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/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a> IE considers Stonepeak’s NZ$1.70 offer fair and reasonable as it is within the NZ$1.63 to A$1.94 valuation range. </li>
<li>The transaction will require OIO approval, statutory supervisors' consent and shareholder approval. The <a href="https://www.smartkarma.com/entities/metlifecare-ltd" target="_blank" data-smartkarma-citation="entities:19219:1" rel="noopener">Metlifecare Ltd (MET NZ)</a> precedent suggests that the OIO and statutory supervisor should be forthcoming.</li>
<li>The offer is attractive and recent changes in substantial shareholders are benign. At the last close and for the 13 November payment, the gross/annualised spread was 3.0%/15.2%. </li>
</ul>


The Arvida (ARV NZ) IE considers Stonepeak’s NZ$1.70 offer fair and reasonable as it is within the NZ$1.63 to A$1.94 valuation range. 
The transaction will require OIO approval, statutory supervisors' consent and shareholder approval. The Metlifecare Ltd (MET NZ) precedent suggests that the OIO and statutory supervisor should be forthcoming.
The offer is attractive and recent changes in substantial shareholders are benign. At the last close and for the 13 November payment, the gross/annualised spread was 3.0%/15.2%. 


Arvida Group (ARV NZ): Scheme Vote on 25 September

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 22 July, <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a>, a leading retirement living and aged care provider, announced a Scheme from Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed.</li>
<li>
The Scheme Booklet is now <a href="https://www.arvida.co.nz/images/assets/38796/1/scheme+booklet.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting to be held on the 25th September. Expected implementation on the 13th November.</li>
<li>
The Scheme Consideration of NZ$1.70/share is within the Independent Adviser’s valuation range at NZ$1.63 to NZ$1.94/share. Arvida's directors unanimously recommend shareholders to vote in favour of the Scheme.</li>
</ul>


Back on the 22 July, Arvida (ARV NZ), a leading retirement living and aged care provider, announced a Scheme from Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed.

The Scheme Booklet is now out, with a Scheme Meeting to be held on the 25th September. Expected implementation on the 13th November.

The Scheme Consideration of NZ$1.70/share is within the Independent Adviser’s valuation range at NZ$1.63 to NZ$1.94/share. Arvida's directors unanimously recommend shareholders to vote in favour of the Scheme.


Arvida (ARV NZ): 25th Sept Vote On Stonepeak's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a> at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.</li>
<li>The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   </li>
<li>Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.</li>
</ul>



Smartpay Holdings (SPY NZ) has entered a scheme implementation deed with Shift4 Payments (FOUR US) at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.
The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   
Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.


Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

<ul>
<li>The bigger question for investors is whether <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will keep up with global auto market needs or will they suffer as Toyota may suffer?</li>
<li>The FSS may put the breaks on <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>'s massive capital raise. </li>
<li>Murakami-San has won <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. </li>
</ul>


The bigger question for investors is whether Denso Corp (6902 JP) will keep up with global auto market needs or will they suffer as Toyota may suffer?
The FSS may put the breaks on Korea Zinc (010130 KS)'s massive capital raise. 
Murakami-San has won Exedy Corp (7278 JP). The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. 


Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>I tally 40 - 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>Four new deals discussed this week: Schemes for <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> and <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech (2115 HK)</a>, and Tender Offers for <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec (2715 JP)</a> and <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a> and <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week: Schemes for Beijing Capital Grand (1329 HK) and CM Hi-Tech (2115 HK), and Tender Offers for Elematec (2715 JP) and Nec Networks (1973 JP).
Key updates took place on: Hotel Property Investments (HPI AU), Canvest Environmental Protection Group (1381 HK) and Capitol Health (CAJ AU).


(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

New Zealand

Arvida Group Ltd owns and operates senior care living facilities in New Zealand.

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Arvida (ARV NZ)

Arvida Group (ARV NZ): Scheme Vote on 25 September

The offer is attractive and recent changes in substantial shareholders are benign. At the last close and for the 13 November payment, the gross...

Arun George

Arvida (ARV NZ): 25th Sept Vote On Stonepeak's Offer

Trading at a gross/annualised spread of 3.0%/15.4%.That's reasonable. Do run a ruler over other Kiwi retirement village plays such as Ryman...

David Blennerhassett

Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.

Arun George

Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

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

(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

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

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