Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>In the waning hours of 2021, <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <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> proposed to merge to make a top 10 Asian REIT.</li>
<li>MCT shareholders and "The Market" did not like it and sent MCT units lower. MNACT holder Quarz didn't like it and complained. I wrote about all this.</li>
<li>But 6+ weeks after looking at new MCT trades as Heads I Win, Tails I Win, I revisit and see no reason to change my mind.</li>
</ul>


In the waning hours of 2021, Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) proposed to merge to make a top 10 Asian REIT.
MCT shareholders and "The Market" did not like it and sent MCT units lower. MNACT holder Quarz didn't like it and complained. I wrote about all this.
But 6+ weeks after looking at new MCT trades as Heads I Win, Tails I Win, I revisit and see no reason to change my mind.


Mapletree Commercial Vs the World (Or at Least S-REIT World). Still Heads I Win Tails I Win

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. </li>
<li>Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.</li>
<li>We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.</li>
</ul>


PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. 
Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hochtief-ag" target="_blank" data-smartkarma-citation="entities:21652:1" rel="noopener">Hochtief AG (HOT GR)</a> has finally launched an unconditional offer for the rest of <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a> (where it already owns 78.58%).</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-square-co-ltd" target="_blank" data-smartkarma-citation="entities:35264:1" rel="noopener">SK Square (402340 KS)</a> was inexpensive after its November listing. Now it's even cheaper. </li>
<li>Canada-Based asset manager <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> and Australian billionaire Mike Cannon-Brookes have combined to purchase all of <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> at A$7.50/share</li>
</ul>



Hochtief AG (HOT GR) has finally launched an unconditional offer for the rest of CIMIC Group Ltd (CIM AU) (where it already owns 78.58%).

SK Square (402340 KS) was inexpensive after its November listing. Now it's even cheaper. 
Canada-Based asset manager Brookfield Asset Management (BAM US) and Australian billionaire Mike Cannon-Brookes have combined to purchase all of AGL Energy Ltd (AGL AU) at A$7.50/share


Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

<ul>
<li>SIAS posed questions to both <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <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.k.a. "MNACT") about how the ratio was decided and deal appropriateness.</li>
<li>SIAS also asked about whether the deal was absolutely necessary and whether MCT would change its mandate. </li>
<li>MCT and MNACT responded with lengthy explanations, some of which didn't answer the questions. That's what we get til the end-March Circular. And that's OK. The trade is the same.</li>
</ul>


SIAS posed questions to both Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) (a.k.a. "MNACT") about how the ratio was decided and deal appropriateness.
SIAS also asked about whether the deal was absolutely necessary and whether MCT would change its mandate. 
MCT and MNACT responded with lengthy explanations, some of which didn't answer the questions. That's what we get til the end-March Circular. And that's OK. The trade is the same.


<ul>
<li>Quarz wrote an open letter questioning the <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> deal with MCT for MNACT shareholders, discussed <a href="https://www.smartkarma.com/insights/activist-quarz-objects-to-mapletree-merger-terms-a-commentary" target="_blank" rel="noopener">here</a>. They wrote another letter last Thursday.</li>
<li>Now, Securities Investors Association (Singapore) SIAS has come out with an <a href="https://sias.org.sg/latest-updates/press-statement-questions-to-mapletree-commercial-trust-mct/" target="_blank" rel="noopener">open letter to MCT management</a> questioning the deal. </li>
<li>There are now activists on both sides questioning this deal. That is not necessarily a bad thing. </li>
</ul>


Quarz wrote an open letter questioning the Mapletree North Asia Commercial Trust (MAGIC SP) deal with MCT for MNACT shareholders, discussed here. They wrote another letter last Thursday.
Now, Securities Investors Association (Singapore) SIAS has come out with an open letter to MCT management questioning the deal. 
There are now activists on both sides questioning this deal. That is not necessarily a bad thing. 


SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

Singapore

Mapletree North Asia Commercial Trust operates as a real estate investment trust. The Company manages and invests in commercial properties, including logistics, industrial spaces, and office buildings. Mapletree North Asia Commercial Trust serves customers in Asia.

Mapletree North Asia Commercial Trust (MAGIC SP)

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Mapletree North Asia Commercial Trust (MAGIC SP)

Mapletree Commercial Vs the World (Or at Least S-REIT World). Still Heads I Win Tails I Win

MCT and MNACT may merge. Shareholders on either side may decide to sink the deal. Those looking at MCT shouldn't care. It's Heads I Win Tails I Win...

Travis Lundy

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru...

Sumeet Singh

Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

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

Mapletree (MCT & MNACT) Response to SIAS

MCT and MNACT responded to SIAS questions and they help clarify a response to Quarz (where they will probably not respond directly). There are a...

Travis Lundy

SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

SIAS has jumped into the MCT/MNACT fray with a letter to MCT questioning the deal. MCT has fallen since deal announcement as unhappy Singaporean...

Travis Lundy

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