TRS).</p><div class="content-highlight"><p>Infigen’s shares closed marginally higher than the takeover offer which suggests an expectation of a competing bid. There is a risk that UAC Energy’s takeover bid does not fulfil the conditions precedent such as FIRB approval. On balance, while we believe that the takeover price is attractive there is a possibility that today’s development would force out counter-bids at a healthy premium to UAC Energy’s offer. </p></div>

Infigen Energy (IFN AU) generates and sources renewable energy, increases the value of intermittent renewables by firming, and provides customers with clean and competitively priced energy solutions. Its shares rose 36% to A$0.81 on Wednesday on the back of an off-market takeover offer by UAC Energy. UAC Energy will offer A$0.80 cash per stapled security with no minimum acceptance condition. UAC Energy has a 12.82% aggregate interest in Infigen through beneficial ownership of 9.90% and 2.92% via a total return swap (TRS).Infigen’s shares closed marginally higher than the takeover offer which suggests an expectation of a competing bid. There is a risk that UAC Energy’s takeover bid does not fulfil the conditions precedent such as FIRB approval. On balance, while we believe that the takeover price is attractive there is a possibility that today’s development would force out counter-bids at a healthy premium to UAC Energy’s offer. 

China Datang Corp Renewable Power (1798 HK)

Infigen Energy’s Off-Market Takeover Offer