IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (21 Jul) - ENN Energy, HEC Pharma, Shibaura, Abacus Storage, Insignia, Zeekr

Abacus Storage King (ASK AU): Caution Is Warranted

Weekly Deals Digest (24 Aug) - Mayne Pharma, PointsBet, Lynch, Dongfeng Motor, ENN Energy, Shibaura

Abacus Storage King (ASK AU): Ki Corp/Public Storage’s NBIO at A$1.47

Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> disclosed a non-binding proposal from Ki Corporation and <a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a> at A$1.65 per unit, a 14.7% premium to its previously rejected offer.</li>
<li>The Board will grant six weeks of due diligence. While below NTA (implies P/NTA of 0.95x), the offer is reasonable compared to peer multiples and historical trading ranges.   </li>
<li>The consortium will likely need to switch to a takeover offer as <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, which holds effectively a blocking stake, is unlikely to vote in favour. </li>
</ul>



Abacus Storage King (ASK AU) disclosed a non-binding proposal from Ki Corporation and Public Storage (PSA US) at A$1.65 per unit, a 14.7% premium to its previously rejected offer.
The Board will grant six weeks of due diligence. While below NTA (implies P/NTA of 0.95x), the offer is reasonable compared to peer multiples and historical trading ranges.   
The consortium will likely need to switch to a takeover offer as National Storage REIT (NSR AU), which holds effectively a blocking stake, is unlikely to vote in favour. 


Abacus Storage King (ASK AU): Ki Corp/Public Storage’s Revised NBIO Faces a Daunting Challenge