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.

Event-Driven

<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 and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/tianqi-lithium-corporation" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a> listed its H Shares, <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> plans to launch a KRW900 billion (US$692 million) IPO in August. </li>
<li>Event-Driven developments at <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>, DTAC/True, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</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/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</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 and Chinese ADRs.
On the ECM front, Tianqi Lithium (9696 HK) listed its H Shares, WCP (WCP KS) plans to launch a KRW900 billion (US$692 million) IPO in August. 
Event-Driven developments at Link Administration (LNK AU), DTAC/True, BYD (1211 HK), Genting Singapore (GENS SP), Tassal (TGR AU), Resapp Health (RAP AU), Dongzheng Automotive Finance (2718 HK).      


Weekly Deals Digest (17 Jul): WCP, BYD, Link, Genting Singapore, DTAC/True, AOF, ResApp

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 28 June, Tasmanian salmon producer <strong><a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a></strong> rejected Cooke Inc's $4.85/share offer - its third proposal - and a 42.2% premium to the undisturbed price.</li>
<li>At the time, Cooke had amassed a 5.4% position. They have now increased that stake to 7.599%, paying up to A$4.85/share. </li>
<li>A material shareholding and FIRB already in the bag - Cooke is playing for keeps. But it probably needs to bump the terms to get this transaction over the line. </li>
</ul>


Back on the 28 June, Tasmanian salmon producer Tassal (TGR AU) rejected Cooke Inc's $4.85/share offer - its third proposal - and a 42.2% premium to the undisturbed price.
At the time, Cooke had amassed a 5.4% position. They have now increased that stake to 7.599%, paying up to A$4.85/share. 
A material shareholding and FIRB already in the bag - Cooke is playing for keeps. But it probably needs to bump the terms to get this transaction over the line. 


<ul>
<li>On 1 July, Cooke, the spurned suitor, disclosed that it further increased its stake from 5.40% to 7.60% at an average price of A$4.59 per share. </li>
<li>The <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> Board decided not to engage with Cooke as its third offer of A$4.85 per share did not reflect the fundamental value of the business. </li>
<li>Cooke's recent actions suggest that it will not be easily deterred. We think that it is likely that Cooke returns with another offer which will force the Board to engage.</li>
</ul>


On 1 July, Cooke, the spurned suitor, disclosed that it further increased its stake from 5.40% to 7.60% at an average price of A$4.59 per share. 
The Tassal (TGR AU) Board decided not to engage with Cooke as its third offer of A$4.85 per share did not reflect the fundamental value of the business. 
Cooke's recent actions suggest that it will not be easily deterred. We think that it is likely that Cooke returns with another offer which will force the Board to engage.


Tassal: Cooke Remains a Determined Suitor

<ul>
<li>Tasmanian salmon producer <strong><a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a></strong> has rejected Canadian aquaculture play Cooke Inc's $4.85/share offer - its third proposal and a 42.2% premium to the undisturbed price.</li>
<li>Cooke commenced buying shares in Tassal around ten days ago and has built a 5.4% stake. </li>
<li>Tassal considers the Offer does not reflect the fundamental value of the business and has determined not to engage with Cooke.</li>
</ul>


Tasmanian salmon producer Tassal (TGR AU) has rejected Canadian aquaculture play Cooke Inc's $4.85/share offer - its third proposal and a 42.2% premium to the undisturbed price.
Cooke commenced buying shares in Tassal around ten days ago and has built a 5.4% stake. 
Tassal considers the Offer does not reflect the fundamental value of the business and has determined not to engage with Cooke.


<ul>
<li>Glenn Bruce Cooke has acquired a 5.40% stake in <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> at an average price of A$3.58. The shares rose 3.1% to close at a 1-year high of A$3.97.</li>
<li>Mr Cooke has shown previous interest in Tassal and its key competitor, <a href="https://www.smartkarma.com/entities/huon-aquaculture-group-ltd" target="_blank" data-smartkarma-citation="entities:12348:1" rel="noopener">Huon Aquaculture (HUO AU)</a>. Huon was ultimately acquired by <a href="https://www.smartkarma.com/entities/jbs-sa" target="_blank" data-smartkarma-citation="entities:24455:1" rel="noopener">JBS SA (JBSS3 BZ)</a> in November 2021.</li>
<li>Tassal is a better business than Huon due to more stable operations and higher margins. Benchmarking to the Huon transaction multiples implies a floor offer price of A$4.65 per share.  </li>
</ul>


Glenn Bruce Cooke has acquired a 5.40% stake in Tassal (TGR AU) at an average price of A$3.58. The shares rose 3.1% to close at a 1-year high of A$3.97.
Mr Cooke has shown previous interest in Tassal and its key competitor, Huon Aquaculture (HUO AU). Huon was ultimately acquired by JBS SA (JBSS3 BZ) in November 2021.
Tassal is a better business than Huon due to more stable operations and higher margins. Benchmarking to the Huon transaction multiples implies a floor offer price of A$4.65 per share.  


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.

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Tassal (TGR AU)

Weekly Deals Digest (17 Jul): WCP, BYD, Link, Genting Singapore, DTAC/True, AOF, ResApp

Last week, notable developments occurred in Event-Driven (BYD, Genting Singapore, Link Admin, DTAC/True, ResApp, Tassal, Uniti) and ECM (WCP,...

Arun George

Tassal Group (TGR AU): Cooke Scales Up

This was a great buy at $4.51/share as per my last insight. Cooke needs to bump. It's a serious bidder with a material stake and FIRB in the bag....

David Blennerhassett

Tassal: Cooke Remains a Determined Suitor

Shares are trading in line with the rejected offer price. We think that it is likely that Cooke returns with another offer which will force the...

Arun George

Tassal And Cooke In Salmon Stand-Off

Tassal Group is trading at $4.51/share as I type, or a 7.5% gross spread to terms. I'd be buying here. Cooke is not done yet.

David Blennerhassett

Tassal Is in the Crosshairs of a Suitor

Mr Cooke, who was previously interested in Huon, has acquired a 5.40% stake. Benchmarking to the Huon transaction multiples implies a floor offer...

Arun George

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