Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 27th March, <a href="https://www.smartkarma.com/entities/reject-shop-ltd-the" target="_blank" data-smartkarma-citation="entities:272:1" rel="noopener">Reject Shop (TRS AU)</a>, a discount variety store, has entered into a Scheme Implementation Deed with Canadian outfit <a href="https://www.smartkarma.com/entities/dollarama-inc" target="_blank" data-smartkarma-citation="entities:25273:1" rel="noopener">Dollarama (DOL CN)</a>.</li>
<li>Dollarama Offered A$6.68/share, a 112% premium to last close. The Offer does NOT require FIRB signing off. The Offer has the backing of TRS' largest shareholder, Kin Group (20.8%). </li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250516/pdf/06jtb84bd2mpg3.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 23 June, and expected payment on or before the 22nd July. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 27th March, Reject Shop (TRS AU), a discount variety store, has entered into a Scheme Implementation Deed with Canadian outfit Dollarama (DOL CN).
Dollarama Offered A$6.68/share, a 112% premium to last close. The Offer does NOT require FIRB signing off. The Offer has the backing of TRS' largest shareholder, Kin Group (20.8%). 

The Scheme Booklet is now out, with a Scheme Meeting on the 23 June, and expected payment on or before the 22nd July. The IE (Kroll) says "fair &amp; reasonable".


Reject Shop (TRS AU): 23rd June Vote On Dollarama's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reject-shop-ltd-the" target="_blank" data-smartkarma-citation="entities:272:1" rel="noopener">Reject Shop (TRS AU)</a>, a discount variety store, has entered into a <a href="https://announcements.asx.com.au/asxpdf/20250327/pdf/06h1hs2xgvxjhn.pdf" target="_blank" rel="noopener">Scheme Implementation Deed</a> with Canadian outfit <a href="https://www.smartkarma.com/entities/dollarama-inc" target="_blank" data-smartkarma-citation="entities:25273:1" rel="noopener">Dollarama (DOL CN)</a>.</li>
<li>Dollarama is offering A$6.68/share, a 112% premium to last close. The Offer does NOT require FIRB signing off. The Offer has the unanimous backing of both boards.</li>
<li>The Offer also has the backing of TRS' largest shareholder, Kin Group (20.8%).  Implementation is expected July 2025. This is done.</li>
</ul>



Reject Shop (TRS AU), a discount variety store, has entered into a Scheme Implementation Deed with Canadian outfit Dollarama (DOL CN).
Dollarama is offering A$6.68/share, a 112% premium to last close. The Offer does NOT require FIRB signing off. The Offer has the unanimous backing of both boards.
The Offer also has the backing of TRS' largest shareholder, Kin Group (20.8%).  Implementation is expected July 2025. This is done.


<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>, <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, and <a href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" target="_blank" data-smartkarma-citation="entities:5873:1" rel="noopener">Nihon Chouzai (3341 JP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont Lithium (PLL AU)</a>,<a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>, and <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon (7732 JP)</a> .</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Joy City Property (207 HK), Hogy Medical (3593 JP), and Nihon Chouzai (3341 JP).
Key updates/news took place on MAC Copper (MAC AU), PointsBet (PBH AU), Ainsworth Game Technology (AGI AU), Piedmont Lithium (PLL AU),Pacific Industrial (7250 JP), and Topcon (7732 JP) .


(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

<ul>
<li>Back on the 27th May 2025, dual-listed <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU/MTAL US)</a>, a NSW copper miner, entered into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/harmony-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:25115:1" rel="noopener">Harmony Gold Mining (HAR SJ)</a>.</li>
<li>Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date. </li>
<li>
A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair &amp; reasonable. 22.54% of shares out are supportive.</li>
</ul>


Back on the 27th May 2025, dual-listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, entered into a Scheme Implementation Deed with Harmony Gold Mining (HAR SJ).
Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date. 

A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair &amp; reasonable. 22.54% of shares out are supportive.


MAC Copper (MAC AU/MTAL US): 29th August Vote On Harmony's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi (2121 JP)</a>'s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. <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> is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.</li>
<li>
<a href="https://www.smartkarma.com/entities/Betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">Betr Entertainment (BBT AU)</a> (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. </li>
<li>PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.</li>
</ul>



Mixi (2121 JP)'s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.

Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. 
PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.


PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

Australia

The Reject Shop Limited operates discount retail stores in Victoria, New South Wales, South Australia and the ACT.  The Company's discount stores offers a variety of merchandise such as apparel, houseware, leisure, personal care and hardware and furniture.

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Reject Shop (TRS AU)