Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Back on the 13 December 2018, <a href="https://www.smartkarma.com/entities/can-one-bhd" target="_blank" data-smartkarma-citation="entities:10714:1" rel="noopener">Can One Bhd (CAN MK)</a> <a href="http://www.bursamalaysia.com/market/listed-companies/company-announcements/6006169" target="_blank" rel="noopener">announced</a> a proposed MGO for <a href="https://www.smartkarma.com/entities/kian-joo-can-factory-bhd" target="_blank" data-smartkarma-citation="entities:16212:1" rel="noopener">Kian Joo Can Factory (KJC MK)</a> at RM3.10/share, a 52.7% premium to last close. The Offer closed on the <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2951016" target="_blank" rel="noopener">30 April</a> with Can-One holding 97.48%, and it moved to compulsory mop up the remaining shares.
Can-One has now <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3154278" target="_blank" rel="noopener">announced</a> an unconditional mandatory takeover from its director Yeoh Jin Hoe and persons acting in concert with him.
The Offer Price is RM2.50/share, a 15.82% discount to last close. 
Not altogether surprisingly, it is not the intention of the joint offerors to delist the company, nor exercise their right to compulsory acquire shares.
More below the fold.

Back on the 13 December 2018, Can One Bhd (CAN MK) announced a proposed MGO for Kian Joo Can Factory (KJC MK) at RM3.10/share, a 52.7% premium to last close. The Offer closed on the 30 April with Can-One holding 97.48%, and it moved to compulsory mop up the remaining shares.
Can-One has now announced an unconditional mandatory takeover from its director Yeoh Jin Hoe and persons acting in concert with him.
The Offer Price is RM2.50/share, a 15.82% discount to last close. 
Not altogether surprisingly, it is not the intention of the joint offerors to delist the company, nor exercise their right to compulsory acquire shares.
More below the fold.

This week in StubWorld ...
<ul>
<li>
<a href="https://www.smartkarma.com/entities/10714" target="_blank" data-smartkarma-citation="entities:10714:1">Can One Bhd (CAN MK)</a>'s gets shareholder approval to launch a Mandatory General Offer for 33%-held <a href="https://www.smartkarma.com/entities/16212" target="_blank" data-smartkarma-citation="entities:16212:1">Kian Joo Can Factory (KJC MK)</a>. (note, both legs are illiquid)</li>
<li>
<a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert</a> sees <a href="https://www.smartkarma.com/entities/16441" target="_blank" data-smartkarma-citation="entities:16441:1">Mahindra &amp; Mahindra (MM IN)</a>'s discount to NAV at its widest since 2015.</li>
</ul>
Preceding my comments on Can One/Kian Joo, Mahindra and other stubs are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.

This week in StubWorld ...


Can One Bhd (CAN MK)'s gets shareholder approval to launch a Mandatory General Offer for 33%-held Kian Joo Can Factory (KJC MK). (note, both legs are illiquid)

Curtis Lehnert sees Mahindra &amp; Mahindra (MM IN)'s discount to NAV at its widest since 2015.

Preceding my comments on Can One/Kian Joo, Mahindra and other stubs are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.

StubWorld: Can One's Offer For Kian Joo Can; Mahindra At Possible Set-Up Levels

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

Malaysia

Kian Joo Can Factory Berhad manufactures tin cans, two-piece aluminum beverage cans, polyethylene terephthalate products, and corrugated fiberboard cartons. The Group also provides engineering services, share registration and management services, and leases properties.

Kian Joo Can Factory (KJC MK)

Can-One (CAN MK)? Yeoh Can Lah!

You have a near-term floor as this is an unconditional Offer. Look to enter if there is any material weakness in the share price closes near term....

David Blennerhassett

StubWorld: Can One's Offer For Kian Joo Can; Mahindra At Possible Set-Up Levels

This week in StubWorld ... Can One Bhd (CAN MK)'s gets shareholder approval to launch a Mandatory General Offer for 33%-held Kian Joo Can Factory...

David Blennerhassett

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)