Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Cuscaden Peak, the sponsor of <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

<ul>
<li>On the 17th July, Hung Hon Man, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>'s chairman (&amp; founder) offered HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.</li>
<li>Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. However, minorities are indifferent when perusing past AGM voting. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0928/2026092800097.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a 26th October Scheme Meeting, and expected payment on the 16th November. The IFA (Veda Capital) concluded "fair and reasonable". </li>
</ul>


On the 17th July, Hung Hon Man, Get Nice (64 HK)'s chairman (&amp; founder) offered HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.
Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. However, minorities are indifferent when perusing past AGM voting. 

The Scheme Booklet is now out, with a 26th October Scheme Meeting, and expected payment on the 16th November. The IFA (Veda Capital) concluded "fair and reasonable". 


Get Nice (64 HK): 26th October Vote On Hung's Low-Balled Offer.

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>Mr Hung’s offer for <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a> is HK$2.00 in cash plus a HK$2.00 special dividend. The gross spread is now 3.6%, and the vote is on 26 October.</li>
<li>Mr Hung holds 51.67%. Blocking the scheme requires 4.83% of outstanding shares (10% of disinterested holders), and no disinterested shareholder appears to be close to that.</li>
<li>The IFA says the offer is fair and reasonable. It justifies the 62.5% NAV discount by past trading discounts and the cost of selling assets. This is a done deal.</li>
</ul>


Mr Hung’s offer for Get Nice (64 HK) is HK$2.00 in cash plus a HK$2.00 special dividend. The gross spread is now 3.6%, and the vote is on 26 October.
Mr Hung holds 51.67%. Blocking the scheme requires 4.83% of outstanding shares (10% of disinterested holders), and no disinterested shareholder appears to be close to that.
The IFA says the offer is fair and reasonable. It justifies the 62.5% NAV discount by past trading discounts and the cost of selling assets. This is a done deal.


Get Nice Holdings (64 HK): Low-Risk Scheme Vote on 26 October

Guotai Junan International / Event-Driven

<ul>
<li>After broker/investment bank <a href="https://www.smartkarma.com/entities/guotai-junan-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:13438:1" rel="noopener">Guotai Junan (1788 HK)</a> (GJI) was suspended last month pursuant to the Takeover's Code, an Offer from its state-backed parent <a href="https://www.smartkarma.com/entities/guotai-haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:22740:1" rel="noopener">Guotai Haitong (601211 CH)</a> (GHS) was expected.</li>
<li>That unfolded last Friday evening (7th July), with GHS pitching a pre-conditional (SASAC/NDRC) Scheme at HK$3/share, a 44.2% premium to last close, bang in-line with my estimate. Terms are final. 
</li>
<li>The pre-con long stop date is the 31st  October. That's uncommonly quick. This could (should) be wrapped up before year-end. Plus there are some quirky Scheme vote-blocking %s.</li>
</ul>


After broker/investment bank Guotai Junan (1788 HK) (GJI) was suspended last month pursuant to the Takeover's Code, an Offer from its state-backed parent Guotai Haitong (601211 CH) (GHS) was expected.
That unfolded last Friday evening (7th July), with GHS pitching a pre-conditional (SASAC/NDRC) Scheme at HK$3/share, a 44.2% premium to last close, bang in-line with my estimate. Terms are final. 

The pre-con long stop date is the 31st  October. That's uncommonly quick. This could (should) be wrapped up before year-end. Plus there are some quirky Scheme vote-blocking %s.


Guotai Junan (1788 HK): Get Involved Here

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guotai-junan-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:13438:1" rel="noopener">Guotai Junan International (1788 HK)</a>/GJTAI announced a preconditional scheme offer from <a href="https://www.smartkarma.com/entities/guotai-haitong-securities-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Haitong Securities (2611 HK)</a> at HK$3.00, a 44.2% premium to the last close. The offer price is final. </li>
<li>HKEx privatisations, which require regulatory approvals, have recently been shunned. However, the precondition related to NDRC and Shanghai SASAC regulatory approvals is low risk. </li>
<li>While the offer is below the six-month high, it is attractive compared to peer and precedent transaction multiples. Barring a significant re-rating of peers, this should get done. </li>
</ul>



Guotai Junan International (1788 HK)/GJTAI announced a preconditional scheme offer from Guotai Haitong Securities (2611 HK) at HK$3.00, a 44.2% premium to the last close. The offer price is final. 
HKEx privatisations, which require regulatory approvals, have recently been shunned. However, the precondition related to NDRC and Shanghai SASAC regulatory approvals is low risk. 
While the offer is below the six-month high, it is attractive compared to peer and precedent transaction multiples. Barring a significant re-rating of peers, this should get done. 


Guotai Junan International (1788 HK): Precon Privatisation by Guotai Haitong Securities at HK$3.00

Hong Kong

Get Nice Financial Group Limited is an investment holding company that provides a comprehensive range of financial services. Its core activities include securities margin financing, stockbroking, futures and options broking, underwriting and placements, corporate advisory services, asset management, and investments in financial instruments. The company is headquartered at Cosco Tower in Central, Hong Kong, and was incorporated in 2015.

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Get Nice Financial (1469 HK)

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

Get Nice (64 HK): 26th October Vote On Hung's Low-Balled Offer.

Trading wide at a 3.6%/31.1% gross/annualised spread. It is what it is. This is as good as it will get for minorities. If illiquid arbs are your...

David Blennerhassett

Get Nice Holdings (64 HK): Low-Risk Scheme Vote on 26 October

Mr Hung's HK$4.00 offer for GNH trades at a current spread of 3.6%. He holds 51.67%; no one comes close to holding a blocking stake, and the IFA...

Arun George

Guotai Junan (1788 HK): Get Involved Here

At 5.8%/15.5% gross/annualised spread, I'd be a buyer here. This is a pretty clean deal. The risk this is blocked is low.

David Blennerhassett

Guotai Junan International (1788 HK): Precon Privatisation by Guotai Haitong Securities at HK$3.00

While the offer is below the six-month high, it is attractive compared to peer and precedent transaction multiples. Barring a significant re-rating...

Arun George

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