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 (07 Aug) - Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

Merger Arb Mondays (08 Aug) - Yashili, Lifestyle, Link, Infomedia, Ramsay, ResApp, Alliance Aviation

Merger Arb Mondays (15 Aug) - Lifestyle Intl, EVOC, Giordano, Yashili, Alliance Aviation, ResApp

ResApp’s Confirmatory Study Fails, Resulting in Pfizer’s Lower A$0.146 Offer

ResApp Draws a Revised Binding Offer from Pfizer

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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/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> upped its <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a> offer from A$0.146 per share to A$0.208 per share, in line with the independent expert’s preferred value of A$0.208 per share.</li>
<li>The NO vote camp from defiant retail shareholders forced Pfizer to up its offer. Unfortunately, a vocal NO camp is still present despite Pfizer’s revised higher offer.</li>
<li>At the last close, the gross spread is 9.5%. The risk/reward profile is unfavourable as ResApp is a highly-held retail stock, posing a headcount test risk to the scheme.  </li>
</ul>



Pfizer Inc (PFE US) upped its Resapp Health (RAP AU) offer from A$0.146 per share to A$0.208 per share, in line with the independent expert’s preferred value of A$0.208 per share.
The NO vote camp from defiant retail shareholders forced Pfizer to up its offer. Unfortunately, a vocal NO camp is still present despite Pfizer’s revised higher offer.
At the last close, the gross spread is 9.5%. The risk/reward profile is unfavourable as ResApp is a highly-held retail stock, posing a headcount test risk to the scheme.  


ResApp’s Revised Offer from Pfizer Still Faces Headcount Test Risk