Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The downside to <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> remains, but the reasoned downside is smaller than it was before.</li>
<li>CVC walks, but it doesn't stop <a href="https://www.smartkarma.com/entities/brambles-ltd" target="_blank" data-smartkarma-citation="entities:693:1" rel="noopener">Brambles Ltd (BXB AU)</a> privatisation speculation. </li>
<li>If <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp</a> and <a href="https://www.smartkarma.com/entities/the-lottery-corporation-limited" target="_blank" data-smartkarma-citation="entities:35970:1" rel="noopener">The Lottery Corp</a> are seen as low volatility growth properties, then the stability of cashflow puts it into rarified air among "growth bias" which has gotten trashed. </li>
</ul>


The downside to Woodside Petroleum (WPL AU) remains, but the reasoned downside is smaller than it was before.
CVC walks, but it doesn't stop Brambles Ltd (BXB AU) privatisation speculation. 
If Tabcorp and The Lottery Corp are seen as low volatility growth properties, then the stability of cashflow puts it into rarified air among "growth bias" which has gotten trashed. 


Last Week In Event SPACE: Woodside Petroleum, Brambles, Tabcorp, HKBN, Japan

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 covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia and the US (ADRs only).</li>
<li>This week, highest gross spreads are <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, Alliance Aviation.</li>
<li>Lowest gross spreads are <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>, <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia and the US (ADRs only).
This week, highest gross spreads are Dongzheng Automotive Finance (2718 HK), Sezzle Inc (SZL AU), 21Vianet Group (VNET US), Infomedia Ltd (IFM AU), Link Administration Holdings (LNK AU), Alliance Aviation.
Lowest gross spreads are Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Uniti Group Ltd (UWL AU), Mapletree North Asia Commercial Trust (MAGIC SP), Irongate Group (IAP AU).


Merger Arb Mondays (16 May) - Link Admin, Infomedia, VNET, Alliance Aviation, Ramsay, Link Net

<ul>
<li>Online auto parts and service provider <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a> has received a non-binding proposal  - by way of a Scheme - from TA Associates and Viburnum Funds. </li>
<li>The Offer price is A$1.70/share, a 32.8% premium to last close. </li>
<li>Via a tie-in with Viburnum, TA disclosed a 14.46% interest.  IFM said it is also in preliminary discussions with other interested parties. </li>
</ul>


Online auto parts and service provider Infomedia Ltd (IFM AU) has received a non-binding proposal  - by way of a Scheme - from TA Associates and Viburnum Funds. 
The Offer price is A$1.70/share, a 32.8% premium to last close. 
Via a tie-in with Viburnum, TA disclosed a 14.46% interest.  IFM said it is also in preliminary discussions with other interested parties. 


Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

<ul>
<li>DND’s 3QFY22 last night continued to suggest DND’s commitment to complete the <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> acquisition.</li>
<li>DND management's messaging in the call downplayed the MAC risk of a contract renewal but shifted incrementally more bearish on the ACCC review, in our view.</li>
<li>The risk-reward calculus is now incrementally more positive. The gross spread is wide at 24.4% with the “deal-break” valuation of A$4.18 (-5% below the last close) limiting downside risk.</li>
</ul>


DND’s 3QFY22 last night continued to suggest DND’s commitment to complete the Link Administration Holdings (LNK AU) acquisition.
DND management's messaging in the call downplayed the MAC risk of a contract renewal but shifted incrementally more bearish on the ACCC review, in our view.
The risk-reward calculus is now incrementally more positive. The gross spread is wide at 24.4% with the “deal-break” valuation of A$4.18 (-5% below the last close) limiting downside risk.


Link Risk/Reward Benefits with the Messaging from DND’s Earnings Call

<ul>
<li>
<a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata Group (AXIATA MK)</a> has convened an EGM on the 26 May to vote on its proposed acquisition of Indonesian broadband play <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>.
</li>
<li>The vote, which for all intent and purposes is a rubber stamp, is one of the SPA conditions to acquire 66.03% of LINK. </li>
<li>Trading at a gross/annualised spread of 7.1%/22.3%. Get involved here.</li>
</ul>



Axiata Group (AXIATA MK) has convened an EGM on the 26 May to vote on its proposed acquisition of Indonesian broadband play Link Net (LINK IJ).

The vote, which for all intent and purposes is a rubber stamp, is one of the SPA conditions to acquire 66.03% of LINK. 
Trading at a gross/annualised spread of 7.1%/22.3%. Get involved here.


Link Net (LINK IJ): Axiata To Vote On The 26 May. Timeline Intact

Australia

Link Administration Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides fund administration, corporate markets, information, and digital and data services. Link Administration Holdings serves customers worldwide.

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Link Administration (LNK AU)

Last Week In Event SPACE: Woodside Petroleum, Brambles, Tabcorp, HKBN, Japan

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Merger Arb Mondays (16 May) - Link Admin, Infomedia, VNET, Alliance Aviation, Ramsay, Link Net

This week, the highest gross spreads are Dongzheng AFC (40.7%), Sezzle (36.6%), VNET (33.6%), Infomedia (32.8%), Link Admin (24.4%), Alliance...

Arun George

Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

Assuming five months to complete, paying up to $1.60/share is around 15% annualised. But I think this may trade tighter to the indicative terms.

David Blennerhassett

Link Risk/Reward Benefits with the Messaging from DND’s Earnings Call

The risk-reward calculus gets a lift from the DND 3Q call. The gross spread is wide at 24.4% with the “deal-break” valuation of A$4.18 limiting...

Arun George

Link Net (LINK IJ): Axiata To Vote On The 26 May. Timeline Intact

Link Net (LINK IJ) is currently, trading at a gross/annualised spread of 7.1%/22.3%, assuming mid-September payment This is a buy.

David Blennerhassett

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