Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 41 - 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>Four new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754" rel="noopener">Shidax (4837 JP)</a>'s and <a href="https://www.smartkarma.com/entities/cmic-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15558:1" rel="noopener">CMIC (2309 JP)</a>'s low-balled Offers; <a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877" rel="noopener">Benesse (9783 JP)</a>'s MBO/EQT Offer; and <a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">IRC (1029 HK)</a>'s MBO MGO.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cros</a><a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">s Media (SXL AU)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> </li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals were discussed on Smartkarma this week: Shidax (4837 JP)'s and CMIC (2309 JP)'s low-balled Offers; Benesse (9783 JP)'s MBO/EQT Offer; and IRC (1029 HK)'s MBO MGO.
Key updates took place for: Allkem Ltd (AKE AU), Orecorp Ltd (ORR AU), Southern Cross Media (SXL AU), EOFlow (294090 KS), and Hollysys Automation Technologies (HOLI US) 


(Mostly) Asia-Pac Weekly Risk Arb Wrap: CMIC, IRC, Allkem, Benesse, Southern Cross, EOFlow, Shidax

<ul>
<li>Nikolai Levitskii, Russian iron-ore play <a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">IRC Ltd (1029 HK)</a>'s chairman and largest shareholder, has acquired 4.72% of shares out, lifting his stake above 30%, triggering an MGO. </li>
<li>The Offer price of HK$0.118/share, a 32.58% to last close, is the same price paid for the stake increase. </li>
<li>The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC's listing. </li>
</ul>


Nikolai Levitskii, Russian iron-ore play IRC Ltd (1029 HK)'s chairman and largest shareholder, has acquired 4.72% of shares out, lifting his stake above 30%, triggering an MGO. 
The Offer price of HK$0.118/share, a 32.58% to last close, is the same price paid for the stake increase. 
The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC's listing. 


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/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 HK)</a> has announced a mandatory conditional offer from Nikolai Levitskii (Chairman) at HK$0.118 per share, a 32.6% premium to the undisturbed price (1 November). </li>
<li>The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.  The offeror currently represents 30.61% of outstanding shares.</li>
<li>The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC Invest does not tender), which is not onerous.</li>
</ul>



Irc Ltd (1029 HK) has announced a mandatory conditional offer from Nikolai Levitskii (Chairman) at HK$0.118 per share, a 32.6% premium to the undisturbed price (1 November). 
The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.  The offeror currently represents 30.61% of outstanding shares.
The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC Invest does not tender), which is not onerous.


IRC Limited (1029 HK): Mandatory Conditional Offer from the Chairman

Hong Kong

IRC Limited is a Hong Kong-based mining company engaged in the production and development of industrial commodities, primarily iron ore. Its flagship operation, the Kimkan & Sutara (K&S) mine in the Russian Far East, produces high-quality 65% iron ore concentrate. The company was incorporated in Hong Kong in 2010.

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IRC (1029 HK)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: CMIC, IRC, Allkem, Benesse, Southern Cross, EOFlow, Shidax

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

IRC (1029 HK): MBO's MGO. Look Away ...

Trading 13.5% to terms after gaining 16.9% today. But even if small illiquid arbs are your thing, I'd give this a wide berth.

David Blennerhassett

IRC Limited (1029 HK): Mandatory Conditional Offer from the Chairman

The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC...

Arun George

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