Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 26 August, Goh Peng Ooi, founder and executive chair, made a voluntary unconditional general Offer for the 25.9% in <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> not held.</li>
<li>The Offer Doc for this S$0.36/share cash Offer was dispatched on the 26th August.  The Circular is also now out, which incorporates the IFA opinion.</li>
<li>Trading through terms. The first close is the 7th October. I don't expect a bump, and the share price gradually retraces back to cash terms.</li>
</ul>


On the 26 August, Goh Peng Ooi, founder and executive chair, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
The Offer Doc for this S$0.36/share cash Offer was dispatched on the 26th August.  The Circular is also now out, which incorporates the IFA opinion.
Trading through terms. The first close is the 7th October. I don't expect a bump, and the share price gradually retraces back to cash terms.


Silverlake Axis (SILV SP): Circular Now Out. IFA Says Fair

<ul>
<li>Back on the 26 August, Goh Peng Ooi, the executive chair and founder, made a<a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=816747" target="_blank" rel="noopener"> voluntary unconditional general Offer</a> for the 25.9% in <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> not held.</li>
<li>The Offer Doc is <a href="https://links.sgx.com/FileOpen/Offer_Document.ashx?App=Announcement&amp;FileID=818333" target="_blank" rel="noopener">now out</a> for this S$0.36/share cash Offer. The first close is the 7th October.</li>
<li>There was no IFA opinion in this Doc. This will appear in the Response Doc within a fortnight. It'll be interesting how the mixed consideration alternative is assessed. Or not.</li>
</ul>


Back on the 26 August, Goh Peng Ooi, the executive chair and founder, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
The Offer Doc is now out for this S$0.36/share cash Offer. The first close is the 7th October.
There was no IFA opinion in this Doc. This will appear in the Response Doc within a fortnight. It'll be interesting how the mixed consideration alternative is assessed. Or not.


Silverlake Axis (SILV SP): Goh's Hybrid Offer Now Open

<ul>
<li>Goh Peng Ooi, the Executive Chairman and founder, has made a voluntary unconditional general <a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=816747" target="_blank" rel="noopener">Offer</a> for the 25.9% in <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> not held.</li>
<li>The S$0.36/share cash Offer for the software solutions play is a 20% premium to last close. Or a 31.9% premium to the 12-month VWAP.</li>
<li>The quirk in the terms is the option to receive A$0.30/share (in cash), plus one new redeemable preference share in the Offeror, to be redeemed at A$0.18/share after five years. </li>
</ul>


Goh Peng Ooi, the Executive Chairman and founder, has made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
The S$0.36/share cash Offer for the software solutions play is a 20% premium to last close. Or a 31.9% premium to the 12-month VWAP.
The quirk in the terms is the option to receive A$0.30/share (in cash), plus one new redeemable preference share in the Offeror, to be redeemed at A$0.18/share after five years. 


Silverlake Axis (SILV SP): Goh's Hybrid Offer

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/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a> has disclosed a voluntary unconditional offer from the Goh family and Ikhlas Capital. The default cash consideration is S$0.36, a 20.0% premium to the undisturbed price.</li>
<li>The combi consideration is S$0.30 in cash and one new redeemable preference share (RPS) in the offeror, which will be mandatorily redeemed after five calendar years at S$0.18 per RPS.</li>
<li>While not declared final, the offer is reasonable but not a knockout bid. The offeror is likely to use the voluntary delisting method to privatise Silverlake.</li>
</ul>



Silverlake Axis (SILV SP) has disclosed a voluntary unconditional offer from the Goh family and Ikhlas Capital. The default cash consideration is S$0.36, a 20.0% premium to the undisturbed price.
The combi consideration is S$0.30 in cash and one new redeemable preference share (RPS) in the offeror, which will be mandatorily redeemed after five calendar years at S$0.18 per RPS.
While not declared final, the offer is reasonable but not a knockout bid. The offeror is likely to use the voluntary delisting method to privatise Silverlake.


Silverlake Axis (SILV SP): Voluntary Unconditional Offer

<ul>
<li>For the month of November 2024, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$15bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in November was ~44%. The average premium YTD is ~43%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of November 2024, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$15bn.
The average premium for the new transactions announced (or first discussed) in November was ~44%. The average premium YTD is ~43%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Nov 2024: Net One System, Amcor/Berry, I D & E Holdings, SG Fleet, Macromill

Singapore

Silverlake Axis Limited provides customized software solutions. The Company provides digital economy software solutions and services to the banking, insurance, payment, retail and logistics industries.

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Silverlake Axis (SILV SP)