Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Natural rubber play <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> was suspended ahead of trading on the 14 November.</li>
<li>Word on the street is that a privatisation will be announced shortly. </li>
<li>The benefit of hindsight ... Halcyon's largest shareholder, SOE-backed Sinochem, recently increased its stake, paying ~S$0.45/share. </li>
</ul>


Natural rubber play Halcyon Agri (HACL SP) was suspended ahead of trading on the 14 November.
Word on the street is that a privatisation will be announced shortly. 
The benefit of hindsight ... Halcyon's largest shareholder, SOE-backed Sinochem, recently increased its stake, paying ~S$0.45/share. 


Halcyon Agri Suspended Ahead Of Possible Offer

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Earlier this afternoon, 28 September 2016, Haclyon hosted a <a href="http://infopub.sgx.com/FileOpen/GMG_VGO_Shareholder_Briefing_Invitation.ashx?App=Announcement&amp;FileID=420771" target="_blank">briefing</a> for GMG shareholders pursuant to the Voluntary General Offer for GMG shares.We were present at the briefing. Robert Meyer, executive chairman and CEO of Halcyon, gave the briefing as well as answered questions asked during the Q&amp;A session. These are the takeaways. <h2>The run-up to the meeting</h2>RHB's report (the Independent Financial Adviser) they stated that the offer is not fair but reasonable. SIAS had put out a <a href="https://www.smartkarma.com/insights/sias-comments-on-offer-by-halycon-agri-for-gmg-global-and-the-ifa-report-ff533cc3-b592-4c1b-92f5-47f28d3a6e9b" target="_blank">report</a> yesterday…

Earlier this afternoon, 28 September 2016, Haclyon hosted a briefing for GMG shareholders pursuant to the Voluntary General Offer for GMG shares.We were present at the briefing. Robert Meyer, executive chairman and CEO of Halcyon, gave the briefing as well as answered questions asked during the Q&amp;A session. These are the takeaways. The run-up to the meetingRHB's report (the Independent Financial Adviser) they stated that the offer is not fair but reasonable. SIAS had put out a report yesterday…

Takeaways from GMG's Shareholders Briefing

Securities Investors Association Singapore (SIAS)

General Manager, Securities Investors Association Singapore (SIAS)

Richard Christopher Dyason

General Manager

Investor Education, Corp Governance & Transparency

Securities Investors Association (Singapore) or SIAS, was founded unexpectedly in June 1999 to champion the CLOB issue. 172,000 retail investors were suddenly stranded when the Malaysian Government froze their investments on Malaysian stocks in September 1998, amounting to US$5 billion. A group of civic-minded citizens lead by Mr David Gerald got together and took on the challenge to help free the frozen shares with an initial backing by 49,880 retail investors as members of the non-profit organisation. Their resoluteness and unity helped to resolve the issue on our terms.

Today, SIAS is a Charity and an Institution of Public Character (IPC), and the largest organized investor group in Asia, with almost 71,000 retail investors as members. It is run by an elected Management Committee comprising of professionals who are volunteers. It actively promotes Investor Education, Corporate Governance and Transparency and is the advocate for Investor rights in Singapore. To-date, SIAS has successfully organized over 1000 investor education programmes ranging from basic investment seminars for novices to certificate courses for investment savvy investors. Thus far, more than 140,000 retail investors have benefited from these programmes that are offered largely free. Members are educated on the features of investment products, and the attendant risks involved in each product. Investors are taught to make informed decisions on investing. SIAS is able to provide a variety of investor education programmes to its members and the investing community at large through collaborative arrangements with financial institutions and listed companies interested in investor education as part of its corporate social responsibility agenda.
SIAS is "the voice" for minority shareholders and has already engaged with corporations falling short of good Corporate Governance practices. However, its preferred approach to resolve investors’ right issues is to do so in the boardroom and not in the courtroom. Many SIAS investors have sought protection also from errant traders. SIAS conducts dispute resolution sessions regularly to assist investors to resolve issues. Annually, SIAS tracks and grades listed companies for their Corporate Governance practices and rewards those who have excelled with the Singapore Corporate Governance Award. 

SIAS also works with Public Listed Companies to reach out to retail investors through its corporate communication programme to enable investors to determine the fundamentals of a company and take a long-term view of the company for investment.

On 15 Jan 2016, <a href="https://www.smartkarma.com/entities/18191" target="_blank" data-smartkarma-citation="entities:18191:1">Halcyon Agri Corp Ltd (HACL SP)</a> announced that it was in discussions with Sinochem International Corporation (“Sinochem”) with the potential transaction involving the combination of HAC, Sinochem’s interest in <a href="https://www.smartkarma.com/entities/17847" target="_blank" data-smartkarma-citation="entities:17847:1">GMG Global Ltd (GGL SP)</a>, and certain natural rubber processing facilities and trading businesses of Sinochem International (Overseas) Pte Ltd (“SIO’s NR Assets”).On 27 April 2016, SIAS released press statement on SIAS meeting with GMG in respect of the potential transaction. On 23 Aug 2016, Deutsche Bank announced on behalf of HAC that HAC intend to make the GMG voluntary general offer (VGO). The Offer Consideration shall be satisfied by the issue of new HAC shares on the following basis: GMG Share : 0.9333 new ordinary share of HAC, with an implied offer price of S$0.695 On 23 Sep 2016, GMG issued a circular containing, inter alia, the recommendations of the Independent Financial Adviser (“IFA”) and independent directors on the offer from HAC (“Circular”).

On 15 Jan 2016, Halcyon Agri Corp Ltd (HACL SP) announced that it was in discussions with Sinochem International Corporation (“Sinochem”) with the potential transaction involving the combination of HAC, Sinochem’s interest in GMG Global Ltd (GGL SP), and certain natural rubber processing facilities and trading businesses of Sinochem International (Overseas) Pte Ltd (“SIO’s NR Assets”).On 27 April 2016, SIAS released press statement on SIAS meeting with GMG in respect of the potential transaction.  On 23 Aug 2016, Deutsche Bank announced on behalf of HAC that HAC intend to make the GMG voluntary general offer (VGO). The Offer Consideration shall be satisfied by the issue of new HAC shares on the following basis: GMG Share : 0.9333 new ordinary share of HAC, with an implied offer price of S$0.695  On 23 Sep 2016, GMG issued a circular containing, inter alia, the recommendations of the Independent Financial Adviser (“IFA”) and independent directors on the offer from HAC (“Circular”).

SIAS Comments on Offer by Halycon Agri for GMG Global and the IFA Report

Halcyon despatched the offer document early this morning (9 Sept 2016).<ol>
<li>Despatch of offer document <a href="http://infopub.sgx.com/FileOpen/GMG_VGO_Despatch_of_Offer_Document.ashx?App=Announcement&amp;FileID=420767" target="_blank">announcement</a>
</li>
<li><a href="http://infopub.sgx.com/FileOpen/GMG_VGO_Offer_Document.ashx?App=Announcement&amp;FileID=420768" target="_blank">Offer Document</a></li>
</ol><h2>Timetable</h2><table class="table table-striped"><tbody>
<tr>
<td>Date</td>
<td>Event</td>
</tr>
<tr>
<td>9 September 2016</td>
<td>VGO Opens</td>
</tr>
<tr>
<td>10 September 2016</td>
<td>Offer turns unconditional (Sinochem has said that they will accept the offer immediately)</td>
</tr>
<tr>
<td>21 September 2016</td>
<td>Payment date (if you tender today)</td>
</tr>
<tr>
<td>By 23 September 2016
</td>
<td>Despatch of Offeree Circular with IFA opinion</td>
</tr>
<tr>
<td>28 September 2016</td>
<td>HACL hosts <a href="http://infopub.sgx.com/FileOpen/GMG_VGO_Shareholder_Briefing_Invitation.ashx?App=Announcement&amp;FileID=420771" target="_blank">briefing</a> for GMG shareholders</td>
</tr>
<tr>
<td>7 October 2016</td>
<td>Offer closes</td>
</tr>
</tbody></table><h2>Key Points to take note</h2><ul><li>Offer…</li></ul>

Halcyon despatched the offer document early this morning (9 Sept 2016).
Despatch of offer document announcement

Offer Document
Timetable

Date
Event


9 September 2016
VGO Opens


10 September 2016
Offer turns unconditional (Sinochem has said that they will accept the offer immediately)


21 September 2016
Payment date (if you tender today)


By 23 September 2016

Despatch of Offeree Circular with IFA opinion


28 September 2016
HACL hosts briefing for GMG shareholders


7 October 2016
Offer closes

Key Points to take noteOffer…

GMG / Halcyon - Analysis of the Offer Document

Equity Bottom-Up

Now that Sinochem’s offer for Halcyon has finally closed we have removed the transaction from our <a href="https://www.smartkarma.com/tools/mna" target="_blank">live M&amp;A Analyser.</a> Before we say a final goodbye, however, it is worth highlighting a few things that have potentially important ramifications for the ongoing GMG/Halcyon deal and the performance of the new MergeCo.<h2>1) Breakout in 'theoretical' price</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/012/300/original/Pasted%20image%20at%202016_08_26%2012_25%20PM.png?1472194011" class="editor-image img-responsive" data-smartkarma-image-id="12300"></figure>The dotted-blue line represents the theoretical price of Halcyon (if there wasn't any offer); this theoretical price is calculated by taking the 20-day…

Now that Sinochem’s offer for Halcyon has finally closed we have removed the transaction from our live M&amp;A Analyser. Before we say a final goodbye, however, it is worth highlighting a few things that have potentially important ramifications for the ongoing GMG/Halcyon deal and the performance of the new MergeCo.1) Breakout in 'theoretical' priceThe dotted-blue line represents the theoretical price of Halcyon (if there wasn't any offer); this theoretical price is calculated by taking the 20-day…

Halcyon: Three Reasons to Play the GMG Angle

Singapore

GMG Global Limited is an investment holding company whose subsidiaries operate rubber plantations.  The Company plants, grows, taps, processes, markets and exports of natural rubber.

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GMG Global Ltd (GGL SP)

Halcyon Agri Suspended Ahead Of Possible Offer

Word on the street is that a privatisation will be tabled shortly. The fact Halcyon's largest shareholder, Sinochem, increased its stake, paying...

David Blennerhassett

Takeaways from GMG's Shareholders Briefing

Earlier this afternoon, 28 September 2016, Haclyon hosted a briefing for GMG shareholders pursuant to the Voluntary General Offer for GMG shares.We...

Crispin Francis

SIAS Comments on Offer by Halycon Agri for GMG Global and the IFA Report

On 15 Jan 2016, Halcyon Agri Corp Ltd (HACL SP) announced that it was in discussions with Sinochem International Corporation (“Sinochem”) with the...

Securities Investors Association Singapore (SIAS)

GMG / Halcyon - Analysis of the Offer Document

Halcyon despatched the offer document early this morning (9 Sept 2016). Despatch of offer document announcement Offer Document TimetableKey Points...

Crispin Francis

Halcyon: Three Reasons to Play the GMG Angle

Now that Sinochem’s offer for Halcyon has finally closed we have removed the transaction from our live M&A Analyser. Before we say a final...

Crispin Francis

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