Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Perth Casino Royal Commission has found <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s casino in Perth, Western Australia, is "not suitable" to hold a gaming licence.</li>
<li>This follows the findings in New South Wales and Victoria that two of Crown Resort’s other subsidiaries were either not suitable to be granted a casino license or not suitable.</li>
<li>As with the recently announced AUSTRAC proceedings, Blackstone would have been well prepared for this latest development.</li>
</ul>


The Perth Casino Royal Commission has found Crown Resorts (CWN AU)'s casino in Perth, Western Australia, is "not suitable" to hold a gaming licence.
This follows the findings in New South Wales and Victoria that two of Crown Resort’s other subsidiaries were either not suitable to be granted a casino license or not suitable.
As with the recently announced AUSTRAC proceedings, Blackstone would have been well prepared for this latest development.


No Surprise As Perth Royal Commission Finds Crown Resorts Unsuitable for WA Licence

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> is likely to be a hot IPO. One small problem is the lack of dividends. </li>
<li>Andrew Forrest's Wyloo Metals pivots to a back-end JV with <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> after recently paying through terms on <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> enters into a Scheme with Blackstone as <a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> bows out. </li>
</ul>



SBI Sumishin Net Bank (7163 JP) is likely to be a hot IPO. One small problem is the lack of dividends. 
Andrew Forrest's Wyloo Metals pivots to a back-end JV with IGO Ltd (IGO AU) after recently paying through terms on Western Areas (WSA AU).

Crown Resorts (CWN AU) enters into a Scheme with Blackstone as Star Entertainment Group (SGR AU) bows out. 


Last Week in Event SPACE: SBI Sumishin Net Bank, Western Areas, Keisei Electric, Crown Resorts

<ul>
<li>There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal this week: the unconditional Offer for <a href="https://www.smartkarma.com/entities/hock-seng-lee-berhad" target="_blank" data-smartkarma-citation="entities:19887:1" rel="noopener">Hock Seng Lee (HSL MK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, True/DTAC, and <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a>.</li>
</ul>


There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
One new deal this week: the unconditional Offer for Hock Seng Lee (HSL MK).
Key updates took place for: Crown Resorts (CWN AU), Western Areas (WSA AU), Australian Pharmaceutical Industries (API AU), True/DTAC, and G J Steel PCL (GJS TB).


Asia-Pac Weekly Risk Arb Summary: Crown Resorts, GJ Steel, Western Areas, Aussie Pharma, DTAC/True

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>Crown and Blackstone have entered a Scheme Implementation Deed under which Blackstone will acquire all shares in Crown Resorts at a cash price of A$13.1/share.</li>
<li>Crown Resorts closed at A$12.64/share on 14 February. Assuming the cash payment is received by mid June , the return is 3.64% absolute and 10.92% annualised.</li>
<li>
<a href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">Seven Group Holdings (SVW AU)</a> could be added to the S&amp;P/ASX 100 Index in May, while the merged HDN AU/ AVN AU entity could be added to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200</a>.</li>
</ul>


Crown and Blackstone have entered a Scheme Implementation Deed under which Blackstone will acquire all shares in Crown Resorts at a cash price of A$13.1/share.
Crown Resorts closed at A$12.64/share on 14 February. Assuming the cash payment is received by mid June , the return is 3.64% absolute and 10.92% annualised.

Seven Group Holdings (SVW AU) could be added to the S&amp;P/ASX 100 Index in May, while the merged HDN AU/ AVN AU entity could be added to the S&amp;P/ASX 200.


Crown Resorts (CWN AU): And Blackstone (Almost) Has It; Index Implications

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/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> at A$13.10 cash per share, a 32.3% premium to the unaffected price of A$9.90.</li>
<li>The key conditions precedent is Crown shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.   </li>
<li>The offer price is attractive and the largest shareholder will be supportive. At last close, the gross and annualised spread is 3.6% and 10.0%, respectively, to a June scheme meeting.   </li>
</ul>



Crown Resorts (CWN AU) has entered a scheme implementation deed with Blackstone Group (BX US) at A$13.10 cash per share, a 32.3% premium to the unaffected price of A$9.90.
The key conditions precedent is Crown shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.   
The offer price is attractive and the largest shareholder will be supportive. At last close, the gross and annualised spread is 3.6% and 10.0%, respectively, to a June scheme meeting.   


Crown Resorts Enters a SID with Blackstone

Australia

The Star Entertainment Group Limited owns and operates casinos and hotels. The Company offers services and amenities such as gaming facilities, nightclubs, bars, restaurants, exhibition centers. The Star Entertainment Group conducts business in Australia.

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Star Entertainment Group (SGR AU)

No Surprise As Perth Royal Commission Finds Crown Resorts Unsuitable for WA Licence

I still consider this Offer as being done. Trading at a gross/annualised spread of 5.4%/21%, assuming mid-June payment. This remains a buy.

David Blennerhassett

Last Week in Event SPACE: SBI Sumishin Net Bank, Western Areas, Keisei Electric, Crown Resorts

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

Asia-Pac Weekly Risk Arb Summary: Crown Resorts, GJ Steel, Western Areas, Aussie Pharma, DTAC/True

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

Crown Resorts (CWN AU): And Blackstone (Almost) Has It; Index Implications

Crown Resorts and Blackstone have signed a Scheme Implementation Deed. Assuming all approvals are obtained, Crown will be replaced by SVW in the...

Brian Freitas

Crown Resorts Enters a SID with Blackstone

Crown Resorts has entered a SID with Blackstone at A$13.10 cash per share. The offer price is attractive and presents the largest shareholder...

Arun George

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