Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02726691-3A628584?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">18 October</a>, media play <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> announced a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a> and Anchorage.</li>
<li>SXL shareholders are being offered, by way of a Scheme, 0.753 ARN shares and A$0.296/share in cash. SXL considers the terms to be "complex, and highly conditional". </li>
<li>Reportedly SXL has now signed a confidentiality agreement to gather more info on ARN, possibly leading to a firm deal. </li>
</ul>


Back on the 18 October, media play Southern Cross Media (SXL AU) announced a non-binding indicative proposal from ARN Media (A1N AU) and Anchorage.
SXL shareholders are being offered, by way of a Scheme, 0.753 ARN shares and A$0.296/share in cash. SXL considers the terms to be "complex, and highly conditional". 
Reportedly SXL has now signed a confidentiality agreement to gather more info on ARN, possibly leading to a firm deal. 


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>I Squared won the <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>'s auction with a binding A$1.70 offer (A$1.68 cash plus a A$0.02 dividend). That is a 100% premium to the undisturbed A$0.85 price.</li>
<li>No shareholder holds a blocking stake, and substantial holders should support the premium. The independent expert found the scheme fair and reasonable, valuing oOh! at A$1.59–A$1.78 per share.</li>
<li>The ACCC cleared the deal unconditionally. For FIRB and NZ OIO approval, the risk is timing, not outcome. A 0.9% gross spread points to a done deal. </li>
</ul>


I Squared won the oOh!Media Ltd (OML AU)'s auction with a binding A$1.70 offer (A$1.68 cash plus a A$0.02 dividend). That is a 100% premium to the undisturbed A$0.85 price.
No shareholder holds a blocking stake, and substantial holders should support the premium. The independent expert found the scheme fair and reasonable, valuing oOh! at A$1.59–A$1.78 per share.
The ACCC cleared the deal unconditionally. For FIRB and NZ OIO approval, the risk is timing, not outcome. A 0.9% gross spread points to a done deal. 


OOh!media (OML AU): Tight Spread, Low Risk, with Scheme Vote on 2 November

<ul>
<li>I tally 26 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>
One new deal was discussed on Smartkarma this week: Hung Hon Man, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415" rel="noopener">Get Nice (64 HK)</a>'s chairman (&amp; founder), is making an Offer by way of a Scheme.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>, <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>, and <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>.</li>
</ul>


I tally 26 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.

One new deal was discussed on Smartkarma this week: Hung Hon Man, Get Nice (64 HK)'s chairman (&amp; founder), is making an Offer by way of a Scheme.
Key updates/news also took place on: Kakaku.com Inc (2371 JP), Steadfast (SDF AU), oOh!Media Ltd (OML AU), China Shengmu Organic Milk (1432 HK), Avarga (AVARGA SP), and Guocoland Malaysia (GUOL MK).


Asia-Pac Weekly Wrap: Kakaku, Steadfast, OOh!Media, China Shengmu, Avarga, Guocoland Malay, Get Nice

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent (6532 JP)</a> is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.</li>
<li>A curious development as EQT (barely) bumps indicative terms for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> in what appears to be a self destructing offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.</li>
</ul>



Baycurrent (6532 JP) is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.
A curious development as EQT (barely) bumps indicative terms for Perpetual Ltd (PPT AU) in what appears to be a self destructing offer.

Digital Garage (4819 JP) is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.


Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

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Morningstar, Inc.

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Thematic (Sector/Industry)

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Australia

ARN Media Limited operates as a media and entertainment company. The Company owns and manages radio, outdoor, and digital assets. ARN Media offers content marketing and outdoor advertising services, as well as digital radio service, live events, sports opinion, and video platforms.

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ARN Media (A1N AU)

Southern Cross/ARN Media: Getting Cosy?

If small arbs are your thing, look to short ARN (where available), and buy SXL. Or you may want to just go outright long in SXL.

David Blennerhassett

OOh!media (OML AU): Tight Spread, Low Risk, with Scheme Vote on 2 November

I Squared's A$1.70 bid (100% premium) won a three-way auction. ACCC cleared; FIRB is a timing risk; 0.9% spread signals a done deal. No blocking...

Arun George

Asia-Pac Weekly Wrap: Kakaku, Steadfast, OOh!Media, China Shengmu, Avarga, Guocoland Malay, Get Nice

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: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...

Morningstar, Inc.

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