Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.
The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul>
<li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li>
</ul>


Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions


Rudi's View: CBA, Life360, ResMed, Zip & More

<ul>
<li>Eftpos terminal provider <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ/SMP AU)</a> has now <a href="https://announcements.asx.com.au/asxpdf/20250623/pdf/06kzlbzw8mvj8b.pdf" target="_blank" rel="noopener">entered</a> into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>.</li>
<li>Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It's a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA. </li>
<li>The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25. </li>
</ul>


Eftpos terminal provider Smartpay Holdings (SPY NZ/SMP AU) has now entered into a Scheme Implementation Deed with Shift4 Payments (FOUR US).
Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It's a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA. 
The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25. 


Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

<ul>
<li>In <a href="https://skr.ma/49fb2" target="_blank" rel="noopener">New World Resources (NWC AU)'s Possible Interloper</a>. I noted NWC's shares trading through <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a>'s A$0.05/share terms. An opportunistic investor (s) or a third party bidder?</li>
<li>Toronto-Based PE outfit Kinterra Capital has now declared a 11.99% stake, paying upward of A$0.051/share.</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>is currently in a trading halt due to "a potential material variation, including a proposed increase in Scheme Consideration, to a change of control transaction".</li>
</ul>


In New World Resources (NWC AU)'s Possible Interloper. I noted NWC's shares trading through Central Asia Metals (CAML LN)'s A$0.05/share terms. An opportunistic investor (s) or a third party bidder?
Toronto-Based PE outfit Kinterra Capital has now declared a 11.99% stake, paying upward of A$0.051/share.

New World Resources (NWC AU)is currently in a trading halt due to "a potential material variation, including a proposed increase in Scheme Consideration, to a change of control transaction".


New World Resources (NWC AU): Kinterra Capital Emerges With A 12% Stake

<ul>
<li>Is <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino (7205 JP)</a> a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.</li>
<li>A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.</li>
<li>A spin-off makes sense as <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin (2899 HK)</a> capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.</li>
</ul>


Is Hino (7205 JP) a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.
A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.
A spin-off makes sense as Zijin (2899 HK) capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.


Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

Australia

MAC Copper Limited operates as a mining company. The Company focuses on acquiring and operating copper, silver, and minerals assets. MAC Copper serves customers worldwide.

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MAC Copper (MAC AU)

(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic

For the month of June, 11 new deals were discussed on Smartkarma with an overall deal size of just ~US$29bn. The average premium for the new deals...

David Blennerhassett

Rudi's View: CBA, Life360, ResMed, Zip & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

This looks like a clean deal. If small illiquid arbs are your thing, I'd pay up to NZ$1.13/share assuming mid-Nov payment.

David Blennerhassett

New World Resources (NWC AU): Kinterra Capital Emerges With A 12% Stake

Expect Kinterra to make an Offer, by way of a Scheme. CAML is afforded matching rights under the SID. With Kinterra'a 12% stake, CAML's Scheme...

David Blennerhassett

Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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