Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 41 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three news deals this week: <a href="https://www.smartkarma.com/entities/kintetsu-world-express-inc" target="_blank" data-smartkarma-citation="entities:11710:1" rel="noopener">Kintetsu World Express (9375 JP)</a>'s Tender Offer, Woolies tilt for <a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener">MyDeal.com (MYD AU)</a><a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener"></a>, <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a>'s MBO, &amp; KKR's bid for <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito (6409 JP)</a>
</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> &amp;<a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> 
</li>
</ul>


There are 41 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three news deals this week: Kintetsu World Express (9375 JP)'s Tender Offer, Woolies tilt for MyDeal.com (MYD AU), Hwa Hong (HWAH SP)'s MBO, &amp; KKR's bid for Kito (6409 JP)

Key updates took place for: Virtus Health (VRT AU) &amp;Irongate Group (IAP AU) 



Asia-Pac Weekly Risk Arb Wrap: Kinetsu World, Hwa Hong, MyDeal, Kito, Virtus Health, Irongate, HKBN

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> / <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data (9613 JP)</a> transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain. </li>
<li>Both <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> and Dye &amp; Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect - before a price recovery to close the week.</li>
<li>MCB says the <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> de-merger plan is bad, and now analysts say it is "underwhelming." Duh.  But the alternative? Underwhelming too, but less independent.</li>
</ul>


The NTT (9432 JP) / NTT Data (9613 JP) transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain. 
Both Link Administration (LNK AU) and Dye &amp; Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect - before a price recovery to close the week.
MCB says the AGL Energy Ltd (AGL AU) de-merger plan is bad, and now analysts say it is "underwhelming." Duh.  But the alternative? Underwhelming too, but less independent.


Last Week in Event SPACE:  NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

<ul>
<li>There are 37 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three news deals this week: <a href="https://www.smartkarma.com/entities/mindtree-ltd" target="_blank" data-smartkarma-citation="entities:7297:1" rel="noopener">Mindtree Ltd (MTCL IN)</a>/ <a href="https://www.smartkarma.com/entities/larsen-toubro-infotech-ltd" target="_blank" data-smartkarma-citation="entities:22778:1" rel="noopener">Larsen &amp; Toubro Infotech (LTI IN)</a>'s  merger, <a href="https://www.smartkarma.com/entities/comany-inc" target="_blank" data-smartkarma-citation="entities:15602:1" rel="noopener">Comany Inc (7945 JP)</a> 's MBO, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385" rel="noopener">Infomedia Ltd (IFM AU)</a>'s proposal from TA/Viburnum Funds.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> &amp; <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a>.</li>
</ul>


There are 37 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three news deals this week: Mindtree Ltd (MTCL IN)/ Larsen &amp; Toubro Infotech (LTI IN)'s  merger, Comany Inc (7945 JP) 's MBO, Infomedia Ltd (IFM AU)'s proposal from TA/Viburnum Funds.
Key updates took place for: AGL Energy Ltd (AGL AU), Link Administration Holdings (LNK AU), Virtus Health (VRT AU), Link Net (LINK IJ) &amp; Beijing Enterprises Urban Resources (3718 HK).


Asia-Pac Weekly Risk Arb Wrap: Mindtree/Larsen, AGL, Link Admin, Link Net, Comany, Infomedia

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02358644-2A1289840?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a de-merger of its power distribution and power generation segments on 30 March 2021 after a 1H21 results comment saying "conflicting dynamics necessitated a review."</li>
<li>So for a year, AGL prepared its de-merger and talked about it every quarter. 11.5 months later, MCB/Brookfield put a lowball bid on the table. Then upped it. Both rejected.</li>
<li>MCB says the de-merger plan is bad, and some analysts now say it is "underwhelming." Duh. Not much has changed in 12mos. But the alternative? Underwhelming too, but less independent.</li>
</ul>



AGL Energy Ltd (AGL AU) announced a de-merger of its power distribution and power generation segments on 30 March 2021 after a 1H21 results comment saying "conflicting dynamics necessitated a review."
So for a year, AGL prepared its de-merger and talked about it every quarter. 11.5 months later, MCB/Brookfield put a lowball bid on the table. Then upped it. Both rejected.
MCB says the de-merger plan is bad, and some analysts now say it is "underwhelming." Duh. Not much has changed in 12mos. But the alternative? Underwhelming too, but less independent.


MCB May Block the AGL De-Merger, But Think About the Alternative

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.

<ul>
<li>The IFA supported the demerger by stating that “in the absence of a fully priced takeover offer from a third party, the demerger is the most attractive course of action.”</li>
<li>IFA concedes that “it is not possible to form a definitive view” if the demerger will generate higher shareholder returns. The report is light on qualitative analysis. </li>
<li>Mike Cannon-Brookes continues to gain retail support for a NO vote at <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a>'s 15 June scheme meeting. Our SoTP points to upside absent a demerger.</li>
</ul>


The IFA supported the demerger by stating that “in the absence of a fully priced takeover offer from a third party, the demerger is the most attractive course of action.”
IFA concedes that “it is not possible to form a definitive view” if the demerger will generate higher shareholder returns. The report is light on qualitative analysis. 
Mike Cannon-Brookes continues to gain retail support for a NO vote at AGL Energy Ltd (AGL AU)'s 15 June scheme meeting. Our SoTP points to upside absent a demerger.


AGL Energy’s Demerger Booklet Provides an Underwhelming Justification

Australia

AGL Energy Limited sells and distributes gas and electricity. The Company retails and wholesales energy and fuel products to customers throughout Australia.

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AGL Energy Ltd (AGL AU)

Asia-Pac Weekly Risk Arb Wrap: Kinetsu World, Hwa Hong, MyDeal, Kito, Virtus Health, Irongate, HKBN

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

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: Mindtree/Larsen, AGL, Link Admin, Link Net, Comany, Infomedia

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

MCB May Block the AGL De-Merger, But Think About the Alternative

Some call the AGL De-merger plan "underwhelming". MCB calls it a disaster. So far the only alternative is to saddle the existing combo with more...

Travis Lundy

AGL Energy’s Demerger Booklet Provides an Underwhelming Justification

While the IFA supports the demerger, the report is light on qualitative analysis. Mike Cannon-Brookes continues to gain retail support for a NO...

Arun George

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