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

Weekly Deals Digest (27 Nov) - Keppel, Chip Eng Seng, Link Admin, DTAC/True, Growatt, Weilong

Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

Merger Arb Mondays (25 Dec) - JSR, Benefit One, IRC, Adbri, Link, A2B, Probiotec, Lithium Power

Link’s On Again-Off Again Scheme Is All but Off

Link’s Scheme on Life Support as the FCA Lands a Heavy Blow

Link’s Ongoing Overtures from DND Underscore Its Value

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>The EGM to approve the <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> distribution of <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.</li>
<li>This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  </li>
<li>Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.</li>
</ul>


The EGM to approve the PEXA Group (PXA AU) distribution of Link Administration (LNK AU)’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.
This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  
Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.


Broadridge Financial Solutions, Inc (BR US)

Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value