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>On 17 June, <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> disclosed a non-binding merger proposal from <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a> at 0.12849 Integral shares per Capitol share.</li>
<li>Integral has been granted a four-week exclusivity period that ends on 15 July. The transaction will require approval from the ACCC and Capitol shareholders. </li>
<li>The offer is attractive compared to historical exchange ratios, trading ranges and peer multiples. At the last close, the gross spread was 11.7%.  </li>
</ul>


On 17 June, Capitol Health (CAJ AU) disclosed a non-binding merger proposal from Integral Diagnostics (IDX AU) at 0.12849 Integral shares per Capitol share.
Integral has been granted a four-week exclusivity period that ends on 15 July. The transaction will require approval from the ACCC and Capitol shareholders. 
The offer is attractive compared to historical exchange ratios, trading ranges and peer multiples. At the last close, the gross spread was 11.7%.  


Capitol Health (CAJ AU): All-Scrip Non-Binding Merger with Integral Diagnostics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-clinical-labs-limited" target="_blank" data-smartkarma-citation="entities:36020:1" rel="noopener">Australian Clinical Labs (ACL AU)</a> has launched an all-scrip off-market takeover offer for <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a> at 0.74 ACL shares for each HLS share.</li>
<li>The offer is saddled with several onerous conditions which disproportionately shift the risk to HLS shareholders. The offer is long-dated as ACCC approval is expected to take six months.</li>
<li>The lack of premium and unattractive deal metrics suggests a high probability of Board rejection. Nevertheless, ACL’s bid underscores HLS’s beaten-down valuation. Expect improved terms.</li>
</ul>



Australian Clinical Labs (ACL AU) has launched an all-scrip off-market takeover offer for Healius (HLS AU) at 0.74 ACL shares for each HLS share.
The offer is saddled with several onerous conditions which disproportionately shift the risk to HLS shareholders. The offer is long-dated as ACCC approval is expected to take six months.
The lack of premium and unattractive deal metrics suggests a high probability of Board rejection. Nevertheless, ACL’s bid underscores HLS’s beaten-down valuation. Expect improved terms.


Healius (HLS AU): Australian Clinical Labs (ACL AU)’s Nil-Premium Merger Needs a Rethink

<a href="https://www.smartkarma.com/entities/healius-ltd" target="_blank" data-smartkarma-citation="entities:6296:1" rel="noopener">Healius (HLS AU)</a>, formerly known as Primary Health Care, is a leading Australian owner of GP clinics and pathology centres. On 25 February, Healius received an unsolicited and highly conditional proposal from Partners Group. Partners has lobbed an A$3.40 cash per share offer. Earlier on Tuesday, Partners revealed that it secured the right to acquire a 15.9% stake in Healius, through buying the option over shares held by Jangho Group, the largest shareholder. 
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Partners’ 16% stake would effectively block any competing proposal. Notwithstanding the limited chance of a counterbid, we believe that Partners' bid is opportunistic and unattractive. 
</div>

Healius (HLS AU), formerly known as Primary Health Care, is a leading Australian owner of GP clinics and pathology centres. On 25 February, Healius received an unsolicited and highly conditional proposal from Partners Group. Partners has lobbed an A$3.40 cash per share offer. Earlier on Tuesday, Partners revealed that it secured the right to acquire a 15.9% stake in Healius, through buying the option over shares held by Jangho Group, the largest shareholder. 

Partners’ 16% stake would effectively block any competing proposal. Notwithstanding the limited chance of a counterbid, we believe that Partners' bid is opportunistic and unattractive. 


Healius' Underwhelming Takeover Bid from Partners Group

Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

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Credit

The BondAdviser Market Review is an end of month report designed to give users information on events, corporate actions, news and announcements affecting our strategic thinking (i.e. duration positioning, fundamental credit view) plus tactical opportunities as they arise.It also includes our "Data Tracker" which is designed to provide consistent and objective measures of performance and risk across the universe of domestic debt and hybrid securities.Please see attached our June 2017 edition.Summ…

The BondAdviser Market Review is an end of month report designed to give users information on events, corporate actions, news and announcements affecting our strategic thinking (i.e. duration positioning, fundamental credit view) plus tactical opportunities as they arise.It also includes our "Data Tracker" which is designed to provide consistent and objective measures of performance and risk across the universe of domestic debt and hybrid securities.Please see attached our June 2017 edition.Summ…

Australia

Capitol Health Limited is mainly focus in the diagnostic imaging business through radiology clinics in Australia. It has previously provided dental surgeries and facilities to self employed dentists who carry on their own dental practices. The Company had also provided administration and management services.

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Capitol Health (CAJ AU)