Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Cuscaden Peak, the sponsor of <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

<ul>
<li>After seven months had elapsed since receiving a preliminary non-binding proposal, <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> announced on the 1st August a firm Offer (an MBO) had been entered into.</li>
<li>The Offeror consortium, led by Mars Guangyuan Cai, Chairman and CEO, is offering US$1.25/ADS, a 74.8% premium to last close; but ~20% below net cash + short-term investments.</li>
<li>Hillhouse upped the ante with a US$1.77/ADS NBIO. The share price hasn't closed below US$1.25/share since; but the reason may not just hinge on Hillhouse firming its Offer.</li>
</ul>


After seven months had elapsed since receiving a preliminary non-binding proposal, Smart Share Global (EM US) announced on the 1st August a firm Offer (an MBO) had been entered into.
The Offeror consortium, led by Mars Guangyuan Cai, Chairman and CEO, is offering US$1.25/ADS, a 74.8% premium to last close; but ~20% below net cash + short-term investments.
Hillhouse upped the ante with a US$1.77/ADS NBIO. The share price hasn't closed below US$1.25/share since; but the reason may not just hinge on Hillhouse firming its Offer.


Smart Share (EM US): On Stonewalling Hillhouse's Offer

<ul>
<li>I tally 21 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, and <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, and <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a><a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener"></a>.</li>
</ul>


I tally 21 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deal was discussed on Smartkarma this week: Atlas Arteria (ALX AU), European Lithium (EUR AU), and oOh!Media Ltd (OML AU).
Key updates/news also took place on: Humm Group (HUM AU), ENN Energy (2688 HK), Makino Milling Machine Co (6135 JP), and Sankei Real Estate (2972 JP).


Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso (6902 JP)</a> is a "value trade". <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.</li>
<li>IFM has abandoned its creep approach and launched an off-market Offer for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>.
</li>
<li>Irrespective of the recent H-share placement, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> (CATL) continues to boast a high concentration of shareholders post-placement.</li>
</ul>



Denso (6902 JP) is a "value trade". Aisin (7259 JP)'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.
IFM has abandoned its creep approach and launched an off-market Offer for Atlas Arteria (ALX AU).

Irrespective of the recent H-share placement, Contemporary Amperex Technology (CATL) (3750 HK) (CATL) continues to boast a high concentration of shareholders post-placement.


Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

<ul>
<li>For April 2026, 8 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For April 2026, 8 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

China

Smart Share Global Limited operates as a mobile device charging service provider. The Company offers mobile device charging services through an extensive online and offline network. Smart Share Global conducts businesses in China.

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Smart Share Global (EM US)

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

Smart Share (EM US): On Stonewalling Hillhouse's Offer

Smart Share Global has announced the completion of its going private transaction (four months after shareholder approval), and "that it has...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Asia-Pac M&A, April 2026 Wrap: Atlas Arteria, European Lithium, OOh!Media, Global Ltd, Taiyo Holding

The average premium for the new transactions announced (or first discussed) in April was ~56%, and a year-to-date average of 45%.

David Blennerhassett