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 Nov) - Halcyon, Lifestyle, OZ Minerals, Perpetual/Pendal, Nearmap, Nitro

Halcyon Agri (HACL SP) MGO: SPA Effective, Next Is Satisfaction of Conditions Precedent

Weekly Deals Digest (08 Jan) - Acotec, Halycon, Warrego, Nitro, Norwest, VinFast

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has entered a conditional SPA with <a href="https://www.smartkarma.com/entities/sinochem-international-corporation-a" target="_blank" data-smartkarma-citation="entities:13110:1" rel="noopener">Sinochem International Corporation A (600500 CH)</a> to acquire a 36.00% stake in <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> at US$0.315/share.</li>
<li>The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.</li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.</li>
</ul>



China Hainan Rubber Industry (601118 CH) has entered a conditional SPA with Sinochem International Corporation A (600500 CH) to acquire a 36.00% stake in Halcyon Agri (HACL SP) at US$0.315/share.
The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.
The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.


Thai Rubber Latex Group Public Company Limited (TRUBB TB)

Thai Rubber Latex Group Public Company Limited

Sinochem International Corporation A (600500 CH)

Halcyon Agri

Halcyon Agri (HACL SP)’s Potential MGO