Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 9 May, <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a> announced an H-share buyback at HK$17.50/share.</li>
<li>With no pre-conditions attached to this hybrid Scheme/Tender Offer, my expectation was this could be wrapped up by mid-August. </li>
<li>The dispatch of the Offer Document yesterday evening indicates even this timeline was conservative, with payment potentially occurring in the third week of July.</li>
</ul>


Back on the 9 May, Inner Mongolia Yitai Coal Company Ltd (3948 HK) announced an H-share buyback at HK$17.50/share.
With no pre-conditions attached to this hybrid Scheme/Tender Offer, my expectation was this could be wrapped up by mid-August. 
The dispatch of the Offer Document yesterday evening indicates even this timeline was conservative, with payment potentially occurring in the third week of July.


Yitai Coal (3948 HK): H-Shareholders To Vote on 30th June

<ul>
<li>Timing is everything. Yesterday afternoon I flagged <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>'s possible H-share buyback at HK$17/share.</li>
<li>Roughly five hours later a firm HK$17.50/share Offer was announced. The Offer Price is final.</li>
<li>Other terms and approvals were largely as expected. Payment under the Offer may occur mid-August.</li>
</ul>


Timing is everything. Yesterday afternoon I flagged Inner Mongolia Yitai Coal Company Ltd (3948 HK)'s possible H-share buyback at HK$17/share.
Roughly five hours later a firm HK$17.50/share Offer was announced. The Offer Price is final.
Other terms and approvals were largely as expected. Payment under the Offer may occur mid-August.


Yitai Coal (3948 HK): H-Share Buyback Firmed At HK$17.50

Lanzhou Zhuangyuan Pasture / Event-Driven

<ul>
<li>On the 25 April, PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> announced a Conditional Cash Offer for all its H-shares at $10.89/share. </li>
<li>This two-step voluntary cash offer incorporated a Scheme-like vote and a 90% tendering condition. </li>
<li>Shareholders voted for the transaction on the 29 June. The tendering condition has now been satisfied. The last day of trading is on the 1 August.  </li>
</ul>


On the 25 April, PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) announced a Conditional Cash Offer for all its H-shares at $10.89/share. 
This two-step voluntary cash offer incorporated a Scheme-like vote and a 90% tendering condition. 
Shareholders voted for the transaction on the 29 June. The tendering condition has now been satisfied. The last day of trading is on the 1 August.  


Zhuangyuan Pasture (1533 HK): Offer Now Unconditional

<ul>
<li>Back on the 25 April, PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> announced a Conditional Cash Offer for all its H-shares at $10.89/share. The Offer Doc is now out.</li>
<li>This two-step voluntary cash offer involves a Scheme-like vote and a 90% tendering condition. The EGM will be held on the 29 June. </li>
<li>This transaction could potentially be wrapped up late-July. The FY21 dividend should also be added to the Offer terms.</li>
</ul>


Back on the 25 April, PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) announced a Conditional Cash Offer for all its H-shares at $10.89/share. The Offer Doc is now out.
This two-step voluntary cash offer involves a Scheme-like vote and a 90% tendering condition. The EGM will be held on the 29 June. 
This transaction could potentially be wrapped up late-July. The FY21 dividend should also be added to the Offer terms.


Zhuangyuan Pasture (1533 HK): 29th June EGM For H-Share Offer

<ul>
<li>PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> has announced a Conditional Cash Offer for all H-shares at $10.89/share.</li>
<li>The Offer is being done via a Voluntary Cash Offer, therefore an onerous 90% tendering condition is present.</li>
<li>This transaction could potentially be wrapped up late-July. The FY21 dividend may also be added to terms. </li>
</ul>


PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) has announced a Conditional Cash Offer for all H-shares at $10.89/share.
The Offer is being done via a Voluntary Cash Offer, therefore an onerous 90% tendering condition is present.
This transaction could potentially be wrapped up late-July. The FY21 dividend may also be added to terms. 


Zhuangyuan Pasture (1533 HK): H-Share Offer Via Buyback

China

Beijing Jingneng Clean Energy is primarily engaged in the generation of clean energy, including wind, photovoltaic, gas-fired, and hydropower. The company also provides heat energy, repair and maintenance, investment management, and finance leasing services. It is headquartered in Beijing, People's Republic of China, and was founded in 2010.

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Beijing Jingneng Clean Energy (579 HK)

Yitai Coal (3948 HK): H-Shareholders To Vote on 30th June

HK$17.50/share is a full and fair price. The tendering condition is the key risk to the deal. At HK$16.72/share, this is trading at a 4.7%/47.3%...

David Blennerhassett

Zhuangyuan Pasture (1533 HK): Offer Now Unconditional

The gross spread has narrowed to 0.5%. The Offer is now unconditional in all respects. This is not a super liquid arb situation. If not in, I'd be...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Yitai Coal (3948 HK): H-Shareholders To Vote on 30th June

HK$17.50/share is a full and fair price. The tendering condition is the key risk to the deal. At HK$16.72/share, this is trading at a 4.7%/47.3%...

David Blennerhassett

Yitai Coal (3948 HK): H-Share Buyback Firmed At HK$17.50

HK$17.50/share is a full and fair price. The tendering condition is the key risk to the deal. Buy up to HK$16.90/share, or 4%/15% gross/annualised,...

David Blennerhassett

Zhuangyuan Pasture (1533 HK): Offer Now Unconditional

The gross spread has narrowed to 0.5%. The Offer is now unconditional in all respects. This is not a super liquid arb situation. If not in, I'd be...

David Blennerhassett

Zhuangyuan Pasture (1533 HK): 29th June EGM For H-Share Offer

Currently trading at gross/annualised spread of 8.6%/52.8%, incl. the final divi. That looks attractive. Although recent deal structures have...

David Blennerhassett

Zhuangyuan Pasture (1533 HK): H-Share Offer Via Buyback

Assuming late July payment, and inclusive of the FY21 dividend of RMB0.047/share, then I suggest buying up to ~HK$10.50/share or a gross/annualised...

David Blennerhassett