Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Kerry Logistics, Sanken Electric, Vocus Comms, Toa Oil, ThaiBev, Sharp

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<p>Subsequent to contentious allegations over a land lease agreement (LLA), on the 8 December, government-backed FELDA announced a possible <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3112207" target="_blank" rel="noopener">mandatory takeover</a> (MTO) of <a href="https://www.smartkarma.com/entities/fgv-holdings-bhd" target="_blank" data-smartkarma-citation="entities:2200:1" rel="noopener">FGV Holdings Bhd (FGV MK)</a> at RM1.30/share, a 2.36% premium to last close. </p>
<p>FELDA, holding a 36.61% stake in FGV, additionally entered into conditional SPAs to buy the 6.10% and 7.78% stakes held by Kumpulan Wang Persaraan (Retirement Fund - a statutory body which manages the pension scheme for Malaysia's public employees) and Urusharta Jamaah (an investment holding company owned by the Ministry of Finance) for RM658mn.  Those SPAs were completed on the 22 December, <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3115981" target="_blank" rel="noopener">triggering</a> an unconditional MTO. This Offer was unconditional as FELDA held 50.49% when taking into account Parties Acting in Concert (PACs).</p>
<p>The Offer Document was despatched on the <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3120407" target="_blank" rel="noopener">12 January</a>, with the First Closing Date on the 2 February.</p>
<p>The Independent Advice Circular (IAC) has now been <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3123307" target="_blank" rel="noopener">despatched</a>. Not surprisingly, the independent advisor (RHB) considers the Offer is Not Fair, <em>but</em> Reasonable, and therefore recommends shareholders to accept the Offer.</p>
<p>Irrespective, this deal is done, and is currently trading at terms.  </p>
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<p>More below the fold.</p>
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Subsequent to contentious allegations over a land lease agreement (LLA), on the 8 December, government-backed FELDA announced a possible mandatory takeover (MTO) of FGV Holdings Bhd (FGV MK) at RM1.30/share, a 2.36% premium to last close. 
FELDA, holding a 36.61% stake in FGV, additionally entered into conditional SPAs to buy the 6.10% and 7.78% stakes held by Kumpulan Wang Persaraan (Retirement Fund - a statutory body which manages the pension scheme for Malaysia's public employees) and Urusharta Jamaah (an investment holding company owned by the Ministry of Finance) for RM658mn.  Those SPAs were completed on the 22 December, triggering an unconditional MTO. This Offer was unconditional as FELDA held 50.49% when taking into account Parties Acting in Concert (PACs).
The Offer Document was despatched on the 12 January, with the First Closing Date on the 2 February.
The Independent Advice Circular (IAC) has now been despatched. Not surprisingly, the independent advisor (RHB) considers the Offer is Not Fair, but Reasonable, and therefore recommends shareholders to accept the Offer.
Irrespective, this deal is done, and is currently trading at terms.  


More below the fold.


Last Week in Event SPACE: Shinsei Bank, Huifu Payment, Vedanta, Cardinal Resources, Jih Sun Finance

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<p>Following fractious allegations over a land lease agreement (LLA), on the 8 December, government-backed FELDA announced a possible <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3112207" target="_blank" rel="noopener">mandatory takeover</a> (MTO) of <a href="https://www.smartkarma.com/entities/fgv-holdings-bhd" target="_blank" data-smartkarma-citation="entities:2200:1" rel="noopener">FGV Holdings Bhd (FGV MK)</a> at RM1.30/share. </p>
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<p>FELDA, which held a 36.61% stake in FGV, had entered into conditional SPAs to buy the 6.1% and 7.78% stakes held by Kumpulan Wang Persaraan and Urusharta Jamaah for RM658mn.  Those SPAs have now completed and an unconditional MTO is <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3115981" target="_blank" rel="noopener">triggered</a>. It is unconditional as FELDA now holds 50.49% when taking into account parties acting in concert.</p>
<p>This deal is done. Expect shares to trade tight to terms. </p>
</div>
<div>
<p>More below the fold.</p>
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Following fractious allegations over a land lease agreement (LLA), on the 8 December, government-backed FELDA announced a possible mandatory takeover (MTO) of FGV Holdings Bhd (FGV MK) at RM1.30/share. 


FELDA, which held a 36.61% stake in FGV, had entered into conditional SPAs to buy the 6.1% and 7.78% stakes held by Kumpulan Wang Persaraan and Urusharta Jamaah for RM658mn.  Those SPAs have now completed and an unconditional MTO is triggered. It is unconditional as FELDA now holds 50.49% when taking into account parties acting in concert.
This deal is done. Expect shares to trade tight to terms. 


More below the fold.


Last Week in Event SPACE: Haier, Tokyo Dome, Cowell, Infratil, Link Admin, Sapporo/Asahi, Mcdonald's

Malaysia

FGV Holdings Bhd is an agricultural and agri-commodities company. The Company owns and operates an oil palm plantation producing oil palm and rubber plantation products, soybean and canola products, oleochemial products and sugar products.

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FGV Holdings Bhd (FGV MK)

Last Week in Event SPACE: Kerry Logistics, Sanken Electric, Vocus Comms, Toa Oil, ThaiBev, Sharp

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

FGV (FGB MK): IFA Says Offer Not Fair

The Offer is opportunistic, however, the MTO is unconditional. Currently trading to terms - it was 2.4%/34.2% gross/annualised return, at the time...

David Blennerhassett

Last Week in Event SPACE: Shinsei Bank, Huifu Payment, Vedanta, Cardinal Resources, Jih Sun Finance

The weekend is upon us - pour yourself some coffee (or mulled wine) and sift through a brief summary of insights on various events discussed during...

David Blennerhassett

FGV Holdings: Low-Ball MTO Triggered

I think the Offer is opportunistic, however, the MTO is there for the taking. Currently trading at a 2.4%/34.2% gross/annualised return, assuming...

David Blennerhassett

Last Week in Event SPACE: Haier, Tokyo Dome, Cowell, Infratil, Link Admin, Sapporo/Asahi, Mcdonald's

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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