Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After issuing a formal takeover notice on the 30th September, restaurant operator <a href="https://www.smartkarma.com/entities/restaurant-brands-nz-ltd" target="_blank" data-smartkarma-citation="entities:11891:1" rel="noopener">Restaurant Brands NZ (RBD NZ)</a> announced an <a href="https://announcements.asx.com.au/asxpdf/20251014/pdf/06qj8w94780dsf.pdf" target="_blank" rel="noopener">Official Offer</a> from controlling shareholder Finaccess Restauración on the 14th October. </li>
<li>Finaccess is offering NZ$5.05/share in cash for shares not held. Best &amp; final. Finaccess holds 75.02%. Accident Compensation Corporation, with 4.7%, is supportive. The Offer is unconditional.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251028/pdf/06r3q44mvcfc8l.pdf" target="_blank" rel="noopener">The Target Statement is now out</a>, with an independent expert fair value of NZ$5.24-NZ$6.20. The Independent Directors believe the risks associated with remaining as a shareholder outweigh the Offer price.</li>
</ul>


After issuing a formal takeover notice on the 30th September, restaurant operator Restaurant Brands NZ (RBD NZ) announced an Official Offer from controlling shareholder Finaccess Restauración on the 14th October. 
Finaccess is offering NZ$5.05/share in cash for shares not held. Best &amp; final. Finaccess holds 75.02%. Accident Compensation Corporation, with 4.7%, is supportive. The Offer is unconditional.

The Target Statement is now out, with an independent expert fair value of NZ$5.24-NZ$6.20. The Independent Directors believe the risks associated with remaining as a shareholder outweigh the Offer price.


Restaurant Brands NZ (RBD NZ): Take The Offer

<ul>
<li>I tally 37 - 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>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold Ltd (A1G AU)</a>, and <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Predictive Discovery (PDI AU), African Gold Ltd (A1G AU), and Low Keng Huat Singapore (LKH SP).
Key updates/news also took place on: ANE Cayman Inc (9956 HK), Steadfast (SDF AU), and Spindex Industries (SPE SP).


Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

<ul>
<li>On the 26th September, precision parts manufacturer <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.</li>
<li>The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.</li>
<li>
<a href="https://links.sgx.com/FileOpen/Spindex_Scheme%20Document.ashx?App=Announcement&amp;FileID=868915" target="_blank" rel="noopener">The Scheme Booklet is now out,</a> with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".</li>
</ul>


On the 26th September, precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.
The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.

The Scheme Booklet is now out, with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".


Spindex Inds (SPE SP): 18th Dec Vote On MBO

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

<ul>
<li>The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. </li>
<li>Junior miner <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold (A1G AU)</a>has entered into a Scheme with <a href="https://www.smartkarma.com/entities/montage-gold-corp" target="_blank" data-smartkarma-citation="entities:43368:1" rel="noopener">Montage Gold (MAU CN)</a>. African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.</li>
<li>That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.</li>
</ul>


The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. 
Junior miner African Gold (A1G AU)has entered into a Scheme with Montage Gold (MAU CN). African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.
That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.


African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

New Zealand

Restaurant Brands New Zealand Limited operates fast food restaurant chains in New Zealand & Australia. The Company operates close to 300 stores which operate under the KFC, Pizza Hut and Starbucks restaurant names.

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Restaurant Brands NZ (RBD NZ)