IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Volpara Health Technologies / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health Technologies (VHT AU)</a> IE considers <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. </li>
<li>NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.</li>
<li>The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.</li>
</ul>


The Volpara Health Technologies (VHT AU) IE considers Lunit (328130 KS)'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. 
NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.
The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.


Volpara Health (VHT AU): Scheme Vote on 12 April

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 14 December, <a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health (VHT AU)</a>, which makes software enabling the early detection of breast cancer, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02753743-2A1494345" target="_blank" rel="noopener">announced</a> an Offer by way of a Scheme with <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>
</li>
<li>NZ's OIO approval was <a href="https://announcements.asx.com.au/asxpdf/20240131/pdf/05zxc9ystlshr7.pdf" target="_blank" rel="noopener">satisfied</a> on the 31 January. The  Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.</li>
<li>Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.</li>
</ul>


On the 14 December, Volpara Health (VHT AU), which makes software enabling the early detection of breast cancer, announced an Offer by way of a Scheme with Lunit (328130 KS)

NZ's OIO approval was satisfied on the 31 January. The  Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th April.
Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. The IE says terms are fair.


Volpara Health (VHT AU): 12th April Shareholder Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health Technologies (VHT AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a> at A$1.15 per share, a 48.4% premium to the undisturbed price of A$0.775 (13 December).</li>
<li>The offer is subject to several conditions, such as shareholder and OIO approval. Irrevocables and directors represent 33.30% of outstanding shares. </li>
<li>Barring a competing offer, this is a done deal, as the offer is attractive. At the last close and for the end of May payment, the gross/annualised spread is 5.0%/11.6%.</li>
</ul>



Volpara Health Technologies (VHT AU) has entered a scheme implementation deed with Lunit (328130 KS) at A$1.15 per share, a 48.4% premium to the undisturbed price of A$0.775 (13 December).
The offer is subject to several conditions, such as shareholder and OIO approval. Irrevocables and directors represent 33.30% of outstanding shares. 
Barring a competing offer, this is a done deal, as the offer is attractive. At the last close and for the end of May payment, the gross/annualised spread is 5.0%/11.6%.


Volpara Health (VHT AU): Lunit’s Binding A$1.15 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health  (VHT AU)</a>, which makes software enabling the early detection of breast cancer, has announced it has entered into a Scheme Implementation Deed with South Korea's <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>.</li>
<li>Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. As is Volpara's board.</li>
<li>The Scheme Meeting is expected to be held in 2Q24. The transaction requires NZ's OIO approval.</li>
</ul>



Volpara Health  (VHT AU), which makes software enabling the early detection of breast cancer, has announced it has entered into a Scheme Implementation Deed with South Korea's Lunit (328130 KS).
Lunit is offering Volpara shareholders A$1.15/share, in cash, a 47.4% premium to last close. Cornerstone investors with 25.92% of shares out are supportive. As is Volpara's board.
The Scheme Meeting is expected to be held in 2Q24. The transaction requires NZ's OIO approval.


<ul>
<li>Tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Six(!) new deals was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>, <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton (NAM AU)</a>'; <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern (GE SP)</a>; <a href="https://www.smartkarma.com/entities/nihon-housing-co-ltd" target="_blank" data-smartkarma-citation="entities:9604:1" rel="noopener">Nihon Housing (4781 JP)</a> and <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a>'. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">QANTM Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>.</li>
</ul>


Tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Six(!) new deals was discussed on Smartkarma this week: Perpetual (PPT AU), Alps Logistics (9055 JP), Namoi Cotton (NAM AU)'; Great Eastern (GE SP); Nihon Housing (4781 JP) and GAPack (468 HK)'. 
Key updates took place on: QANTM Intellectual Property (QIP AU), Adbri (ABC AU), L'Occitane (973 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), and Shinko Electric Industries (6967 JP).


(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

Australia

Volpara Health Technologies Limited develops and markets solutions for breast cancer detection and diagnosis. The Company offers a platform technology to convert digital breast mammogram into quantitative numbers in which the actual breast tissue properties are characterized and differentiated. Volpara Health Technologies serves the healthcare sector globally.

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Volpara Health Technologies (VHT AU)

Volpara Health (VHT AU): Scheme Vote on 12 April

The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross...

Arun George

Volpara Health (VHT AU): 12th April Shareholder Vote

Currently trading at a gross/annualised spread of 1.8%/9.7%, assuming 21 May payment. If small, but straightforward arbs are your thing, get...

David Blennerhassett

Volpara Health (VHT AU): Lunit’s Binding A$1.15 Offer

Barring a competing offer, this is a done deal, as the offer is attractive. At the last close and for the end of May payment, the gross/annualised...

Arun George

Volpara Health/Lunit: Bosom Buddies

This looks clean. Highly doubtful OIO pushes back. Not with South Korea being a free trade agreement investor. Trading at a gross/annualised spread...

David Blennerhassett

(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

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

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