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.

Equity Capital Markets

<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/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>'s large offering of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> shares, <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> aims to raise up to US$440 million. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, OZ Minerals. </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 - Japan Post Holdings (6178 JP)'s large offering of Japan Post Bank (7182 JP) shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million. 
Event-Driven developments - HKBN Ltd (1310 HK), Yashili International Holdings (1230 HK), GK Goh Holdings (GKG SP), Golden Energy &amp; Resources (GER SP), Pushpay Holdings (PPH NZ), OZ Minerals. 


Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The parent company of <a href="https://www.smartkarma.com/entities/shl-japan-ltd" target="_blank" data-smartkarma-citation="entities:11571:1" rel="noopener">SHL Japan Ltd (4327 JP)</a>'s largest shareholder is buying out its main customer in Japan. </li>
<li>This is an LBO/MBO situation, and friends and family get it to 63% or so. A tiny sliver from others gets it over the hump. </li>
<li>Should get done easily, but the corporate governance here is not encouraging. Yes, a premium, but no explanation, and it's a bit low.</li>
</ul>


The parent company of SHL Japan Ltd (4327 JP)'s largest shareholder is buying out its main customer in Japan. 
This is an LBO/MBO situation, and friends and family get it to 63% or so. A tiny sliver from others gets it over the hump. 
Should get done easily, but the corporate governance here is not encouraging. Yes, a premium, but no explanation, and it's a bit low.


SHL Japan (4327 JP) Takeover - Illiquid, Easy, Non-Transparent, but a Done Deal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shl-japan-ltd" target="_blank" data-smartkarma-citation="entities:11571:1" rel="noopener">SHL Japan Ltd (4327 JP)</a> has recommended SHL Group’s tender offer of JPY3,550 per share, a 32.2% premium to the undisturbed price (1 March).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 36.62% ownership ratio.</li>
<li>Achieving the minimum 36.62% ownership ratio requires a 32% acceptance rate from minorities excluding irrevocables. This is not onerous as the tender price represents an all-time share price. </li>
</ul>



SHL Japan Ltd (4327 JP) has recommended SHL Group’s tender offer of JPY3,550 per share, a 32.2% premium to the undisturbed price (1 March).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 36.62% ownership ratio.
Achieving the minimum 36.62% ownership ratio requires a 32% acceptance rate from minorities excluding irrevocables. This is not onerous as the tender price represents an all-time share price. 


SHL-Japan (4327 JP): JPY3,550 Tender Offer from SHL Group

Japan

SHL-JAPAN Ltd. makes aptitude test products.  The Company also provides training and consulting services for aptitude test data.

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SHL Japan Ltd (4327 JP)

Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, OZ, Pushpay, HKBN, Yashili, GK Goh, Golden Energy, SHL-Japan) and ECM...

Arun George

SHL Japan (4327 JP) Takeover - Illiquid, Easy, Non-Transparent, but a Done Deal

SHL Japan (4327) is the subject of a takeover by its major shareholder and the entity for which that shareholder acts as agent in Japan. Price is...

Travis Lundy

SHL-Japan (4327 JP): JPY3,550 Tender Offer from SHL Group

Achieving the minimum 36.62% ownership ratio requires a 32% acceptance rate from minorities excluding irrevocables. This is not onerous as the...

Arun George

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