Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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 low-balled voluntary exit offer from TLW Success, an entity equally controlled by three senior members of management.</li>
<li>TLW is offering S$0.37/share, a 13.8% premium to last close. TLW shareholders plus irrevocables hold 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror</li>
<li>In the Offer Doc, the Offeror has, surprisingly, waived its right to lower the acceptance condition. It will not be lowered. There is no IFA opinion in the Offer Doc.</li>
</ul>


Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a low-balled voluntary exit offer from TLW Success, an entity equally controlled by three senior members of management.
TLW is offering S$0.37/share, a 13.8% premium to last close. TLW shareholders plus irrevocables hold 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror
In the Offer Doc, the Offeror has, surprisingly, waived its right to lower the acceptance condition. It will not be lowered. There is no IFA opinion in the Offer Doc.


Singapore Medical: Offer Doc Out; 90% Conditionality Firmed

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) at S$0.37 cash per share or one new share in the offeror will close on 1 November.</li>
<li>The 90% minimum acceptance condition will not be lowered. Irrevocables remain at 51.67% of outstanding shares. The offeree circular will be despatched by 18 October.</li>
<li>The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits and head for the exit.</li>
</ul>



Singapore Medical (SMG SP)'s voluntary conditional offer from management (chairman, CEO, exec director) at S$0.37 cash per share or one new share in the offeror will close on 1 November.
The 90% minimum acceptance condition will not be lowered. Irrevocables remain at 51.67% of outstanding shares. The offeree circular will be despatched by 18 October.
The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits and head for the exit.


Singapore Medical’s VGO Acceptance Condition Fixed at 90%

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onetwo (2602 HK)</a> poor debuts. <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a> prices at the low-end.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (9863 HK) and Onetwo (2602 HK) poor debuts. CALB (3931 HK) prices at the low-end.
Event-Driven developments - SATS (SATS SP), Jinke Smart Services (9666 HK), EVOC Intelligent Technology Company Limited H (2308 HK), Tassal (TGR AU), MACA Ltd (MLD AU), Nearmap Ltd (NEA AU). 


Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

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, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> will launch US$1.0bn and US$0.8bn HKEx IPOs this week, respectively. <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> is bookbuilding a US$692m KRX IPO</li>
<li>Event-Driven developments -<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (2007699D HK) and Onewo Space-Tech (ONEWO HK) will launch US$1.0bn and US$0.8bn HKEx IPOs this week, respectively. WCP (WCP KS) is bookbuilding a US$692m KRX IPO
Event-Driven developments -Link Administration (LNK AU), Ramsay Health Care (RHC AU), Giordano International (709 HK), Xiamen International Port H (3378 HK), Frasers Hospitality Trust (FHT SP), 21Vianet Group (VNET US)



Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

<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> received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).</li>
<li>The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.</li>
<li>The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional. </li>
</ul>



Singapore Medical (SMG SP) received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).
The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.
The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional. 


Singapore Medical’s Light VGO Offer from Top Management

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)

Singapore Medical: Offer Doc Out; 90% Conditionality Firmed

Singapore Medical is trading to terms. The Offer can still bump if need be. Avoid the stock unless the spread were to widen from here.

David Blennerhassett

Singapore Medical’s VGO Acceptance Condition Fixed at 90%

The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits...

Arun George

Weekly Deals Digest (02 Oct) - SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Growatt, CALB

Last week, notable developments occurred in Event-Driven (SATS, Jinke Smart, EVOC, Fengxiang, Tassal, MACA, Nearmap, Ramsay, Infomedia) and ECM...

Arun George

Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

Last week, notable developments occurred in Event-Driven (Giordano, Xiamen, Dongzheng, Link Admin, Ramsay, MACA, Frasers Hospitality, Moya,...

Arun George

Singapore Medical’s Light VGO Offer from Top Management

The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). At the last close, the...

Arun George

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