Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Zijin Mining Group Co Ltd H / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a> has overshot the mark.</li>
<li>KKR's lock up in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> expires in less than three weeks. It's not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.</li>
<li>Abu Dhabis' ADNOC walks away from <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>. That was, realistically, the most likely outcome.</li>
</ul>



Zijin Gold (2259 HK)'s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, Zijin Mining Group Co Ltd H (2899 HK) has overshot the mark.
KKR's lock up in Kokusai Electric (6525 JP) expires in less than three weeks. It's not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.
Abu Dhabis' ADNOC walks away from Santos Ltd (STO AU). That was, realistically, the most likely outcome.


Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>No new deals were discussed on Smartkarma this week. Although <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> and <a href="https://www.smartkarma.com/entities/emeco-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8126:1" rel="noopener">Emeco Holdings (EHL AU)</a> appear to be in the crosshairs. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU)</a>, <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/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 (4464 JP)</a>, and <a href="https://www.smartkarma.com/entities/ci-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:26170:1" rel="noopener">Ci Medical (3540 JP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
No new deals were discussed on Smartkarma this week. Although ANE Cayman Inc (9956 HK) and Emeco Holdings (EHL AU) appear to be in the crosshairs. 
Key updates/news took place on SmartPay Holdings (SMP AU), Humm Group (HUM AU), Jinke Smart Services (9666 HK), Shibaura Electronics (6957 JP), Soft99 (4464 JP), and Ci Medical (3540 JP).


(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

<ul>
<li>On the 25 November 2024, <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a> (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).</li>
<li>On the 4th December, both parties entered into a SID on the same terms. SGF's largest shareholder, <a href="https://www.smartkarma.com/entities/super-group-ltd" target="_blank" data-smartkarma-citation="entities:20972:1" rel="noopener">Super Group (SUPER SP)</a> (53.58%), was supportive. </li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250221/pdf/06fsctwmjwcj5f.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 8th April. Expected implementation on the 30th April. The IE (Grant Thornton) says fair &amp; reasonable.</li>
</ul>


On the 25 November 2024, SG Fleet (SGF AU) (SGF), an Aussie provider of fleet leasing services, announced a A$3.50/share non-binding/indicative proposal from Sydney PE outfit Pacific Equity Partners (PEP).
On the 4th December, both parties entered into a SID on the same terms. SGF's largest shareholder, Super Group (SUPER SP) (53.58%), was supportive. 

The Scheme Booklet is now out, with a Scheme Meeting on the 8th April. Expected implementation on the 30th April. The IE (Grant Thornton) says fair &amp; reasonable.


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>The <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> IE considers Pacific Equity Partners’ A$3.50 offer fair and reasonable. </li>
<li>The key conditions are shareholder (<a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a> and SG Fleet) and regulatory (FIRB, OIO and FCA) approval. </li>
<li>The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross/annualised spread is 1.5%/8.5%.  </li>
</ul>


The Sg Fleet (SGF AU) IE considers Pacific Equity Partners’ A$3.50 offer fair and reasonable. 
The key conditions are shareholder (Super Group (SPG SJ) and SG Fleet) and regulatory (FIRB, OIO and FCA) approval. 
The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross/annualised spread is 1.5%/8.5%.  


SG Fleet (SGF AU): Scheme Vote on 8 April

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price. </li>
<li>The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). <a href="https://www.smartkarma.com/entities/super-group-limited" target="_blank" data-smartkarma-citation="entities:44114:1" rel="noopener">Super Group (SPG SJ)</a>, the largest shareholder with a 53.58% stake, will support the offer. </li>
<li>The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.</li>
</ul>



Sg Fleet (SGF AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$3.50 per share, a 31.1% premium to the undisturbed price. 
The key conditions are shareholder and regulatory approvals (FIRB, OIO and UK FCA). Super Group (SPG SJ), the largest shareholder with a 53.58% stake, will support the offer. 
The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end payment, the gross/annualised spread is 2.3%/7.6%.


SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

Australia

FleetPartners Group Limited provides vehicle fleet leasing, fleet management, and diversified financial services. The Company offers consumers and businesses access to funding solutions including fleet leasing, vehicle sales, commercial equipment finance, and consumer motor vehicle finance. FleetPartners Group serves customers in Australia and New Zealand.

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FleetPartners Group (FPR AU)

Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

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

(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

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

SG Fleet (SGF AU): 8th April Scheme Vote

This is done and trading tight. Currently trading at 1.4%/8.4% gross/annualised spread. Get involved here and on (any) dips.

David Blennerhassett

SG Fleet (SGF AU): Scheme Vote on 8 April

The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross...

Arun George

SG Fleet (SGF AU): Pacific Equity Partners’ Binding Offer a Done Deal

This is done. The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a March 2025-end...

Arun George

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