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.

Event-Driven

<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/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, <a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, <a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> and <a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>. </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 - Rakuten Securities (RAKUSEC JP), EbixCash (EBIXC IN), Lalatech Holdings Co Ltd (LALA HK) and Lianlian DigiTech (2104619D CH) IPOs.
Event-Driven developments - Eoflow (294090 KS), Dali Foods Group (3799 HK), L'Occitane (973 HK), Toshiba Corp (6502 JP), Pacific Current (PAC AU), Estia Health (EHE AU). 


Weekly Deals Digest (30 Jul) - L'Occitane, Dali, Eoflow, Toshiba, Pacific Current, Estia

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Yesterday (26 July), asset manager <a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a>  announced a cash/scrip NBIO from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>.</li>
<li>Under Regal’s proposal, Pacific Current shareholders would receive an implied $10.77/share. Pacific Current considers the current share price doesn't reflect the underlying value of its portfolio and business.</li>
<li>Now <a href="https://www.smartkarma.com/entities/gqg-partners-inc" target="_blank" data-smartkarma-citation="entities:34569:1" rel="noopener">GQG Partners (GQG AU)</a> has announced it intends to submit its own NBIO. No price was mentioned.</li>
</ul>


Yesterday (26 July), asset manager Pacific Current (PAC AU)  announced a cash/scrip NBIO from Regal Partners (RPL AU).
Under Regal’s proposal, Pacific Current shareholders would receive an implied $10.77/share. Pacific Current considers the current share price doesn't reflect the underlying value of its portfolio and business.
Now GQG Partners (GQG AU) has announced it intends to submit its own NBIO. No price was mentioned.


GQG Mulls Offer As Pacific Current Balks At Regal's NBIO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a> has disclosed a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a> at A$7.50 cash per share and 2.2 <a href="https://www.smartkarma.com/entities/gqg-partners-inc" target="_blank" data-smartkarma-citation="entities:34569:1" rel="noopener">GQG Partners (GQG AU)</a> shares per PAC share.</li>
<li>The implied offer price of A$11.12 per share based on GQG's last close price is a juicy 42.6% premium to the undisturbed price of A$7.80 per share (26 July).</li>
<li>The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding proposal.</li>
</ul>



Pacific Current (PAC AU) has disclosed a non-binding indicative proposal from Regal Partners (RPL AU) at A$7.50 cash per share and 2.2 GQG Partners (GQG AU) shares per PAC share.
The implied offer price of A$11.12 per share based on GQG's last close price is a juicy 42.6% premium to the undisturbed price of A$7.80 per share (26 July).
The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding proposal.


Pacific Current Group (PAC AU): Regal Partners’ Attractive Indicative Offer

Travis Lundy

<ul>
<li>Late Wednesday, the boards of <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/f5108573-775f-47c2-8cbf-3728e7cab738.pdf" target="_blank" rel="noopener">Adani Enterprises</a>, <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/81efc0ed-99b8-4f66-bbfe-f06c6173038e.pdf" target="_blank" rel="noopener">Adani Green Energy</a>, and <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/bdeabbc4-4e66-47b6-8229-ded6bc257bcf.pdf" target="_blank" rel="noopener">Adani Transmission</a> announced they would meet Saturday to consider fund-raising proposals.</li>
<li>They will consider issuance of equity shares or other eligible securities through a private placement, a qualified institutions placement, or a preferential issue, among other methods.</li>
<li>Earnings just out were generally good/up. They still need/want to raise equity. SEBI is still conducting its investigation but hints are there's trouble. A set of private placements looks likelier.</li>
</ul>


Late Wednesday, the boards of Adani Enterprises, Adani Green Energy, and Adani Transmission announced they would meet Saturday to consider fund-raising proposals.
They will consider issuance of equity shares or other eligible securities through a private placement, a qualified institutions placement, or a preferential issue, among other methods.
Earnings just out were generally good/up. They still need/want to raise equity. SEBI is still conducting its investigation but hints are there's trouble. A set of private placements looks likelier.


Adani Enterprises, Green Energy, Transmission Boards to Consider Equity Raises

<ul>
<li>The IE considers <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>'s cash and scrip offer for <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> to be fair and reasonable as it is within its valuation range of A$4.87-5.71. </li>
<li>Perpetual shareholders are getting the short end of the stick. While possible, <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>/BPEA EQT riding to the rescue of Perpetual shareholders is low. </li>
<li>Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.</li>
</ul>


The IE considers Perpetual Ltd (PPT AU)'s cash and scrip offer for Pendal Group (PDL AU) to be fair and reasonable as it is within its valuation range of A$4.87-5.71. 
Perpetual shareholders are getting the short end of the stick. While possible, Regal Partners (RPL AU)/BPEA EQT riding to the rescue of Perpetual shareholders is low. 
Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.


Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

United States

GQG Partners Inc. operates as an independent asset management firm. The Company offers investment advisory, portfolio management, financial planning, and security trading services. GQG Partners serves customers worldwide.

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GQG Partners (GQG AU)

Weekly Deals Digest (30 Jul) - L'Occitane, Dali, Eoflow, Toshiba, Pacific Current, Estia

Last week, notable developments occurred in Event-Driven (Eoflow, L'Occitane, Dali, Toshiba, Pacific Current, Estia) and ECM (Rakuten Securities,...

Arun George

GQG Mulls Offer As Pacific Current Balks At Regal's NBIO

Shares are up 31.8% to A$10.28/share as I type. ~$11 appears fair value. I'd be a buyer of Pacific Current outright here.

David Blennerhassett

Pacific Current Group (PAC AU): Regal Partners’ Attractive Indicative Offer

The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding...

Arun George

Adani Enterprises, Green Energy, Transmission Boards to Consider Equity Raises

Three different Adani Group names will see their Boards consider raising equity. The method is likely to be functionally equivalent to a private...

Travis Lundy

Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

While possible, the probability of Regal/BPEA EQT derailing the deal continues to decline. At the last close prices, the gross spread to the offer...

Arun George

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