Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed this week: <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>'s scrip Offer, and <a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a>'s tender Offer. Plus <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>'s reverse takeover.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a>, <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>, and <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week: Get Nice Financial Group Ltd (1469 HK)'s scrip Offer, and Net One Systems (7518 JP)'s tender Offer. Plus Sigma Healthcare (SIG AU)'s reverse takeover.
Key updates took place on: Latin Resources (LRS AU), I'Rom Group (2372 JP), Malaysia Airports Holdings (MAHB MK), Korea Zinc (010130 KS), and PropertyGuru (PGRU US).


(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

Get Nice Financial Group Ltd / Event-Driven

<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

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/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

<ul>
<li>
<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> and <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> are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”</li>
<li>Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   </li>
<li>We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close</li>
</ul>



Get Nice Holdings (64 HK) and Get Nice Financial Group Ltd (1469 HK) are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”
Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   
We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close


Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Haitong International Securities Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s scheme meeting is on 15 December. The IFA considers <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>’s HK$1.52 per share offer fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.</li>
<li>The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.</li>
</ul>



Haitong International Securities Group (665 HK)’s scheme meeting is on 15 December. The IFA considers Haitong Securities Co Ltd (H) (6837 HK)’s HK$1.52 per share offer fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.
The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.


Haitong International (665 HK): Vote on 15 December

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)

(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

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 Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

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

Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George