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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> has received a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/element-fleet-management-corp" target="_blank" data-smartkarma-citation="entities:24511:1" rel="noopener">Element Fleet Management (EFN CN)</a> at A$3.80 per share, representing a 5.6% premium to <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a>'s offer.</li>
<li>Element has also offered an enhanced offer of A$4.00 if the Board grants it a three-week period of hard exclusivity by 11 August. </li>
<li>Element’s offer remains light. While the Board has rejected its offer, SG Fleet is likely to return with a revised offer supported by significant cost synergies.  </li>
</ul>



FleetPartners Group (FPR AU) has received a non-binding indicative proposal from Element Fleet Management (EFN CN) at A$3.80 per share, representing a 5.6% premium to Sg Fleet (SGF AU)'s offer.
Element has also offered an enhanced offer of A$4.00 if the Board grants it a three-week period of hard exclusivity by 11 August. 
Element’s offer remains light. While the Board has rejected its offer, SG Fleet is likely to return with a revised offer supported by significant cost synergies.  


FleetPartners (FPR AU): A Simmering Bidding War as Element Fleet Lobs an Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> has received a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">Sg Fleet (SGF AU)</a> at A$3.60 per share, a 27.2% premium to the undisturbed price of A$2.83 (31 July).</li>
<li>The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially underperformed peers YTD. </li>
<li>The shareholder structure necessitates an attractive offer. A bump is likely, particularly as this proposal could catalyse a competing bid from <a href="https://www.smartkarma.com/entities/mcmillan-shakespeare-ltd" target="_blank" data-smartkarma-citation="entities:3023:1" rel="noopener">Mcmillan Shakespeare (MMS AU)</a> or <a href="https://www.smartkarma.com/entities/smartgroup-corp-ltd" target="_blank" data-smartkarma-citation="entities:19954:1" rel="noopener">Smartgroup Corp (SIQ AU)</a>. </li>
</ul>



FleetPartners Group (FPR AU) has received a non-binding indicative proposal from Sg Fleet (SGF AU) at A$3.60 per share, a 27.2% premium to the undisturbed price of A$2.83 (31 July).
The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially underperformed peers YTD. 
The shareholder structure necessitates an attractive offer. A bump is likely, particularly as this proposal could catalyse a competing bid from Mcmillan Shakespeare (MMS AU) or Smartgroup Corp (SIQ AU). 


FleetPartners (FPR AU): SG Fleet’s NBIO at A$3.60 Is Light

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back in 2025, Sydney PE outfit Pacific Equity Partners privatised <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a>, an Aussie provider of fleet leasing services: see <a href="https://skr.ma/4ecyU" target="_blank" rel="noopener">SG Fleet (SGF AU): 8th April Scheme Vote</a>.</li>
<li>Now SG Fleet has tabled a A$3.60/share NBIO for one of its key competitors, <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>.</li>
<li>That's a 27.2% premium to last close, and ~16% above where <a href="https://www.smartkarma.com/entities/mitsubishi-motors-corp" target="_blank" data-smartkarma-citation="entities:794:1" rel="noopener">Mitsubishi Motors (7211 JP)</a> has built its stake. Expect the ACCC to take a good look at firm terms.</li>
</ul>


Back in 2025, Sydney PE outfit Pacific Equity Partners privatised SG Fleet (SGF AU), an Aussie provider of fleet leasing services: see SG Fleet (SGF AU): 8th April Scheme Vote.
Now SG Fleet has tabled a A$3.60/share NBIO for one of its key competitors, FleetPartners Group (FPR AU).
That's a 27.2% premium to last close, and ~16% above where Mitsubishi Motors (7211 JP) has built its stake. Expect the ACCC to take a good look at firm terms.


FleetPartners (FPR AU): SG Fleet's A$3.60/Share NBIO

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> deal is good for <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial (8411 JP)</a>; bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.</li>
<li>CSRC has approved <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.</li>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.</li>
</ul>


The Rakuten Bank (5838 JP) deal is good for Rakuten (4755 JP) and Mizuho Financial (8411 JP); bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.
CSRC has approved China Resources Power (836 HK)'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.

ROHM Co Ltd (6963 JP) has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.


Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

Australia

McMillan Shakespeare Limited provides salary packaging services.  The Company also offers services like procurement of motor vehicles, insurance, finance and fuel and service maintenance programs.

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Mcmillan Shakespeare (MMS AU)

FleetPartners (FPR AU): A Simmering Bidding War as Element Fleet Lobs an Offer

The AFR reports that SG Fleet has increased its offer to A$4.00, a 11.1% premium to its previous A$3.60 offer and in line with Element’s enhanced...

Arun George

FleetPartners (FPR AU): SG Fleet’s NBIO at A$3.60 Is Light

The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially...

Arun George

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FleetPartners (FPR AU): A Simmering Bidding War as Element Fleet Lobs an Offer

The AFR reports that SG Fleet has increased its offer to A$4.00, a 11.1% premium to its previous A$3.60 offer and in line with Element’s enhanced...

Arun George

FleetPartners (FPR AU): SG Fleet’s NBIO at A$3.60 Is Light

The offer is light compared to precedent transactions and peer multiples. The timing is also opportunistic, as the shares have materially...

Arun George

FleetPartners (FPR AU): SG Fleet's A$3.60/Share NBIO

I doubt MMC would kick out at this NBIO price. Smartgroup and Mcmillan Shakespeare may throw their hats into the ring. I think (any) firm terms...

David Blennerhassett

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

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