Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Cuscaden Peak, the sponsor of <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

<ul>
<li>Given the ACCC's comprehensive list of concerns, as detailed in <a href="https://skr.ma/8VraD" target="_blank" rel="noopener">Silk Logistics (SLH AU): ACCC's Statement Of Issues</a>, this approval comes as a (pleasant) surprise. </li>
<li>DP World's Offer for <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a> remains subject to FIRB signing off and a Scheme vote. Neither of which should pose an issue. </li>
<li>
Timing? The IE and Scheme Booklet are all in place - from December last year. This requires a new schedule from the Courts. A possible revised timetable suggest late-August completion. </li>
</ul>


Given the ACCC's comprehensive list of concerns, as detailed in Silk Logistics (SLH AU): ACCC's Statement Of Issues, this approval comes as a (pleasant) surprise. 
DP World's Offer for Silk Logistics (SLH AU) remains subject to FIRB signing off and a Scheme vote. Neither of which should pose an issue. 

Timing? The IE and Scheme Booklet are all in place - from December last year. This requires a new schedule from the Courts. A possible revised timetable suggest late-August completion. 


Silk Logistics (SLH AU): ACCC's Green Light

<ul>
<li>On the 16th February, logistics and infrastructure play <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a> announced the Macquarie Asset Management-led consortium had firmed an Offer at A$5.20/share, the same price as the NBIO.</li>
<li>Terms back out a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share permitted, but will be netted. An $0.0535/share interim dividend has been paid.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260423/pdf/06ysp7svlmftgn.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 16th June, and expected implementation on the 28th July 2026. The IE (Grant Samuel) says "fair &amp; reasonable".</li>
</ul>


On the 16th February, logistics and infrastructure play Qube Holdings (QUB AU) announced the Macquarie Asset Management-led consortium had firmed an Offer at A$5.20/share, the same price as the NBIO.
Terms back out a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share permitted, but will be netted. An $0.0535/share interim dividend has been paid.

The Scheme Booklet is now out, with a Scheme Meeting on the 16th June, and expected implementation on the 28th July 2026. The IE (Grant Samuel) says "fair &amp; reasonable".


Qube (QUB AU): 16th June Vote On MAM's Scheme

<ul>
<li>Logistics and infrastructure play <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube (QUB AU)</a> has announced the Macquarie Asset Management-led consortium has now firmed an Offer at A$5.20/share, the same price as the NBIO.</li>
<li>Terms equate to a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share are permitted but will be netted. UniSuper to roll up its 15.07%</li>
<li>Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB, ACCC, OIO, and PNG regs.</li>
</ul>


Logistics and infrastructure play Qube (QUB AU) has announced the Macquarie Asset Management-led consortium has now firmed an Offer at A$5.20/share, the same price as the NBIO.
Terms equate to a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share are permitted but will be netted. UniSuper to roll up its 15.07%
Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB, ACCC, OIO, and PNG regs.


Qube (QUB AU): Trading Tight To Macquarie's Firm Offer

<ul>
<li>Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> ports.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> needs to sell shares in <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. </li>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> has been selling <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>.</li>
</ul>


Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.

GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. 

Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).


Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

Australia

Silk Logistics Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides port logistics, warehousing, and distribution services for FMCG, retail, light industrial, food, and dairy sectors. Silk Logistics Holdings serves customers in Australia.

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Silk Logistics (SLH AU)

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett