Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in January, New Zealand's largest private sector union called for the government to step in after <a href="https://www.smartkarma.com/entities/nzme-limited-ae7028be-d76c-4521-9668-48a03910e954" target="_blank" data-smartkarma-citation="entities:24021:1" rel="noopener">NZME Limited (NZM AU/NZ)</a>, publisher of the NZ Herald, announced sweeping job cuts, </li>
<li>After a flurry of rumours, James Grenon, a Canadian-born but New Zealand-based investor, has proposed sacking the board. Allegedly 37% of shares out, including Genon's stake, support the board spill.</li>
<li>The AGM has been pushed out to the 3 June. In a detailed PPT, NZME questions whether Grenon's motives are in the best interest of the company and its shareholders. </li>
</ul>


Back in January, New Zealand's largest private sector union called for the government to step in after NZME Limited (NZM AU/NZ), publisher of the NZ Herald, announced sweeping job cuts, 
After a flurry of rumours, James Grenon, a Canadian-born but New Zealand-based investor, has proposed sacking the board. Allegedly 37% of shares out, including Genon's stake, support the board spill.
The AGM has been pushed out to the 3 June. In a detailed PPT, NZME questions whether Grenon's motives are in the best interest of the company and its shareholders. 


NZME Limited (NZM NZ/AU): Board Pushes Back On Board Spill

<ul>
<li>After <a href="https://www.smartkarma.com/entities/nzme-limited-ae7028be-d76c-4521-9668-48a03910e954" target="_blank" data-smartkarma-citation="entities:24021:1" rel="noopener">NZME Limited (NZM NZ/AU)</a>, publisher of the NZ Herald, recently announced sweeping job cuts, the country's largest private sector union called for the government to step in.</li>
<li>The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME's revamped strategy focuses on stories that engage audience. Or clickbait by detractors. </li>
<li>Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.</li>
</ul>


After NZME Limited (NZM NZ/AU), publisher of the NZ Herald, recently announced sweeping job cuts, the country's largest private sector union called for the government to step in.
The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME's revamped strategy focuses on stories that engage audience. Or clickbait by detractors. 
Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.


NZME Limited (NZM NZ/AU): In Need Of A Good Story

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>The <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.</li>
<li>The merger requires approval from SWM shareholders, ACMA, and the ACCC. The <a href="https://www.accc.gov.au/public-registers/mergers-and-acquisitions-registers/public-informal-merger-reviews-register/southern-cross-media-limited-seven-west-media-limited" target="_blank" rel="noopener">ACCC’s findings</a> will be announced on 18 December. </li>
<li>The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  </li>
</ul>


The Seven West Media (SWM AU) IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.
The merger requires approval from SWM shareholders, ACMA, and the ACCC. The ACCC’s findings will be announced on 18 December. 
The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  


Seven West Media (SWM AU): Scheme Vote on 22 December

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> will merge with <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> at a ratio of 0.1552 SXL shares per SWM share. </li>
<li>The merger is strategically sensible and is expected to deliver annualised cost synergies of A$25 to A$35 million. The merger requires approval from both the ACMA and the ACCC.</li>
<li>While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is low. </li>
</ul>



Seven West Media (SWM AU) will merge with Southern Cross Media (SXL AU) at a ratio of 0.1552 SXL shares per SWM share. 
The merger is strategically sensible and is expected to deliver annualised cost synergies of A$25 to A$35 million. The merger requires approval from both the ACMA and the ACCC.
While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is low. 


Seven West Media (SWM AU): Merger with Southern Cross Media (SXL AU)

<ul>
<li>We have a deal in <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>. It's big, liquid, and a great place to hide for long-only investors who are bearish the market.</li>
<li>Li Shufu-backed <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> offers an ordinary 13.6% premium for 65.7-held <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>. Li/Geely have the necessary votes to force a privatisation.  But still might bump terms.</li>
<li>
<a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> has now strongly overbid Minebea's weak overbid of Yageo's strong overbid of Minebea's weak overbid of Yageo's initial hostile offer for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>.</li>
</ul>


We have a deal in NTT Data Corp (9613 JP). It's big, liquid, and a great place to hide for long-only investors who are bearish the market.
Li Shufu-backed Geely Auto (175 HK) offers an ordinary 13.6% premium for 65.7-held Zeekr (ZK US). Li/Geely have the necessary votes to force a privatisation.  But still might bump terms.

Yageo Corporation (2327 TT) has now strongly overbid Minebea's weak overbid of Yageo's strong overbid of Minebea's weak overbid of Yageo's initial hostile offer for Shibaura Electronics (6957 JP).


Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip

New Zealand

NZME Limited provides printing and publication services. The Company offers services of newspapers and magazines, as well as commercial printing and specialist publications.

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NZME Limited (NZM AU)

NZME Limited (NZM NZ/AU): Board Pushes Back On Board Spill

If you're ridden the coat tails since Grenon got involved, I'd be exiting. An overhaul with fresh ideas sounds just the tonic; yet the benefits of...

David Blennerhassett

NZME Limited (NZM NZ/AU): In Need Of A Good Story

Print media is a tough gig. Especially daily print media. NZME is not exactly trading "cheap" to peers. Unless someone was to step up with an...

David Blennerhassett

Seven West Media (SWM AU): Scheme Vote on 22 December

The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing...

Arun George

Seven West Media (SWM AU): Merger with Southern Cross Media (SXL AU)

While the offer is light compared to historical exchange ratios and peer multiples, large SWM shareholders are supportive. The scheme vote risk is...

Arun George

Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip

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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