Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02656122-6A1145856?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">19 April</a>,  <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, an operator of specialist clinic networks across Australia, announced a $3.15/share NBIO from <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>.</li>
<li>Wesfarmers was granted 30 business days to undertake due diligence on an exclusive basis. Ahead of that expiry, <a href="https://www.smartkarma.com/entities/ec-healthcare" target="_blank" data-smartkarma-citation="entities:22630:1" rel="noopener">EC Healthcare (2138 HK)</a> has crashed the party with a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02668554-2A1450648?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">$3.35/share NBIO</a>.</li>
<li>Silk's board considers ECH's proposal to be superior. Wesfarmers has five business days to respond. I expect they will. </li>
</ul>


Back on the 19 April,  Silk Laser Australia (SLA AU), an operator of specialist clinic networks across Australia, announced a $3.15/share NBIO from Wesfarmers Ltd (WES AU).
Wesfarmers was granted 30 business days to undertake due diligence on an exclusive basis. Ahead of that expiry, EC Healthcare (2138 HK) has crashed the party with a $3.35/share NBIO.
Silk's board considers ECH's proposal to be superior. Wesfarmers has five business days to respond. I expect they will. 


Silk Laser: EC Healthcare's Superior Counter

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/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a> disclosed a non-binding indicative offer from <a href="https://www.smartkarma.com/entities/ec-healthcare" target="_blank" data-smartkarma-citation="entities:22630:1" rel="noopener">EC Healthcare (2138 HK)</a> at A$3.35 per share, a 6.3% premium to <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>’s offer of A$3.15.</li>
<li>The Board has concluded that EC Healthcare’s offer is superior. Wesfarmers has matching rights which expire on 30 May. </li>
<li>Wesfarmers has the balance sheet and synergies to bump its offer. However, it is uncertain if EC Healthcare can engage in a bidding war due to a modest balance sheet.</li>
</ul>



Silk Laser Australia (SLA AU) disclosed a non-binding indicative offer from EC Healthcare (2138 HK) at A$3.35 per share, a 6.3% premium to Wesfarmers Ltd (WES AU)’s offer of A$3.15.
The Board has concluded that EC Healthcare’s offer is superior. Wesfarmers has matching rights which expire on 30 May. 
Wesfarmers has the balance sheet and synergies to bump its offer. However, it is uncertain if EC Healthcare can engage in a bidding war due to a modest balance sheet.


Silk Laser Australia (SLA AU): David Vs Goliath Bidding Battle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a> has made a non-binding indicative Offer, by way of a Scheme, for <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, an operator of specialist clinic networks across Australia. </li>
<li>The Offer Price of $3.15/share is a decent 30.2% premium to last close. Wilson Asset Management, with 9.3% of shares out, is supportive. </li>
<li>Wesfarmers has been granted 30 days to undertake due diligence on an exclusive basis.</li>
</ul>



Wesfarmers Ltd (WES AU) has made a non-binding indicative Offer, by way of a Scheme, for Silk Laser Australia (SLA AU), an operator of specialist clinic networks across Australia. 
The Offer Price of $3.15/share is a decent 30.2% premium to last close. Wilson Asset Management, with 9.3% of shares out, is supportive. 
Wesfarmers has been granted 30 days to undertake due diligence on an exclusive basis.


Australian Pharmaceutical Industries / Event-Driven

Australian Pharmaceutical Industries (API AU)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>'s Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02486907-3A587316?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 17 March with possible implementation on the 31 March.  </li>
<li>The Independent Expert has concluded this US$600mn Offer is fair and reasonable and in the best interest of Senex shareholders.</li>
<li>The Offer price is full. And trading very tight to terms.</li>
</ul>



Australian Pharmaceutical Industries (API AU)'s Scheme Booklet is now out. The Scheme Meeting will be held on the 17 March with possible implementation on the 31 March.  
The Independent Expert has concluded this US$600mn Offer is fair and reasonable and in the best interest of Senex shareholders.
The Offer price is full. And trading very tight to terms.


Aussie Pharma (API AU): Scheme Booklet Out. Meeting On The 17 March

Australia

Silk Laser Australia Ltd provides personal care services. The Company offers skin and hair care treatment, surgery, body sculpting, and cosmetic injection services. Silk Laser Clinics serves customers in Australia.

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Silk Laser Australia (SLA AU)

Silk Laser: EC Healthcare's Superior Counter

Wesfarmers has a 9.3% stake. They have been conducting DD for over a month. Unless there is something untoward in the accounts, they will counter....

David Blennerhassett