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.

Event-Driven

Betmakers Technology Group  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betmakers-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:25489:1" rel="noopener">Betmakers Technology Group (BET AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a> at A$0.24, a 45.5% premium to the undisturbed price.</li>
<li>The transaction requires ACCC approval, along with gaming and racing approvals in several jurisdictions. ACCC approval may require undertakings.</li>
<li>The offer represents a 3-year high and is attractive compared to peer multiples. The scheme vote is likely to pass, particularly as the largest shareholder is supportive. </li>
</ul>



Betmakers Technology Group (BET AU) entered a scheme implementation deed with Tabcorp Ltd (TAH AU) at A$0.24, a 45.5% premium to the undisturbed price.
The transaction requires ACCC approval, along with gaming and racing approvals in several jurisdictions. ACCC approval may require undertakings.
The offer represents a 3-year high and is attractive compared to peer multiples. The scheme vote is likely to pass, particularly as the largest shareholder is supportive. 


BetMakers (BET AU): Tabcorp (TAH AU)’s Binding Proposal at A$0.24

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 20th April 2026, specialist industry play <a href="https://www.smartkarma.com/entities/matrix-composites-eng" target="_blank" data-smartkarma-citation="entities:8331:1" rel="noopener">Matrix Composites &amp; Eng (MCE AU)</a> announced a Scheme with <a href="https://www.smartkarma.com/entities/advanced-innergy-holdings-limited" target="_blank" data-smartkarma-citation="entities:48121:1" rel="noopener">Advanced Innergy Holdings (AIH AU)</a>.</li>
<li>AIH offered A$0.40/share, in cash, a 66.7% premium to undisturbed and a seven-year high. Terms have been declared final.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260604/pdf/070b0hzrs58czk.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 6th July, and expected implementation on the 23rd July 2026. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


Back on the 20th April 2026, specialist industry play Matrix Composites &amp; Eng (MCE AU) announced a Scheme with Advanced Innergy Holdings (AIH AU).
AIH offered A$0.40/share, in cash, a 66.7% premium to undisturbed and a seven-year high. Terms have been declared final.

The Scheme Booklet is now out, with a Scheme Meeting on the 6th July, and expected implementation on the 23rd July 2026. The IE (BDO) says "fair &amp; reasonable".


Matrix Composites (MCE AU): 6th July Vote On Advanced Innergy's Scheme

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding scheme offer from <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.</li>
<li>The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    </li>
<li>The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.</li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding scheme offer from Helloworld Ltd (HLO AU) at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.
The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    
The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.


Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

<ul>
<li>For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

<ul>
<li>Trading in <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> with <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Group (8729 JP)</a> spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.</li>
<li>
<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> outperforms.</li>
<li>The <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> bubble has finally popped. Now what?</li>
</ul>


Trading in Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.

Naspers (NPN SJ)'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as Prosus NV (PRX NA) outperforms.
The Shandong Hi-Speed Holdings (412 HK) bubble has finally popped. Now what?


Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

Australia

PointsBet Holdings Ltd is a corporate bookmaker with operations in Australia, the United States, Canada and Ireland. PointsBet has developed a cloud-based wagering Platform through which it offers its clients sports, racing and iGaming products.

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PointsBet Holdings (PBH AU)

BetMakers (BET AU): Tabcorp (TAH AU)’s Binding Proposal at A$0.24

The offer represents a 3-year high and is attractive compared to peer multiples. The scheme vote is likely to pass, particularly as the largest...

Arun George

Matrix Composites (MCE AU): 6th July Vote On Advanced Innergy's Scheme

Clean deal. If small, illiquid arbs are your bag, buy here at A$0.39/share (or better), for a 2.5%/21% gross/annualised spread.

David Blennerhassett

Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids...

Arun George

(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

For the month of Sept, 7 new deals were discussed on Smartkarma with an overall deal size of just ~US$2bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

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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