Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 2 March 2023, <a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> made an all-scrip NBIO for <a href="https://www.smartkarma.com/entities/eureka-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20321:1" rel="noopener">Eureka Group (EGH AU)</a>, a senior accommodation rental play. The implied A$0.399/share Offer was subsequently rejected.  </li>
<li>Aspen held 13.7% of shares out at the time, having acquired the stake in December 2022. Aspen has returned with all-scrip off-market Offer with an improved implied price of A$0.431/share. </li>
<li>The Offer is contingent of Aspen getting to 50.1% of shares out. Eureka said it hasn't received a formal approach. I think they'll ask for more gruel.</li>
</ul>


On the 2 March 2023, Aspen Group (APZ AU) made an all-scrip NBIO for Eureka Group (EGH AU), a senior accommodation rental play. The implied A$0.399/share Offer was subsequently rejected.  
Aspen held 13.7% of shares out at the time, having acquired the stake in December 2022. Aspen has returned with all-scrip off-market Offer with an improved implied price of A$0.431/share. 
The Offer is contingent of Aspen getting to 50.1% of shares out. Eureka said it hasn't received a formal approach. I think they'll ask for more gruel.


Eureka Group (EGH AU): Aspen's Sweetened Offer

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

The company has announced a price range of Rs 426 - 428 per share for its listing with bidding set to open on 6 December and closing on 8 December 2016.  The amended offering document filed on 2 December includes interim financials, but we have not seen projections.  That said, revenue growth decelerated in H1:FY17 and the proposed valuation implies a trailing P/E of 32x. As a result, we would pass on the deal.

The company has announced a price range of Rs 426 - 428 per share for its listing with bidding set to open on 6 December and closing on 8 December 2016.  The amended offering document filed on 2 December includes interim financials, but we have not seen projections.  That said, revenue growth decelerated in H1:FY17 and the proposed valuation implies a trailing P/E of 32x. As a result, we would pass on the deal.

India-based Laurus Labs has filed for a listing on the BSE and NSE, and reportedly plans to raise up to Rs300 crore for debt repayment and general corporate purposes. The company manufactures active pharmaceutical ingredients (APIs) for medications used to treat HIV, Hepatitis C, and cancer. The primary customers are the world’s largest generic pharmaceutical manufacturers. This Insight will provide an overview of the company, and we will follow up with a view of the offering after the announcement of the offering’s terms.

India-based Laurus Labs has filed for a listing on the BSE and NSE, and reportedly plans to raise up to Rs300 crore for debt repayment and general corporate purposes. The company manufactures active pharmaceutical ingredients (APIs) for medications used to treat HIV, Hepatitis C, and cancer. The primary customers are the world’s largest generic pharmaceutical manufacturers. This Insight will provide an overview of the company, and we will follow up with a view of the offering after the announcement of the offering’s terms.

Australia

Aspen Group is a property company specializing in the investment, ownership and management of high yielding commercial properties including tourism and caravan parks.  The Group also provides fund management services.

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Aspen Group (APZ AU)

Eureka Group (EGH AU): Aspen's Sweetened Offer

Currently (just) trading through the implied terms at A$0.45/share.I think Aspen needs to bump.If small arbs are your bent, look to buy around here...

David Blennerhassett

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The company has announced a price range of Rs 426 - 428 per share for its listing with bidding set to open on 6 December and closing on 8 December...

Kemp Dolliver, CFA

Laurus Labs IPO Overview

India-based Laurus Labs has filed for a listing on the BSE and NSE, and reportedly plans to raise up to Rs300 crore for debt repayment and general...

Kemp Dolliver, CFA

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