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

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<li>
<a href="https://www.smartkarma.com/entities/healthway-medical-corp-ltd" target="_blank" data-smartkarma-citation="entities:561:1" rel="noopener">Healthway Medical Corp (HMED SP)</a> received a delisting proposal from <a href="https://www.smartkarma.com/entities/oue-lippo-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:562:1" rel="noopener">OUE Lippo Healthcare (IHC SP)</a> at S$0.048 per share, a 45.5% premium to the undisturbed price (28 June).</li>
<li>The key conditions are HMED shareholder approval and the offeror and concert parties representing &gt;50% of voting rights (satisfied due to irrevocables).</li>
<li>The offer price is attractive. The EGM is likely to be held in late September. The current price of S$0.046 implies a gross spread of 4.3%.</li>
</ul>



Healthway Medical Corp (HMED SP) received a delisting proposal from OUE Lippo Healthcare (IHC SP) at S$0.048 per share, a 45.5% premium to the undisturbed price (28 June).
The key conditions are HMED shareholder approval and the offeror and concert parties representing &gt;50% of voting rights (satisfied due to irrevocables).
The offer price is attractive. The EGM is likely to be held in late September. The current price of S$0.046 implies a gross spread of 4.3%.


Healthway Medical (HMED SP): OUE Healthcare’s Delisting Offer

Research from Tech in Asia, Tech in Asia

Tech in Asia

Research from Tech in Asia

Tech in Asia (YC W15) is the largest English-language technology media company that focuses on Asia. From the latest news to the hottest trends and the boldest startups to the strongest titans, we cover everything tech in the region. Our goal is to build and serve Asia’s tech and startup community.

News from Tech in Asia

Private Capital Markets

Doctor Anywhere / Private Capital Markets

<ul><li>Singapore-headquartered <a href="https://doctoranywhere.com/" target="_blank" rel="noopener">Doctor Anywhere</a> (DA) is set to acquire medical services group <a href="https://asianhealthcare.com.sg/" target="_blank" rel="noopener">Asian Healthcare Specialists</a> (AHS) in a cash deal valued at about S$109 million (US$76.7 million) at an offer price of S$0.188 (US$0.13) per share.</li><li>The healthtech firm has also announced a US$38.8 million series C1 financing round led by Novo Holdings to partly fund the AHS acquisition and accelerate growth.</li><li>According to DA’s financial statements, the company’s revenue hit S$31.9 million in 2021, an over 2.8x growth from the previous year</li></ul>

Singapore-headquartered Doctor Anywhere (DA) is set to acquire medical services group Asian Healthcare Specialists (AHS) in a cash deal valued at about S$109 million (US$76.7 million) at an offer price of S$0.188 (US$0.13) per share.The healthtech firm has also announced a US$38.8 million series C1 financing round led by Novo Holdings to partly fund the AHS acquisition and accelerate growth.According to DA’s financial statements, the company’s revenue hit S$31.9 million in 2021, an over 2.8x growth from the previous year

Doctor Anywhere Acquires SG Healthcare Provider, Nets $38.8m Funding

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<li>
<a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s voluntary conditional offer from management (chairman, CEO, exec director) has been increased from S$0.37 to S$0.40 per share (share option unchanged). </li>
<li>The revised offer is final unless there is a competitive situation. The offeror came to the realisation that a bump was required to meet the 90% minimum acceptance condition.</li>
<li>Acceptances stand at 77.42% of outstanding shares. The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At last close, the gross spread is 5.3%.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) has been increased from S$0.37 to S$0.40 per share (share option unchanged). 
The revised offer is final unless there is a competitive situation. The offeror came to the realisation that a bump was required to meet the 90% minimum acceptance condition.
Acceptances stand at 77.42% of outstanding shares. The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At last close, the gross spread is 5.3%.


Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.</li>
<li>The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.</li>
<li>The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.
The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.
The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.


Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 14 September, healthcare provider <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a> announced a low-balled voluntary MBO from TLW at S$0.37/share, a 13.8% premium to last close. </li>
<li>The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm. </li>
<li>The Circular is now <a href="https://links.sgx.com/FileOpen/Singapore%20Medical%20Group%20Limited%20Circular%20dated%2018%20October%202022.ashx?App=Announcement&amp;FileID=734658" target="_blank" rel="noopener">out</a>. The IFA (Zico Capital) says the Offer is "not fair but reasonable". That seems reasonable. The Offer has NOT been declared final.</li>
</ul>


On the 14 September, healthcare provider Singapore Medical (SMG SP) announced a low-balled voluntary MBO from TLW at S$0.37/share, a 13.8% premium to last close. 
The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm. 
The Circular is now out. The IFA (Zico Capital) says the Offer is "not fair but reasonable". That seems reasonable. The Offer has NOT been declared final.


Singapore Medical (SMG SP): "Not Fair But Reasonable" Says IFA. TLW Needs To Bump

Singapore

Asian Healthcare Specialists Limited provides medical services. The Company offers spinal injection therapies, cervical disc replacement, trauma care, and sports medicine services. Asian Healthcare Specialists serves patients in Singapore.

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Asian Healthcare Specialists (AHSP SP)

Healthway Medical (HMED SP): OUE Healthcare’s Delisting Offer

The offer price is attractive. The EGM is likely to be held in late September. The current price of S$0.046 implies a gross spread of 4.3%.

Arun George

Doctor Anywhere Acquires SG Healthcare Provider, Nets $38.8m Funding

Singapore-headquartered Doctor Anywhere (DA) is set to acquire medical services group Asian Healthcare Specialists (AHS) in a cash deal valued at...

Tech in Asia

Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At the last close, the gross spread is 5.3%.

Arun George

Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities. The 1.4% spread is...

Arun George

Singapore Medical (SMG SP): "Not Fair But Reasonable" Says IFA. TLW Needs To Bump

Trading one spread below terms. The Offer can still bump if need be. I think they will. Avoid here unless the spread were to widen.

David Blennerhassett

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