Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The feedback I get on this transaction canvasses comments such as: "it just doesn't feel right", or "there's something funny going on", or simply "weird". </li>
<li>With~20% of the shareholder register, involving opaque pre-IPO investors, none of whom have provided IUs, a <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius (2696 HK)</a>-like situation unfolding is bandied around. The comparison is, however, tenuous.</li>
<li>Further inquiries suggest CDH is likely in control of 18% of that 20%. This needs to be clarified.</li>
</ul>


The feedback I get on this transaction canvasses comments such as: "it just doesn't feel right", or "there's something funny going on", or simply "weird". 
With~20% of the shareholder register, involving opaque pre-IPO investors, none of whom have provided IUs, a Shanghai Henlius (2696 HK)-like situation unfolding is bandied around. The comparison is, however, tenuous.
Further inquiries suggest CDH is likely in control of 18% of that 20%. This needs to be clarified.


ANE Cayman (9956 HK): CDH Holds All The Cards

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>'s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts. </li>
<li>There is the 9%+ stake held by CDH - another pre-IPO investor - a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.</li>
<li>Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest. </li>
</ul>



ANE Cayman Inc (9956 HK)'s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts. 
There is the 9%+ stake held by CDH - another pre-IPO investor - a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.
Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest. 


ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold Ltd (A1G AU)</a>, and <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Predictive Discovery (PDI AU), African Gold Ltd (A1G AU), and Low Keng Huat Singapore (LKH SP).
Key updates/news also took place on: ANE Cayman Inc (9956 HK), Steadfast (SDF AU), and Spindex Industries (SPE SP).


Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

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>The consortium has decided NOT to exercise its right to increase the <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> share alternative cap from 5.00% to 7.50% of outstanding shares. </li>
<li>The positive read-across is that it signals the consortium’s confidence that the vote will pass, as reflected in the quick decision not to lift the cap (deadline was 12 December). </li>
<li>The negative readacross is that shareholders requesting the scrip option likely exceeded the 7.5% upper threshold, and the consortium is hoping that these shareholders will instead take the mix option.</li>
</ul>


The consortium has decided NOT to exercise its right to increase the ANE Cayman Inc (9956 HK) share alternative cap from 5.00% to 7.50% of outstanding shares. 
The positive read-across is that it signals the consortium’s confidence that the vote will pass, as reflected in the quick decision not to lift the cap (deadline was 12 December). 
The negative readacross is that shareholders requesting the scrip option likely exceeded the 7.5% upper threshold, and the consortium is hoping that these shareholders will instead take the mix option.


ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap?

<ul>
<li>On the 28th October, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.</li>
<li>The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR's approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.</li>
<li>I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.</li>
</ul>


On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR's approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.


China

ANE (Cayman) Inc. operates as an integrated logistics company. The Company provides sorting, line-haul transportation, pickup and dispatch services, and other services. ANE (Cayman) offers services in China.

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ANE Cayman Inc (9956 HK)

ANE Cayman (9956 HK): CDH Holds All The Cards

It's a binary call on CDH. Trading wide at a 5% gross spread. Given the ongoing ambiguity as to who owns what, I'm inclined to sit this one out -...

David Blennerhassett

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

Trading 4.7%/27.1% gross/annualised, if payment before Chinese New Year. That's wide. The bankers should clear up CDH's holding. I'd be getting...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

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

ANE Cayman (9956 HK): Q&A With The FA

I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ANE Cayman (9956 HK): CDH Holds All The Cards

It's a binary call on CDH. Trading wide at a 5% gross spread. Given the ongoing ambiguity as to who owns what, I'm inclined to sit this one out -...

David Blennerhassett

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

Trading 4.7%/27.1% gross/annualised, if payment before Chinese New Year. That's wide. The bankers should clear up CDH's holding. I'd be getting...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

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

ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap?

The potential negative read-across from an unchanged share cap and uncertainty regarding CDH's stake have lowered my conviction. Safety first is...

Arun George

ANE Cayman (9956 HK): Q&A With The FA

I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.

David Blennerhassett