SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Thematic (Sector/Industry)

<ul><li>The last week of SPACs was packed with deals, IPOs, and other activity.</li><li>A SPAC is set to take a hotel chain public, and another blank-cheque firm is set to merge with an investment platform.</li><li>Also, the former CEO of a SPAC merging with Trump’s social media company sues the firm while a serial SPAC sponsor loses half his fortune as dealmaking slows down.</li></ul>

The last week of SPACs was packed with deals, IPOs, and other activity.A SPAC is set to take a hotel chain public, and another blank-cheque firm is set to merge with an investment platform.Also, the former CEO of a SPAC merging with Trump’s social media company sues the firm while a serial SPAC sponsor loses half his fortune as dealmaking slows down.

<ul><li>The last week of trading in the year was an eventful one for SPACs, which included two deals being announced, and an LOI being signed for a potential merger.</li><li>Also, a company accelerated its plans to go public by announcing a potential merger next year, and a new SPAC debuted, targeting firms in the media and entertainment industry.</li><li>Read on to find out about the latest about all things SPACs. </li></ul>

The last week of trading in the year was an eventful one for SPACs, which included two deals being announced, and an LOI being signed for a potential merger.Also, a company accelerated its plans to go public by announcing a potential merger next year, and a new SPAC debuted, targeting firms in the media and entertainment industry.Read on to find out about the latest about all things SPACs. 

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<p>Far East Hospitality Trust (FEHT SP) 2H21 DPU +10.9% YoY; Encouraging signs of recovery on RevPAR and RevPAU QoQ</p><p>Lendlease Global Commercial REIT (LREIT SP) to acquire remaining stake at JEM; DPU accretive by ~10%</p><p>Real estate blockchain firm Fraxtor receives capital markets services (CMS) licence from MAS</p>

Far East Hospitality Trust (FEHT SP) 2H21 DPU +10.9% YoY; Encouraging signs of recovery on RevPAR and RevPAU QoQLendlease Global Commercial REIT (LREIT SP) to acquire remaining stake at JEM; DPU accretive by ~10%Real estate blockchain firm Fraxtor receives capital markets services (CMS) licence from MAS

ASEAN Builder's Scoop (15Feb22) - FEHT Encouraging Signs of Recovery QoQ

<ul><li>New private home sales fell 58.0% MoM in Dec21; Closing 2021 with 29% YoY increase and 112% average take-up rate</li><li>Proxy advisory Institutional Shareholder Services (ISS) recommends voting against merger of ALLT-EREIT</li><li><a href="https://www.smartkarma.com/entities/doubledragon-properties-corp" target="_blank" data-smartkarma-citation="entities:23011" rel="noopener">Doubledragon Properties (DD PM)</a> completes Phase 4 of warehouse complex (Regina Capital)</li></ul>

New private home sales fell 58.0% MoM in Dec21; Closing 2021 with 29% YoY increase and 112% average take-up rateProxy advisory Institutional Shareholder Services (ISS) recommends voting against merger of ALLT-EREITDoubledragon Properties (DD PM) completes Phase 4 of warehouse complex (Regina Capital)

New Home Sales up 29% YoY in 2021; ISS Voting Against ALLT-EREIT Merger

<h2>Singapore</h2>
<h3>Cuscaden Peak minimum chain offer price for each <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994" rel="noopener">SPH REIT (SPHREIT SP)</a> unit stands at S$96.4c</h3>
<ul>
<li>The minimum chain offer price, which consortium Cuscaden Peak will have to offer for each SPHREIT if its acquisition bid for Singapore Press Holdings (SPH SP) succeeds is S$96.4c, fully in cash. The consortium had made a surprise rival bid to privatise SPH, following an earlier offer from Keppel Corp (KEP SP). Such an acquisition would take place by way of a scheme of arrangement. Subject to the finalisation of the terms of such a scheme, the completion of Cuscaden's proposed cash acquisition would result in an obligation for it to undertake a chain offer for all SPHREIT units as well, in accordance with the Singapore Code on Take-overs and Mergers</li>
<li>The minimum chain offer price shall be the simple average of the daily volume-weighted average traded prices of SPHREIT units, on either the latest 20 trading days, or whatever number of trading days there were within 30 calendar days before the announcement of the possible offer. The chain offer will not be made unless and until the possible scheme becomes effective in accordance with its terms, or – if Cuscaden undertakes the proposed acquisition in another method – is declared effective or unconditional, and/or is completed. Cuscaden's offer for SPH is S$2.10 per share in cash. Cuscaden comprises Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities – CLA Real Estate Holdings and Mapletree. Its proposal still needs to be accepted by the board of SPH.</li>
</ul>

Singapore
Cuscaden Peak minimum chain offer price for each SPH REIT (SPHREIT SP) unit stands at S$96.4c

The minimum chain offer price, which consortium Cuscaden Peak will have to offer for each SPHREIT if its acquisition bid for Singapore Press Holdings (SPH SP) succeeds is S$96.4c, fully in cash. The consortium had made a surprise rival bid to privatise SPH, following an earlier offer from Keppel Corp (KEP SP). Such an acquisition would take place by way of a scheme of arrangement. Subject to the finalisation of the terms of such a scheme, the completion of Cuscaden's proposed cash acquisition would result in an obligation for it to undertake a chain offer for all SPHREIT units as well, in accordance with the Singapore Code on Take-overs and Mergers
The minimum chain offer price shall be the simple average of the daily volume-weighted average traded prices of SPHREIT units, on either the latest 20 trading days, or whatever number of trading days there were within 30 calendar days before the announcement of the possible offer. The chain offer will not be made unless and until the possible scheme becomes effective in accordance with its terms, or – if Cuscaden undertakes the proposed acquisition in another method – is declared effective or unconditional, and/or is completed. Cuscaden's offer for SPH is S$2.10 per share in cash. Cuscaden comprises Hotel Properties, businessman Ong Beng Seng and two Temasek-linked entities – CLA Real Estate Holdings and Mapletree. Its proposal still needs to be accepted by the board of SPH.


ASEAN Builder's Scoop (2Nov21) - Cuscaden Peak Chain Offer for SPHREIT

Philippines

DoubleDragon Corporation is a Philippine investment management company primarily engaged in real estate development, including retail, office, hospitality, and industrial leasing. The company develops and operates community malls (CityMall), office towers, industrial warehouses (CentralHub), and hotels (Hotel101). It was founded in 2009 and is headquartered in Pasay City, Metro Manila, Philippines.

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DoubleDragon (DD PM)

Suite Deal | Apr 14, 2024

The last week of SPACs was packed with deals, IPOs, and other activity.A SPAC is set to take a hotel chain public, and another blank-cheque firm is...

subSPAC

Supply Chain Success

The last week of trading in the year was an eventful one for SPACs, which included two deals being announced, and an LOI being signed for a...

subSPAC

ASEAN Builder's Scoop (15Feb22) - FEHT Encouraging Signs of Recovery QoQ

LREIT buys remaining JEM stake; RE blockchain Fraxtor obtains CMS license; DD Hotel to expand outside Phils; LLC acquires another plot at TRX City KL

SCCM Asia Research

New Home Sales up 29% YoY in 2021; ISS Voting Against ALLT-EREIT Merger

New home sales up 29% YoY in 2021; ISS voting against ALLT-EREIT merger; DD completes phase 4 warehouse complex; Indo new property tax breaks; SWB...

SCCM Asia Research

ASEAN Builder's Scoop (2Nov21) - Cuscaden Peak Chain Offer for SPHREIT

Cuscaden Peak chain offer for SPHREIT; URA rejects International Plaza's redevelopment plan; DD riding on hospitality tailwinds; DILD 9M21 mktg...

SCCM Asia Research

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