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 href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> disclosed that Cosette asserts that a material adverse change has occurred due to its trading performance, litigation and FDA untitled letter. </li>
<li>Cosette has not quantified the impact, and Mayne disputes the assertion. Mayne’s trading performance is likely the largest contributor to Cosette’s MAC-related claims. </li>
<li>Precedent schemes suggest a lower offer is the best-case scenario. An unwilling bidder looking for angles, contractually, to exit suggests the likely outcome is a scheme termination.</li>
</ul>



Mayne Pharma (MYX AU) disclosed that Cosette asserts that a material adverse change has occurred due to its trading performance, litigation and FDA untitled letter. 
Cosette has not quantified the impact, and Mayne disputes the assertion. Mayne’s trading performance is likely the largest contributor to Cosette’s MAC-related claims. 
Precedent schemes suggest a lower offer is the best-case scenario. An unwilling bidder looking for angles, contractually, to exit suggests the likely outcome is a scheme termination.


Mayne Pharma (MYX AU): A Case of Buyer’s Remorse

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Glass Lewis has now joined ISS in recommending holders vote against the <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>/<a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a> merger, presumably as it relates to the ratio.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, ASIC AND Cosette have effectively signed off on the Scheme Booklet's veracity. That should be assuring to investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>'s Scheme comfortable got up - despite a last minute hiccup - and poor governance - to adjourn the meeting.</li>
</ul>


Glass Lewis has now joined ISS in recommending holders vote against the Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP) merger, presumably as it relates to the ratio.

Mayne Pharma (MYX AU), ASIC AND Cosette have effectively signed off on the Scheme Booklet's veracity. That should be assuring to investors. 

Canvest Environmental Protection Group (1381 HK)'s Scheme comfortable got up - despite a last minute hiccup - and poor governance - to adjourn the meeting.


Last Week in Event SPACE: Tsuruha/Welcia Merger, Mayne Pharma, Canvst, Insignia Financial

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL</a><a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener"> AU)</a>, <a href="https://www.smartkarma.com/entities/nippon-road-co-ltd" target="_blank" data-smartkarma-citation="entities:12581:1" rel="noopener">Nippon Road (1884 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-construction" target="_blank" data-smartkarma-citation="entities:17731:1" rel="noopener">Sumitomo Mitsui Construction (1821 JP)</a>, and <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, and <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>.</li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Five new deals discussed on Smartkarma this week: Webjet Group (WJL AU), Nippon Road (1884 JP), Nissin Corp (9066 JP), Sumitomo Mitsui Construction (1821 JP), and Frasers Hospitality Trust (FHT SP).
Key updates/news took place on: Avjennings Ltd (AVJ AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Oneconnect Financial Technology (6638 HK).


(Mostly) Asia-Pac M&A: Webjet, Nippon Road, Nissin Corp, Sumi Mitsui Construction, ESR, Oneconnect

<ul>
<li>After a rough week  - somewhat of an understatement - the Scheme Doc is now <a href="https://announcements.asx.com.au/asxpdf/20250515/pdf/06js9q7r420csj.pdf" target="_blank" rel="noopener">out</a>.</li>
<li>The Court Meeting is the18th June; the last day of trading the 23rd June, and implementation 2nd July. The IE says fair with a valuation range of A$6.61-A$7.99/share.</li>
<li>This IE's valuation range doesn't factor in the pharma EO, given its ambiguity. Nor the FDA level. However, Mayne, ASIC AND Cosette have effectively signed off on the Doc's veracity. </li>
</ul>


After a rough week  - somewhat of an understatement - the Scheme Doc is now out.
The Court Meeting is the18th June; the last day of trading the 23rd June, and implementation 2nd July. The IE says fair with a valuation range of A$6.61-A$7.99/share.
This IE's valuation range doesn't factor in the pharma EO, given its ambiguity. Nor the FDA level. However, Mayne, ASIC AND Cosette have effectively signed off on the Doc's veracity. 


Mayne Pharma (MYX AU): Scheme Booklet Dispatch Lends More Than A Veneer Of Support

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> has released its scheme booklet regarding Cosette’s A$7.40 offer. The IE opines that the offer is fair and reasonable within its A$6.61-A$7.99 valuation range.</li>
<li>The high spread reflects concerns that recent events would trigger the MAC clause. Thankfully, the scheme booklet does not indicate that Cosette is contesting it.</li>
<li>Recent events should help quell retail opposition to the offer. At the last close and for a 2 July payment, the gross/annualised spread is 19.4%/262%. </li>
</ul>



Mayne Pharma (MYX AU) has released its scheme booklet regarding Cosette’s A$7.40 offer. The IE opines that the offer is fair and reasonable within its A$6.61-A$7.99 valuation range.
The high spread reflects concerns that recent events would trigger the MAC clause. Thankfully, the scheme booklet does not indicate that Cosette is contesting it.
Recent events should help quell retail opposition to the offer. At the last close and for a 2 July payment, the gross/annualised spread is 19.4%/262%. 


Mayne Pharma (MYX AU): The Scheme Booklet Should Calm Nerves

United States

TherapeuticsMD, Inc. is a specialty pharmaceutical company focused on creating safe and effective branded and generic prescription, and over-the-counter products targeted exclusively for women. The Company develops three advanced hormone replacement products designed to alleviate the symptoms of and reduce the health risks resulting from menopause-related hormone deficiencies.

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TherapeuticsMD (TXMD US)

Mayne Pharma (MYX AU): A Case of Buyer’s Remorse

Precedent schemes suggest a lower offer is the best-case scenario. An unwilling bidder looking for angles, contractually, to exit suggests the...

Arun George

Last Week in Event SPACE: Tsuruha/Welcia Merger, Mayne Pharma, Canvst, Insignia Financial

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Webjet, Nippon Road, Nissin Corp, Sumi Mitsui Construction, ESR, Oneconnect

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

Mayne Pharma (MYX AU): Scheme Booklet Dispatch Lends More Than A Veneer Of Support

Mayne, ASIC AND Cosette have effectivelty signed off on the Doc's veracity. Trading at a whopping 19.4%/295% gross/annualised spread. I would buy...

David Blennerhassett

Mayne Pharma (MYX AU): The Scheme Booklet Should Calm Nerves

The scheme booklet should reassure that Cosette is not contesting the MAC clause. Recent events should help quell previous retail opposition to the...

Arun George

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