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/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.</li>
<li>Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. </li>
<li>At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.</li>
</ul>



Razer Inc (1337 HK)’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.
Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. 
At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a></strong>'s Court Meeting will be held tomorrow.</li>
<li>The highly anticipated abolishment of the headcount test will not become law ahead of the shareholder vote.</li>
<li>Trading at a gross spread of 8%, unchanged since the record date. That's positive. Plus this Offer has proxy advisor support.</li>
</ul>



Razer Inc (1337 HK)'s Court Meeting will be held tomorrow.
The highly anticipated abolishment of the headcount test will not become law ahead of the shareholder vote.
Trading at a gross spread of 8%, unchanged since the record date. That's positive. Plus this Offer has proxy advisor support.


Razer (1337 HK): Trading Wide Ahead Of Court Meeting

<ul>
<li>The amended Cayman Islands Act is yet to become law which increases the odds that the headcount test remains for <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s court meeting on 26 April. </li>
<li>Since the despatch of the scheme document, the gross spread has narrowed to 7.6% (last close). Current deal probability implies an 80% chance of success.</li>
<li>The rising deal probability negatively skews the risk/reward profile. We are hesitant to be long this trade into a scheme meeting that is too close to call.</li>
</ul>


The amended Cayman Islands Act is yet to become law which increases the odds that the headcount test remains for Razer Inc (1337 HK)'s court meeting on 26 April. 
Since the despatch of the scheme document, the gross spread has narrowed to 7.6% (last close). Current deal probability implies an 80% chance of success.
The rising deal probability negatively skews the risk/reward profile. We are hesitant to be long this trade into a scheme meeting that is too close to call.


Razer’s Offer Risk/Reward Ahead of the 26 April Scheme Meeting

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).</li>
<li>This week, the highest gross spreads are <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/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>.   </li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a>, Jin Jiang Capital.    </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Pendal Group (PDL AU), Sezzle Inc (SZL AU), Razer Inc (1337 HK), Link Administration Holdings (LNK AU).   
The lowest gross spreads are Uniti Group Ltd (UWL AU), 51 Job Inc Adr (JOBS US), China Logistics Property Holdings (1589 HK), Irongate Group (IAP AU), Jin Jiang Capital.    


Merger Arb Mondays - Yashili, Pendal, Sezzle, Razer, Link Admin, Uniti, AKM, Guodian, Crown Resorts

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).</li>
<li>This week, the highest gross spreads are <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/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> </li>
<li>The lowest gross spreads <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/dragon-crown-group-holdings" target="_blank" data-smartkarma-citation="entities:18919:1" rel="noopener">Dragon Crown Group (935 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, Jin Jiang Capital.     </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), Sezzle Inc (SZL AU), Link Administration Holdings (LNK AU), Uniti Group Ltd (UWL AU) 
The lowest gross spreads CIMIC Group Ltd (CIM AU), China Logistics Property Holdings (1589 HK), Dragon Crown Group (935 HK), 51 Job Inc Adr (JOBS US), Jin Jiang Capital.     


Merger Arb Mondays - Yashili, Razer, Sezzle, Link Admin, Uniti, AKM, Virtus

United States

Razer Inc. is a global lifestyle brand for gamers. The Company offers an integrated gamer-focused ecosystem of hardware, software and services. Razer's hardware ranges from gaming peripherals to gaming laptops and mobile devices. Razer's software platform includes Razer Synapse, Razer Chroma, and Razer Cortex. Razer also offers Razer Gold, a virtual credit services for gamers.

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

Razer Inc (1337 HK)

Razer’s Scheme: And that Is a Pass

Despite our reservations, the scheme comfortably passed the headcount test with 465 for and just 16 against. At the last close and for the 20 May...

Arun George

Razer (1337 HK): Trading Wide Ahead Of Court Meeting

This is a binary situation - either Razer fails the headcount test, or it's a storm in a tea cup and sails through. I'm in the latter camp and...

David Blennerhassett

Razer’s Offer Risk/Reward Ahead of the 26 April Scheme Meeting

The amended Cayman Islands Act is yet to become law increasing the odds that the headcount test remains. We are hesitant to be long this trade into...

Arun George

Merger Arb Mondays - Yashili, Pendal, Sezzle, Razer, Link Admin, Uniti, AKM, Guodian, Crown Resorts

This week, the highest gross spreads are Yashili (33.3%), Pendal (13.5%), Sezzle (8.7%), Razer (8.0%), Link (7.8%), Uniti Group (7.3%), AKM (3.1%),...

Arun George

Merger Arb Mondays - Yashili, Razer, Sezzle, Link Admin, Uniti, AKM, Virtus

This week, the highest gross spreads are Yashili (22.4%), Razer (8.9%), Sezzle (7.9%), Link Admin (7.0%), Uniti Group (5.3%), AKM Industrial...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)