Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  </li>
<li>CC Capital has now lifted is indicative Offer to <a href="https://announcements.asx.com.au/asxpdf/20250117/pdf/06dm4ygnv88lmw.pdf" target="_blank" rel="noopener">A$4.60/share</a>, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. </li>
<li>And Bain? I expect them to match CC Capital's terms, again; if not a small premium. </li>
</ul>


After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager Insignia Financial (IFL AU), trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  
CC Capital has now lifted is indicative Offer to A$4.60/share, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. 
And Bain? I expect them to match CC Capital's terms, again; if not a small premium. 


Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

<ul>
<li>Back on the 6th December 2024, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, a PRC department store operator, announced a Scheme from Thomas Lau, its chairman/CEO and major shareholder (74.91%, including concert parties).</li>
<li>The HK$0.913 Offer price was miserly 21.7% premium to last close. But not declared final. </li>
<li>The Offer deserved a bump, and Lau has obliged. However, the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0116/2025011600886.pdf" target="_blank" rel="noopener">revised HK$0.98/share bid</a>, a 30.6% premium to undisturbed, remains underwhelming. Lau has declared terms final.</li>
</ul>


Back on the 6th December 2024, Lifestyle China (2136 HK), a PRC department store operator, announced a Scheme from Thomas Lau, its chairman/CEO and major shareholder (74.91%, including concert parties).
The HK$0.913 Offer price was miserly 21.7% premium to last close. But not declared final. 
The Offer deserved a bump, and Lau has obliged. However, the revised HK$0.98/share bid, a 30.6% premium to undisturbed, remains underwhelming. Lau has declared terms final.


Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Scape, a living platform, receives a significant investment of $434 million from Korea's NPS, boosting its growth and expansion.</li><li>Ho Bee Land makes a competitive bid of $242 million for an Australian builder, directly challenging Proprium Capital in the real estate market.</li><li>Korea's NPS joins forces with Almanac Realty in a $800 million real estate joint venture, solidifying their presence in the industry.</li></ul>

Scape, a living platform, receives a significant investment of $434 million from Korea's NPS, boosting its growth and expansion.Ho Bee Land makes a competitive bid of $242 million for an Australian builder, directly challenging Proprium Capital in the real estate market.Korea's NPS joins forces with Almanac Realty in a $800 million real estate joint venture, solidifying their presence in the industry.

Asia Real Estate Tracker (16-Jan-2025): Scape secures $434M from Korea's NPS.

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/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> disclosed a competing non-binding proposal from <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> at A$0.70, a 4.5% premium to AVID’s A$0.67 offer. </li>
<li>The potential for a Ho Bee competing offer was discussed in <a href="https://www.smartkarma.com/insights/avjennings-avj-au-competing-offer-brewing" target="_blank" data-smartkarma-citation="insights:171160" rel="noopener">AVJennings (AVJ AU): Competing Offer Brewing</a>.</li>
<li>Despite the hefty premium to the undisturbed price, the Ho Bee offer is below NTA. Therefore, there is headroom for a bidding war as an offer at NTA implies A$0.81.</li>
</ul>



Avjennings Ltd (AVJ AU) disclosed a competing non-binding proposal from Ho Bee Land Ltd (HOBEE SP) at A$0.70, a 4.5% premium to AVID’s A$0.67 offer. 
The potential for a Ho Bee competing offer was discussed in AVJennings (AVJ AU): Competing Offer Brewing.
Despite the hefty premium to the undisturbed price, the Ho Bee offer is below NTA. Therefore, there is headroom for a bidding war as an offer at NTA implies A$0.81.


AVJennings (AVJ AU): Ho Bee Emerges with a Competing Offer

<ul>
<li>Back on the 28th November, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>, a reputable home builder in Australia/New Zealand, <a href="https://announcements.asx.com.au/asxpdf/20241128/pdf/06bywtrktl1j89.pdf" target="_blank" rel="noopener">entered into a deed</a> granting the AVID consortium exclusive confirmatory due diligence.</li>
<li>The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.</li>
<li>In what appeared to be clean deal, <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> then acquired a <a href="https://announcements.asx.com.au/asxpdf/20241227/pdf/06d2p7fykvslm6.pdf" target="_blank" rel="noopener">5.39% stake</a> on the 23rd December. Now they've made their own <a href="https://announcements.asx.com.au/asxpdf/20250115/pdf/06dk238wkx2778.pdf" target="_blank" rel="noopener">NBIO at A$0.70/share</a>. </li>
</ul>


Back on the 28th November, AVJennings Ltd (AVJ AU), a reputable home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.
The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.
In what appeared to be clean deal, Ho Bee Land Ltd (HOBEE SP) then acquired a 5.39% stake on the 23rd December. Now they've made their own NBIO at A$0.70/share. 


AVJennings (AVJ AU): Ho Bee's Superior Proposal

Australia

AVJennings Limited operates in the land development and housing sectors. The Company constructs residential houses in Australia along with residential land development. AVJennings serves customers in Australia.

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Avjennings Ltd (AVJ AU)

Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

Both Offers remain non-binding. IFL should engage. Which means Bain needs to step up to at least match CC Capital. I'd be surprised if Tanarra...

David Blennerhassett

Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

IF illiquid arbs are your thing and you think this get up, pay up to HK$0.95/share for a 3.4%/15% gross/annualised return (where possible), if mid...

David Blennerhassett

Asia Real Estate Tracker (16-Jan-2025): Scape secures $434M from Korea's NPS.

Scape receives $434M investment from Korea's NPS, Ho Bee Land offers $242M for Aussie builder, and Korea's NPS partners with Almanac Realty for...

Asia Real Estate Tracker

AVJennings (AVJ AU): Ho Bee Emerges with a Competing Offer

Despite the hefty premium to the undisturbed price, the Ho Bee offer is below NTA. Therefore, there is headroom for a bidding war as an offer at...

Arun George

AVJennings (AVJ AU): Ho Bee's Superior Proposal

Although terms are indicative, buy a tick or three below Ho Bee's terms. You could also consider buying the Singaporean leg (quoted in AUD), and...

David Blennerhassett

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