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

Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20

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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

<ul>
<li>The <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> IE considers <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. </li>
<li>Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.</li>
<li>The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  </li>
</ul>


The Smartpay Holdings (SPY NZ) IE considers Shift4 Payments (FOUR US)’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. 
Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.
The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  


Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October