Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>Back on the 31st March this year, the SGX <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> a regulatory framework for SPACs to list on the SGX. This followed a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> over a decade earlier.</p>
<p>The feedback phase ended on the 28 April - there were 80 respondents - and unfazed by increased regulatory oversight on blank cheque companies in the US, the SGX <a href="https://www.sgx.com/media-centre/20210902-sgx-introduces-spac-listing-framework" target="_blank" rel="noopener">announced</a> a proposed listing framework yesterday.</p>
<p>The detailed paper is <a href="https://api2.sgx.com/sites/default/files/2021-09/Response%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">here</a>. </p>
<p>The final framework <em>mostly</em> mirrors the March consultation paper, with the largest change being the abolishment of limits on the exercise of redemption rights by independent shareholders.</p>
<p>More below the fold.</p>

Back on the 31st March this year, the SGX announced a regulatory framework for SPACs to list on the SGX. This followed a consultation paper over a decade earlier.
The feedback phase ended on the 28 April - there were 80 respondents - and unfazed by increased regulatory oversight on blank cheque companies in the US, the SGX announced a proposed listing framework yesterday.
The detailed paper is here. 
The final framework mostly mirrors the March consultation paper, with the largest change being the abolishment of limits on the exercise of redemption rights by independent shareholders.
More below the fold.

Green Light For SPAC Listings In Singapore

Travis Lundy

Pershing Square Tontine Holdings / Event-Driven

<p>Pershing Square Capital Management and <a href="https://www.smartkarma.com/entities/pershing-square-tontine-holdings-a" target="_blank" data-smartkarma-citation="entities:33390:1" rel="noopener">Pershing Square Tontine Holdings-A (PSTH US)</a> announced on 4 June a deal which was at a time complex, and self-perpetuating. The "Tontine" which made the name "cute" became a deal SpinCo, and a RemainCo, and rights to yet something else. The obvious conclusion was that the next deal would allow them to raise capital, and leave a remaining listed rights situation, which would then become the rights to the next DealCo, and this would self-perpetuate as long as there were deals to be done. I called it...</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/219/218/original/Screenshot+2021-07-19+at+3.22.51+PM.png?1626679386" class="editor-image img-responsive" data-smartkarma-image-id="219218"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/219/215/original/Everlasting+Gobstopper+Gif1.gif?1626677288" class="editor-image img-responsive" data-smartkarma-image-id="219215"></figure></section><p>Kids love 'em. </p><p>The thing is, as every kid who has ever sucked on an Everlasting Gobstopper knows, they can easily get stuck in your throat. </p><p>Pershing Square was adamant that this deal, while complex, would pass the NYSE and SEC rules for a business combination. </p><h3>But today, PSTH <a href="https://pstontine.com/wp-content/uploads/2021/07/Letter-to-Shareholders-from-PSTH-CEO-Bill-Ackman.pdf" target="_blank" rel="noopener">announced</a> it had choked on its gobstopper. </h3><p></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/219/217/original/Screenshot+2021-07-19+at+2.58.18+PM.png?1626677924" class="editor-image img-responsive" data-smartkarma-image-id="219217"></figure></section><p>That's not a great look. </p><p><em>But what are the opportunities?</em></p><p>More below the fold.</p>

Pershing Square Capital Management and Pershing Square Tontine Holdings-A (PSTH US) announced on 4 June a deal which was at a time complex, and self-perpetuating. The "Tontine" which made the name "cute" became a deal SpinCo, and a RemainCo, and rights to yet something else. The obvious conclusion was that the next deal would allow them to raise capital, and leave a remaining listed rights situation, which would then become the rights to the next DealCo, and this would self-perpetuate as long as there were deals to be done. I called it...Kids love 'em. The thing is, as every kid who has ever sucked on an Everlasting Gobstopper knows, they can easily get stuck in your throat. Pershing Square was adamant that this deal, while complex, would pass the NYSE and SEC rules for a business combination. But today, PSTH announced it had choked on its gobstopper. That's not a great look. But what are the opportunities?More below the fold.

Pershing Square Chokes on Its Everlasting Gobstopper

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<p>Bill Ackman's SPAC has performed well, trading as high as $34.10 in February 2021 before settling down to +/-$25 for the past few months.</p><p>On June 4th, 2021, the stock dropped nearly 12% after the SPAC announced an investment in Universal Music Group....find out why</p>

Bill Ackman's SPAC has performed well, trading as high as $34.10 in February 2021 before settling down to +/-$25 for the past few months.On June 4th, 2021, the stock dropped nearly 12% after the SPAC announced an investment in Universal Music Group....find out why

Pershing Square Tontine Holdings (PSTH): Is UMG Acquisition a Good Deal?

United States

Pershing Square Tontine Holdings, Ltd. operates as a blank check company. The Company aims to acquire a business via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Pershing Square Tontine Holdings (PSTH US)

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Pershing Square Tontine Holdings (PSTH US)

Green Light For SPAC Listings In Singapore

A SPAC framework is a positive step for the bourse's attractiveness, so as to attract future listings, including secondary listings for home-grown...

David Blennerhassett

Pershing Square Chokes on Its Everlasting Gobstopper

Pershing Square Tontine Holdings has cancelled its deal to buy UMG and spin it off. SEC Problems and Investor Complications. This means it is now a...

Travis Lundy

Pershing Square Tontine Holdings (PSTH): Is UMG Acquisition a Good Deal?

Investors are disappointed in what could be the largest SPAC transaction ever recorded...find out what caused this and why downside might be...

Robert C Prather Jr

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