Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
<li>Key updates/news took place on<a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos (STO AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay (SMP AU)</a>, <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts (113 HK)</a>, and <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank-ltd" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a><a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank-ltd" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener"></a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Humm Group (HUM AU) and VIOL (335890 KS).
Key updates/news took place onSantos (STO AU), PointsBet (PBH AU), New World Resources (NWC AU), SmartPay (SMP AU), Dickson Concepts (113 HK), and SBI Sumishin Net Bank (7163 JP).


(Mostly) Asia-Pac M&A: Santos, PointsBet, New World Resources, SmartPay, SBI Sumishin Net Bank, Humm

<ul>
<li>In December 2021, buy-now, pay-later outfit <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">humm (HUM AU)</a> announced approaches from third parties to acquire all/part of the company. This was discussed in<a href="https://skr.ma/CkbrE" target="_blank" rel="noopener"> BNPL Play Hummgroup Fields Proposals</a>. </li>
<li>Six months later, a proposed sale of Humm Consumer Finance business to <a href="https://www.smartkarma.com/entities/latitude-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26740:1" rel="noopener">Latitude (LFS AU)</a> was terminated, before the scheduled vote, due to opposition from founder/chairman Andrew Abercrombie. </li>
<li>Now the Abercrombie Group (TAG), the family office of Andrew Abercrombie, has tabled a A$0.58/share non-binding Offer, in cash, by way of a Scheme. Abercrombie hold 26.6%.</li>
</ul>


In December 2021, buy-now, pay-later outfit humm (HUM AU) announced approaches from third parties to acquire all/part of the company. This was discussed in BNPL Play Hummgroup Fields Proposals. 
Six months later, a proposed sale of Humm Consumer Finance business to Latitude (LFS AU) was terminated, before the scheduled vote, due to opposition from founder/chairman Andrew Abercrombie. 
Now the Abercrombie Group (TAG), the family office of Andrew Abercrombie, has tabled a A$0.58/share non-binding Offer, in cash, by way of a Scheme. Abercrombie hold 26.6%.


<ul>
<li>Back on the 29th April, <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>'s Chairman, Dickson Poon (&amp; relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.</li>
<li>The family offered HK$7.20/share (best &amp; final). That compared to DC's net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.</li>
<li>
The Scheme Document's now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0624/2025062400702.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says "fair &amp; reasonable". It is not.</li>
</ul>


Back on the 29th April, Dickson Concepts Intl (113 HK)'s Chairman, Dickson Poon (&amp; relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.
The family offered HK$7.20/share (best &amp; final). That compared to DC's net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.

The Scheme Document's now out, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says "fair &amp; reasonable". It is not.


Dickson Concept (113 HK): 18th July Vote On Poon's Low-Balled Offer

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.</li>
<li>We expect one change for ASX 50, three changes for ASX 100, and four changes for ASX 200. Separately we see 9 ADDs and 7 DELs for ASX 300.</li>
<li>The official index changes will be announced after the close on Friday 5th September 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.
We expect one change for ASX 50, three changes for ASX 100, and four changes for ASX 200. Separately we see 9 ADDs and 7 DELs for ASX 300.
The official index changes will be announced after the close on Friday 5th September 2025.


Quiddity Leaderboard ASX Sep25: Spartan-Ramelius Deal Consequences + Many High-Impact Index Changes

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

Australia

Adriatic Metals PLC focuses on mineral exploration of resources. The Company explores and develops cut zinc, lead, barite, and silver mine projects. Adriatic Metals operates in the United Kingdom.

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Adriatic Metals PLC (ADT AU)

(Mostly) Asia-Pac M&A: Santos, PointsBet, New World Resources, SmartPay, SBI Sumishin Net Bank, Humm

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Humm Group (HUM AU): Chairman's NBIO

humm is engaged. Yet terms remain indicative. If small, illiquid arbs are your thing, I might pay up to A$0.54/share, assuming payment around the...

David Blennerhassett

Dickson Concept (113 HK): 18th July Vote On Poon's Low-Balled Offer

This is a consistently profitable company being taken out below its net cash + financial assets. If illiquid arbs are your bag, and you're...

David Blennerhassett

Quiddity Leaderboard ASX Sep25: Spartan-Ramelius Deal Consequences + Many High-Impact Index Changes

The expected ADDs have strong positive momentum against the expected DELs. Since most names have decent flow impact, the outperformance could...

Janaghan Jeyakumar, CFA

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

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