Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>Back on the 6 January 2010, the SGX issued a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> on the "<em>Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC</em>", and following the feedback at that time, SGX determined the timing was not ideal to introduce special purpose acquisition company (SPACs).</p>
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<p>Following a flurry of SPAC listings in the US in 2020, my discussion with the SGX late last year indicated a white paper on SPACs was expected to be issued in the first half of this year. This was discussed in <em><a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a>.</em></p>
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<p>The SGX <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. </p>
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<p>Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC.</p>
<p>With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing.</p>
<p>More below the fold.</p>
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Back on the 6 January 2010, the SGX issued a consultation paper on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC", and following the feedback at that time, SGX determined the timing was not ideal to introduce special purpose acquisition company (SPACs).


Following a flurry of SPAC listings in the US in 2020, my discussion with the SGX late last year indicated a white paper on SPACs was expected to be issued in the first half of this year. This was discussed in Virtual IPOs/Direct Listings: Uninhibited Price Discovery.


The SGX announced on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. 


Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC.
With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing.
More below the fold.







Vertex Holdings: Singapore's Showcasing SPAC

Global Logistic Properties / Event-Driven

<p><a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> has been all over <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> since May last year when it traded at S$1.82/share.</p><p>There are now currently 3 known potential bidders, one of which includes a substantial shareholder and the CEO.</p><p>Major shareholder, GIC, has requested a strategic review, wherein a sale of the company is just one option.</p><p>In all likelihood, a firm offer will be tabled. Inside I take a look at possible deal structures, regulatory approvals, valuations and other musings.</p>

Daniel Hellberg has been all over Global Logistic Properties Ltd (GLP SP) since May last year when it traded at S$1.82/share.There are now currently 3 known potential bidders, one of which includes a substantial shareholder and the CEO.Major shareholder, GIC, has requested a strategic review, wherein a sale of the company is just one option.In all likelihood, a firm offer will be tabled. Inside I take a look at possible deal structures, regulatory approvals, valuations and other musings.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

Biosensors International / Equity Bottom-Up

<p style="text-align: justify;">Biosensors' Q3FY16 results referenced by Travis Lundy <a href="https://www.smartkarma.com/insights/biosensors-docs-out-deal-really-on" target="_blank" data-smartkarma-citation="insights:2915">Biosensors: Docs Out Deal Really On</a> don't help any arguments for a higher valuation (nine month results):</p><ol>
<li>Revenue -18% with product revenue -15% and licensing revenue -48%</li>
<li>Operating income -15% with across-the-board expense reductions mitigating the damage</li>
<li>Profit before exceptional items and charges -7% (mitigated by F/X gains and lower interest expense)</li>
</ol><p style="text-align: justify;">Fundamentally, the company continues to struggle with the usual intense competition with a…</p>

Biosensors' Q3FY16 results referenced by Travis Lundy Biosensors: Docs Out Deal Really On don't help any arguments for a higher valuation (nine month results):
Revenue -18% with product revenue -15% and licensing revenue -48%
Operating income -15% with across-the-board expense reductions mitigating the damage
Profit before exceptional items and charges -7% (mitigated by F/X gains and lower interest expense)
Fundamentally, the company continues to struggle with the usual intense competition with a…

Travis Lundy

<figure class="editor-figure"><figure class="editor-figure">Bankers in Singapore are no doubt breathing a sigh of relief as the rumors of the SGX having finally approved the Amalgamation Document for the CBMHL deal for <a href="https://www.smartkarma.com/entities/1095" target="_blank" data-smartkarma-citation="entities:1095">Biosensors International Group</a> have been validated.</figure></figure><p>The <a href="http://infopub.sgx.com/FileOpen/Biosensors-Amalgamation_Document_3March2016.ashx?App=Announcement&amp;FileID=392674" target="_blank">Amalgamation Document</a> was released late this evening, as were <a href="http://infopub.sgx.com/FileOpen/BIG_Announcement_Q2FY2016.ashx?App=Announcement&amp;FileID=392679" target="_blank">H1</a> and <a href="http://infopub.sgx.com/FileOpen/BIG_Announcement_Q3FY2016.ashx?App=Announcement&amp;FileID=392680" target="_blank">Q3</a> financial results. For the vast majority of people, this is a takeover with slightly different voting thresholds. It also has two votes which are interdependent.</p><p><em>Included here are links to all the docs, and as far</em>…</p>

Bankers in Singapore are no doubt breathing a sigh of relief as the rumors of the SGX having finally approved the Amalgamation Document for the CBMHL deal for Biosensors International Group have been validated.The Amalgamation Document was released late this evening, as were H1 and Q3 financial results. For the vast majority of people, this is a takeover with slightly different voting thresholds. It also has two votes which are interdependent.Included here are links to all the docs, and as far…

<p><em>Just one day before the theoretical long-stop date based on the original SIC waiver, late last night, the boards of Biosensors International Group and would be acquiror CBMHL released a <a href="http://infopub.sgx.com/FileOpen/Biosensors%20CBMHL%20Joint%20Announcement%2020160210.ashx?App=Announcement&amp;FileID=389043" target="_blank">statement</a> that the SGX-ST on February 1st had ruled that changes were required to the Amalgamation Agreement. The parties have agreed to amend the Amalgamation Agreement and other representations and submissions. </em></p><div class="content-highlight"><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/535/original/BIGSGX1.png?1455131028" class="editor-image img-responsive" data-smartkarma-image-id="5535"></figure></div><h2>The NEW News</h2><p>There are two parts.</p><ol><li>
<strong>Application of Rule 1307.</strong><a href="http://rulebook.sgx.com/en/display/display_main.html?rbid=3271&amp;element_id=5345" target="_blank">Rule 1307</a> of the <a href="http://rulebook.sgx.com/en/display/display_main.html?rbid=3271&amp;element_id=4830" target="_blank">SGX Listing Rules</a> is quite…</li></ol>

Just one day before the theoretical long-stop date based on the original SIC waiver, late last night, the boards of Biosensors International Group and would be acquiror CBMHL released a statement that the SGX-ST on February 1st had ruled that changes were required to the Amalgamation Agreement. The parties have agreed to amend the Amalgamation Agreement and other representations and submissions. The NEW NewsThere are two parts.
Application of Rule 1307.Rule 1307 of the SGX Listing Rules is quite…

Singapore

Biosensors International Group Ltd. manufactures medical devices.  The Company produces drug-eluting stents used to widen narrowing arteries, critical care catheter systems, and blood pressure transducers.

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Biosensors International (BIG SP)

Vertex Holdings: Singapore's Showcasing SPAC

Vertex, Temasek's venture capital arm, appears to tick all the right boxes towards instilling a modicum of confidence in Singapore's initial foray...

David Blennerhassett

GLP – A Moving Target

Daniel Hellberg has been all over Global Logistic Properties Ltd (GLP SP) since May last year when it traded at S$1.82/share.There are now...

David Blennerhassett

Updated Thoughts on Valuation

Biosensors' Q3FY16 results referenced by Travis Lundy Biosensors: Docs Out Deal Really On don't help any arguments for a higher valuation (nine...

Kemp Dolliver, CFA

Biosensors: Docs Out Deal Really On

Bankers in Singapore are no doubt breathing a sigh of relief as the rumors of the SGX having finally approved the Amalgamation Document for the...

Travis Lundy

Biosensors: Deal On

Just one day before the theoretical long-stop date based on the original SIC waiver, late last night, the boards of Biosensors International Group...

Travis Lundy

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