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>The <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a> IE considers Datasite’s A$2.50 scheme offer fair and reasonable. However, the inter-conditional carve-out transaction is NOT fair but reasonable. </li>
<li>ACCC clearance (findings on 6 June) is a prerequisite for FIRB approval (scheme condition). As Datasite has a limited Australian presence, ACCC approval should be forthcoming. </li>
<li>The offer is attractive, with no vocal shareholder opposition. At the last close and for the 1 July payment, the gross/annualised spread was 2.5%/12.2%.</li>
</ul>


The Ansarada Group Ltd (AND AU) IE considers Datasite’s A$2.50 scheme offer fair and reasonable. However, the inter-conditional carve-out transaction is NOT fair but reasonable. 
ACCC clearance (findings on 6 June) is a prerequisite for FIRB approval (scheme condition). As Datasite has a limited Australian presence, ACCC approval should be forthcoming. 
The offer is attractive, with no vocal shareholder opposition. At the last close and for the 1 July payment, the gross/annualised spread was 2.5%/12.2%.


Ansarada (AND AU): Scheme Vote on 14 June

<ul>
<li>On 13 February, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a> entered a scheme implementation deed with Datasite. The offer price is A$2.50 per share, a 19.0% premium to the undisturbed price (12 February).</li>
<li>The offer requires FIRB approval along with shareholder approval of the inter-conditional scheme and carve-out transaction. </li>
<li>The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread is 2.5%/8.3%.</li>
</ul>


On 13 February, Ansarada Group Ltd (AND AU) entered a scheme implementation deed with Datasite. The offer price is A$2.50 per share, a 19.0% premium to the undisturbed price (12 February).
The offer requires FIRB approval along with shareholder approval of the inter-conditional scheme and carve-out transaction. 
The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread is 2.5%/8.3%.


Ansarada (AND AU): Datasite’s Binding A$2.50 Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Virtual room provider <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a> has <a href="https://announcements.asx.com.au/asxpdf/20240213/pdf/060bdzykl9hv80.pdf" target="_blank" rel="noopener">entered into a Scheme</a> with Datasite, a leading global SaaS provider acquired by UK-based PE outfit CapVest Partners in 2020. </li>
<li>Datasite is offering A$2.50/share, in cash, a 19% premium to undisturbed and a lifetime high. </li>
<li>Apart from requiring Ansarada shareholder approval, the Scheme is conditional on FIRB and the carving out of certain assets to Ansarada's CEO. This transaction should complete in early June.</li>
</ul>


Virtual room provider Ansarada Group Ltd (AND AU) has entered into a Scheme with Datasite, a leading global SaaS provider acquired by UK-based PE outfit CapVest Partners in 2020. 
Datasite is offering A$2.50/share, in cash, a 19% premium to undisturbed and a lifetime high. 
Apart from requiring Ansarada shareholder approval, the Scheme is conditional on FIRB and the carving out of certain assets to Ansarada's CEO. This transaction should complete in early June.


Greatview Aseptic Packaging / Event-Driven

<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/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</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/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</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>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>. </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: Yichang HEC Changjiang Pharma (1558 HK), Alps Logistics (9055 JP), Hollysys Automation Technologies (HOLI US), Ansarada Group Ltd (AND AU), Southern Cross Media (SXL AU). 
Lowest spreads: Chilled &amp; Frozen Logistics Holdings (9099 JP), Mma Offshore (MRM AU), Great Eastern Holdings (GE SP), Pact Group Holdings (PGH AU), Alumina Ltd (AWC AU). 


Merger Arb Mondays (13 May) - GA Pack, HEC Pharma, L'Occitane, Alps Logistics, Great Eastern

<ul>
<li>KKR's Offer for <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a> is a knock-out price. HUGE MINORITY WIN. This trades a little wide because the "gap risk" is so large, but it's still safe.</li>
<li>It's reasonable to expect the listing of various components of <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> other than in HK, would (should) be hugely accretive; for those investors who can (or may) participate.</li>
<li>
<a href="https://www.smartkarma.com/entities/hankook-tire-technology" target="_blank" data-smartkarma-citation="entities:20031:1" rel="noopener">Hankook Tire &amp; Technology (161390 KS)</a> seeks a controlling stake in <a href="https://www.smartkarma.com/entities/hanon-systems" target="_blank" data-smartkarma-citation="entities:11506:1" rel="noopener">Hanon Systems (018880 KS)</a>.</li>
</ul>


KKR's Offer for Alps Logistics (9055 JP) is a knock-out price. HUGE MINORITY WIN. This trades a little wide because the "gap risk" is so large, but it's still safe.
It's reasonable to expect the listing of various components of L'Occitane (973 HK) other than in HK, would (should) be hugely accretive; for those investors who can (or may) participate.

Hankook Tire &amp; Technology (161390 KS) seeks a controlling stake in Hanon Systems (018880 KS).


Last Week in Event SPACE: Alps Logistics, L'Occitane, Hanon Systems, Perpetual Ltd

Australia

Ansarada Group Ltd operates as an AI-powered virtual data rooms and deal making company. The Company offers deals and corporate transactions, portfolio and asset management, tender life cycle management, governance risk and compliance, and post deal integration solutions. Ansarada Group serves customers worldwide.

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Ansarada Group Ltd (AND AU)

Ansarada (AND AU): Scheme Vote on 14 June

The offer is attractive, with no vocal shareholder opposition. At the last close and for the 1 July payment, the gross/annualised spread was 2.5%...

Arun George

Ansarada (AND AU): Datasite’s Binding A$2.50 Offer

The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread...

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Ansarada Enters Scheme With Datasite

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Merger Arb Mondays (13 May) - GA Pack, HEC Pharma, L'Occitane, Alps Logistics, Great Eastern

This week, the highest gross spreads are HEC Pharma (58.1%), Alps Logistics (14.3%), Hollysys (12.9%), Ansarada (8.7%), Southern Cross (8.7%), QV...

Arun George

Last Week in Event SPACE: Alps Logistics, L'Occitane, Hanon Systems, Perpetual Ltd

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

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