Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

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<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

<ul>
<li>As discussed in <a href="https://skr.ma/gQ5tZ" target="_blank" rel="noopener">Get Nice (64 HK): Expect A Founder's Scheme</a>, following <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 (GNH) suspension, an Offer from Hung Hon Man, GNH's chairman (&amp; founder), was expected.</li>
<li>And that is what unfolded late Friday night (17th July). Hung is Offering 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. Yet minorities are indifferent looking at AGM voting. I'm guessing this gets up, as is.</li>
</ul>


As discussed in Get Nice (64 HK): Expect A Founder's Scheme, following Get Nice (64 HK)'s (GNH) suspension, an Offer from Hung Hon Man, GNH's chairman (&amp; founder), was expected.
And that is what unfolded late Friday night (17th July). Hung is Offering 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. Yet minorities are indifferent looking at AGM voting. I'm guessing this gets up, as is.


Get Nice (64 HK): Hung's (Expected) Low-Balled Offer. It Is What It Is

<ul>
<li>
<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>/GNH has disclosed a scheme offer from Mr Hung Hon Man (founder and Chairman) at HK$4.00 (scheme consideration of HK$2.00 + special dividend of HK$2.00).</li>
<li>While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples. </li>
<li>However, the scheme vote is low-risk, as no disinterested shareholder holds a blocking stake. Unless an activist(s) takes an interest by building a blocking stake, this is a done deal.</li>
</ul>



Get Nice (64 HK)/GNH has disclosed a scheme offer from Mr Hung Hon Man (founder and Chairman) at HK$4.00 (scheme consideration of HK$2.00 + special dividend of HK$2.00).
While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples. 
However, the scheme vote is low-risk, as no disinterested shareholder holds a blocking stake. Unless an activist(s) takes an interest by building a blocking stake, this is a done deal.


Get Nice Holdings (64 HK): Chairman’s Scheme Offer Is Light

<ul>
<li>Back on the 5th November 2024, <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> (GNH) announced 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 (1469 HK)</a> (GNF).</li>
<li>It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.</li>
<li>On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH's delisting via a Scheme.</li>
</ul>


Back on the 5th November 2024, Get Nice (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial (1469 HK) (GNF).
It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.
On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH's delisting via a Scheme.


Get Nice (64 HK): Expect A Founder's Scheme

Hong Kong

Get Nice is an investment holding company primarily engaged in financial services, including securities brokerage, margin financing, money lending, and corporate finance. The company also has interests in property development and investment, and real estate agency services. It was founded in 1988 and is headquartered in Hong Kong.

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Get Nice (64 HK)

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

Get Nice (64 HK): Hung's (Expected) Low-Balled Offer. It Is What It Is

It would be refreshing to see disruptor(s) build a blocking stake and force a bump. Probably wishful thinking, as Hung takes advantage of GNH's...

David Blennerhassett

Get Nice Holdings (64 HK): Chairman’s Scheme Offer Is Light

While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples....

Arun George

Get Nice (64 HK): Expect A Founder's Scheme

My best guess (blue sky) is a 40% discount to book - or ~HK6/share Offer. Optically this could be done at HK$4.50 or 32% premium to undisturbed;...

David Blennerhassett

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