Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals weres discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/haitong-unitrust-international-financial-leasing-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:28044:1" rel="noopener">Haitong Unitrust International Financial Leasing (1905 HK)</a> and <a href="https://www.smartkarma.com/entities/xin-yuan-enterprises-group-ltd" target="_blank" data-smartkarma-citation="entities:40062:1" rel="noopener">Xin Yuan Enterprises (1748 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>, <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, and <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals weres discussed on Smartkarma this week: Haitong Unitrust International Financial Leasing (1905 HK) and Xin Yuan Enterprises (1748 HK).
Key updates/news also took place on: Ingenia Communities (INA AU), Vault Minerals Ltd (VAU AU), Cleanaway Waste Management (CWY AU), Changhong Jiahua (3991 HK), and Baudroie (4413 JP).


Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

<ul>
<li>It's a weak stub. And given <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a>'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against <a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">JAPEX (1662 JP)</a>.</li>
<li>Keswick chips away at <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
</ul>


It's a weak stub. And given Inpex Corp (1605 JP)'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against JAPEX (1662 JP).
Keswick chips away at Jardine Matheson (JM SP)'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. 

Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.


Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

<ul>
<li>After <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> tabled a "superior" cash/scrip Offer, via a Scheme, for <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals (VAU AU)</a> on the 6th July, <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> folded its tent (as widely expected).  </li>
<li>Genesis subsequently firmed terms on the 14th July, offering 0.7629 new GMD shares for every Vault share, plus A$0.475/share in cash - for an implied Offer consideration of A$5.274/share.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20261006/pdf/0750g5r2k4c18c.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a 11th November Scheme Meeting, and expected implementation on the 25th November. The IE (BDO) concluded " fair and reasonable". Clean deal.</li>
</ul>


After Genesis Minerals (GMD AU) tabled a "superior" cash/scrip Offer, via a Scheme, for Vault Minerals (VAU AU) on the 6th July, Regis Resources (RRL AU) folded its tent (as widely expected).  
Genesis subsequently firmed terms on the 14th July, offering 0.7629 new GMD shares for every Vault share, plus A$0.475/share in cash - for an implied Offer consideration of A$5.274/share.

The Scheme Booklet is now out, with a 11th November Scheme Meeting, and expected implementation on the 25th November. The IE (BDO) concluded " fair and reasonable". Clean deal.


Vault Minerals (VAU AU): 11th Nov Vote On Genesis Minerals (GMD AU)'s 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>
<a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a> holders get 0.7629 <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> shares plus A$0.5125 cash per share. </li>
<li>The independent expert (BDO) found the scheme fair and reasonable, valuing Vault at A$4.697 to A$6.345, compared with the scheme's (default) consideration of A$3.751 to A$6.769.</li>
<li>The deal looks done. The ACCC waiver is in, and no shareholder holds a blocking stake. The large shareholders are mostly index funds, with few retail holders. </li>
</ul>



Vault Minerals Ltd (VAU AU) holders get 0.7629 Genesis Minerals (GMD AU) shares plus A$0.5125 cash per share. 
The independent expert (BDO) found the scheme fair and reasonable, valuing Vault at A$4.697 to A$6.345, compared with the scheme's (default) consideration of A$3.751 to A$6.769.
The deal looks done. The ACCC waiver is in, and no shareholder holds a blocking stake. The large shareholders are mostly index funds, with few retail holders. 


Vault Minerals (VAU AU): Genesis Scheme Heads to 11 November Vote with Completion Risk Low

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <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/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a> merger should complete mid-November while <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>'s acquisition could complete by end-November.</li>
<li>There will be ad hoc inclusions for the S&amp;P/ASX 100 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 Index</a> following the merger and the acquisition to maintain the number of index constituents.</li>
<li>Then there will be more changes for the S&amp;P/ASX 50 Index, S&amp;P/ASX 100 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 Index</a> at the December rebalance.</li>
</ul>


The Genesis Minerals (GMD AU)/ Vault Minerals Ltd (VAU AU) merger should complete mid-November while Steadfast (SDF AU)'s acquisition could complete by end-November.
There will be ad hoc inclusions for the S&amp;P/ASX 100 Index and S&amp;P/ASX 200 Index following the merger and the acquisition to maintain the number of index constituents.
Then there will be more changes for the S&amp;P/ASX 50 Index, S&amp;P/ASX 100 Index and S&amp;P/ASX 200 Index at the December rebalance.


S&P/ASX Indices: M&A-Driven Ad Hoc Changes in Nov & Impact on the Dec Rebalance

Australia

Regis Resources Ltd. is a mineral exploration and production company. The Company mines for gold, nickel, and copper.

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Regis Resources (RRL AU)

Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

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

Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

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

Vault Minerals (VAU AU): 11th Nov Vote On Genesis Minerals (GMD AU)'s Offer

Trading at terms. This is done. If you can take down borrow (cheaply) in Genesis, do so, if not already. Expect Travis Lundy to issue an index...

David Blennerhassett

Vault Minerals (VAU AU): Genesis Scheme Heads to 11 November Vote with Completion Risk Low

Vault holders get 0.7629 Genesis shares + A$0.5125 cash. BDO deems it fair and reasonable (Vault A$4.70–6.35 vs offer A$3.75–6.77). ACCC cleared,...

Arun George

S&P/ASX Indices: M&A-Driven Ad Hoc Changes in Nov & Impact on the Dec Rebalance

The Genesis/Vault merger and the Steadfast acquisition are expected to complete in Nov. That leads to adhoc index inclusions and other flows. Then...

Brian Freitas

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