Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 18th August, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.</li>
<li>TPG requested four weeks of exclusive due diligence. Terms appeared opportunistic. But conscious of the ongoing ASIC litigation and super-exit restructuring costs, I wasn't overly bullish. I was wrong.</li>
<li>BGH Capital has now made a A$24.75/share NBIO, by way of a Scheme. EQT is evaluating both proposals. The share price is up ~9% as I type to A$22/share. </li>
</ul>


On the 18th August, EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.
TPG requested four weeks of exclusive due diligence. Terms appeared opportunistic. But conscious of the ongoing ASIC litigation and super-exit restructuring costs, I wasn't overly bullish. I was wrong.
BGH Capital has now made a A$24.75/share NBIO, by way of a Scheme. EQT is evaluating both proposals. The share price is up ~9% as I type to A$22/share. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, a corporate trustee and fiduciary-services outfit, <a href="https://announcements.asx.com.au/asxpdf/20260818/pdf/072w5vh96gfw3b.pdf" target="_blank" rel="noopener">announced</a> yesterday morning a NBIO from TPG of A$24.55/share, by way of a Scheme.</li>
<li>TPG has requested four weeks of exclusive due diligence to further its proposal.</li>
<li>EQT is evaluating the proposal. Given the ASIC litigation and super-exit restructuring costs, I'd tilt opportunistic, and EQT rejects. But that's not to suggest TPG will reload higher.</li>
</ul>



EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced yesterday morning a NBIO from TPG of A$24.55/share, by way of a Scheme.
TPG has requested four weeks of exclusive due diligence to further its proposal.
EQT is evaluating the proposal. Given the ASIC litigation and super-exit restructuring costs, I'd tilt opportunistic, and EQT rejects. But that's not to suggest TPG will reload higher.


EQT Holdings (EQT AU) Ponders TPG's A$24.55/Share Indicative (& Opportunistic) Terms

<ul>
<li>I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>No new deals were discussed on Smartkarma this week; however terms were firmed for <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media (OML AU)</a> and <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>; and <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon (121440 KS)</a>'s MBO was reloaded.</li>
<li>Key updates/news also took place on: <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>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>, <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
No new deals were discussed on Smartkarma this week; however terms were firmed for oOh!Media (OML AU) and ReNew Energy Global (RNW US); and Golfzon (121440 KS)'s MBO was reloaded.
Key updates/news also took place on: FleetPartners Group (FPR AU), Cygnus Metals (CY5 AU), Accent Group (AX1 AU), Z Fin (1168 HK), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: FleetPartners, OOh!Media; GOLFZON, Cygnus Metals, Accent Grp, ReNew Energy

<ul>
<li>EQT would probably jump higher and Bain would come out above that. Both would aim high to get it done and not lose the asset. Stay long <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>.</li>
<li>As <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> books losses in response to contractual relief delays (or cancellation altogether[?]), Hanwha steps in with a fair offer for Austal's US unit.</li>
<li>The NAV discount has narrowed, and the implied stub is elevated, but at 0.34x forward P/B, <a href="https://www.smartkarma.com/entities/swire-pacific-limited-class-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> is still a buy.</li>
</ul>


EQT would probably jump higher and Bain would come out above that. Both would aim high to get it done and not lose the asset. Stay long Kakaku.com (2371 JP).
As Austal Ltd (ASB AU) books losses in response to contractual relief delays (or cancellation altogether[?]), Hanwha steps in with a fair offer for Austal's US unit.
The NAV discount has narrowed, and the implied stub is elevated, but at 0.34x forward P/B, Swire Pacific (19 HK) is still a buy.


Last Week In Event SPACE: Kakaku.com, Austal, Swire Pacific, Ajinomoto Malaysia

<ul>
<li>I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were was discussed on Smartkarma this week: <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> and <a href="https://www.smartkarma.com/entities/maxnerva-technology-services-limited" target="_blank" data-smartkarma-citation="entities:17502:1" rel="noopener">Maxnerva Technology Services (1037 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>, <a href="https://www.smartkarma.com/entities/polyplex-thailand-public-co-ltd" target="_blank" data-smartkarma-citation="entities:6586:1" rel="noopener">Polyplex (Thailand) (PTL TB)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were was discussed on Smartkarma this week: FleetPartners Group (FPR AU) and Maxnerva Technology Services (1037 HK).
Key updates/news also took place on: Steadfast (SDF AU), Golfzon Holdings (121440 KS), Polyplex (Thailand) (PTL TB), ReNew Energy Global (RNW US), and China Shengmu Organic Milk (1432 HK).


Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

Australia

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

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Perpetual Ltd (PPT AU)

EQT (EQT AU): BGH Pips TPG's Terms

The ASIC investigation is an overhang. The timing of TPG's and BGH's Offers appears opportunistic. However, ~A$25/share is ~9x/~8x trailing/forward...

David Blennerhassett

Asia-Pac Weekly Wrap: FleetPartners, OOh!Media; GOLFZON, Cygnus Metals, Accent Grp, ReNew Energy

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Kakaku.com, Austal, Swire Pacific, Ajinomoto Malaysia

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

Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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EQT (EQT AU): BGH Pips TPG's Terms

The ASIC investigation is an overhang. The timing of TPG's and BGH's Offers appears opportunistic. However, ~A$25/share is ~9x/~8x trailing/forward...

David Blennerhassett

EQT Holdings (EQT AU) Ponders TPG's A$24.55/Share Indicative (& Opportunistic) Terms

Terms remain indicative. Not something I'd actively get exposure. The ASIC investigations remain a significant overhang. I can't see TPG bumping...

David Blennerhassett

Asia-Pac Weekly Wrap: FleetPartners, OOh!Media; GOLFZON, Cygnus Metals, Accent Grp, ReNew Energy

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Kakaku.com, Austal, Swire Pacific, Ajinomoto Malaysia

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

Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett