Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Utter carnage in arb-world this week, as <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> fails, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> and <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health (RHC AU)</a> are potentially next, and now <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a>.</li>
<li>46.04%. That's the only number that matters, which represents the total shares owned by the Cheng family plus shares tendered. </li>
<li>The Chengs are restricted from launching another Offer for 12 months. Giordano will be sold off today, however, this is a buy if it retraces to around the undisturbed levels.</li>
</ul>


Utter carnage in arb-world this week, as Frasers Hospitality Trust (FHT SP) fails, Link Administration (LNK AU) and Ramsay Health (RHC AU) are potentially next, and now Giordano (709 HK).
46.04%. That's the only number that matters, which represents the total shares owned by the Cheng family plus shares tendered. 
The Chengs are restricted from launching another Offer for 12 months. Giordano will be sold off today, however, this is a buy if it retraces to around the undisturbed levels.


Arb Carnage As Giordano's Offer Also Fails

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>The offeror and acceptances reached 46.04%, just short of the 50% minimum acceptance condition. The offeror has decided to let the <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a> offer lapse.</li>
<li>The offer fell short of the 50% threshold as the Cheng family mistakenly assumed that shareholders behind Halycon's stake were friendly shares, which would support the offer.</li>
<li>The downside will be muted as the shares are trading in line with the 1-year average forward P/E, minorities thought the offer was low, and David Webb is a buyer.</li>
</ul>


The offeror and acceptances reached 46.04%, just short of the 50% minimum acceptance condition. The offeror has decided to let the Giordano International (709 HK) offer lapse.
The offer fell short of the 50% threshold as the Cheng family mistakenly assumed that shareholders behind Halycon's stake were friendly shares, which would support the offer.
The downside will be muted as the shares are trading in line with the 1-year average forward P/E, minorities thought the offer was low, and David Webb is a buyer.


<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>, <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> and <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a> are pre-marketing a US$1.5 billion, US$2.0 billion and US$2.0 billion HKEx IPOs, respectively.</li>
<li>Event-Driven developments - DTAC/True, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener">MyDeal.com.au Ltd (MYD AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (2007699D HK), Onewo Space-Tech (ONEWO HK) and CALB (CALBLZ CH) are pre-marketing a US$1.5 billion, US$2.0 billion and US$2.0 billion HKEx IPOs, respectively.
Event-Driven developments - DTAC/True, Giordano International (709 HK), Link Administration (LNK AU), MyDeal.com.au Ltd (MYD AU), Nitro Software Ltd (NTO AU), Resapp Health (RAP AU), Tyro Payments (TYR AU). 


Weekly Deals Digest (11 Sep) - Giordano, DTAC/True, Link Admin, Nitro, Tyro, Ramsay, CALB, Onewo

<ul>
<li>Late last night, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0905/2022090502358.pdf" target="_blank" rel="noopener">announced</a> the Offeror - the Cheng Family - had 44.98% in the bag after 20.41% of shares out had been tendered.</li>
<li>The Offer has been extended for one week, until the 13 September. </li>
<li>Whether investors receive the Offer consideration AND the interim divided is still up for debate.</li>
</ul>


Late last night, Giordano International (709 HK) announced the Offeror - the Cheng Family - had 44.98% in the bag after 20.41% of shares out had been tendered.
The Offer has been extended for one week, until the 13 September. 
Whether investors receive the Offer consideration AND the interim divided is still up for debate.


Giordano (709 HK): Cheng's Have 44.98%. Offer Extended

<ul>
<li>The offeror and acceptances reached 44.98%, just short of the 50% minimum acceptance condition. The closing date has been extended to 13 September. </li>
<li>If the offer is declared unconditional on or before 8 September, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a> shareholders who accept the offer will get HK$1.88 but not the dividend of HK$0.085.</li>
<li>The offeror likely remains confident that it will hit the 50% threshold. At the last close, the gross and annualised spread for 17 Sep payment is 1.1% and 37.2%, respectively.</li>
</ul>


The offeror and acceptances reached 44.98%, just short of the 50% minimum acceptance condition. The closing date has been extended to 13 September. 
If the offer is declared unconditional on or before 8 September, Giordano International (709 HK) shareholders who accept the offer will get HK$1.88 but not the dividend of HK$0.085.
The offeror likely remains confident that it will hit the 50% threshold. At the last close, the gross and annualised spread for 17 Sep payment is 1.1% and 37.2%, respectively.


Giordano’s Acceptances Just Short of the 50% Voting Threshold; Offer Period Extended

Hong Kong

Giordano is an international retailer specializing in men's, women's, and children's apparel and accessories. The company offers a wide range of fashion-oriented clothing and accessories under brands such as Giordano, Giordano Junior, Giordano Ladies, and BSX, through its retail, distribution, and wholesale operations. Giordano was founded in Hong Kong in 1981.

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Giordano (709 HK)

Arb Carnage As Giordano's Offer Also Fails

Shares will fall today (and why this insight is labeled bearish) If shares retrace to around the undisturbed levels, this is a buy.

David Blennerhassett

Giordano’s VGO Lapses

The downside will be muted as the shares are trading in line with the 1-year average forward P/E, minorities thought the offer was low, and David...

Arun George

Weekly Deals Digest (11 Sep) - Giordano, DTAC/True, Link Admin, Nitro, Tyro, Ramsay, CALB, Onewo

Last week, notable developments occurred in Event-Driven (DTAC/True, Giordano, Link Admin, Nitro, Tyro, MyDeal, ResApp, Ramsay) and ECM (CALB,...

Arun George

Giordano (709 HK): Cheng's Have 44.98%. Offer Extended

If needed, I think Halcyon will tender a portion of its shares to get this deal up. Halcyon's appointment, and its holding in Giordano, just...

David Blennerhassett

Giordano’s Acceptances Just Short of the 50% Voting Threshold; Offer Period Extended

The next few days will likely take the offeror over the 50% voting threshold. At last close and the HK$1.88 VGO price, the annualised spread for...

Arun George

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