Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality (FHT SP)</a>'s Offer comes at an all-time high price, exceeding the end-2019 price on a dividend-adjusted basis.  This should be done, but it is worth thinking about how.</li>
<li>There is clearly an intentional miscommunication and bad faith posturing by <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Admin (LNK AU)</a> has to exit PEXA to appease ACCC. But how badly do D&amp;D want PEXA? Will they walk? Time to look at Link fundamentally.</li>
</ul>



Frasers Hospitality (FHT SP)'s Offer comes at an all-time high price, exceeding the end-2019 price on a dividend-adjusted basis.  This should be done, but it is worth thinking about how.
There is clearly an intentional miscommunication and bad faith posturing by Toyo Construction (1890 JP). 

Link Admin (LNK AU) has to exit PEXA to appease ACCC. But how badly do D&amp;D want PEXA? Will they walk? Time to look at Link fundamentally.


Last Week in Event SPACE: Frasers Hospitality, Toyo Construction, Link Admin, Kito Corporation

Beijing Enterprises Urban Resources / Event-Driven

<ul>
<li>The Composite Doc for <a href="https://www.smartkarma.com/entities/beijing-enterprises-water-group-limited" target="_blank" data-smartkarma-citation="entities:1660:1" rel="noopener">Beijing Enterprises Water Group (371 HK)</a>'s (BEURG) mandatory general cash for <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a> (BEW) has been despatched. </li>
<li>The first close is the 17 June but can be open until the 26 July. BEW has 44.16% in the bag and this requires a 50% hurdle to turn unconditional.</li>
<li>It's an underwhelming Offer yet the IFA considers the terms to be fair and reasonable. But there's probably enough here for the Offer to get up.</li>
</ul>


The Composite Doc for Beijing Enterprises Water Group (371 HK)'s (BEURG) mandatory general cash for Beijing Enterprises Urban Resources (3718 HK) (BEW) has been despatched. 
The first close is the 17 June but can be open until the 26 July. BEW has 44.16% in the bag and this requires a 50% hurdle to turn unconditional.
It's an underwhelming Offer yet the IFA considers the terms to be fair and reasonable. But there's probably enough here for the Offer to get up.


BEURG (3718 HK) Now Open For Acceptances. IFA Says Fair

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/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a> composite document is out with the MGO’s first closing date of 17 June. The IFA considers <a href="https://www.smartkarma.com/entities/beijing-enterprises-water-group-limited" target="_blank" data-smartkarma-citation="entities:1660:1" rel="noopener">Beijing Enterprises Water Group (371 HK)</a>'s offer fair. </li>
<li>The MGO is conditional on the offeror and concert parties holding more than 50% of the voting rights. With the offeror currently at 44.16%, the MGO should become unconditional. </li>
<li>At last close and for a 28 June payment, the gross and annualised spread to the MGO price (including final dividend) of HK$0.81 per share is 2.5% and 31.5%, respectively.</li>
</ul>



Beijing Enterprises Urban Resources (3718 HK) composite document is out with the MGO’s first closing date of 17 June. The IFA considers Beijing Enterprises Water Group (371 HK)'s offer fair. 
The MGO is conditional on the offeror and concert parties holding more than 50% of the voting rights. With the offeror currently at 44.16%, the MGO should become unconditional. 
At last close and for a 28 June payment, the gross and annualised spread to the MGO price (including final dividend) of HK$0.81 per share is 2.5% and 31.5%, respectively.


Beijing Enterprises Urban Resources’ MGO Open, First Closing Date 17 June

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia and the US (ADRs only).</li>
<li>This week, highest gross spreads are <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, Alliance Aviation.</li>
<li>Lowest gross spreads are <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>, <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia and the US (ADRs only).
This week, highest gross spreads are Dongzheng Automotive Finance (2718 HK), Sezzle Inc (SZL AU), 21Vianet Group (VNET US), Infomedia Ltd (IFM AU), Link Administration Holdings (LNK AU), Alliance Aviation.
Lowest gross spreads are Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Uniti Group Ltd (UWL AU), Mapletree North Asia Commercial Trust (MAGIC SP), Irongate Group (IAP AU).


Merger Arb Mondays (16 May) - Link Admin, Infomedia, VNET, Alliance Aviation, Ramsay, Link Net

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-enterprises-water-group-limited" target="_blank" data-smartkarma-citation="entities:1660:1" rel="noopener">Beijing Enterprises Water Group (371 HK)</a> (BEW) has effectively increased its stake in <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a> (BEURG) after entering into Acting In Concert agreements (AIC). </li>
<li>Parties to the AICs "irrevocably and unconditionally" undertake to vote in the same manner as BEW in BEURG shareholder meetings. </li>
<li>There was no update on the timing of the MGO, which is expected to open for tendering on the 20 May. </li>
</ul>



Beijing Enterprises Water Group (371 HK) (BEW) has effectively increased its stake in Beijing Enterprises Urban Resources (3718 HK) (BEURG) after entering into Acting In Concert agreements (AIC). 
Parties to the AICs "irrevocably and unconditionally" undertake to vote in the same manner as BEW in BEURG shareholder meetings. 
There was no update on the timing of the MGO, which is expected to open for tendering on the 20 May. 


BEW Bumps Effective Stake In BEURG (3718 HK)

Hong Kong

Beijing Enterprises Water Group Limited, through its subsidiaries, develops water treatment systems.  The Group specializes in water services and environmental protection businesses, with waste water treatment as its core business segment.

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Beijing Enterprises Water Group (371 HK)

Last Week in Event SPACE: Frasers Hospitality, Toyo Construction, Link Admin, Kito Corporation

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

BEURG (3718 HK) Now Open For Acceptances. IFA Says Fair

Trading around 2.5%/34.2% gross/annualised - including the HK$0.03/share final dividend - assuming this turns unconditional on the first close. ...

David Blennerhassett

Beijing Enterprises Urban Resources’ MGO Open, First Closing Date 17 June

With the offeror currently at 44.16% of voting rights, the MGO should become unconditional. For a 28 June payment, the annualised spread to the MGO...

Arun George

Merger Arb Mondays (16 May) - Link Admin, Infomedia, VNET, Alliance Aviation, Ramsay, Link Net

This week, the highest gross spreads are Dongzheng AFC (40.7%), Sezzle (36.6%), VNET (33.6%), Infomedia (32.8%), Link Admin (24.4%), Alliance...

Arun George

BEW Bumps Effective Stake In BEURG (3718 HK)

Trading around 2.5%/12.4% gross/annualised - including the HK$0.03/share final dividend - assuming payment made late July. I'd be picking up...

David Blennerhassett

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