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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a>'s scheme meeting is on 16 November. The IE considers the offer of A$1.595 + dividend up to A$0.03 per share (total of A$1.625) fair.  </li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the resolution. The two largest shareholders will vote YES.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 9 December payment, the gross and annualised spread is 2.2% and 13.8%, respectively.</li>
</ul>



PTB Group Ltd (PTB AU)'s scheme meeting is on 16 November. The IE considers the offer of A$1.595 + dividend up to A$0.03 per share (total of A$1.625) fair.  
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the resolution. The two largest shareholders will vote YES.
We continue to think that offer is attractive. At the last close price and for the 9 December payment, the gross and annualised spread is 2.2% and 13.8%, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Late last week aviation engine repair play <strong><a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a></strong> entered into a Scheme Implementation Deed (SID) with PAG Holding Corp.</li>
<li>PAG is offering $1.595/share, a 40.5% premium to last close.</li>
<li>Apart from PTB shareholder approval, PAG's Offer requires FIRB. This looks done. PTB’s board unanimously recommends the Scheme.</li>
</ul>


Late last week aviation engine repair play PTB Group Ltd (PTB AU) entered into a Scheme Implementation Deed (SID) with PAG Holding Corp.
PAG is offering $1.595/share, a 40.5% premium to last close.
Apart from PTB shareholder approval, PAG's Offer requires FIRB. This looks done. PTB’s board unanimously recommends the Scheme.


<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corporation-limited" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (1880 HK)</a> priced its H Share at HK$158, <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> issued an updated prospectus.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - China Tourism Group Duty Free Corp Ltd (1880 HK) priced its H Share at HK$158, WCP (WCP KS) issued an updated prospectus.
Event-Driven developments Alliance Aviation Services (AQZ AU), Nearmap Ltd (NEA AU), Tassal (TGR AU), Genex Power Ltd (GNX AU), Yashili International Holdings (1230 HK), Xiamen International Port H (3378 HK).


Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">Ptb Group Ltd (PTB AU)</a> entered a scheme implementation deed (SID) with Precision Aviation Group (PAG). The offer comprises A$1.595 + dividend up to A$0.03 per share (total of A$1.625).</li>
<li>The offer price is attractive. The key conditions are shareholder approvals and FIRB approval. The scheme meeting is on 16 November. </li>
<li>This is a done deal. At last close and for the 2 December payment, the gross and annualised spread to the offer + div is 3.8% and 13.5%, respectively.</li>
</ul>



Ptb Group Ltd (PTB AU) entered a scheme implementation deed (SID) with Precision Aviation Group (PAG). The offer comprises A$1.595 + dividend up to A$0.03 per share (total of A$1.625).
The offer price is attractive. The key conditions are shareholder approvals and FIRB approval. The scheme meeting is on 16 November. 
This is a done deal. At last close and for the 2 December payment, the gross and annualised spread to the offer + div is 3.8% and 13.5%, respectively.


Australia

PTB Group Ltd is an aviation asset management business. The Company repairs and overhauls turbine engines, acquires, trades and supplies spare parts, and has a finance and rental business for turbine engines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PTB Group Ltd (PTB AU)

PTB Scheme Meeting on 16 November

This is a done deal but not a particularly liquid merger arb situation. At the last close price and for the 9 December payment, the annualised...

Arun George

PTB Group Enters Scheme With PAG

Trading tight at a 1.9%/7% gross/annualised spread, assuming early December payment. This is a done deal. Although it's not a particularly liquid...

David Blennerhassett

Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

Last week, notable developments occurred in Event-Driven (Alliance, Genex, MACA, Nearmap, PTB, Nearmap, Tassal, Giordano, Xiamen Port, Yashili,...

Arun George

PTB Group’s Binding Offer from PAG

This is a done deal. At last close and for the 2 December payment, the annualised spread to the offer of A$1.625 (inc. permitted dividend) is 13.5%.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)