Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> has convened a Scheme Meeting on the 3 November for shareholders to vote on the proposal from Cooke Inc at A$5.23/share.</li>
<li>The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range of A$4.65-A$5.35/share. </li>
<li>Trading at a gross/annualised spread of 1.2%/8.8%, assuming late-November completion. </li>
</ul>



Tassal (TGR AU) has convened a Scheme Meeting on the 3 November for shareholders to vote on the proposal from Cooke Inc at A$5.23/share.
The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range of A$4.65-A$5.35/share. 
Trading at a gross/annualised spread of 1.2%/8.8%, assuming late-November completion. 


Tassal (TGR AU): 3rd November Shareholder Vote On Cooke Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.</li>
<li>The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.</li>
<li>We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.</li>
</ul>



Tassal (TGR AU)'s scheme meeting is scheduled for 3 November. The IE considers the A$5.23 per share offer fair and reasonable.
The key condition is approval from shareholders - headcount test and approval by at least 75% of the votes cast on the scheme resolution. Cooke has received FIRB approval.
We continue to think that offer is attractive. At the last close price and for the 21 November implementation date, the gross and annualised spread is 1.2% and 8.8%, respectively.


<ul>
<li>Back in October 2022, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group (CGC AU)</a>, one of Australia's largest fresh fruit and vegetable producers, was understood to have been approached by its former major shareholder, Paine Schwartz.</li>
<li>This was discussed in <a href="https://skr.ma/W2Rrx" target="_blank" rel="noopener">Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest</a>. At the time, media reports speculated Paine Schwartz had no current intention of making a takeover bid.</li>
<li>Last week, Paine Schwartz made an A$3.50/share NBIO by way of a Scheme. Paine Schwartz currently holds 14.84%.</li>
</ul>


Back in October 2022, Costa Group (CGC AU), one of Australia's largest fresh fruit and vegetable producers, was understood to have been approached by its former major shareholder, Paine Schwartz.
This was discussed in Costa Group's Low-Hanging Fruit: Paine Schwartz Renews Interest. At the time, media reports speculated Paine Schwartz had no current intention of making a takeover bid.
Last week, Paine Schwartz made an A$3.50/share NBIO by way of a Scheme. Paine Schwartz currently holds 14.84%.


Costa - Another Bite at the Apple for Paine Schwartz?

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

Brian Freitas

Pan-Asia Index Rebalances/Events/Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

<ul>
<li>Volatile stock prices could mean one change for the S&amp;P/ASX 50 Index and one change for 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 (AS51 INDEX)</a> at the December rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> could replace <a href="https://www.smartkarma.com/entities/lendlease-group" target="_blank" data-smartkarma-citation="entities:11248:1" rel="noopener">Lendlease Group (LLC AU)</a> in the S&amp;P/ASX 50 Index, while <a href="https://www.smartkarma.com/entities/monadelphous-group-ltd" target="_blank" data-smartkarma-citation="entities:553:1" rel="noopener">Monadelphous (MND AU)</a> could replace <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a> in 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>
<li>Short interest on <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara Ltd (SBM AU)</a> has spiked in the last few weeks and there could be short covering ahead of implementation of the changes.</li>
</ul>


Volatile stock prices could mean one change for the S&amp;P/ASX 50 Index and one change for the S&amp;P/ASX 200 (AS51 INDEX) at the December rebalance.

Atlas Arteria (ALX AU) could replace Lendlease Group (LLC AU) in the S&amp;P/ASX 50 Index, while Monadelphous (MND AU) could replace St Barbara Ltd (SBM AU) in the S&amp;P/ASX 200.
Short interest on St Barbara Ltd (SBM AU) has spiked in the last few weeks and there could be short covering ahead of implementation of the changes.


S&P/​​​​​​ASX Index Rebalance Preview: Shrinking Number of Changes in Dec

<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/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced at IDR450, <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (2367 HK)</a>   solid trading debut. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings Ltd (RDY AU)</a>, China VAST, <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>, <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 - Blibli (1437710D IJ) priced at IDR450, Giant Biogene Holding (2367 HK)   solid trading debut. 
Event-Driven developments - Nitro Software Ltd (NTO AU), Perpetual Ltd (PPT AU), ReadyTech Holdings Ltd (RDY AU), China VAST, Singapore Medical (SMG SP), 21Vianet Group (VNET US). 


Weekly Deals Digest (06 Nov) - Perpetual, Pendal, Nitro, ReadyTech, VNET, Singapore Medical, Blibli

Australia

Tassal Group Limited produces and markets Atlantic salmon and ocean trout.  The Company's product is marketed under the Royal Tasman Salmon brand.  The products are distributed in Australia, Japan and other international markets.

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tassal (TGR AU)

Tassal (TGR AU): 3rd November Shareholder Vote On Cooke Offer

The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range...

David Blennerhassett

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

Costa - Another Bite at the Apple for Paine Schwartz?

Trading at a gross/annualised return of 8.6%/17.8% - assuming completion six months out, and inclusive of the interim dividend. That appears a...

David Blennerhassett

S&P/ASX Index Rebalance Preview: Shrinking Number of Changes in Dec

With 3 days left in the review period, we forecast one change each for the ASX50 & ASX200 indices. The largest impact of passive trading will be on...

Brian Freitas

Weekly Deals Digest (06 Nov) - Perpetual, Pendal, Nitro, ReadyTech, VNET, Singapore Medical, Blibli

Last week, notable developments occurred in Event-Driven (Nitro, Perpetual, Pendal, ReadyTech, Tassal, China VAST, Singapore Medical, VNET) and ECM...

Arun George

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tassal (TGR AU): 3rd November Shareholder Vote On Cooke Offer

The vote, for all intent and purposes, appears a formality. The Independent Expert considers the Offer to be fair and reasonable with a fair range...

David Blennerhassett

Tassal Scheme Meeting on 3 November

This looks like a done deal. At the last close price and for the 21 November implementation date, the annualised spread is 8.8%.

Arun George

Costa - Another Bite at the Apple for Paine Schwartz?

Trading at a gross/annualised return of 8.6%/17.8% - assuming completion six months out, and inclusive of the interim dividend. That appears a...

David Blennerhassett

S&P/​​​​​​ASX Index Rebalance Preview: Shrinking Number of Changes in Dec

With 3 days left in the review period, we forecast one change each for the ASX50 & ASX200 indices. The largest impact of passive trading will be on...

Brian Freitas

Weekly Deals Digest (06 Nov) - Perpetual, Pendal, Nitro, ReadyTech, VNET, Singapore Medical, Blibli

Last week, notable developments occurred in Event-Driven (Nitro, Perpetual, Pendal, ReadyTech, Tassal, China VAST, Singapore Medical, VNET) and ECM...

Arun George

S&P/ASX Index Rebalance Preview: Shrinking Number of Changes in Dec