Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/ <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. </li>
<li>The ACCC has until 28 September 2023 to make its decision on <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797" rel="noopener">Origin Energy (ORG AU)</a>. Expect ACCC to be supportive - they haven't built a strong "against" case.</li>
<li>There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.</li>
</ul>


The Japan Post Holdings (6178 JP)/ Japan Post Bank (7182 JP) ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases. 
The ACCC has until 28 September 2023 to make its decision on Origin Energy (ORG AU). Expect ACCC to be supportive - they haven't built a strong "against" case.
There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.


Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

<ul>
<li>On the 26 July, <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a> announced an agreement to acquire a majority stake in coal miner <a href="https://www.smartkarma.com/compose/insight/112915/ht" target="_blank" data-smartkarma-citation="entities:3835:1" rel="noopener">Golden Eagle Energy (SMMT IJ) </a>(GEE).
</li>
<li>Via an S&amp;P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.</li>
<li>The completion of the S&amp;P, which is subject to Indonesia's OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.</li>
</ul>


On the 26 July, Geo Energy Resources (GERL SP) announced an agreement to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).

Via an S&amp;P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.
The completion of the S&amp;P, which is subject to Indonesia's OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.


Golden Eagle Energy (SMMT IJ): Trading Wide To Terms

Indonesia

Golden Eagle Energy is an Indonesian holding company engaged in the coal mining business, including general surveying, exploration, exploitation, processing, refining, and trading of coal. The company owns coal concessions in East Kalimantan and South Sumatra, producing subbituminous coal primarily for power plants and the cement industry. It was incorporated in 1980 and is headquartered in Jakarta, Indonesia.

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Golden Eagle Energy (SMMT IJ)

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Golden Eagle Energy (SMMT IJ): Trading Wide To Terms

Regulatory approval should not be an issue. The GEO vote should be straightforward. Assuming end-Jan 24 payment under the MTO, the gross/annualised...

David Blennerhassett

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