Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Software provider <a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a> has announced an indicative proposal, by way of Scheme, from PE outfit SQN Investors at A$0.80/share, a 17.6% premium to last close.</li>
<li>Due diligence has not yet been afforded. SQN currently holds a 13.6% stake.</li>
<li>BTH also highlighted it has had preliminary discussions with other interested parties. Expect BTH's board not to engage with SQN at this price. </li>
</ul>


Software provider Bigtincan Holdings Ltd (BTH AU) has announced an indicative proposal, by way of Scheme, from PE outfit SQN Investors at A$0.80/share, a 17.6% premium to last close.
Due diligence has not yet been afforded. SQN currently holds a 13.6% stake.
BTH also highlighted it has had preliminary discussions with other interested parties. Expect BTH's board not to engage with SQN at this price. 


Expect Bigtincan To Reject SQN's Proposal

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, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> raised US$470 million, <a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> and <a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a> pre-market IPOs.</li>
<li>Event-Driven developments -<a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a>, <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a>, <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</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/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, DTAC/True.</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 - Lygend Resources &amp; Technology (2245 HK) raised US$470 million, Growatt Technology (1833969D CH) and Weilong Delicious Global (WDG HK) pre-market IPOs.
Event-Driven developments -Chip Eng Seng Corp (CHIP SP), Keppel Corp (KEP SP), Singapore Medical (SMG SP), Link Administration (LNK AU), Pendal Group (PDL AU), Nitro Software Ltd (NTO AU), DTAC/True.


Weekly Deals Digest (27 Nov) - Keppel, Chip Eng Seng, Link Admin, DTAC/True, Growatt, Weilong

<ul>
<li>The IE considers <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>'s cash and scrip offer for <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> to be fair and reasonable as it is within its valuation range of A$4.87-5.71. </li>
<li>Perpetual shareholders are getting the short end of the stick. While possible, <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>/BPEA EQT riding to the rescue of Perpetual shareholders is low. </li>
<li>Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.</li>
</ul>


The IE considers Perpetual Ltd (PPT AU)'s cash and scrip offer for Pendal Group (PDL AU) to be fair and reasonable as it is within its valuation range of A$4.87-5.71. 
Perpetual shareholders are getting the short end of the stick. While possible, Regal Partners (RPL AU)/BPEA EQT riding to the rescue of Perpetual shareholders is low. 
Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.


Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

<ul>
<li>
<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> entered a revised SID with <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>. The revised offer consists of scrip (1 Perpetual share for every 7 Pendal share) and cash (A$1.650).</li>
<li>Separately, the court found that Pendal could seek a range of remedies in addition to the A$23 million break fee should Perpetual terminate the scheme.</li>
<li>While <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>/BPEA EQT could yet derail the scheme by lobbing another bid for Perpetual, the unprecedented court ruling makes it more challenging and costly. </li>
</ul>



Pendal Group (PDL AU) entered a revised SID with Perpetual Ltd (PPT AU). The revised offer consists of scrip (1 Perpetual share for every 7 Pendal share) and cash (A$1.650).
Separately, the court found that Pendal could seek a range of remedies in addition to the A$23 million break fee should Perpetual terminate the scheme.
While Regal Partners (RPL AU)/BPEA EQT could yet derail the scheme by lobbing another bid for Perpetual, the unprecedented court ruling makes it more challenging and costly. 


Pendal (PDL AU)/Perpetual (PPT AU) Deal Gets a Lifeline from the Court

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has rejected a revised non-binding indicative proposal from Regal/BPEA EQT at A$33.00 per share, a 10% premium to the previously rejected offer of A$30.00 per share. </li>
<li>While the <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>/BPEA EQT revised offer is not quite a knockout bid, it is good enough to warrant the requested short due diligence period.</li>
<li>The PPT/<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> deal is seemingly dead. The A$23 million break fee is more than compensated by the A$172 million value uplift between Regal/BPEA EQT’s two proposals.</li>
</ul>



Perpetual Ltd (PPT AU) has rejected a revised non-binding indicative proposal from Regal/BPEA EQT at A$33.00 per share, a 10% premium to the previously rejected offer of A$30.00 per share. 
While the Regal Partners (RPL AU)/BPEA EQT revised offer is not quite a knockout bid, it is good enough to warrant the requested short due diligence period.
The PPT/Pendal Group (PDL AU) deal is seemingly dead. The A$23 million break fee is more than compensated by the A$172 million value uplift between Regal/BPEA EQT’s two proposals.


Perpetual (PPT AU) Rejects a Revised A$33 Offer; Pendal (PDL AU) Deal Looks Toast

Australia

Regal Partners Limited operates as an investment management company. The Company invests in listed securities, as well as focuses on capital preservation. Regal Partners serves customers worldwide.

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Regal Partners (RPL AU)

Expect Bigtincan To Reject SQN's Proposal

This remains an indicative offer from SQN. Bear in the three-way hunt for Infomedia Ltd (IFM AU) came to naught. But I'd still be picking up...

David Blennerhassett

Weekly Deals Digest (27 Nov) - Keppel, Chip Eng Seng, Link Admin, DTAC/True, Growatt, Weilong

Last week, notable developments occurred in Event-Driven (Link Admin, Nearmap, Nitro, Pendal, Lifestyle, Chip Eng Seng, Keppel, Singapore Medical,...

Arun George

Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

While possible, the probability of Regal/BPEA EQT derailing the deal continues to decline. At the last close prices, the gross spread to the offer...

Arun George

Pendal (PDL AU)/Perpetual (PPT AU) Deal Gets a Lifeline from the Court

While Regal/BPEA EQT could yet derail the scheme, the unprecedented court ruling makes it more challenging and costly. At the last close, the gross...

Arun George

Perpetual (PPT AU) Rejects a Revised A$33 Offer; Pendal (PDL AU) Deal Looks Toast

Regal/BPEA EQT is a determined suitor and will likely have one last go at getting Perpetual to open its books. The Perpetual/Pendal transaction...

Arun George

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