Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 10th May, Aussie lithium miner <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a> inked a $US10bn+ "merger of equals" with <a href="https://www.smartkarma.com/entities/livent-corp" target="_blank" data-smartkarma-citation="entities:27434:1" rel="noopener">Livent (LTHM US)</a>, ostensibly forming the world's fifth largest lithium producer.</li>
<li>Allkem's Scheme Meeting is the 19 December, with implementation expected on the 4 January. The IE is supportive and Allkem's board unanimously recommends the transaction. </li>
<li>This looks done. Buy Livent. And get borrow on Livent to be able to short it into the inclusion or in the days following. </li>
</ul>


On the 10th May, Aussie lithium miner Allkem Ltd (AKE AU) inked a $US10bn+ "merger of equals" with Livent (LTHM US), ostensibly forming the world's fifth largest lithium producer.
Allkem's Scheme Meeting is the 19 December, with implementation expected on the 4 January. The IE is supportive and Allkem's board unanimously recommends the transaction. 
This looks done. Buy Livent. And get borrow on Livent to be able to short it into the inclusion or in the days following. 


Allkem/​Livent Merger: 19th December Shareholder Vote

Travis Lundy

<ul>
<li>The Allkem/Livent "merger of equals" discussed in <a href="https://www.smartkarma.com/insights/allkem-livent-ake-au-lthm-us-merger-of-lithium-equals-has-index-surprises" target="_blank" data-smartkarma-citation="insights:101879" rel="noopener">Allkem/Livent (AKE AU | LTHM US) Merger Of Lithium Equals Has Index Surprises</a> and <a href="https://www.smartkarma.com/insights/allkem-livent-enlarged-charging-unit" target="_blank" data-smartkarma-citation="insights:101914" rel="noopener">Allkem/​Livent: Enlarged Charging Unit</a> is on track.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20230928/pdf/05vdp2j4k6sqn9.pdf" target="_blank" rel="noopener">As of the end of last month</a>, all approvals are received or are expected to be received. The Scheme Booklet is expected next month. Deal is expected to close end-CY2023.</li>
<li>The deal STILL has interesting side issues with index. Even more interesting than Newcrest/Newmont. This is an update with more detail as we probably have 8-10 weeks left.</li>
</ul>


The Allkem/Livent "merger of equals" discussed in Allkem/Livent (AKE AU | LTHM US) Merger Of Lithium Equals Has Index Surprises and Allkem/​Livent: Enlarged Charging Unit is on track.

As of the end of last month, all approvals are received or are expected to be received. The Scheme Booklet is expected next month. Deal is expected to close end-CY2023.
The deal STILL has interesting side issues with index. Even more interesting than Newcrest/Newmont. This is an update with more detail as we probably have 8-10 weeks left.


Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye

<ul>
<li>I tally 43 - 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>Two new deals this week: <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/itochu-techno-solutions-corp" target="_blank" data-smartkarma-citation="entities:2431:1" rel="noopener">Itochu Techno Solutions (4739 JP)</a>, and the <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a> / <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> merger.</li>
<li>Key updates took place for<a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>, <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a>, and <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a> 
</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Itochu Corp (8001 JP)'s Tender Offer for Itochu Techno Solutions (4739 JP), and the Superloop Ltd (SLC AU) / Symbio Holdings (SYM AU) merger.
Key updates took place forDali Foods Group (3799 HK), Allkem Ltd (AKE AU), and Oishi Group PCL (OISHI TB) 



(Mostly) Asia-Pac Weekly Risk Arb Wrap: Itochu Techno, Superloop/Symbio, Dali Foods, Allkem, Oishi

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 3 inclusions for the MVIS Global Rare Earth/Strategic Metals Index at the June rebalance. Plus there are free float and capping changes.</li>
<li>One way turnover is estimated at 10.6% and will result in a one-way trade of US$66m. There are a few stocks with over 0.5 days of ADV to trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/yunnan-chihong-zinc-germanium-co-ltd" target="_blank" data-smartkarma-citation="entities:1779:1" rel="noopener">Yunnan Chihong Zinc&amp;Germanium Co, Ltd. (600497 CH)</a> was not added to the index while <a href="https://www.smartkarma.com/entities/ioneer-ltd" target="_blank" data-smartkarma-citation="entities:10264:1" rel="noopener">ioneer Ltd (INR AU)</a> has avoided deletion in June.</li>
</ul>


There are 3 inclusions for the MVIS Global Rare Earth/Strategic Metals Index at the June rebalance. Plus there are free float and capping changes.
One way turnover is estimated at 10.6% and will result in a one-way trade of US$66m. There are a few stocks with over 0.5 days of ADV to trade.

Yunnan Chihong Zinc&amp;Germanium Co, Ltd. (600497 CH) was not added to the index while ioneer Ltd (INR AU) has avoided deletion in June.


MVIS Global Rare Earth/​​​​Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

<ul>
<li>There are 39 - 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 deals were discussed on Smartkarma this past week: the <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem (AKE AU)</a>/<a href="https://www.smartkarma.com/entities/livent-corp" target="_blank" data-smartkarma-citation="entities:27434:1" rel="noopener">Livent (LTHM US)</a>'s merger; <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Yitai Coal (3948 HK)</a>'s H-share buyback; <a href="https://www.smartkarma.com/entities/arteria-networks-corp" target="_blank" data-smartkarma-citation="entities:27807:1" rel="noopener"> Networks Corp (4423 JP)</a>'s tender offer. </li>
<li>Key updates took place for<a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">AAG Energy Holdings (2686 HK)</a>, and <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>.</li>
</ul>


There are 39 - 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 deals were discussed on Smartkarma this past week: the Allkem (AKE AU)/Livent (LTHM US)'s merger; Yitai Coal (3948 HK)'s H-share buyback;  Networks Corp (4423 JP)'s tender offer. 
Key updates took place forSt Barbara Ltd (SBM AU), AAG Energy Holdings (2686 HK), and Toshiba Corp (6502 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Allkem/Livent, Yitai Coal, ARTERIA, St Barbara, AAG Energy

Australia

Allkem Limited operates as a specialty lithium chemicals company. The Company's portfolio includes lithium brine and borax operations in Argentina, a hard-rock lithium operation in Australia and a lithium hydroxide conversion facility in Japan.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Allkem Ltd (AKE AU)

Allkem/Livent Merger: 19th December Shareholder Vote

This looks done. Buy Livent (LTHM US). And get borrow on Livent to be able to short it into the inclusion or in days following.

David Blennerhassett

Allkem/Livent (AKE AU | LTHM US) Merger Update: MUCH More Than Meets The Eye

The Allkem/Livent merger progressing as planned, with all approvals received already or expected to be received by close. Scheme Docs next month....

Travis Lundy

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Itochu Techno, Superloop/Symbio, Dali Foods, Allkem, Oishi

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

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

There are 3 additions, float & capping changes for REMX in June. One way turnover is estimated at 10.6% resulting in a one-way trade of US$66m....

Brian Freitas

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Allkem/Livent, Yitai Coal, ARTERIA, St Barbara, AAG Energy

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

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Allkem/​Livent Merger: 19th December Shareholder Vote

This looks done. Buy Livent (LTHM US). And get borrow on Livent to be able to short it into the inclusion or in days following.

David Blennerhassett

Allkem/Livent (AKE AU | LTHM US) Merger Update: MUCH More Than Meets The Eye

​The Allkem/Livent merger progressing as planned, with all approvals received already or expected to be received by close. Scheme Docs next month....

Travis Lundy

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Itochu Techno, Superloop/Symbio, Dali Foods, Allkem, Oishi

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

MVIS Global Rare Earth/​​​​Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes

There are 3 additions, float & capping changes for REMX in June. One way turnover is estimated at 10.6% resulting in a one-way trade of US$66m....

Brian Freitas

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Allkem/Livent, Yitai Coal, ARTERIA, St Barbara, AAG Energy

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

Allkem/Livent Merger: 19th December Shareholder Vote

The Allkem/Livent merger progressing as planned, with all approvals received already or expected to be received by close. Scheme Docs next month....

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Three Adds; Float & Capping Changes