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/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> has entered into a Scheme Implementation Deed (“SID”) with K1 Investment under which ELMO shareholders will be entitled to receive $4.85/share, in cash.</li>
<li>The SID has the support of the independent board and ELMO's three largest shareholders collectively holding ~33.4% of shares out. </li>
<li>The Scheme is expected to complete in the 1Q23. The proposal requires FIRB approval. This looks done.</li>
</ul>



Elmo Software (ELO AU) has entered into a Scheme Implementation Deed (“SID”) with K1 Investment under which ELMO shareholders will be entitled to receive $4.85/share, in cash.
The SID has the support of the independent board and ELMO's three largest shareholders collectively holding ~33.4% of shares out. 
The Scheme is expected to complete in the 1Q23. The proposal requires FIRB approval. This looks done.


ELMO Software (ELO AU): $4.85/Share Offer From K1 Investment

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> pre-marketing a US$500 million HKEx IPO. <a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> closes its books early for its THB17.4 billion (US$462 million) IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, DTAC/True. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Giant Biogene Holding (GBH HK) pre-marketing a US$500 million HKEx IPO. Betagro (BTG TB) closes its books early for its THB17.4 billion (US$462 million) IPO.
Event-Driven developments - Kingston Financial (1031 HK), Yashili International Holdings (1230 HK), China Vast Industrial Urban Development (6166 HK), Elmo Software (ELO AU), Pushpay Holdings (PPH NZ), DTAC/True. 


Weekly Deals Digest (16 Oct) - Yashili, Kingston, Elmo, Pushpay, DTAC/True, Giant Biogene, Betagro

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> confirmed takeover interest from several parties, including Accel-KKR. Elmo previously disclosed on 14 June that it had discussions on a non-binding offer at A$6.10 per share.</li>
<li>The previous talks ended because the bidder (Accel-KKR) could not progress to a binding offer due to changing tech valuations. Elmo has materially underperformed ASX SaaS peers since 14 June.</li>
<li>The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to peer multiples providing support to the shares. </li>
</ul>



Elmo Software (ELO AU) confirmed takeover interest from several parties, including Accel-KKR. Elmo previously disclosed on 14 June that it had discussions on a non-binding offer at A$6.10 per share.
The previous talks ended because the bidder (Accel-KKR) could not progress to a binding offer due to changing tech valuations. Elmo has materially underperformed ASX SaaS peers since 14 June.
The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to peer multiples providing support to the shares. 


Elmo Software Confirms Takeover Interest from Various Parties

<ul>
<li>Cloud-Based solutions provider <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a> has confirmed it has received multiple expressions of interest from various parties, including Accel-KKR.</li>
<li>No agreement has been reached with any parties, no pricing mentioned, nor whether data room access has been afforded.</li>
<li>Earlier this year ELMO held discussions with Accel-KKR in regard to a change of control proposal at $6.10/share. That figure is a stretch in this market. </li>
</ul>


Cloud-Based solutions provider Elmo Software (ELO AU) has confirmed it has received multiple expressions of interest from various parties, including Accel-KKR.
No agreement has been reached with any parties, no pricing mentioned, nor whether data room access has been afforded.
Earlier this year ELMO held discussions with Accel-KKR in regard to a change of control proposal at $6.10/share. That figure is a stretch in this market. 


ELMO Software (ELO AU): KKR Returns To The Well

Australia

ELMO Software Limited operates as a software service provider. The Company offers cloud-based talent management software solutions which includes hiring, recruitment, on-boarding, performance, learning, and pre-built e-learning courses. ELMO Software serves customers in New Zealand, Singapore, and Australia.

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Elmo Software (ELO AU)

Weekly Deals Digest (16 Oct) - Yashili, Kingston, Elmo, Pushpay, DTAC/True, Giant Biogene, Betagro

Last week, notable developments occurred in Event-Driven (China VAST, Kingston, Yashili, Elmo, Genex, PTB, Pushpay, DTAC/True) and ECM (Giant...

Arun George

Elmo Software Confirms Takeover Interest from Various Parties

The current conditions suggest a higher risk that the talks will fizzle out. Despite today’s 28% pop, the shares remain undemanding compared to...

Arun George