IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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>The EGM to approve the <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>’s privatisation offer of $61.00 in cash per ADS will be held at 9 am (Shanghai time) on 27 April.</li>
<li>The transaction is expected to close during the second quarter of 2022. The continuing shareholders represent 56.2% of the voting rights according to the proxy statement.</li>
<li>Based on 67.5 million ADS entitled to vote at the EGM, around 21% of disinterested shareholders are required to vote in favour to meet the two-thirds voting threshold.</li>
</ul>


The EGM to approve the 51 Job Inc Adr (JOBS US)’s privatisation offer of $61.00 in cash per ADS will be held at 9 am (Shanghai time) on 27 April.
The transaction is expected to close during the second quarter of 2022. The continuing shareholders represent 56.2% of the voting rights according to the proxy statement.
Based on 67.5 million ADS entitled to vote at the EGM, around 21% of disinterested shareholders are required to vote in favour to meet the two-thirds voting threshold.


51job’s Privatisation Offer to Be Voted for on 27 April

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 1 March, <strong><a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc (JOBS US)</a></strong> said it had entered into a revised merger agreement at US$61.00/share, 22.8% down from the initial terms. </li>
<li>51job has now announced that it has called an extraordinary general meeting of shareholders to be held on April 27.</li>
<li>Despite regulatory opacity, this transaction appears done. Separately, 51job's FY21 financials will be released tomorrow.</li>
</ul>


On the 1 March, 51 Job Inc (JOBS US) said it had entered into a revised merger agreement at US$61.00/share, 22.8% down from the initial terms. 
51job has now announced that it has called an extraordinary general meeting of shareholders to be held on April 27.
Despite regulatory opacity, this transaction appears done. Separately, 51job's FY21 financials will be released tomorrow.


<ul>
<li>The consortium has improved the offer price by 6.6% to $61.00 in cash per ADS. The consortium represents 54.9% of the voting rights.</li>
<li>The Board intends to recommend shareholders vote in favour of the transaction. The transaction is expected to close during the first half of 2022.</li>
<li>The combination of the improved offer price and the tech shares sell-off improves the chance of meeting the two-thirds shareholder approval threshold. At last close, the gross spread is 7.0%. </li>
</ul>


The consortium has improved the offer price by 6.6% to $61.00 in cash per ADS. The consortium represents 54.9% of the voting rights.
The Board intends to recommend shareholders vote in favour of the transaction. The transaction is expected to close during the first half of 2022.
The combination of the improved offer price and the tech shares sell-off improves the chance of meeting the two-thirds shareholder approval threshold. At last close, the gross spread is 7.0%. 


51job’s Improved $61 Offer Gets the Board Onside

Travis Lundy

<ul>
<li>The Sydney Airport ASX200 exclusion sets up with Telix Pharma replacing it, and two more likely changes - one each in ASX50 and ASX100.</li>
<li>Telix as an inclusion is a known known. The others are too.</li>
<li>Sydney Airport will end up seeing a LOT of stock for sale on 9 Feb at the close.</li>
</ul>


The Sydney Airport ASX200 exclusion sets up with Telix Pharma replacing it, and two more likely changes - one each in ASX50 and ASX100.
Telix as an inclusion is a known known. The others are too.
Sydney Airport will end up seeing a LOT of stock for sale on 9 Feb at the close.


S&P/ASX200: Sydney Airport OUT Telix Pharma IN, and Lots of SYD For Sale

<ul>
<li>The S&amp;P DJI Index team announced the replacement for <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> when it is deleted from the S&amp;P/ASX200 Friday at the close: <a href="https://www.smartkarma.com/entities/arena-reit" target="_blank" data-smartkarma-citation="entities:12209:1" rel="noopener">Arena Reit (ARF AU)</a> </li>
<li>There are other changes to sub-indices which are not publicly announced but which should align with previous analysis</li>
<li>This insight provides estimates for the index events Friday and ways to play them.</li>
</ul>


The S&amp;P DJI Index team announced the replacement for Ausnet Services (AST AU) when it is deleted from the S&amp;P/ASX200 Friday at the close: Arena Reit (ARF AU) 
There are other changes to sub-indices which are not publicly announced but which should align with previous analysis
This insight provides estimates for the index events Friday and ways to play them.


Australia

Seek Limited operates an Internet website.  The Company offers online employment advertisements and online training in Australia and New Zealand, and offers online employment advertisements in the United Kingdom targeted at Australian and New Zealand job seekers.

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Seek Ltd (SEK AU)

51job’s Privatisation Offer to Be Voted for on 27 April

The EGM to approve the privatisation offer of $61.00 per ADS will be held at 9 am (Shanghai time) on 27 April. We continue to think that the two...

Arun George

51job (JOB US): EGM On The 27 April

Trading at a gross/annualised spread of 3.4%/14.1%. That's still pretty attractive, and why this insight is bullish. Yet it has been a somewhat...

David Blennerhassett

51job’s Improved $61 Offer Gets the Board Onside

The consortium has improved its offer by 6.6% from $57.25 to $61.00 per ADS. The combination of the improved offer and the tech shares sell-off...

Arun George

S&P/ASX200: Sydney Airport OUT Telix Pharma IN, and Lots of SYD For Sale

SYD is out of ASX200 and Telix is in. That also means changes in ASX50 and ASX100 for which expected changes are noted here. This is a big selldown...

Travis Lundy

S&P/ASX200 - Ausnet OUT, Arena REIT IN

The S&P/ASX 200 will see Ausnet replaced by Arena REIT on 4 Feb. This is widely expected/predicted and Arena has outperformed, but it is a lot of...

Travis Lundy

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