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

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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 HK)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</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>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, Taisho. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - Eoflow (294090 KS), 111 Inc (YI US), Irc Ltd (1029 HK), Orecorp Ltd (ORR AU), Healius (HLS AU), Hollysys Automation Technologies (HOLI US), Origin Energy (ORG AU).

Lowest spreads - Azure Minerals (AZS AU), Tietto Minerals Ltd (TIE AU), Toyo Construction (1890 JP), T&amp;K Toka Co Ltd (4636 JP), Pact Group Holdings (PGH AU), Taisho. 


Merger Arb Mondays (4 Dec) - Origin, OreCorp, Healius, CIMC Vehicles, T&K Toka, Eoflow, Hollysys

Hollysys Automation Technologies / Event-Driven

<ul>
<li>I tally 42 - 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 discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/glosel-co-ltd" target="_blank" data-smartkarma-citation="entities:18515:1" rel="noopener">Glosel (9995 JP)</a>'s Tender Offer; and the indicative Offer for <a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a>'s H-shares. </li>
<li>Key updates on: <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, and <a href="https://www.smartkarma.com/entities/lansen-pharmaceutical-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:10835:1" rel="noopener">Lansen Pharmaceutical Holdings Co, Ltd. (503 HK)</a> </li>
</ul>


I tally 42 - 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 discussed on Smartkarma this week: Glosel (9995 JP)'s Tender Offer; and the indicative Offer for CIMC Vehicle Group Co Ltd (1839 HK)'s H-shares. 
Key updates on: Orecorp Ltd (ORR AU), Tietto Minerals Ltd (TIE AU), and Lansen Pharmaceutical Holdings Co, Ltd. (503 HK) 


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical

<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

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

Merger Arb Mondays (4 Dec) - Origin, OreCorp, Healius, CIMC Vehicles, T&K Toka, Eoflow, Hollysys

This week, the highest gross spreads are Eoflow (215.5%), 111 (93.7%), IRC (22.9%), OreCorp (20.8%), Healius (18.7%), Hollysys (15.5%), Origin...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical

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

(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

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

Merger Arb Mondays (4 Dec) - Origin, OreCorp, Healius, CIMC Vehicles, T&K Toka, Eoflow, Hollysys

This week, the highest gross spreads are Eoflow (215.5%), 111 (93.7%), IRC (22.9%), OreCorp (20.8%), Healius (18.7%), Hollysys (15.5%), Origin...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical

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

(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

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....