Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In December 2021, buy-now, pay-later outfit <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">humm (HUM AU)</a> announced approaches from third parties to acquire all/part of the company. This was discussed in<a href="https://skr.ma/CkbrE" target="_blank" rel="noopener"> BNPL Play Hummgroup Fields Proposals</a>. </li>
<li>Six months later, a proposed sale of Humm Consumer Finance business to <a href="https://www.smartkarma.com/entities/latitude-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26740:1" rel="noopener">Latitude (LFS AU)</a> was terminated, before the scheduled vote, due to opposition from founder/chairman Andrew Abercrombie. </li>
<li>Now the Abercrombie Group (TAG), the family office of Andrew Abercrombie, has tabled a A$0.58/share non-binding Offer, in cash, by way of a Scheme. Abercrombie hold 26.6%.</li>
</ul>


In December 2021, buy-now, pay-later outfit humm (HUM AU) announced approaches from third parties to acquire all/part of the company. This was discussed in BNPL Play Hummgroup Fields Proposals. 
Six months later, a proposed sale of Humm Consumer Finance business to Latitude (LFS AU) was terminated, before the scheduled vote, due to opposition from founder/chairman Andrew Abercrombie. 
Now the Abercrombie Group (TAG), the family office of Andrew Abercrombie, has tabled a A$0.58/share non-binding Offer, in cash, by way of a Scheme. Abercrombie hold 26.6%.


<ul>
<li>Back on the 29th April, <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>'s Chairman, Dickson Poon (&amp; relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.</li>
<li>The family offered HK$7.20/share (best &amp; final). That compared to DC's net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.</li>
<li>
The Scheme Document's now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0624/2025062400702.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says "fair &amp; reasonable". It is not.</li>
</ul>


Back on the 29th April, Dickson Concepts Intl (113 HK)'s Chairman, Dickson Poon (&amp; relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.
The family offered HK$7.20/share (best &amp; final). That compared to DC's net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.

The Scheme Document's now out, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says "fair &amp; reasonable". It is not.


Dickson Concept (113 HK): 18th July Vote On Poon's Low-Balled Offer

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/carta-holdings-inc" target="_blank" data-smartkarma-citation="entities:9634:1" rel="noopener">Carta Holdings, Inc. (3688 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal were discussed on Smartkarma this week: Santos Ltd (STO AU), Adriatic Metals PLC (ADT AU), Tourism Holdings (THL NZ), and Carta Holdings, Inc. (3688 JP).
Key updates/news took place on: Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), and Dickson Concepts Intl (113 HK).


(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

<ul>
<li>I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>'s Scheme, and Tender Offers for <a href="https://www.smartkarma.com/entities/fuji-corp-miyagi" target="_blank" data-smartkarma-citation="entities:20243:1" rel="noopener">Fuji Corp (7605 JP)</a>, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>.</li>
<li>Fer.Key updates/news took place on: <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal were discussed on Smartkarma this week: New World Resources (NWC AU)'s Scheme, and Tender Offers for Fuji Corp (7605 JP), TRYT (9164 JP), and Shinsung Tongsang (005390 KS).
Fer.Key updates/news took place on: Austal Ltd (ASB AU), HKBN Ltd (1310 HK), Shandong Fengxiang (9977 HK), and Mitsubishi Shokuhin (7451 JP).


(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

Washington H. Soul Pattinson and Co. Ltd (SOL AU)

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: the <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson  (SOL AU)</a> / <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks Ltd (BKW AU)</a>merger; and <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>'s Exit Offer. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources (SPR AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, and <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a>.</li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: the Washington H. Soul Pattinson  (SOL AU) / Brickworks Ltd (BKW AU)merger; and Great Eastern Holdings (GE SP)'s Exit Offer. 
Key updates/news took place on: Spartan Resources (SPR AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Tam Jai International (2217 HK).


(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

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(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

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(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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