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/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> disclosed that on 19 November, it received an indicative proposal from <a href="https://www.smartkarma.com/entities/credit-corp-group-ltd" target="_blank" data-smartkarma-citation="entities:12691:1" rel="noopener">Credit Corp (CCP AU)</a> consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). </li>
<li>The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.</li>
<li>The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   </li>
</ul>



Humm Group (HUM AU) disclosed that on 19 November, it received an indicative proposal from Credit Corp (CCP AU) consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). 
The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.
The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   


Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back in January 2023, point-of-sale payments play <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro (TYR AU)</a> provided Potentia with due diligence to "enable Potentia to develop a significantly improved proposal". Potentia walked away from talks in May.</li>
<li>Then crickets. Yesterday (12th August), Tyro's shares gained 10.6%.  After announcing this morning it has received unsolicited NBIOs, shares gained a further 8.6% (as I type), touching a 17-month high. </li>
<li>At A$1.17/share, Tyro is ~27% adrift of Potentia's last confirmed indicative Offer.</li>
</ul>


Back in January 2023, point-of-sale payments play Tyro (TYR AU) provided Potentia with due diligence to "enable Potentia to develop a significantly improved proposal". Potentia walked away from talks in May.
Then crickets. Yesterday (12th August), Tyro's shares gained 10.6%.  After announcing this morning it has received unsolicited NBIOs, shares gained a further 8.6% (as I type), touching a 17-month high. 
At A$1.17/share, Tyro is ~27% adrift of Potentia's last confirmed indicative Offer.


Tyro Payment (TYR AU) Fielding Offers. Again.

<ul>
<li>For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

<ul>
<li>For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.
The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

Australia

Tyro Payments provides transaction processes. The Company offers payment solutions such as bank account, loans, and security activities. Tyro Payments serves customers in Australia.

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Tyro Payments (TYR AU)

Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

A binding proposal, if forthcoming at current terms, is unlikely to succeed. Humm is essentially a long-dated backend play on Jeremy Raper's...

Arun George

Tyro Payment (TYR AU) Fielding Offers. Again.

Tyro is arguably for sale. Talks remain indicative and non-binding. And may (again) come to naught. Not something I would chase. Not after the...

David Blennerhassett

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

For the month of Oct 2025, 15 new deals were discussed on Smartkarma with an overall deal size of ~US$33bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

For the month of Sept, 7 new deals were discussed on Smartkarma with an overall deal size of just ~US$2bn. The average premium for the new deals...

David Blennerhassett

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