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>The <a href="https://www.afr.com/street-talk/malteries-soufflet-signs-binding-deal-to-buy-united-malt-at-5-a-share-20230702-p5dl6n" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.</li>
<li>The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.</li>
<li>The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. </li>
</ul>


The AFR reports that United Malt Group Ltd (UMG AU) has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.
The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.
The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. 


United Malt (UMG AU): Malteries Soufflet’s Binding Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has offered exclusive due diligence to Malteries Soufflet for its non-binding indicative proposal of A$5.00 per share, a 45.3% premium to the undisturbed price.</li>
<li>The offer follows on from three previous undisclosed proposals. The offer is subject to several conditions such as due diligence, Board recommendation and FIRB approval.</li>
<li>The presence of several substantial shareholders necessitates an attractive premium. The offer is attractive in comparison to historical share prices and peer multiples. </li>
</ul>



United Malt Group Ltd (UMG AU) has offered exclusive due diligence to Malteries Soufflet for its non-binding indicative proposal of A$5.00 per share, a 45.3% premium to the undisturbed price.
The offer follows on from three previous undisclosed proposals. The offer is subject to several conditions such as due diligence, Board recommendation and FIRB approval.
The presence of several substantial shareholders necessitates an attractive premium. The offer is attractive in comparison to historical share prices and peer multiples. 


United Malt (UMG AU): Malteries Soufflet’s Indicative A$5.00 Offer

<ul>
<li>On 10 January, <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. </li>
<li>The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.</li>
<li>The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.</li>
</ul>


On 10 January, Olam Group (OLG SP) announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. 
The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.
The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.


Olam Group (OLG SP): Entering the Final Stages to Unlock Value

<ul>
<li>Olam Group set to replace <a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam International (OLAM SP)</a> as the listed company entity on 16 March. It consists of Olam Food Ingredients (ofi), Olam Agri and Olam International (OIL).</li>
<li>The complicated restructuring exercise which was announced in January 2020 is driven by the Board’s intent to unlock long-term shareholder value. </li>
<li>Our SoTP valuation is S$2.36 per share, which is a 34% upside to the last trading price of S$1.76 per share (9 March prior to the suspension of the shares).</li>
</ul>


Olam Group set to replace Olam International (OLAM SP) as the listed company entity on 16 March. It consists of Olam Food Ingredients (ofi), Olam Agri and Olam International (OIL).
The complicated restructuring exercise which was announced in January 2020 is driven by the Board’s intent to unlock long-term shareholder value. 
Our SoTP valuation is S$2.36 per share, which is a 34% upside to the last trading price of S$1.76 per share (9 March prior to the suspension of the shares).


Olam Group: Restructuring to Unlock Value

<p>On Monday night, Long Term Asset Partners (LTAP) abandoned its proposed acquisition of <a href="https://www.smartkarma.com/entities/18531" target="_blank" data-smartkarma-citation="entities:18531:1">Graincorp Ltd A (GNC AU)</a>. As a reminder on 3 December 2018, GrainCorp revealed that it received a non-binding indicative offer approach from LTAP for A$10.42 cash per share. </p><div class="content-highlight"><p>While GrainCorp's proposed demerger is supportive of the current share price, it will complete at the end of the year. There is a paucity of short-term catalysts to offset the current negative sentiment perpetuated by LTAP walking away and the weakening trading conditions in the Grains business. Consequently, we do not see any reason to rush in to buy the shares on any short-term share price weakness.</p></div>

On Monday night, Long Term Asset Partners (LTAP) abandoned its proposed acquisition of Graincorp Ltd A (GNC AU). As a reminder on 3 December 2018, GrainCorp revealed that it received a non-binding indicative offer approach from LTAP for A$10.42 cash per share. While GrainCorp's proposed demerger is supportive of the current share price, it will complete at the end of the year. There is a paucity of short-term catalysts to offset the current negative sentiment perpetuated by LTAP walking away and the weakening trading conditions in the Grains business. Consequently, we do not see any reason to rush in to buy the shares on any short-term share price weakness.

United States

Ingredion Incorporated refines corn and produces sweeteners and starches.  The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries.  Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

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Ingredion Inc (INGR US)

United Malt (UMG AU): Malteries Soufflet’s Binding Offer

AFR reports that Malteries Soufflet has lobbed a binding offer at A$5.00. Shareholders will be supportive and sigh relief at receiving a binding...

Arun George

United Malt (UMG AU): Malteries Soufflet’s Indicative A$5.00 Offer

The offer is attractive in comparison to historical share prices and peer multiples. Due diligence lasts for 10 weeks. At the last close, the gross...

Arun George

Olam Group (OLG SP): Entering the Final Stages to Unlock Value

The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of...

Arun George

Olam Group: Restructuring to Unlock Value

Olam Group set to replace Olam International as the listed company entity on 16 March. Our SoTP valuation is S$2.36 per share, which is a 34%...

Arun George

GrainCorp: LTAP Pulls the Plug

On Monday night, Long Term Asset Partners (LTAP) abandoned its proposed acquisition of Graincorp Ltd A (GNC AU). As a reminder on 3 December 2018,...

Arun George

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