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

Weekly Deals Digest (21 May) - Yuexiu, Horizon Construction, Newcrest, InvoCare, Golden Energy

Penguin International (PBS SP): Dymon Asia & Co Return with an S$0.82 Unconditional Offer

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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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a> disclosed a revised and final voluntary unconditional offer from Dymon Asia, Executive Chairman and Managing Director at S$0.83, a 16.9% premium to the undisturbed price. </li>
<li>Unlike the previous offer, the final offer will not be reduced for the FY22 dividend. The final offer price is attractive and represents a 10-year share price high. </li>
<li>An attractive offer makes it also likely that the offeror hits the 90% compulsory acquisition threshold, which requires a minority acceptance rate of around 44%.</li>
</ul>



Penguin International (PBS SP) disclosed a revised and final voluntary unconditional offer from Dymon Asia, Executive Chairman and Managing Director at S$0.83, a 16.9% premium to the undisturbed price. 
Unlike the previous offer, the final offer will not be reduced for the FY22 dividend. The final offer price is attractive and represents a 10-year share price high. 
An attractive offer makes it also likely that the offeror hits the 90% compulsory acquisition threshold, which requires a minority acceptance rate of around 44%.


Atlantic Navigation Holdings (Sing) (ATL SP)

Penguin International (PBS SP): Dymon Asia’s Unconditional and Final Offer of S$0.83