Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal</li>
<li>Three new deals were discussed on Smartkarma: Beach Energy's tilt for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego (WGO AU)</a>, Sumitomo's offer for <a href="https://www.smartkarma.com/entities/sumitomo-precision-products" target="_blank" data-smartkarma-citation="entities:5797:1" rel="noopener">Sumitomo Precision (6355 JP)</a>, and Hainan Rubber's offer for <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon (HACL SP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> / <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>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, and <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>.</li>
</ul>


There are 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal
Three new deals were discussed on Smartkarma: Beach Energy's tilt for Warrego (WGO AU), Sumitomo's offer for Sumitomo Precision (6355 JP), and Hainan Rubber's offer for Halcyon (HACL SP).
Key updates took place for: Perpetual Ltd (PPT AU) / Pendal Group (PDL AU), Nitro Software Ltd (NTO AU), and OZ Minerals Ltd (OZL AU).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Warrego, Sumitomo Precision, Halcyon Agri, Nitro Software

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 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/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> launches an up to US$593 million SET IPO, <a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a> set to launch an HKEx IPO to raise US$700-800 million.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>/<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>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</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>. </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 - I-Tail (ITC TB) launches an up to US$593 million SET IPO, Lygend Resources &amp; Technology (LR HK) set to launch an HKEx IPO to raise US$700-800 million.
Event-Driven developments - OZ Minerals Ltd (OZL AU), Perpetual Ltd (PPT AU)/Pendal Group (PDL AU), Nearmap Ltd (NEA AU), Halcyon Agri (HACL SP), Yashili International Holdings (1230 HK). 


Weekly Deals Digest (20 Nov) - OZ Minerals, Pendal, Nearmap, Halcyon, Yashili, I-Tail, Lygend

<ul>
<li>
<a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>.</li>
<li>Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. </li>
<li>
The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.</li>
</ul>



Halcyon Agri (HACL SP) has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to China Hainan Rubber Industry (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. 

The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.


Halcyon Agri: Hainan Rubber's Conditional MGO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has entered a conditional SPA with <a href="https://www.smartkarma.com/entities/sinochem-international-corporation-a" target="_blank" data-smartkarma-citation="entities:13110:1" rel="noopener">Sinochem International Corporation A (600500 CH)</a> to acquire a 36.00% stake in <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> at US$0.315/share.</li>
<li>The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.</li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.</li>
</ul>



China Hainan Rubber Industry (601118 CH) has entered a conditional SPA with Sinochem International Corporation A (600500 CH) to acquire a 36.00% stake in Halcyon Agri (HACL SP) at US$0.315/share.
The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.
The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.


<ul>
<li>Natural rubber play <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> was suspended ahead of trading on the 14 November.</li>
<li>Word on the street is that a privatisation will be announced shortly. </li>
<li>The benefit of hindsight ... Halcyon's largest shareholder, SOE-backed Sinochem, recently increased its stake, paying ~S$0.45/share. </li>
</ul>


Natural rubber play Halcyon Agri (HACL SP) was suspended ahead of trading on the 14 November.
Word on the street is that a privatisation will be announced shortly. 
The benefit of hindsight ... Halcyon's largest shareholder, SOE-backed Sinochem, recently increased its stake, paying ~S$0.45/share. 


Halcyon Agri Suspended Ahead Of Possible Offer

Singapore

Halcyon Agri Corporation Limited manufactures and distributes natural rubber products globally, including technically specified rubber, crumb rubber, and latex, primarily under the HeveaPRO brand. The company owns and operates rubber plantations and supplies natural rubber for the tire and non-tire industries. It was founded in 1934 and is headquartered in Singapore.

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Halcyon Agri (HACL SP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Warrego, Sumitomo Precision, Halcyon Agri, Nitro Software

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

Weekly Deals Digest (20 Nov) - OZ Minerals, Pendal, Nearmap, Halcyon, Yashili, I-Tail, Lygend

Last week, notable developments occurred in Event-Driven (Nearmap, Nitro, OZ Minerals. Perpetual, Pendal, ReadyTech, Lifestyle, Yashili, Halcyon,...

Arun George

Halcyon Agri: Hainan Rubber's Conditional MGO

Both Sinochem and Hainan Rubber are SOE-backed. The key question is whether the MGO will turn unconditional. It's a pretty cozy shareholder...

David Blennerhassett