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.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>'s large offering of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> shares, <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> aims to raise up to US$440 million. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 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/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</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>, OZ Minerals. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Japan Post Holdings (6178 JP)'s large offering of Japan Post Bank (7182 JP) shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million. 
Event-Driven developments - HKBN Ltd (1310 HK), Yashili International Holdings (1230 HK), GK Goh Holdings (GKG SP), Golden Energy &amp; Resources (GER SP), Pushpay Holdings (PPH NZ), OZ Minerals. 


Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Big picture: <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post (6178 JP)</a> selling 29% of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> is a Very Big Offering at ¥1.236trln. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x float. </li>
<li>
<a href="https://www.smartkarma.com/entities/downer-edi-ltd" target="_blank" data-smartkarma-citation="entities:12350:1" rel="noopener">Downer EDI (DOW AU)</a>'s CEO resigned ahead of announcing accounting irregularities last December. The CFO resigned this week after Downer announced another profit downgrade. Now the chairman is exiting. </li>
<li>Hong Kong broadband play <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>said it has been approached by I Squares' HGC. No pricing announced, but talks continue. </li>
</ul>


Big picture: Japan Post (6178 JP) selling 29% of Japan Post Bank (7182 JP) is a Very Big Offering at ¥1.236trln. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x float. 

Downer EDI (DOW AU)'s CEO resigned ahead of announcing accounting irregularities last December. The CFO resigned this week after Downer announced another profit downgrade. Now the chairman is exiting. 
Hong Kong broadband play HKBN Ltd (1310 HK)said it has been approached by I Squares' HGC. No pricing announced, but talks continue. 


Last Week in Event SPACE: Japan Post/Japan Post Bank, Downer, HKBN, Golden Energy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a> has disclosed a voluntary conditional offer from management at S$1.26 per share, a 38.5% premium to the undisturbed price (24 February).</li>
<li>The offer price is final barring a competitive situation. The VGO has a 90%+ minimum acceptance condition which can be waived or lowered. Irrevocables represent 62.89% of outstanding shares.</li>
<li>The offer price is attractive in comparison to historical trading ranges. The offer will remain open for at least 28 days which points to the earliest of 11 April close.</li>
</ul>



GK Goh Holdings (GKG SP) has disclosed a voluntary conditional offer from management at S$1.26 per share, a 38.5% premium to the undisturbed price (24 February).
The offer price is final barring a competitive situation. The VGO has a 90%+ minimum acceptance condition which can be waived or lowered. Irrevocables represent 62.89% of outstanding shares.
The offer price is attractive in comparison to historical trading ranges. The offer will remain open for at least 28 days which points to the earliest of 11 April close.


G. K. Goh Holdings (GKG SP): Conditional VGO at S$1.26

<ul>
<li>Verveine Pte. Ltd., a vehicle controlled by Goh Geok Khim (executive chairman) and Goh Yew Lin (MD), has made a voluntary offer for <a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>.</li>
<li>The Offer price of $1.26/share, which is final, is a 38.5% premium to last close.  It is conditional on the Gohs holding 90%, which may be reduced to 50%.</li>
<li>GKG Investment, with 62.89%, has given an irrevocable to tender. </li>
</ul>


Verveine Pte. Ltd., a vehicle controlled by Goh Geok Khim (executive chairman) and Goh Yew Lin (MD), has made a voluntary offer for GK Goh Holdings (GKG SP).
The Offer price of $1.26/share, which is final, is a 38.5% premium to last close.  It is conditional on the Gohs holding 90%, which may be reduced to 50%.
GKG Investment, with 62.89%, has given an irrevocable to tender. 


Singapore

G.K. Goh Holdings Ltd. is an investment holding company that manages a diverse portfolio of investments across multiple asset classes, including listed and unlisted equities, venture capital, and private equity. The company also operates businesses in aged care services and provides corporate services such as share registry, accounting, and management consultancy. Headquartered in Singapore, the company was founded in 1979.

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G.K. Goh (GKG SP)

Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, OZ, Pushpay, HKBN, Yashili, GK Goh, Golden Energy, SHL-Japan) and ECM...

Arun George

Last Week in Event SPACE: Japan Post/Japan Post Bank, Downer, HKBN, Golden Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

G. K. Goh Holdings (GKG SP): Conditional VGO at S$1.26

The 90% minimum acceptance condition (which can be waived or lowered) should be met as the offer is attractive. This is a done deal. At the last...

Arun George

G.K.Goh's Voluntary MBO

This looks done. It is also super illiquid. I would look to enter at $1.23 or lower, or a ~2%/15% gross/annualised spread, assuming late April...

David Blennerhassett

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