IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> is set to launch it's up to US$600 million SET IPO. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>/<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>.   </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - I-Tail (ITC TB) is set to launch it's up to US$600 million SET IPO. 
Event-Driven developments - Toshiba Corp (6502 JP), Uzabase Inc (3966 JP), Golden Energy &amp; Resources (GER SP), Perpetual Ltd (PPT AU)/Pendal Group (PDL AU), Origin Energy (ORG AU).   


Weekly Deals Digest (13 Nov) - Toshiba, Uzabase, Origin Energy, Perpetual, Golden Energy, I-Tail

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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> has proposed in-specie-ing its holding 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>, subsequent to which the Widjaja family will undertake an Exit Offer.</li>
<li>Ex-GEMS, the family is Offering S$0.16/share. That's insulting. And the Offer was announced after GEAR's share price had fallen 26%.  The Exit Offer has been declared final.</li>
<li>GEAR's jewel is the stake in GEMS, and shareholders are afforded future exposure. However, the stub ops are worth considerably more than S$0.16/share. </li>
</ul>



Golden Energy &amp; Resources (GER SP) has proposed in-specie-ing its holding in Golden Energy Mines (GEMS IJ), subsequent to which the Widjaja family will undertake an Exit Offer.
Ex-GEMS, the family is Offering S$0.16/share. That's insulting. And the Offer was announced after GEAR's share price had fallen 26%.  The Exit Offer has been declared final.
GEAR's jewel is the stake in GEMS, and shareholders are afforded future exposure. However, the stub ops are worth considerably more than S$0.16/share. 


Golden Energy (GER SP): Widjaja Family's Low-Balled Offer

<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 proposal from the Widjaja family - The distribution proposal (1.3936 GEMS share per share or IDR5,500 per GEMS share) and the delisting proposal (S$0.160).</li>
<li>For minorities, the good news is that the distribution share ratio is in line with the control ratio and offers are at a premium to historical share prices/multiples. </li>
<li>The bad news is that the distribution cash alternative is unattractive and the delisting offer values GEAR at a discount to the <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> stake adjusted for debt.</li>
</ul>



Golden Energy &amp; Resources (GER SP)'s proposal from the Widjaja family - The distribution proposal (1.3936 GEMS share per share or IDR5,500 per GEMS share) and the delisting proposal (S$0.160).
For minorities, the good news is that the distribution share ratio is in line with the control ratio and offers are at a premium to historical share prices/multiples. 
The bad news is that the distribution cash alternative is unattractive and the delisting offer values GEAR at a discount to the Stanmore Coal (SMR AU) stake adjusted for debt.


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

<ul>
<li>There are 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new (possible) deals discussed this week: KKR's tilt for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo (ELO AU)</a>; Widjaja Family's move on <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>, Chu's bid for <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>
</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>, and <a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group (PTB AU)</a>.</li>
</ul>


There are 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new (possible) deals discussed this week: KKR's tilt for Elmo (ELO AU); Widjaja Family's move on Golden Energy &amp; Resources (GER SP), Chu's bid for Kingston Financial (1031 HK)

Key updates took place for Toshiba Corp (6502 JP), Pushpay Holdings (PPH NZ), True Corp Pcl (TRUE TB) / Total Access Communication (DTAC TB), and PTB Group (PTB AU).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Elmo Software; Golden Energy, Kingston Financial, Pushpay

<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>, an Indonesian/Australian energy/met coal play, may be subject to an acquisition from its controlling shoulder, the Widjaja Family.</li>
<li>GEAR reported 1H22 (to June) earnings of US$279mn, an 859% gain yoy, as contributions from the newly acquired stake in an Australian coal mine from <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a> kicked in.</li>
<li>The family is potentially betting on one to two more years of outsized cashflow as the world's coal habit remains healthy.</li>
</ul>



Golden Energy &amp; Resources (GER SP), an Indonesian/Australian energy/met coal play, may be subject to an acquisition from its controlling shoulder, the Widjaja Family.
GEAR reported 1H22 (to June) earnings of US$279mn, an 859% gain yoy, as contributions from the newly acquired stake in an Australian coal mine from BHP (BHP AU) kicked in.
The family is potentially betting on one to two more years of outsized cashflow as the world's coal habit remains healthy.


Golden Energy & Resources: Widjaja Family Betting Ridiculous Cashflow Continues

Singapore

Golden Energy and Resources Ltd. engages in the exploration, mining, marketing and trading of thermal coal. The Company 's coal mining concession areas cover South and Cental Kalimantan, as well as Jambi, Indonesia.

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Golden Energy & Resources (GER SP)

Weekly Deals Digest (13 Nov) - Toshiba, Uzabase, Origin Energy, Perpetual, Golden Energy, I-Tail

Last week, notable developments occurred in Event-Driven (Toshiba, Uzabase, Origin Energy, Perpetual, Pendal, Genex, Jinke, Golden Energy,...

Arun George

Golden Energy (GER SP): Widjaja Family's Low-Balled Offer

Trading at gross spread of 5.1% to the cash terms. I'd still look to enter around here. If, or should, coal prices roll over, you have a hard cash...

David Blennerhassett