Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>GS has bumped terms for <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul (4384 JP)</a>. It's not a great bump, but it is "final" it appears. Aspex got rolled in.  Anyone large will get rolled in too. </li>
<li>On <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">BlueScope Steel (BSL AU)</a>, <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH (SGH AU)</a>/<a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a> need to bolt on scrip; and/or flip to a conditional Offer, with a 50% acceptance hurdle, to gain control. </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>announced plans to sell its 15.2% stake in Samsung Display (unlisted). <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a><a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener"></a> may be the buyer. </li>
</ul>


GS has bumped terms for Raksul (4384 JP). It's not a great bump, but it is "final" it appears. Aspex got rolled in.  Anyone large will get rolled in too. 
On BlueScope Steel (BSL AU), SGH (SGH AU)/Steel Dynamics (STLD US) need to bolt on scrip; and/or flip to a conditional Offer, with a 50% acceptance hurdle, to gain control. 

Samsung SDI (006400 KS)announced plans to sell its 15.2% stake in Samsung Display (unlisted). Samsung Electronics (005930 KS) may be the buyer. 


Last Week In Event SPACE: Raksul, BlueScope, Samsung SDI, Qube

<ul>
<li>I tally 33 - 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>Four new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a>, <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a>, <a href="https://www.smartkarma.com/entities/ajis-co-ltd" target="_blank" data-smartkarma-citation="entities:3539:1" rel="noopener">AJIS Co Ltd (4659 JP)</a>, and <a href="https://www.smartkarma.com/entities/inforich-inc" target="_blank" data-smartkarma-citation="entities:46391:1" rel="noopener">Inforich (9338 JP)</a>.</li>
<li>Key updates/news also took place on: <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/maruwn-corp" target="_blank" data-smartkarma-citation="entities:18411:1" rel="noopener">Maruwn Corp (9067 JP)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-logisnext-co-ltd" target="_blank" data-smartkarma-citation="entities:11662:1" rel="noopener">Mitsubishi Logisnext Co., Ltd. (7105 JP)</a>.</li>
</ul>


I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new deals were discussed on Smartkarma this week: Magnetic Resources Nl (MAU AU), Takara Bio Inc (4974 JP), AJIS Co Ltd (4659 JP), and Inforich (9338 JP).
Key updates/news also took place on: Sankei Real Estate (2972 JP), Maruwn Corp (9067 JP), and Mitsubishi Logisnext Co., Ltd. (7105 JP).


Asia-Pac M&A Weekly Wrap: Inforich, Magnetic Res, Takara Bio, AJIS, Sankei Real Estate, Maruwn

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.</li>
<li>For Asia Pac ex Japan, we forecast 266 changes (adds, deletes, migrations) for the index. Of those, 63 stocks could have over US$20m to trade from passive trackers.</li>
<li>The forecast passive buys have outperformed the headlines indices in all major markets and there could be some profit-taking following announcement of the changes.</li>
</ul>


The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.
For Asia Pac ex Japan, we forecast 266 changes (adds, deletes, migrations) for the index. Of those, 63 stocks could have over US$20m to trade from passive trackers.
The forecast passive buys have outperformed the headlines indices in all major markets and there could be some profit-taking following announcement of the changes.


Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

<ul>
<li>The gold rush continues as <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources (MAU AU)</a> enters into a Scheme with <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>. </li>
<li>Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share - or a A$2/share indicative Offer price. </li>
<li>Magnetic shareholders will hold ~2.4% of the enlarged gold play. 19.64% of Magnetic shareholders are supportive. Looks clean</li>
</ul>


The gold rush continues as Magnetic Resources (MAU AU) enters into a Scheme with Genesis Minerals (GMD AU). 
Via the default option, Genesis is offering A$1.40/share in cash plus 0.0873 new Genesis shares (~70/30, cash/scrip) for each Magnetic share - or a A$2/share indicative Offer price. 
Magnetic shareholders will hold ~2.4% of the enlarged gold play. 19.64% of Magnetic shareholders are supportive. Looks clean


Magnetic Resources (MAU AU): Genesis Minerals (GMD AU)'s Clean Scheme

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 href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a> has entered into a SID with <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> at A$1.40 cash + 0.0873 GMD shares per MAU share, 25.0% premium to the last close.</li>
<li>While the offer represents an all-time high, it is light compared to peer EV/Resource and EV/Reserve multiples. The ability to choose between all-cash and all-scrip partly addresses this. </li>
<li>The key conditions are the Magnetic shareholder and ACCC approval. Due to the significant irrevocables, the scheme vote is low risk.</li>
</ul>



Magnetic Resources Nl (MAU AU) has entered into a SID with Genesis Minerals (GMD AU) at A$1.40 cash + 0.0873 GMD shares per MAU share, 25.0% premium to the last close.
While the offer represents an all-time high, it is light compared to peer EV/Resource and EV/Reserve multiples. The ability to choose between all-cash and all-scrip partly addresses this. 
The key conditions are the Magnetic shareholder and ACCC approval. Due to the significant irrevocables, the scheme vote is low risk.


Magnetic Resources (MAU AU): Genesis (GMD US)’s Binding Proposal

Australia

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

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Genesis Minerals (GMD AU)

Last Week In Event SPACE: Raksul, BlueScope, Samsung SDI, Qube

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 Weekly Wrap: Inforich, Magnetic Res, Takara Bio, AJIS, Sankei Real Estate, Maruwn

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

Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

There will be over 250 changes in AP for a global index in March. The large adds have outperformed their country indices over the last few months...

Brian Freitas

Magnetic Resources (MAU AU): Genesis Minerals (GMD AU)'s Clean Scheme

Trading tight at a gross/annualised spread of 1.7%/8.8%. You could look to take down borrow in Genesis. But depending on your gold tilt, you might...

David Blennerhassett

Magnetic Resources (MAU AU): Genesis (GMD US)’s Binding Proposal

While the offer represents an all-time high, it is light compared to peer EV/Resource and EV/Reserve multiples. Due to the significant...

Arun George

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