Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 13 June, cybersecurity firm <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> announced a Scheme with France's <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>. Thales is offering A$0.13/share, a 165% premium to last close. </li>
<li>The Scheme Doc has been despatched with Tesserent shareholders voting on the 18 September. Tesserent's board (holding 9.23%) and the IE are supportive. Implementation expected on the 4 October.</li>
<li>The Offer is also subject to FIRB signing off. New Zealand's OIO gave the green light on the 18 July.</li>
</ul>


Back on the 13 June, cybersecurity firm Tesserent Ltd (TNT AU) announced a Scheme with France's Thales SA (HO FP). Thales is offering A$0.13/share, a 165% premium to last close. 
The Scheme Doc has been despatched with Tesserent shareholders voting on the 18 September. Tesserent's board (holding 9.23%) and the IE are supportive. Implementation expected on the 4 October.
The Offer is also subject to FIRB signing off. New Zealand's OIO gave the green light on the 18 July.


Tesserent's Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer

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/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a>'s IE considers <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>’s A$0.13 offer fair and reasonable as it is above its valuation range of A$0.098 to A$0.109 per share. </li>
<li>The offer is subject to FIRB and shareholder approval. New Zealand’s OIO approval suggests that Australia’s FIRB approval should be forthcoming. Pearson’s recent selldown lowers the vote risk.</li>
<li>At the last close price and for the 4 October payment, the gross and annualised spread is 4.0% and 32.0%, respectively.</li>
</ul>



Tesserent Ltd (TNT AU)'s IE considers Thales SA (HO FP)’s A$0.13 offer fair and reasonable as it is above its valuation range of A$0.098 to A$0.109 per share. 
The offer is subject to FIRB and shareholder approval. New Zealand’s OIO approval suggests that Australia’s FIRB approval should be forthcoming. Pearson’s recent selldown lowers the vote risk.
At the last close price and for the 4 October payment, the gross and annualised spread is 4.0% and 32.0%, respectively.


Tesserent (TNT AU): Scheme Meeting on 18 September

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has entered into a scheme implementation deed with <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a> at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).</li>
<li>The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.</li>
<li>Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.</li>
</ul>



Tesserent Ltd (TNT AU) has entered into a scheme implementation deed with Thales SA (HO FP) at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).
The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.
Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.


Tesserent (TNT AU): Thales’s A$0.13 Offer

<ul>
<li>Cybersecurity firm <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has announced it has entered into a Scheme with France's <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>.</li>
<li>Thales is offering A$0.13/share, a whopping 165% premium to last close. Although, TNT is down 87% from its January 2021 high. </li>
<li>The Offer is conditional on TNT shareholder approval and FIRB/OIO approvals. Those regulatory approvals will not be straightforward.</li>
</ul>


Cybersecurity firm Tesserent Ltd (TNT AU) has announced it has entered into a Scheme with France's Thales SA (HO FP).
Thales is offering A$0.13/share, a whopping 165% premium to last close. Although, TNT is down 87% from its January 2021 high. 
The Offer is conditional on TNT shareholder approval and FIRB/OIO approvals. Those regulatory approvals will not be straightforward.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> has switched to an off-market takeover offer. The <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.</li>
<li>The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal. </li>
<li>The crucial question is whether <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal. </li>
</ul>



Silvercorp Metals (SVM US) has switched to an off-market takeover offer. The Orecorp Ltd (ORR AU) consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.
The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal. 
The crucial question is whether Perseus Mining (PRU AU) is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal. 


OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus

Australia

Tesserent Limited provides internet security services. The Company offers security infrastructure platforms, which enables delivery of security-as-a-service to small and large organizations to protect their computer networks.

Tesserent Ltd (TNT AU)

Tesserent's Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer

TNT is trading at a 4.0%/34.7% gross/annualised return. This is not a super liquid arb situation. and your downside is massive. If you are...

David Blennerhassett

Tesserent (TNT AU): Scheme Meeting on 18 September

FIRB and shareholder approval should be forthcoming, At the last close price and for the 4 October payment, the gross and annualised spread is 4.0%...

Arun George

Tesserent (TNT AU): Thales’s A$0.13 Offer

Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the...

Arun George

Tesserent (TNT AU)'s Offer From Thales

Trading at a 6.6% gross spread, but your downside is >60% if FIRB blocks. And this is not a super liquid arb situation. I'd pass on this given the...

David Blennerhassett

OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus

The takeover offer is conditional on a 50.1% minimum acceptance condition, which is achievable. A counteroffer by Perseus depends on whether it is...

Arun George