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 and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> filed for a US$1bn IPO and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> aims to shortly launch a US$100-150m IPO.</li>
<li>On the Event-Driven front, key developments at <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</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 and Chinese ADRs.
On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).  


Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>BGH played a shrewd game. It bumped its Offer to A$8.15, matching CapVest's Scheme price. With BGH (then) holding 22.38% of shares out, CapVest folded its tent.</li>
<li>As CapVest was not returning calls, <strong><a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a></strong> commenced discussions with BGH and ultimately reversed course and recommended BGH's Offer.  </li>
<li>BGH now has 71.63% of the voting power, edging towards the 90% threshold, following which a special fully franked dividend will be paid. </li>
</ul>


BGH played a shrewd game. It bumped its Offer to A$8.15, matching CapVest's Scheme price. With BGH (then) holding 22.38% of shares out, CapVest folded its tent.
As CapVest was not returning calls, Virtus Health (VRT AU) commenced discussions with BGH and ultimately reversed course and recommended BGH's Offer.  
BGH now has 71.63% of the voting power, edging towards the 90% threshold, following which a special fully franked dividend will be paid. 


Virtus Health: How BGH's Offer Plays Out From Here

<ul>
<li>For the month of May, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$26bn.</li>
<li>The average premium for the new deals announced (or first discussed) in May was ~53%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of May, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$26bn.
The average premium for the new deals announced (or first discussed) in May was ~53%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


<ul>
<li>Online auto parts and service provider <strong><a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a></strong> has received a second non-binding proposal  - by way of a Scheme - this one from PE outfit Battery Ventures. </li>
<li>The Offer price is A$1.75/share, a 36.7% premium to last close, and a A$0.05/share premium to TA/Viburnum's proposal earlier this month. </li>
<li>As with TA, Battery has been granted limited due diligence. With a 19.4% stake, TA remains very much in the driver's seat.</li>
</ul>


Online auto parts and service provider Infomedia Ltd (IFM AU) has received a second non-binding proposal  - by way of a Scheme - this one from PE outfit Battery Ventures. 
The Offer price is A$1.75/share, a 36.7% premium to last close, and a A$0.05/share premium to TA/Viburnum's proposal earlier this month. 
As with TA, Battery has been granted limited due diligence. With a 19.4% stake, TA remains very much in the driver's seat.


Infomedia (IFM AU): Battery Ventures Sneaks In Above TA's Proposal

<ul>
<li>The <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> Board changed their recommendation that the BGH takeover offer rather than the CapVest offer is in the best interest of shareholders.</li>
<li>BGH and CapVest represent 22.38% and 1.13% of outstanding shares, respectively. Press reports suggest that it is unlikely that CapVest will increase its offer (scheme: A$8.15, takeover: A$8.10).</li>
<li>The BGH takeover offer of A$8.15 per share remains open until 31 May. At the last close price, the gross spread to the BGH takeover offer is 0.9%.</li>
</ul>


The Virtus Health (VRT AU) Board changed their recommendation that the BGH takeover offer rather than the CapVest offer is in the best interest of shareholders.
BGH and CapVest represent 22.38% and 1.13% of outstanding shares, respectively. Press reports suggest that it is unlikely that CapVest will increase its offer (scheme: A$8.15, takeover: A$8.10).
The BGH takeover offer of A$8.15 per share remains open until 31 May. At the last close price, the gross spread to the BGH takeover offer is 0.9%.


Australia

Virtus Health Limited provides health care services. The Company offers clinical, scientific, diagnostic services, and day surgery for reproductive and fertility health care. Virtus Health serves patients and operates reproductive health and fertility clinics throughout eastern Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Virtus Health (VRT AU)

Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Last week, notable developments occurred in Event-Driven (Xiamen Port, Link Net, Yancoal, Link, AOF, Cocoaland, AKM, Irongate, Virtus Health) and...

Arun George

Virtus Health: How BGH's Offer Plays Out From Here

Unless you can take advantage of the franked dividends, this is an avoid here as Virtus trades right at BGH's terms of A$8.15/share.

David Blennerhassett

(Mostly) Asia M&A: May 2022 Roundup

For the month of May, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$26bn. The average...

David Blennerhassett

Infomedia (IFM AU): Battery Ventures Sneaks In Above TA's Proposal

Neither Offers from TA and Battery are firm. However, with a 19.4% stake, TA is very much in the prime position. I'd be a buyer here at A$1.72/share.

David Blennerhassett

BGH Capital in Pole Position at Virtus

The Board has recommended the BGH takeover offer of A$8.15, which closes on 31 May. At the last close price, the gross spread to the BGH takeover...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)