Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deal was discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>'s <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> tilt; Malteries Soufflet's <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt (UMG AU)</a> Offer; Bain Capital's <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia (EHE AU)</a> Offer. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and<a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>.</li>
</ul>


There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deal was discussed on Smartkarma this past week: Albemarle (ALB US)'s Liontown Resources (LTR AU) tilt; Malteries Soufflet's United Malt (UMG AU) Offer; Bain Capital's Estia (EHE AU) Offer. 
Key updates took place for Aag Energy Holdings (2686 HK), Toyo Construction (1890 JP), Toshiba Corp (6502 JP), andGolden Energy &amp; Resources (GER SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants should ensure the second vote is successful</li><li>The new offer (via an amendment to the scheme of arrangement) of NZ$1.42 per share is a +6% increase to the original bid that was vetoed by shareholders</li><li>A vote on the new offer is expected to be held by the end of May 2023.</li></ul>

The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants should ensure the second vote is successfulThe new offer (via an amendment to the scheme of arrangement) of NZ$1.42 per share is a +6% increase to the original bid that was vetoed by shareholdersA vote on the new offer is expected to be held by the end of May 2023.

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.

Equity Capital Markets

Japan Post Holdings / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> and <a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> IPOs; <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> offering.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP).</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, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - SBI Sumishin Net Bank (7163 JP), Trial Holdings (5882 JP) and PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) IPOs; Japan Post Bank (7182 JP) offering.
Event-Driven developments - Toshiba Corp (6502 JP), Toyo Construction (1890 JP), Genesis Minerals (GMD AU), Pushpay Holdings (PPH NZ), Aag Energy Holdings (2686 HK), Halcyon Agri (HACL SP).  


Weekly Deals Digest (19 Mar) - Japan Post, Toshiba, AAG, SBI Sumishin, Trial Holdings, Harita Nickel

<ul>
<li>Medium-Term, <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> is not in great shape fundamentally compared to others We still know nothing about TOPIX. And we may just not hear. </li>
<li>
<a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> to take control of <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> after <a href="https://www.smartkarma.com/entities/hybe-co-ltd" target="_blank" data-smartkarma-citation="entities:28959:1" rel="noopener">HYBE (352820 KS)</a> throws in the towel.</li>
<li>The world is quite volatile now, and funding is probably more precious today than yesterday. But a bid for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> is too. </li>
</ul>


Medium-Term, Japan Post Bank (7182 JP) is not in great shape fundamentally compared to others We still know nothing about TOPIX. And we may just not hear. 

Kakao Corp (035720 KS) to take control of S.M.Entertainment Co (041510 KS) after HYBE (352820 KS) throws in the towel.
The world is quite volatile now, and funding is probably more precious today than yesterday. But a bid for Toshiba Corp (6502 JP) is too. 


Last Week in Event SPACE: Japan Post Bank, S.M Entertainment, Toshiba, Link REIT

<ul>
<li>Sixth Street/BGH have come back for <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a> with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.</li>
<li>Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme. </li>
<li>The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.</li>
</ul>


Sixth Street/BGH have come back for Pushpay Holdings (PPH NZ) with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.
Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme. 
The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.


Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

New Zealand

Pushpay Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs and develops mobile payment application and solutions that allows users to donate to charities and non-profit organization. Pushpay Holdings conducts its business worldwide.

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Pushpay Holdings (PPH NZ)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

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

Pushpay: The Last Supper

The revised bid from BGH Capital and Sixth Street is a reasonable outcome for Pushpay (PPH) shareholders and acceptances from key participants...

Forsyth Barr

Weekly Deals Digest (19 Mar) - Japan Post, Toshiba, AAG, SBI Sumishin, Trial Holdings, Harita Nickel

Last week, notable developments occurred in Event-Driven (Genesis, Nitro, Norwest, Pushpay, AAG, Halcyon, Toshiba, Toyo) and ECM (Japan Post Bank,...

Arun George

Last Week in Event SPACE: Japan Post Bank, S.M Entertainment, Toshiba, Link REIT

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

Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer

Secured commitments and a fair revised price suggest a done deal. At the last close and for the end-May payment, the annualised spread is 7.4%.

Arun George

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