Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The value realisation of selling cross-holdings should not be contingent on selling your shares to someone else too cheaply but that is exactly what Toyota is proposing here.</li>
<li>OCBC is doing the right thing. Although a 17.8% bump in terms for <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>'s minorities is probably not enough to dislodge Palliser.</li>
<li>Cosette has lodged a termination notice, which <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> rejects. It's anyone's guess whether this saga concludes with a price cut; or Cosette walking.</li>
</ul>


The value realisation of selling cross-holdings should not be contingent on selling your shares to someone else too cheaply but that is exactly what Toyota is proposing here.
OCBC is doing the right thing. Although a 17.8% bump in terms for Great Eastern Holdings (GE SP)'s minorities is probably not enough to dislodge Palliser.
Cosette has lodged a termination notice, which Mayne Pharma (MYX AU) rejects. It's anyone's guess whether this saga concludes with a price cut; or Cosette walking.


Last Week in Event SPACE: Toyota Indust. Great Eastern, Mayne Pharma, Shibaura Elect., New World

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: the <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson  (SOL AU)</a> / <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks Ltd (BKW AU)</a>merger; and <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>'s Exit Offer. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources (SPR AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, and <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a>.</li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: the Washington H. Soul Pattinson  (SOL AU) / Brickworks Ltd (BKW AU)merger; and Great Eastern Holdings (GE SP)'s Exit Offer. 
Key updates/news took place on: Spartan Resources (SPR AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Tam Jai International (2217 HK).


(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

<ul>
<li>On the 17th March, <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan (SPR AU)</a> agreed to merge with <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius (RMS AU)</a>. The cash/scrip merger combined operations around the Mount Magnet and Dalgaranga region in Western Australia.</li>
<li>The implied price of A$1.78/share was a 27.5% premium to 30-day VWAP.  The deal arrived after Spartan was outbid for <a href="https://www.smartkarma.com/entities/karora-resources-inc" target="_blank" data-smartkarma-citation="entities:40957:1" rel="noopener">Karora (KRR CN)</a>, and Spartan rebuffed <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold (WGX AU)</a>'s approach.</li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250604/pdf/06kfgj8tm61bsl.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 11th July, and expected implementation on or before the 31st July. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


On the 17th March, Spartan (SPR AU) agreed to merge with Ramelius (RMS AU). The cash/scrip merger combined operations around the Mount Magnet and Dalgaranga region in Western Australia.
The implied price of A$1.78/share was a 27.5% premium to 30-day VWAP.  The deal arrived after Spartan was outbid for Karora (KRR CN), and Spartan rebuffed Westgold (WGX AU)'s approach.

The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected implementation on or before the 31st July. The IE (BDO) says "fair &amp; reasonable".


Spartan Resources (SPR AU): 11th July Vote On Ramelius' Offer

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources (SPR AU)</a> IE considers <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a>’s offer (A$0.25 cash per share + 0.6957 RMS shares per SPR share) fair and reasonable.</li>
<li>The offer is conditional on SPR shareholder approval. The vote remains low-risk and is aided by irrevocables (16.87% of outstanding shares). </li>
<li>This is a done deal. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.  </li>
</ul>


The Spartan Resources (SPR AU) IE considers Ramelius Resources (RMS AU)’s offer (A$0.25 cash per share + 0.6957 RMS shares per SPR share) fair and reasonable.
The offer is conditional on SPR shareholder approval. The vote remains low-risk and is aided by irrevocables (16.87% of outstanding shares). 
This is a done deal. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.  


Spartan Resources (SPR AU): Scheme Vote on 11 July

<ul>
<li>For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.</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 May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. 
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
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, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

Australia

Ramelius Resources Limited is a gold exploration and production company with exploration activities focused in Western Australia.  The Company also explores for base metals.

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Ramelius Resources (RMS AU)

Last Week in Event SPACE: Toyota Indust. Great Eastern, Mayne Pharma, Shibaura Elect., New World

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

(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

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

Spartan Resources (SPR AU): 11th July Vote On Ramelius' Offer

Given the cost/ounce to mine gold, this merger makes sense. Expect more mergers to occur. Trading super tight at 0.9%. If you can take down borrow...

David Blennerhassett

Spartan Resources (SPR AU): Scheme Vote on 11 July

This is a done deal, in part due to the irrevocables. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.

Arun George

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

For the month of May, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$27bn. The average premium for the new deals...

David Blennerhassett

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