Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/talkmed-group-ltd" target="_blank" data-smartkarma-citation="entities:16079:1" rel="noopener">Talkmed (TKMED SP)</a>'s Scheme and <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>'s Hobson's Choice</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Fengxiang (9977 HK)</a>,<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin (9066 JP)</a> and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)'s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)'s Hobson's Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).


(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

<ul>
<li>On the 23 Dec 2024, tertiary health care provider <a href="https://www.smartkarma.com/entities/talkmed-group-ltd" target="_blank" data-smartkarma-citation="entities:16079:1" rel="noopener">TalkMed (TKMED SP)</a>  <a href="https://links.sgx.com/FileOpen/Press%20Release.ashx?App=Announcement&amp;FileID=828585" target="_blank" rel="noopener">announced</a> an Offer, by way of a Scheme, from Tamarind Health at S$0.456/share, a 20% premium to undisturbed.  </li>
<li>Tamarind is a Singaporean-based, pan-Asian oncology-focused group. As part of the deal, Temasek-backed 65 Equity Partners will subscribe for new shares in Tamarind.</li>
<li>
The Composite Document is now <a href="https://links.sgx.com/FileOpen/TalkMed%20-%20Composite%20Document.ashx?App=Announcement&amp;FileID=850261" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 15th July, and expected payment around the 29th August. The IFA (KPMG) says "fair &amp; reasonable". </li>
</ul>


On the 23 Dec 2024, tertiary health care provider TalkMed (TKMED SP)  announced an Offer, by way of a Scheme, from Tamarind Health at S$0.456/share, a 20% premium to undisturbed.  
Tamarind is a Singaporean-based, pan-Asian oncology-focused group. As part of the deal, Temasek-backed 65 Equity Partners will subscribe for new shares in Tamarind.

The Composite Document is now out, with a Court Meeting on the 15th July, and expected payment around the 29th August. The IFA (KPMG) says "fair &amp; reasonable". 


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 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

<ul>
<li>The IFA has declared the <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> VGO (S$0.37 cash or one new share in the offeror) from management (chairman, CEO, exec director) is “not fair but reasonable.” </li>
<li>The offer is light, and hitting the 90% minimum acceptance condition will be challenging. There is a remote chance of a bump as the offer has not been declared final.</li>
<li>Irrevocables remain at 51.67% of outstanding shares. The current gross spread of 1.4% is not an attractive risk/reward profile. Take profits and head for the exit.</li>
</ul>


The IFA has declared the Singapore Medical (SMG SP) VGO (S$0.37 cash or one new share in the offeror) from management (chairman, CEO, exec director) is “not fair but reasonable.” 
The offer is light, and hitting the 90% minimum acceptance condition will be challenging. There is a remote chance of a bump as the offer has not been declared final.
Irrevocables remain at 51.67% of outstanding shares. The current gross spread of 1.4% is not an attractive risk/reward profile. Take profits and head for the exit.


Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable

<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%

Singapore

TalkMed Group is a Singapore-based investment holding company providing medical oncology and palliative care healthcare services. It also offers cellular and gene therapy-related products and services through its subsidiaries. The company was founded in 1997 and is headquartered in Singapore.

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TalkMed Group (TKMED SP)

(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

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

TalkMed (TKMED SP)'s Super Clean Scheme

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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

Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable

Hitting the 90% minimum acceptance condition will be challenging. The current gross spread of 1.4% is not an attractive risk/reward profile. Take...

Arun George

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

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