Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Singaporean property play <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a> has <a href="https://links.sgx.com/FileOpen/Joint%20Announcement.ashx?App=Announcement&amp;FileID=831315" target="_blank" rel="noopener">announced</a> an Offer, by way of  a Scheme, from <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>'s Ong family, at S$0.23/share, a 36.1% premium to undisturbed.</li>
<li>Lian Beng, which was privatised by the Ong family in 2023 - see<a href="https://skr.ma/xUkjx" target="_blank" rel="noopener"> Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair</a> -  holds 77.6% in SLB. </li>
<li>This is done. No competing offer will emerge. I don't think this needs a bump.</li>
</ul>


Singaporean property play SLB Development (SLB SP) has announced an Offer, by way of  a Scheme, from Lian Beng (LBG SP)'s Ong family, at S$0.23/share, a 36.1% premium to undisturbed.
Lian Beng, which was privatised by the Ong family in 2023 - see Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair -  holds 77.6% in SLB. 
This is done. No competing offer will emerge. I don't think this needs a bump.


SLB Dev (SLB SP): Ong Family Offer By Way Of A 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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a>, <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/wide-bay-australia-ltd" target="_blank" data-smartkarma-citation="entities:18747:1" rel="noopener">Auswide Bank (ABA AU)</a>, <a href="https://www.smartkarma.com/entities/pressance-corp" target="_blank" data-smartkarma-citation="entities:17783:1" rel="noopener">Pressance Corp (3254 JP)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: SLB Development (SLB SP), Japfa Ltd (JAP SP), Seven &amp; I Holdings (3382 JP), Lifestyle China (2136 HK), Get Nice Financial Group Ltd (1469 HK).

Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Auswide Bank (ABA AU), Pressance Corp (3254 JP). 



Merger Arb Mondays (27 Jan) - Fosun Tourism, Get Nice, Lifestyle China, Canvest, Japfa, SLB

<ul>
<li>
<a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a> disclosed a scheme privatisation from <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a> at S$0.23 per share, a 36.1% premium to the undisturbed price of S$0.169 (22 January).</li>
<li>The Ong family previously privatised Lian Beng, the parent company. The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges.</li>
<li>The scheme vote is low-risk, as no disinterested shareholder holds a blocking stake, and the offer is attractive. Expect a scheme meeting in April.  </li>
</ul>



SLB Development (SLB SP) disclosed a scheme privatisation from Lian Beng (LBG SP) at S$0.23 per share, a 36.1% premium to the undisturbed price of S$0.169 (22 January).
The Ong family previously privatised Lian Beng, the parent company. The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges.
The scheme vote is low-risk, as no disinterested shareholder holds a blocking stake, and the offer is attractive. Expect a scheme meeting in April.  


SLB Development (SLB SP): Ong Family’s S$0.23 Scheme Offer

<ul>
<li>Back in December 2022, agri-food play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a> spun-off its 62.5% stake in <a href="https://www.smartkarma.com/entities/austasia-group-ltd" target="_blank" data-smartkarma-citation="entities:36655:1" rel="noopener">AustAsia Group (2425 HK)</a>, as discussed in <a href="https://skr.ma/qAzLD" target="_blank" rel="noopener">Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution</a> 
</li>
<li>Last Friday, Bloomberg reported its key shareholder, Renaldo Santosa and his family, who collectively control ~75.5%, are considering taking Japfa private.</li>
<li>The family <a href="https://links.sgx.com/FileOpen/20240311%20Japfa%20Ltd%20Holding%20announcement.ashx?App=Announcement&amp;FileID=791556" target="_blank" rel="noopener">acknowledges</a> it has been approached by various financiers, investment banks, but nothing definitive has emerged. Still, Japfa is worth a revisit.</li>
</ul>


Back in December 2022, agri-food play Japfa Ltd (JAP SP) spun-off its 62.5% stake in AustAsia Group (2425 HK), as discussed in Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution 

Last Friday, Bloomberg reported its key shareholder, Renaldo Santosa and his family, who collectively control ~75.5%, are considering taking Japfa private.
The family acknowledges it has been approached by various financiers, investment banks, but nothing definitive has emerged. Still, Japfa is worth a revisit.


Japfa (JAP SP): Impressive Gain. But No Firm Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amara-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2692:1" rel="noopener">Amara Holdings (AMA SP)</a> has disclosed a voluntary unconditional offer from Dymon Asia and the Albert Teo Family at S$0.60 per share, a 30.4% premium to the last close price. </li>
<li>On 17 June, Amara received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they are mulling an offer. </li>
<li>The offer price is final. The offer is attractive and marginally below the ten-year high. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 79.3%.</li>
</ul>



Amara Holdings (AMA SP) has disclosed a voluntary unconditional offer from Dymon Asia and the Albert Teo Family at S$0.60 per share, a 30.4% premium to the last close price. 
On 17 June, Amara received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they are mulling an offer. 
The offer price is final. The offer is attractive and marginally below the ten-year high. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 79.3%.


Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer

Singapore

Lian Beng Group Ltd is a Singapore-based company primarily engaged in construction and civil engineering, property development and investment, and the manufacturing of construction materials. It also operates dormitory businesses and provides construction-related services. The company was established in 1973 and is headquartered in Singapore.

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Lian Beng (LBG SP)

SLB Dev (SLB SP): Ong Family Offer By Way Of A Scheme.

This is done. Trading tight at a 2.2%/7.2% gross/annualised spread, if payment late May. If small-cap illiquid arbs are your bent, get involved.

David Blennerhassett

Merger Arb Mondays (27 Jan) - Fosun Tourism, Get Nice, Lifestyle China, Canvest, Japfa, SLB

This week, the highest gross spreads are SLB Development (36.1%), Japfa (17.0%), Seven & I (16.8%), Lifestyle China (15.3%), Get Nice Financial...

Arun George

SLB Development (SLB SP): Ong Family’s S$0.23 Scheme Offer

The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges. This is a done deal.

Arun George

Japfa (JAP SP): Impressive Gain. But No Firm Offer

Quite an impressive share price gain without anything substantive to hang your hat on. I would not chase it here. I'd only get involved if there...

David Blennerhassett

Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer

The offer price is final. The offer is attractive and marginally below the ten-year high. At the last close, the gross spread was 30.4%.

Arun George

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