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/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> received an improved non-binding offer from Skip Capital/Stonepeak at A$0.25 per share, an 8.7% bump from the previously rejected A$0.23 offer.</li>
<li>The headcount test is emerging as a key risk as retail shareholders are voicing their displeasure. The offer is underwhelming based on precedent transactions and average sell-side price targets. </li>
<li>The Board hopes that granting non-exclusive due diligence and stating an intention to recommend a binding A$0.25 offer will force rival bidders to kickstart an auction.    </li>
</ul>



Genex Power Ltd (GNX AU) received an improved non-binding offer from Skip Capital/Stonepeak at A$0.25 per share, an 8.7% bump from the previously rejected A$0.23 offer.
The headcount test is emerging as a key risk as retail shareholders are voicing their displeasure. The offer is underwhelming based on precedent transactions and average sell-side price targets. 
The Board hopes that granting non-exclusive due diligence and stating an intention to recommend a binding A$0.25 offer will force rival bidders to kickstart an auction.    


Genex Gets an Improved A$0.25 Offer, Headcount Test a Risk, Board Hoping for an Auction

Total Access Communication / 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, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/chongqing-hongjiu-fruit" target="_blank" data-smartkarma-citation="entities:36023:1" rel="noopener">Chongqing Hongjiu Fruit (CHF HK)</a> is pre-marketing a US$200-300m IPO.</li>
<li>Event-Driven developments at <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>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, ResApp, DTAC/True, Dongzheng AFC.  </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 - Chongqing Hongjiu Fruit (CHF HK) is pre-marketing a US$200-300m IPO.
Event-Driven developments at Atlas Arteria (ALX AU), Genex Power Ltd (GNX AU), Infomedia Ltd (IFM AU), Link Administration (LNK AU), Ramsay Health Care (RHC AU), ResApp, DTAC/True, Dongzheng AFC.  


Weekly Deals Digest (07 Aug) - Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> shares rose 44% on the back of an A$0.23 per share offer from Skip Capital and Stonepeak. Skip also increased its stake to 19.99%.</li>
<li>At first glance, the offer looks generous in comparison to peer multiples and recent share prices. However, the offer is opportunistic partly due to Genex’s 500MW pipeline of projects. </li>
<li>Benchmarking the precedent transaction multiples suggests that Genex’s existing portfolio is worth at least A$0.27 per share. The Board should engage for a higher price. </li>
</ul>



Genex Power Ltd (GNX AU) shares rose 44% on the back of an A$0.23 per share offer from Skip Capital and Stonepeak. Skip also increased its stake to 19.99%.
At first glance, the offer looks generous in comparison to peer multiples and recent share prices. However, the offer is opportunistic partly due to Genex’s 500MW pipeline of projects. 
Benchmarking the precedent transaction multiples suggests that Genex’s existing portfolio is worth at least A$0.27 per share. The Board should engage for a higher price. 


Genex’s Offer of A$0.23 from Skip Capital Likely Won’t Cut It

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Renewable energy play <strong><a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a></strong> has announced a non-binding indicative proposal from Atlassian's Scott Farquhar and Stonepeak, by way of a Scheme, at A$0.23/share. </li>
<li>That's around a 64% premium. Farquhar holds a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02544798-2A1386679?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">19.9% stake</a>. </li>
<li>Farquhar, along with Atlassian co-founder Mike Cannon-Brookes, backed Genex capital raising in March last year.</li>
</ul>


Renewable energy play Genex Power Ltd (GNX AU) has announced a non-binding indicative proposal from Atlassian's Scott Farquhar and Stonepeak, by way of a Scheme, at A$0.23/share. 
That's around a 64% premium. Farquhar holds a 19.9% stake. 
Farquhar, along with Atlassian co-founder Mike Cannon-Brookes, backed Genex capital raising in March last year.


Genex: Atlassian's Farquhar Makes An Offer

<ul>
<li>Morrison &amp; Co will offer A$4.50 cash per share, a 42.9% premium to the unaffected price of A$3.15 (on 13 March).</li>
<li>We think that the Morrison offer is attractive in the context of historical multiples and share prices. At last close, the gross spread is 12.2%.</li>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> flagged in January that it had received takeover approaches from more than one party. Consequently, the Morrison offer could force out other bidders. </li>
</ul>


Morrison &amp; Co will offer A$4.50 cash per share, a 42.9% premium to the unaffected price of A$3.15 (on 13 March).
We think that the Morrison offer is attractive in the context of historical multiples and share prices. At last close, the gross spread is 12.2%.

Uniti Group Ltd (UWL AU) flagged in January that it had received takeover approaches from more than one party. Consequently, the Morrison offer could force out other bidders. 


Uniti’s A$4.50 Indicative Bid from Morrison & Co

New Zealand

Tilt Renewables Limited owns and develops renewable energy plants. The Company generates electricity through wind farms. Tilt Renewables operates in New Zealand and Australia.

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Tilt Renewables Ltd (TLT NZ)

Genex Gets an Improved A$0.25 Offer, Headcount Test a Risk, Board Hoping for an Auction

Maintain holding or buy with the view of a potential rival bid or that the risk of the headcount test forces Skip/Stonepeak to further bump their...

Arun George

Weekly Deals Digest (07 Aug) - Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

Last week, notable developments occurred in Event-Driven (Link Admin, ResApp, Ramsay, DTAC/True, Infomedia, Atlas Arteria, Genex Power, Dongzheng...

Arun George

Genex’s Offer of A$0.23 from Skip Capital Likely Won’t Cut It

At first glance, the A$0.23 offer looks generous. Benchmarking the precedent transaction multiples suggests that Genex’s existing portfolio is...

Arun George

Genex: Atlassian's Farquhar Makes An Offer

Trading ~17% gross spread to the indicative Offer. This is not a firm Offer. I would expect board support and a firm offer to emerge. It's a buy...

David Blennerhassett

Uniti’s A$4.50 Indicative Bid from Morrison & Co

Morrison & Co will offer A$4.50, a 42.9% premium to the unaffected price. Other bidders may surface as Uniti flagged in January that it had...

Arun George

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