Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of February 2024, 15 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in February was ~33%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of February 2024, 15 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.
The average premium for the new transactions announced (or first discussed) in February was ~33%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement

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>
<a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</a>’s revised non-binding proposal from CVC is A$2.00 per share, a 141.0% premium to the undisturbed price of A$0.83 per share (16 February).</li>
<li>CVC has been granted a four-week exclusivity period to 27 March. The proposal allows shareholders to receive scrip in an unlisted HoldCo. The Board will recommend a binding proposal.</li>
<li>While not a knockout offer, a concentrated and seemingly supportive shareholder register facilitates a binding proposal. At the last close, the gross spread was 25.0%.  </li>
</ul>



APM Human Services Internation (APM AU)’s revised non-binding proposal from CVC is A$2.00 per share, a 141.0% premium to the undisturbed price of A$0.83 per share (16 February).
CVC has been granted a four-week exclusivity period to 27 March. The proposal allows shareholders to receive scrip in an unlisted HoldCo. The Board will recommend a binding proposal.
While not a knockout offer, a concentrated and seemingly supportive shareholder register facilitates a binding proposal. At the last close, the gross spread was 25.0%.  


APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00

<ul>
<li>Back on the 19th Feb, employment and disability services play <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</a> rejected PE-outfit CVC Asia Pacific's A$1.60 proposal, a 93% premium to undisturbed.</li>
<li>Undeterred, CVC has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02778428-6A1195770" target="_blank" rel="noopener">returned</a> with A$2.00/share indicative Offer, by way of a Scheme, a 141% premium to undisturbed; yet a 44% discount to APM's November 2021 IPO price of A$3.55/share.</li>
<li>APM has determined it will engage and provide CVC with a four-week period of exclusivity. </li>
</ul>


Back on the 19th Feb, employment and disability services play APM Human Services Internation (APM AU) rejected PE-outfit CVC Asia Pacific's A$1.60 proposal, a 93% premium to undisturbed.
Undeterred, CVC has returned with A$2.00/share indicative Offer, by way of a Scheme, a 141% premium to undisturbed; yet a 44% discount to APM's November 2021 IPO price of A$3.55/share.
APM has determined it will engage and provide CVC with a four-week period of exclusivity. 


APM Human Services (APM AU): CVC's 141% Offer Premium

<ul>
<li>There is no suggestion of precondition breach attached to <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>'s impairment losses. </li>
<li>Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, with certain tendering thresholds triggering more cash.</li>
<li>
<a href="https://www.smartkarma.com/entities/itoki-corp" target="_blank" data-smartkarma-citation="entities:18032:1" rel="noopener">Itoki Corp (7972 JP)</a>'s mega ToSTNeT-3 buyback is now done.</li>
</ul>


There is no suggestion of precondition breach attached to Outsourcing Inc (2427 JP)'s impairment losses. 
Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in Boral (BLD AU), with certain tendering thresholds triggering more cash.

Itoki Corp (7972 JP)'s mega ToSTNeT-3 buyback is now done.


Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>I tally 53 - 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>Five new deals discussed this week on Smartkarma! <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral Ltd (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</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/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>, and <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a>.</li>
<li>Key updates took place on <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/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, and <a href="https://www.smartkarma.com/entities/genetron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28435:1" rel="noopener">Genetron Holdings Ltd (GTH US)</a>.</li>
</ul>


I tally 53 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals discussed this week on Smartkarma! Boral Ltd (BLD AU), CSR Ltd (CSR AU), Ansarada Group Ltd (AND AU),TCM (570 HK), and Snow Peak Inc (7816 JP).
Key updates took place on Azure Minerals (AZS AU),  CIMC Vehicle Group Co Ltd (1839 HK), Outsourcing Inc (2427 JP), and Genetron Holdings Ltd (GTH US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Boral, CSR, Ansarada, TCM, Snow Peak, Azure Min, Genetron

Australia

APM Human Services International Limited provides management consulting services. The Company offers training, professional development, and career advancing learning programs. APM Human Services International serves customers worldwide.

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APM Human Services (APM AU)

(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement

For the month of February, 20 new deals were discussed on Smartkarma with an overall deal size of ~US$20bn. The average premium for the new deals...

David Blennerhassett

APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00

While not a knockout offer, a concentrated and seemingly supportive shareholder register facilitates a binding proposal. At the last close, the...

Arun George