Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Metro Pacific Investments Co / Event-Driven

<ul>
<li>Back on the 26 April, <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific (142 HK)</a> and three other entities, proposed delisting <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments (MPI PM)</a> at PHP 4.63/share. This was subsequently bumped to PHP 5.20.</li>
<li>A Special Stockholders’ Meeting was held on August 8, and MPI stakeholders approved all the resolutions. An SGM for independent First Pac shareholders will be held on the 24 August. </li>
<li>The Tender Offer is now open and closes on the 7 September, with (expected) settlement on 19 September - provided the Tender Offer delisting conditions are met.</li>
</ul>


Back on the 26 April, First Pacific (142 HK) and three other entities, proposed delisting Metro Pacific Investments (MPI PM) at PHP 4.63/share. This was subsequently bumped to PHP 5.20.
A Special Stockholders’ Meeting was held on August 8, and MPI stakeholders approved all the resolutions. An SGM for independent First Pac shareholders will be held on the 24 August. 
The Tender Offer is now open and closes on the 7 September, with (expected) settlement on 19 September - provided the Tender Offer delisting conditions are met.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>'s voluntary delisting tender offer from a consortium at PHP5.20 (net price of PHP5.1677 per share) will run from 9 August to 7 September.</li>
<li>The delisting proposal was approved on 8 August. Excluding the consortium’s votes, only 37.4% of minorities (representing 13.73% of outstanding shares) voted YES for the delisting proposal.</li>
<li>A key risk is satisfying the 95% delisting threshold, which would require a minorities acceptance rate of 86.4%. The risk/reward is unattractive at the current spread of 4.4% (net 3.8%). </li>
</ul>



Metro Pacific Investments Co (MPI PM)'s voluntary delisting tender offer from a consortium at PHP5.20 (net price of PHP5.1677 per share) will run from 9 August to 7 September.
The delisting proposal was approved on 8 August. Excluding the consortium’s votes, only 37.4% of minorities (representing 13.73% of outstanding shares) voted YES for the delisting proposal.
A key risk is satisfying the 95% delisting threshold, which would require a minorities acceptance rate of 86.4%. The risk/reward is unattractive at the current spread of 4.4% (net 3.8%). 


Metro Pacific Investments (MPI PM): Risk/Reward as Uncertainty Hangs on the Delisting Threshold

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> disclosed a revised voluntary delisting tender offer from a consortium at PHP5.20 per share (PHP5.24 per share including a potential 1H23 dividend).</li>
<li>The revised offer remains conditional on meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.  The IFA valued MPI at PHP3.37-5.10.  </li>
<li>The offer was revised to increase the chance of meeting the high delisting threshold, which requires an 86% acceptance rate. At the last close, the gross spread is 8.6%. </li>
</ul>



Metro Pacific Investments Co (MPI PM) disclosed a revised voluntary delisting tender offer from a consortium at PHP5.20 per share (PHP5.24 per share including a potential 1H23 dividend).
The revised offer remains conditional on meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.  The IFA valued MPI at PHP3.37-5.10.  
The offer was revised to increase the chance of meeting the high delisting threshold, which requires an 86% acceptance rate. At the last close, the gross spread is 8.6%. 


Metro Pacific Investments (MPI PM): Revised and Final Offer at PHP5.20

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> disclosed a voluntary delisting tender offer from a consortium at PHP4.63 per share, an 8.7% premium to the undisturbed price (26 April). </li>
<li>The offer is conditional on shareholder approval and meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.</li>
<li>The shareholder approval and delisting threshold require around 73% and 86% acceptance rate, which is a risk as the offer is far from a knockout bid. </li>
</ul>



Metro Pacific Investments Co (MPI PM) disclosed a voluntary delisting tender offer from a consortium at PHP4.63 per share, an 8.7% premium to the undisturbed price (26 April). 
The offer is conditional on shareholder approval and meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.
The shareholder approval and delisting threshold require around 73% and 86% acceptance rate, which is a risk as the offer is far from a knockout bid. 


Metro Pacific Investments (MPI PM): PHP4.63 Delisting Tender Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a>, together with three other entities, are proposing to delist <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> at PHP 4.63/share, a 22% premium to the 12-month VWAP.</li>
<li>The four bidders hold a combined stake in MPIC of 63.4%. The Offer is conditional on First Pac shareholder approval, a tendering threshold, and an MPIC shareholder vote.</li>
<li>Elsewhere, First Pac continues to trade cheap to its NAV. Nothing new there.</li>
</ul>



First Pacific Co (142 HK), together with three other entities, are proposing to delist Metro Pacific Investments Co (MPI PM) at PHP 4.63/share, a 22% premium to the 12-month VWAP.
The four bidders hold a combined stake in MPIC of 63.4%. The Offer is conditional on First Pac shareholder approval, a tendering threshold, and an MPIC shareholder vote.
Elsewhere, First Pac continues to trade cheap to its NAV. Nothing new there.


Metro Pac (MPI PM): Delisting Offer from First Pac & Co

Philippines

Metro Pacific Investments Corporation is an investment holding company. The Company, through its subsidiaries, provides water, sanitation and sewerage services, and also operates in real estate, infrastructure projects, toll roads, electricity distribution, hospital operations and light rail.

Metro Pacific Investments Co (MPI PM)

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Metro Pacific Investments (MPI PM): Revised and Final Offer at PHP5.20

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Metro Pacific Investments (MPI PM): PHP4.63 Delisting Tender Offer

The shareholder approval and delisting threshold require around 73% and 86% acceptance rate, which is a risk as the offer is far from a knockout bid.

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Metro Pac (MPI PM): Delisting Offer from First Pac & Co

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David Blennerhassett