Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Shares in <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> stopped trading a week ago. The election period to choose cash or cash and SPH REIT shares started yesterday.</li>
<li>The OBVIOUS choice is to take the cash. But you have ten days to see SPH REIT gain 2% to change your mind. </li>
<li>I note Keppel wanted SPH back when SPHREIT was worth a fair bit less, but at that time they didn't want SPHREIT when an MGO would have been cheaper.</li>
</ul>


Shares in Singapore Press Holdings (SPH SP) stopped trading a week ago. The election period to choose cash or cash and SPH REIT shares started yesterday.
The OBVIOUS choice is to take the cash. But you have ten days to see SPH REIT gain 2% to change your mind. 
I note Keppel wanted SPH back when SPHREIT was worth a fair bit less, but at that time they didn't want SPHREIT when an MGO would have been cheaper.


SPH Shareholders - SPH REIT Options Decay in Value

<ul>
<li>Topday, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders met in an EGM and a Scheme Meeting to approve the takeover of SPH and distribution of <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> units.</li>
<li>Shareholders passed resolutions at both meetings, meaning the Cuscaden Peak Pte acquisition is approved. </li>
<li>This means we move to next steps, which is choosing the Consideration, and possible MGO Chain Offer on <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a>. </li>
</ul>


Topday, Singapore Press Holdings (SPH SP) shareholders met in an EGM and a Scheme Meeting to approve the takeover of SPH and distribution of SPH REIT (SPHREIT SP) units.
Shareholders passed resolutions at both meetings, meaning the Cuscaden Peak Pte acquisition is approved. 
This means we move to next steps, which is choosing the Consideration, and possible MGO Chain Offer on SPH REIT (SPHREIT SP). 


SPH Shareholders Agree to SPH EGM & DIS - Deal Done So Now It's Arb+Option

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.

Equity Capital Markets

Lendlease Global Commercial REIT / Equity Capital Markets

Lendlease Global Commercial REIT (LREIT SP)

<ul>
<li>Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.</li>
<li>The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.
The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

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 and the US (Chinese ADRs only). </li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</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>
</li>
<li>The lowest gross spreads are <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>, <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/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). 
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), 51 Job Inc Adr (JOBS US), Uniti Group Ltd (UWL AU)

The lowest gross spreads are CIMIC Group Ltd (CIM AU), Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Z Energy Ltd (ZEL NZ), Singapore Press Holdings (SPH SP) 


Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> has released a set of Q&amp;A for holders as we approach the 22 March EGM/Scheme Meeting.</li>
<li>Approval of both resolutions/votes is necessary to effect the Cuscaden Peak deal.</li>
<li>The comments and answer about the SPH REIT Chain Offer may be misleading. Take care of the details!</li>
</ul>



Singapore Press Holdings (SPH SP) has released a set of Q&amp;A for holders as we approach the 22 March EGM/Scheme Meeting.
Approval of both resolutions/votes is necessary to effect the Cuscaden Peak deal.
The comments and answer about the SPH REIT Chain Offer may be misleading. Take care of the details!


SPH Releases EGM/Scheme "Substantial & Relevant Questions" - Beware Chain Offer Comments

Singapore

Paragon REIT is a real estate investment trust that primarily invests in income-producing retail properties across Singapore and the Asia-Pacific region. Its portfolio includes upscale retail malls, medical suites, and shopping centers such as Paragon, The Clementi Mall, and Westfield Marion Shopping Centre. The company is headquartered in Singapore and was founded in 2013.

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Paragon REIT (PGNREIT SP)

SPH Shareholders - SPH REIT Options Decay in Value

SPH holders have another 11 days to choose whether to take S$2.36 cash or S$1.602 cash + 0.782 units of SPH REIT. Right now, cash wins. SPH REIT...

Travis Lundy

SPH Shareholders Agree to SPH EGM & DIS - Deal Done So Now It's Arb+Option

SPH shareholders have agreed to the Cuscaden deal. There is now the choice of consideration which provides a 5-week slightly OTM option on SPHREIT...

Travis Lundy

Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering. The deal is very well flagged.

Sumeet Singh

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George

SPH Releases EGM/Scheme "Substantial & Relevant Questions" - Beware Chain Offer Comments

SPH Scheme and EGM Meetings will take place on 22 March. This deal is likely to get done. But the Q&A out today may be misleading. Be careful about...

Travis Lundy

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