Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
<p>On the 30 October 2020, <a href="https://www.smartkarma.com/entities/tonly-electronics-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1320:1" rel="noopener">Tonly Electronics Holdings (1249 HK)</a> (TEH) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1030/2020103002084.pdf" target="_blank" rel="noopener">announced</a> a proposed privatisation from T.C.L. Industries Holdings (H.K.) Limited. (TCLH), a wholly-owned subsidiary of TCL Industries (TCLI), by way of a Scheme.</p>
</div>
<div>
<p>The Scheme consideration is HK$12.00/share, a 19% premium to last close and 28% above the 30-day average close. The price will NOT be increased. No dividends have been declared, nor are any expected to be declared.</p>
<p>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0128/2021012801516.pdf" target="_blank" rel="noopener">Scheme Document</a> is now out. The Court Meeting/EGM is scheduled for the 23 February, and assuming the Scheme is approved by shareholders, payment under the Offer will be made on or before the 15 March.</p>
<p>The IFA (Somerley) considers the Offer to be fair and reasonable.</p>
<p>Although the headline premium to last close appears okay, TEH spiked 55% on the 13 August, on decent volume, to close coincidentally at $12/share.</p>
<div>
<p>This looks done.</p>
</div>
<div>
<p>As always, more below the fold.</p>
</div>
</div>


On the 30 October 2020, Tonly Electronics Holdings (1249 HK) (TEH) announced a proposed privatisation from T.C.L. Industries Holdings (H.K.) Limited. (TCLH), a wholly-owned subsidiary of TCL Industries (TCLI), by way of a Scheme.


The Scheme consideration is HK$12.00/share, a 19% premium to last close and 28% above the 30-day average close. The price will NOT be increased. No dividends have been declared, nor are any expected to be declared.
The Scheme Document is now out. The Court Meeting/EGM is scheduled for the 23 February, and assuming the Scheme is approved by shareholders, payment under the Offer will be made on or before the 15 March.
The IFA (Somerley) considers the Offer to be fair and reasonable.
Although the headline premium to last close appears okay, TEH spiked 55% on the 13 August, on decent volume, to close coincidentally at $12/share.

This looks done.


As always, more below the fold.



Tonly Electronics (1249 HK): Scheme Doc Out. IFA Says Fair

Hong Kong

Suga International Holdings Limited is an investment holding company that researches, develops, manufactures, and sells electronic products, alongside pet food and other pet-related products. Its electronic offerings include professional audio equipment, IoT technology products, and clean energy solutions such as energy storage and solar panels. The company was founded in 1991 and is headquartered in Kowloon Bay, Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Suga International (912 HK)

Tonly Electronics (1249 HK): Scheme Doc Out. IFA Says Fair

The blocking stake is low - just 2.529% of shares out. No single shareholder has declared a holding >5%. I see the gross/annualised spread at 4.9%...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)