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.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <em><strong><a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, <a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a>, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, <a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>, <a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a></strong></em> IPOs.</li>
<li>Event-Driven developments - <strong><em><a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>,  <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a></em></strong>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Mankind Pharma (6596876Z IN), Nexus Select Trust (NST IN), Tata Technologies (TATATECH IN), ADICON Holdings Limited (ADI HK), Horizon Construction Development (1887128D HK) IPOs.
Event-Driven developments - Aag Energy Holdings (2686 HK), Golden Energy &amp; Resources (GER SP), Lian Beng (LBG SP), Penguin International (PBS SP), Estia Health (EHE AU),  Liontown Resources (LTR AU). 


Weekly Deals Digest (07 May) - Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 21st January 2021, Singapore-based builder and operator of aluminum high-speed boats <strong><a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a></strong> announced a Voluntary Conditional Offer from its Chairman and Dymon Group at S$.65/share. </li>
<li>In <em><a href="https://skr.ma/gppcr," target="_blank" rel="noopener">Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump</a></em><a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar</a> expected a bump in terms. No to be, and the Offeror held 80.05% at the close.</li>
<li>The Offeror, via a new vehicle, has returned to the fold with a S$0.82/share Offer Price. The Offer is unconditional. This is done.</li>
</ul>


On the 21st January 2021, Singapore-based builder and operator of aluminum high-speed boats Penguin International (PBS SP) announced a Voluntary Conditional Offer from its Chairman and Dymon Group at S$.65/share. 
In Penguin International (PBS SP): Friendly Privatization Deal Might Need A BumpJanaghan Jeyakumar expected a bump in terms. No to be, and the Offeror held 80.05% at the close.
The Offeror, via a new vehicle, has returned to the fold with a S$0.82/share Offer Price. The Offer is unconditional. This is done.


Penguin International (PBS SP): Chairman & Dymon Return To the Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a> has disclosed a voluntary unconditional offer from Dymon Asia, Executive Chairman and Managing Director at S$0.82 per share, a 15.5% premium to the undisturbed price. </li>
<li>The offer price is attractive, represents an 8-year share price high, and is shy of the 10-year high of S$0.825. It is also 26.2% higher than the 2021 offer.</li>
<li>The offeror aims to privatise Penguin. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 44%, which is eminently achievable due to an attractive offer.</li>
</ul>



Penguin International (PBS SP) has disclosed a voluntary unconditional offer from Dymon Asia, Executive Chairman and Managing Director at S$0.82 per share, a 15.5% premium to the undisturbed price. 
The offer price is attractive, represents an 8-year share price high, and is shy of the 10-year high of S$0.825. It is also 26.2% higher than the 2021 offer.
The offeror aims to privatise Penguin. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 44%, which is eminently achievable due to an attractive offer.


Penguin International (PBS SP): Dymon Asia & Co Return with an S$0.82 Unconditional Offer

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<p>On 21st December 2020, Singapore-based builder and operator of aluminum high-speed boats <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>  <a href="https://links.sgx.com/FileOpen/PIL%20Announcement_final.ashx?App=Announcement&amp;FileID=642943" target="_blank" rel="noopener">notified</a> the Exchange that their Chairman and MD were in talks with a "potential investor" regarding a "possible transaction" and on 21st January 2021, a <a href="https://links.sgx.com/FileOpen/Fairy%20-%20Offer%20Announcement_21Jan2021.ashx?App=Announcement&amp;FileID=645683" target="_blank" rel="noopener">Voluntary Conditional Cash Offer</a> was launched by Emet Grace Ltd. with an intention to take the company private. The Offer Price was S$0.65/share in cash which implied a market cap of S$143mn (U$108mn) for the company. I previously covered this situation in <a href="https://www.smartkarma.com/insights/penguin-international-pbs-sp-friendly-privatization-deal-might-need-a-bump" target="_blank" data-smartkarma-citation="insights:47311" rel="noopener">Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump</a>.  </p><p>Yesterday, the company provided an important <a href="https://links.sgx.com/FileOpen/Project%20Fairy%20-%20Extension%20of%20Closing%20Date%20and%20Dealings%20Disclosure%20Announcement%2023Mar2021.ashx?App=Announcement&amp;FileID=653002" target="_blank" rel="noopener">update</a> on the situation. </p><div><p><em>More below the fold. </em></p></div><hr><div><div><div class="content-remarks"><p>For more on M&amp;A rules, regulations, and practices in Singapore, please refer to <a href="https://www.smartkarma.com/insights/quiddity-singapore-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28849" rel="noopener">Quiddity Singapore M&amp;A Guide 2019</a> </p></div></div></div>

On 21st December 2020, Singapore-based builder and operator of aluminum high-speed boats Penguin International (PBS SP)  notified the Exchange that their Chairman and MD were in talks with a "potential investor" regarding a "possible transaction" and on 21st January 2021, a Voluntary Conditional Cash Offer was launched by Emet Grace Ltd. with an intention to take the company private. The Offer Price was S$0.65/share in cash which implied a market cap of S$143mn (U$108mn) for the company. I previously covered this situation in Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump.  Yesterday, the company provided an important update on the situation. More below the fold. For more on M&amp;A rules, regulations, and practices in Singapore, please refer to Quiddity Singapore M&amp;A Guide 2019 

Penguin International (PBS SP): Offer Extended, No Bump, Time to Unwind

<p>About a month ago, on 21st December 2020, Singapore-based builder and operator of aluminum high-speed boats <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>  <a href="https://links.sgx.com/FileOpen/PIL%20Announcement_final.ashx?App=Announcement&amp;FileID=642943" target="_blank" rel="noopener">notified</a> that their Chairman and MD were in talks with a "potential investor" regarding a "possible transaction".</p><p>On Thursday, 21st January 2021, a <a href="https://links.sgx.com/FileOpen/Fairy%20-%20Offer%20Announcement_21Jan2021.ashx?App=Announcement&amp;FileID=645683" target="_blank" rel="noopener">Voluntary Conditional Cash Offer</a> was launched by Emet Grace Ltd. with an intention to take the company private. The Deal values the company at a market cap of S$143mn (U$108mn). </p><p>The Offer Price is S$0.65/share in cash. The company's share shares last closed at terms. </p><p><em>More below the fold. </em></p><hr><div><div><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Singapore, please refer to <a href="https://www.smartkarma.com/insights/quiddity-singapore-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28849" rel="noopener">Quiddity Singapore M&amp;A Guide 2019</a> </p></div></div></div>

About a month ago, on 21st December 2020, Singapore-based builder and operator of aluminum high-speed boats Penguin International (PBS SP)  notified that their Chairman and MD were in talks with a "potential investor" regarding a "possible transaction".On Thursday, 21st January 2021, a Voluntary Conditional Cash Offer was launched by Emet Grace Ltd. with an intention to take the company private. The Deal values the company at a market cap of S$143mn (U$108mn). The Offer Price is S$0.65/share in cash. The company's share shares last closed at terms. More below the fold. For more information about M&amp;A rules, regulations, and practices in Singapore, please refer to Quiddity Singapore M&amp;A Guide 2019 

Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump

Singapore

Penguin International Limited is a Singaporean designer, builder, owner, and operator of aluminium high-speed craft, including crewboats, passenger ferries, and security vessels. The company offers shipbuilding, repair, and marine and offshore services, operating shipyards in Singapore and Batam, Indonesia. Headquartered in Singapore, the company was incorporated in 1976.

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Penguin International (PBS SP)

Weekly Deals Digest (07 May) - Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

Last week, notable developments occurred in Event-Driven (Estia, Healius, Liontown, Golden Energy, Lian Beng, Penguin, Oishi) and ECM (Mankind,...

Arun George