Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on special situations such as mergers & acquisitions, index rebalance events, equity offerings, buybacks, and other corporate restructuring events mainly in the Asia-Pacific and European equity markets.

Equity Analyst, Event-driven

Penguin International (PBS SP): Chairman & Dymon Return To the Well

Penguin Int'l (PBS SP): Chairman & Dymon's Bumped & Final Offer

Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>On 21st December 2020, Singapore-based builder and operator of aluminum high-speed boats <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>  <a href="https://links.sgx.com/FileOpen/PIL%20Announcement_final.ashx?App=Announcement&amp;FileID=642943" target="_blank" rel="noopener">notified</a> the Exchange that their Chairman and MD were in talks with a "potential investor" regarding a "possible transaction" and on 21st January 2021, a <a href="https://links.sgx.com/FileOpen/Fairy%20-%20Offer%20Announcement_21Jan2021.ashx?App=Announcement&amp;FileID=645683" target="_blank" rel="noopener">Voluntary Conditional Cash Offer</a> was launched by Emet Grace Ltd. with an intention to take the company private. The Offer Price was S$0.65/share in cash which implied a market cap of S$143mn (U$108mn) for the company. I previously covered this situation in <a href="https://www.smartkarma.com/insights/penguin-international-pbs-sp-friendly-privatization-deal-might-need-a-bump" target="_blank" data-smartkarma-citation="insights:47311" rel="noopener">Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump</a>.  </p><p>Yesterday, the company provided an important <a href="https://links.sgx.com/FileOpen/Project%20Fairy%20-%20Extension%20of%20Closing%20Date%20and%20Dealings%20Disclosure%20Announcement%2023Mar2021.ashx?App=Announcement&amp;FileID=653002" target="_blank" rel="noopener">update</a> on the situation. </p><div><p><em>More below the fold. </em></p></div><hr><div><div><div class="content-remarks"><p>For more on M&amp;A rules, regulations, and practices in Singapore, please refer to <a href="https://www.smartkarma.com/insights/quiddity-singapore-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28849" rel="noopener">Quiddity Singapore M&amp;A Guide 2019</a> </p></div></div></div>

On 21st December 2020, Singapore-based builder and operator of aluminum high-speed boats Penguin International (PBS SP)  notified the Exchange that their Chairman and MD were in talks with a "potential investor" regarding a "possible transaction" and on 21st January 2021, a Voluntary Conditional Cash Offer was launched by Emet Grace Ltd. with an intention to take the company private. The Offer Price was S$0.65/share in cash which implied a market cap of S$143mn (U$108mn) for the company. I previously covered this situation in Penguin International (PBS SP): Friendly Privatization Deal Might Need A Bump.  Yesterday, the company provided an important update on the situation. More below the fold. For more on M&amp;A rules, regulations, and practices in Singapore, please refer to Quiddity Singapore M&amp;A Guide 2019 

Penguin International (PBS SP): Offer Extended, No Bump, Time to Unwind