Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Brookfield and EIG/MidOcean are Offering <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> shareholders $9.00/share, a 54.9% premium to last close, by way of a Scheme. The Offer is non-binding and indicative.</li>
<li>Negotiations kicked off at $7.95 for the LNG developer in early August. Exclusive due diligence has been granted. </li>
<li>A firm offer will be contingent on ACCC and FIRB approval. Such a takeover may actually play into the Albanese government's future energy plans.</li>
</ul>


Brookfield and EIG/MidOcean are Offering Origin Energy (ORG AU) shareholders $9.00/share, a 54.9% premium to last close, by way of a Scheme. The Offer is non-binding and indicative.
Negotiations kicked off at $7.95 for the LNG developer in early August. Exclusive due diligence has been granted. 
A firm offer will be contingent on ACCC and FIRB approval. Such a takeover may actually play into the Albanese government's future energy plans.


Origin Energy: Brookfield's Energy Transition Bet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a> has received an indicative proposal in which EQT/Baring Private Equity Asia takes Perpetual’s private clients and corporate trustee businesses, and <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal (RPL AU)</a> the asset management arm. </li>
<li>The A$1.75bn buyout proposal, by way of a $30/share cash Offer - and an undefined Regal scrip alternative - was rejected by Perpetual as it “materially undervalues” the company.</li>
<li>The twist in the proposal is that it is contingent on the termination of the earlier-announced Scheme between Perpetual and <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>
</li>
</ul>



Perpetual (PPT AU) has received an indicative proposal in which EQT/Baring Private Equity Asia takes Perpetual’s private clients and corporate trustee businesses, and Regal (RPL AU) the asset management arm. 
The A$1.75bn buyout proposal, by way of a $30/share cash Offer - and an undefined Regal scrip alternative - was rejected by Perpetual as it “materially undervalues” the company.
The twist in the proposal is that it is contingent on the termination of the earlier-announced Scheme between Perpetual and Pendal Group (PDL AU)



EQT/Baring/Regal's Tilt For Perpetual Muddies Waters on Pendal (PDL AU) Deal

<ul>
<li>Back on the 26 April, church donor management tech play <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.nzx.com/announcements/390975" target="_blank" rel="noopener">announced</a> "unsolicited, non-binding and conditional expressions of interest or approaches from third parties". No price was mentioned. </li>
<li>Roughly a month later, BGH Capital and Sixth Street, both existing shareholders,<a href="https://www.nzx.com/announcements/392626" target="_blank" rel="noopener"> entered into</a> a cooperation agreement with respect to a potential transaction for Pushpay. Again, no price was provided. </li>
<li>Pushpay has now <a href="https://www.nzx.com/announcements/400268" target="_blank" rel="noopener">announced</a> it has received a non-binding proposal. Word on the street this involves BGH. Still, no price was made public. A 30% premium to undisturbed is ~NZ$1.34/share.</li>
</ul>


Back on the 26 April, church donor management tech play Pushpay Holdings (PPH NZ) announced "unsolicited, non-binding and conditional expressions of interest or approaches from third parties". No price was mentioned. 
Roughly a month later, BGH Capital and Sixth Street, both existing shareholders, entered into a cooperation agreement with respect to a potential transaction for Pushpay. Again, no price was provided. 
Pushpay has now announced it has received a non-binding proposal. Word on the street this involves BGH. Still, no price was made public. A 30% premium to undisturbed is ~NZ$1.34/share.


Pushpay: BGH Resurrects The Catholic Opportunity

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>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/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onetwo (2602 HK)</a> poor debuts. <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a> prices at the low-end.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</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/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD 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>. </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 - Leapmotor (9863 HK) and Onetwo (2602 HK) poor debuts. CALB (3931 HK) prices at the low-end.
Event-Driven developments - SATS (SATS SP), Jinke Smart Services (9666 HK), EVOC Intelligent Technology Company Limited H (2308 HK), Tassal (TGR AU), MACA Ltd (MLD AU), Nearmap Ltd (NEA AU). 


Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

<ul>
<li>Historically, when <a href="https://www.smartkarma.com/entities/swire-pacific-ltd" target="_blank" data-smartkarma-citation="entities:23726:1" rel="noopener">Swire (B) (87 HK)</a> / <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire (A) (19 HK)</a> gets more than 6% from 3mo Avg VWAP Ratio, there is statistically significant reversion. We are now at 6.8%. </li>
<li>The <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP) </a> / WFS transaction appears all stitched up with major shareholder Temasek backing the deal. The acquisition is expected to close in 1Q23, subject to regulatory clearance.   </li>
<li>We had the heads up days (or a week plus) ago, and now it is official. Bain has now launched its Tender Offer for <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a> at ¥2,181/share.</li>
</ul>


Historically, when Swire (B) (87 HK) / Swire (A) (19 HK) gets more than 6% from 3mo Avg VWAP Ratio, there is statistically significant reversion. We are now at 6.8%. 
The SATS (SATS SP)  / WFS transaction appears all stitched up with major shareholder Temasek backing the deal. The acquisition is expected to close in 1Q23, subject to regulatory clearance.   
We had the heads up days (or a week plus) ago, and now it is official. Bain has now launched its Tender Offer for Hitachi Metals (5486 JP) at ¥2,181/share.


Last Week in Event SPACE: Swire Pacific, SATS/WFS, Hitachi Metal, Jinke Smart, Porsche

Australia

Ramsay Health Care Ltd. provides health care services. The Company offers private hospital services, including, rehabilitation, psychiatric care, day, and complex surgery. Ramsay Health Care owns, operates, and manages health care facilities throughout Australia, Indonesia, and Europe.

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Ramsay Health Care (RHC AU)

Origin Energy: Brookfield's Energy Transition Bet

The Offer remains non-binding. I think a firm Offer will get up - but the final pricing may change subject to discussions with the government on...

David Blennerhassett

EQT/Baring/Regal's Tilt For Perpetual Muddies Waters on Pendal (PDL AU) Deal

I would still be inclined to be Short Perpetual, Long Pendal. But this is not an ideal development heading into year-end.

David Blennerhassett

Pushpay: BGH Resurrects The Catholic Opportunity

This remains an indicative situation. There have been a number of blow-ups/no deals, around the region of late. However, BGH is dogged in its M&A...

David Blennerhassett

Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

Last week, notable developments occurred in Event-Driven (SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Nearmap, Ramsay, Infomedia) and ECM...

Arun George

Last Week in Event SPACE: Swire Pacific, SATS/WFS, Hitachi Metal, Jinke Smart, Porsche

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

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