Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Fashion wear retailer <strong><a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a></strong> has received a delisting Offer from major shareholder, Chinachem.</li>
<li>The Scheme consideration of HK$0.58 is a 24.7% premium to last close, although shares popped 24% prior to suspension. </li>
<li>The Offer price is final. There is probably enough here for the Offer to get up. But there is potentially significant value to be unlocked from recent land rezoning. </li>
</ul>


Fashion wear retailer ENM Holdings (128 HK) has received a delisting Offer from major shareholder, Chinachem.
The Scheme consideration of HK$0.58 is a 24.7% premium to last close, although shares popped 24% prior to suspension. 
The Offer price is final. There is probably enough here for the Offer to get up. But there is potentially significant value to be unlocked from recent land rezoning. 


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/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">Enm Holdings (128 HK)</a> announced a privatisation offer from Chime Corporation at HK$0.58 per scheme share, a 54.7% premium to the undisturbed price of HK$0.375 per share (24 May). </li>
<li>The key condition is the scheme be approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). No shareholder holds a blocking stake. The offer price is final.</li>
<li>Detractors will argue the offer is low due to ENM’s net cash (75% of the market cap). However, the offer is reasonable compared to historical multiples and share prices. </li>
</ul>



Enm Holdings (128 HK) announced a privatisation offer from Chime Corporation at HK$0.58 per scheme share, a 54.7% premium to the undisturbed price of HK$0.375 per share (24 May). 
The key condition is the scheme be approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). No shareholder holds a blocking stake. The offer price is final.
Detractors will argue the offer is low due to ENM’s net cash (75% of the market cap). However, the offer is reasonable compared to historical multiples and share prices. 


ENM Holdings (128 HK): Privatisation Bid at HK$0.58 Per Share

Hong Kong

ENM Holdings is an investment holding company primarily engaged in the retail of fashion wear and accessories, resort and recreational club operations, and treasury investments. The company trades fashion wear and accessories and provides resort facilities including lodging and catering services. It is headquartered in Hong Kong and was founded in 1966.

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ENM Holdings (128 HK)

ENM (128 HK): Chinachem Takeover

It is doubtful an IFA will provide significant context on the value of ENM's rezoning development. Currently trading at a 9.4%/38.5% gross...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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ENM (128 HK): Chinachem Takeover

It is doubtful an IFA will provide significant context on the value of ENM's rezoning development. Currently trading at a 9.4%/38.5% gross...

David Blennerhassett

ENM Holdings (128 HK): Privatisation Bid at HK$0.58 Per Share

Detractors will argue the offer is low due to ENM’s net cash (75% of the market cap). However, the offer is reasonable compared to historical...

Arun George