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.

Event-Driven

Get Nice Financial Group Ltd / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> offer is conditional on the approval of the GNH/GNF shareholders. On 22 January, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> shareholders approved the offer. </li>
<li>The GNF vote requires approval of the scheme by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The vote remains a low risk.   </li>
<li>The GNF vote is aided by the higher derating of peers (the median peer’s share price has declined 12.7%) compared to the decline in the implied offer value (10.4%).  </li>
</ul>


The Get Nice Financial Group Ltd (1469 HK) offer is conditional on the approval of the GNH/GNF shareholders. On 22 January, Get Nice Holdings (64 HK) shareholders approved the offer. 
The GNF vote requires approval of the scheme by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The vote remains a low risk.   
The GNF vote is aided by the higher derating of peers (the median peer’s share price has declined 12.7%) compared to the decline in the implied offer value (10.4%).  


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK)’s EGM Vote Passes, Next Up, the GNF Vote

<ul>
<li>The <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF offer is conditional on the approval by GNH/GNF shareholders. <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH's shareholder vote is on 22 January. </li>
<li>The GNH vote will comfortably pass as Mr Hung, the controlling shareholder, represents 66.11% of outstanding shares, just shy of the 66.67% required voting threshold.   </li>
<li>The implied offer value has declined by 10%, broadly in line with the median decline in peer share prices. Therefore, the scheme vote remains low-risk. </li>
</ul>


The Get Nice Financial Group Ltd (1469 HK)/GNF offer is conditional on the approval by GNH/GNF shareholders. Get Nice Holdings (64 HK)/GNH's shareholder vote is on 22 January. 
The GNH vote will comfortably pass as Mr Hung, the controlling shareholder, represents 66.11% of outstanding shares, just shy of the 66.67% required voting threshold.   
The implied offer value has declined by 10%, broadly in line with the median decline in peer share prices. Therefore, the scheme vote remains low-risk. 


Get Nice Financial (1469 HK): Attractive Spread Ahead of Get Nice Holdings (64 HK)’s EGM Vote

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 5th November, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> (GNH) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1105/2024110501858.pdf" target="_blank" rel="noopener">announced</a> a scrip Offer, by way of a Scheme, for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> (GNF).</li>
<li>With an implied scrip price &amp; divvy of HK$1.116/share, against a book value of HK1.736/share - and net cash of ~HK$1.00/share - this is probably being down too cheaply.</li>
<li>GNH's Circular is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0102/2025010203495.pdf" target="_blank" rel="noopener">out</a>, with an EGM to be held on the 22nd Jan. GNF's Scheme Doc is expected to be dispatched one or before the 10th Feb. </li>
</ul>


On the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
With an implied scrip price &amp; divvy of HK$1.116/share, against a book value of HK1.736/share - and net cash of ~HK$1.00/share - this is probably being down too cheaply.
GNH's Circular is now out, with an EGM to be held on the 22nd Jan. GNF's Scheme Doc is expected to be dispatched one or before the 10th Feb. 


Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)'s Scrip Offer

<ul>
<li>Back on the 16 Sept 2020, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a> (GNH) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0916/2020091601148.pdf" target="_blank" rel="noopener">announced</a> Hung Hon Man (CEO), with 29.99%, had made a voluntary cash offer of HK$0.17/share. This was discussed <a href="https://skr.ma/pwGjX" target="_blank" rel="noopener">here</a>.  </li>
<li>Hung <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0924/2020092401389.pdf" target="_blank" rel="noopener">bought 0.04%</a> a week later, triggering an MGO. The Offer closed with Hung holding <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/2020112000683.pdf" target="_blank" rel="noopener">61.32%</a>. A discounted downstream Offer for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial (1469 HK)</a> was also triggered.</li>
<li>Taking a leaf out of the <a href="https://www.smartkarma.com/entities/viva-goods-company-ltd" target="_blank" data-smartkarma-citation="entities:15864:1" rel="noopener">Viva Goods (933 HK)</a>/<a href="https://www.smartkarma.com/entities/bossini-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:4085:1" rel="noopener">Bossini International Holdings (592 HK)</a> playbook, GNH has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1105/2024110501848.pdf" target="_blank" rel="noopener">announced</a> a scrip Offer, by way of a Scheme, for Get Nice Financial.</li>
</ul>


Back on the 16 Sept 2020, Get Nice (64 HK) (GNH) announced Hung Hon Man (CEO), with 29.99%, had made a voluntary cash offer of HK$0.17/share. This was discussed here.  
Hung bought 0.04% a week later, triggering an MGO. The Offer closed with Hung holding 61.32%. A discounted downstream Offer for 72.99%-held Get Nice Financial (1469 HK) was also triggered.
Taking a leaf out of the Viva Goods (933 HK)/Bossini International Holdings (592 HK) playbook, GNH has now announced a scrip Offer, by way of a Scheme, for Get Nice Financial.


Get Nice Financial (1469 HK): Get Nice (64 HK)'s Scrip Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF’s scheme offer from <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.</li>
<li>The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk</li>
<li>The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)/GNF’s scheme offer from Get Nice Holdings (64 HK)/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.
The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk
The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

Hong Kong

Get Nice Financial Group Limited is an investment holding company. The Company provides services including securities, futures, and options broking, securities margin financing, and corporate finance services.

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Get Nice Financial Group Ltd (1469 HK)

Get Nice Financial (1469 HK): Get Nice Holdings (64 HK)’s EGM Vote Passes, Next Up, the GNF Vote

The GNF scheme vote remains low-risk, aided by peers' material derating. The current gross spread of 8.7% partly reflects the difficulty of playing...

Arun George

Get Nice Financial (1469 HK): Attractive Spread Ahead of Get Nice Holdings (64 HK)’s EGM Vote

The GNH vote will comfortably pass, and the GNF scheme vote remains low-risk. At the last close, the gross/annualised spread for an end-March...

Arun George

Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)'s Scrip Offer

The more interesting bet is GNH (64 HK) at a 74% discount to NAV and 0.21x P/B, which will (should) be taken out next. That may be worth a punt.

David Blennerhassett

Get Nice Financial (1469 HK): Get Nice (64 HK)'s Scrip Offer

This is not a particularly liquid arb situation. I would avoid. If anything, GNH, at a 66% discount to NAV and 0.3x P/B, will probably be taken out...

David Blennerhassett

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Get Nice Financial (1469 HK): Get Nice Holdings (64 HK)’s EGM Vote Passes, Next Up, the GNF Vote

The GNF scheme vote remains low-risk, aided by peers' material derating. The current gross spread of 8.7% partly reflects the difficulty of playing...

Arun George

Get Nice Financial (1469 HK): Attractive Spread Ahead of Get Nice Holdings (64 HK)’s EGM Vote

The GNH vote will comfortably pass, and the GNF scheme vote remains low-risk. At the last close, the gross/annualised spread for an end-March...

Arun George

Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)'s Scrip Offer

The more interesting bet is GNH (64 HK) at a 74% discount to NAV and 0.21x P/B, which will (should) be taken out next. That may be worth a punt.

David Blennerhassett

Get Nice Financial (1469 HK): Get Nice (64 HK)'s Scrip Offer

This is not a particularly liquid arb situation. I would avoid. If anything, GNH, at a 66% discount to NAV and 0.3x P/B, will probably be taken out...

David Blennerhassett

Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is...

Arun George