Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

<ul>
<li>There is, or perhaps, was, imbedded value via the cross-holding. However, <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Soul Patts (SOL AU)</a> &amp; <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks (BKW AU)</a>'s combined market cap has increased 18% or A$3.1bn since announcing their merger.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it'll get done.</li>
<li>For a company that has consistently spilled red ink at the stub level, there is no justification why <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> would/should trade at a NAV premium.</li>
</ul>


There is, or perhaps, was, imbedded value via the cross-holding. However, Soul Patts (SOL AU) &amp; Brickworks (BKW AU)'s combined market cap has increased 18% or A$3.1bn since announcing their merger.

Furukawa Battery (6937 JP) is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it'll get done.
For a company that has consistently spilled red ink at the stub level, there is no justification why PCCW Ltd (8 HK) would/should trade at a NAV premium.


Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>,<a href="https://www.smartkarma.com/entities/ci-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:26170:1" rel="noopener">Ci Medical (3540 JP)</a>, <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a>, <a href="https://www.smartkarma.com/entities/technopro-holdings-inc" target="_blank" data-smartkarma-citation="entities:6955:1" rel="noopener">Technopro Holdings (6028 JP)</a>, and <a href="https://www.smartkarma.com/entities/kolon-mobility-group" target="_blank" data-smartkarma-citation="entities:45648:1" rel="noopener">Kolon Mobility (450140 KS)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Five new deal was discussed on Smartkarma this week: Infomedia Ltd (IFM AU),Ci Medical (3540 JP), Soft99 Corp (4464 JP), Technopro Holdings (6028 JP), and Kolon Mobility (450140 KS).
Key updates/news took place on Iress Ltd (IRE AU), PointsBet Holdings (PBH AU), HKBN Ltd (1310 HK), Tourism Holdings (THL NZ), and Furukawa Battery (6937 JP).


(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

Japan

SOFT99 Corporation develops, manufactures, and markets automobile care products. The Company's products include car wash and wax products, chemical products for car maintenance and scratch repair, and house care products.

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Soft99 Corp (4464 JP)

Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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