Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is potentially a premium of about 20-25% being assessed for the possibility of a deal for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, but there is also fundamental risk beyond this.</li>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> rejects EQT/BPEA/Regal's Offer, a proposal that is contingent on PPT ceasing its Scheme with <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News Corp (NWS AU)</a> is trading rich. The net EV/EBITDA for the stub ops trades closely matches to <a href="https://www.smartkarma.com/entities/fox-corporation" target="_blank" data-smartkarma-citation="entities:36135:1" rel="noopener">Fox (FOXA US)</a>. And Fox is preferable over NWS' print media business. </li>
</ul>


There is potentially a premium of about 20-25% being assessed for the possibility of a deal for Toshiba Corp (6502 JP), but there is also fundamental risk beyond this.

Perpetual Ltd (PPT AU) rejects EQT/BPEA/Regal's Offer, a proposal that is contingent on PPT ceasing its Scheme with Pendal Group (PDL AU) 

News Corp (NWS AU) is trading rich. The net EV/EBITDA for the stub ops trades closely matches to Fox (FOXA US). And Fox is preferable over NWS' print media business. 


Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp

<ul>
<li>I should have stuck to my guns.  <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s original Exit Offer was low-balled. The IFA all but conceded this. I mused that TTW probably needed to bump.</li>
<li>And now TTW has, bumping the Offer by 8.1% to <a href="https://links.sgx.com/FileOpen/Press%20Release%20on%20the%20Revision%20of%20Offer%20Consideration.ashx?App=Announcement&amp;FileID=737382" target="_blank" rel="noopener">S$0.40/share</a>, and declaring the terms final.</li>
<li>The Offer remains subject to TTW holding 90% (with 77.42% in the bag already). The Offer has been extended to the 5 December. </li>
</ul>


I should have stuck to my guns.  Singapore Medical (SMG SP)'s original Exit Offer was low-balled. The IFA all but conceded this. I mused that TTW probably needed to bump.
And now TTW has, bumping the Offer by 8.1% to S$0.40/share, and declaring the terms final.
The Offer remains subject to TTW holding 90% (with 77.42% in the bag already). The Offer has been extended to the 5 December. 


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/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s voluntary conditional offer from management (chairman, CEO, exec director) has been increased from S$0.37 to S$0.40 per share (share option unchanged). </li>
<li>The revised offer is final unless there is a competitive situation. The offeror came to the realisation that a bump was required to meet the 90% minimum acceptance condition.</li>
<li>Acceptances stand at 77.42% of outstanding shares. The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At last close, the gross spread is 5.3%.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) has been increased from S$0.37 to S$0.40 per share (share option unchanged). 
The revised offer is final unless there is a competitive situation. The offeror came to the realisation that a bump was required to meet the 90% minimum acceptance condition.
Acceptances stand at 77.42% of outstanding shares. The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At last close, the gross spread is 5.3%.


Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

<ul>
<li>Back on the 14 September, healthcare provider <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a> announced a  voluntary MBO from TLW at S$0.37/share.  The IFA concluded the Offer was "not fair but reasonable". </li>
<li>The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm. </li>
<li>As of the first close, TLW now has 77.37%. The Offer has been extended by a fortnight. The Offer price has NOT been declared final.</li>
</ul>


Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a  voluntary MBO from TLW at S$0.37/share.  The IFA concluded the Offer was "not fair but reasonable". 
The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm. 
As of the first close, TLW now has 77.37%. The Offer has been extended by a fortnight. The Offer price has NOT been declared final.


Singapore Medical Extends Offer As Tendering Surprises

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.</li>
<li>The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.</li>
<li>The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.
The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.
The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.


Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

Singapore

Singapore Medical Group operates medical clinics and provides a wide range of general and specialist medical services, including obstetrics and gynecology, oncology, pediatrics, diagnostic imaging, dental, and aesthetic medicine. The company also offers health screening and telemedicine services. It was incorporated in 2005 and is headquartered in Singapore.

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Singapore Medical Group (SMG SP)

Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Singapore Medical: TTW Bumps To S$0.40

This will be a close-run thing, but with a month to hoover up tenders - or should TTW buy in the market - I think this just gets up. Trading at a...

David Blennerhassett

Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At the last close, the gross spread is 5.3%.

Arun George

Singapore Medical Extends Offer As Tendering Surprises

Trading one spread below terms. The Offer can still bump if need be. This is now looking less likely. Avoid here unless the spread were to widen.

David Blennerhassett

Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities. The 1.4% spread is...

Arun George

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