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

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/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>’s offer from <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.</li>
<li>Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.</li>
<li>Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.</li>
</ul>



HKBN Ltd (1310 HK)’s offer from China Mobile (941 HK) is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.
Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.
Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.


HKBN (1310 HK): On the Cusp of Being Declared Unconditional

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>'s Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> will be declared unconditional tomorrow (3rd September), the first closing date. </li>
<li>As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. </li>
<li>It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.</li>
</ul>



China Mobile (941 HK)'s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date. 
As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. 
It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.


HKBN (1310 HK): Mobile's Offer Is Done. Now For The Back End

<ul>
<li>The precondition for <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>’s HK$5.075 offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> is satisfied. The offer is final. The offer document must be despatched by 8 August.</li>
<li>The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.</li>
<li>Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.</li>
</ul>


The precondition for China Mobile (941 HK)’s HK$5.075 offer for HKBN Ltd (1310 HK) is satisfied. The offer is final. The offer document must be despatched by 8 August.
The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.
Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.


HKBN (1310 HK): China Mobile Satisfies the Precondition

<ul>
<li>After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.</li>
<li>Just two days after the Offer Doc was issued, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0808/2025080801510.pdf" target="_blank" rel="noopener">the Response Doc has now been dispatched</a>.</li>
<li>The IFA (Somerley) says <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>'s terms are fair &amp; reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. </li>
</ul>


After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
The IFA (Somerley) says China Mobile (941 HK)'s terms are fair &amp; reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. 


HKBN (1310 HK): Response Doc Out. IFA Says Fair

Hong Kong

HKBN is an integrated telecommunications and technology solutions provider offering broadband, mobile, and enterprise services to residential and business customers in Hong Kong. Its offerings include high-speed internet, voice services, IT outsourcing, cloud and data center solutions, cybersecurity, and an enterprise-level artificial intelligence platform. HKBN is headquartered in Hong Kong and was founded in 1992.

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HKBN (1310 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

HKBN (1310 HK): On the Cusp of Being Declared Unconditional

The offer is now unconditional. Based on CCASS data, including acceptances, China Mobile’s shareholding was 61.62% of outstanding shares as of...

Arun George

HKBN (1310 HK): Mobile's Offer Is Done. Now For The Back End

This is done. And trading tight (0.5% gross), as it has done for months. Comps are up 18% since the initial Offer. Unless you have a strong opinion...

David Blennerhassett

HKBN (1310 HK): China Mobile Satisfies the Precondition

CCASS data shows that the Canada Pension Plan Investment Board, which provided an irrevocable, has tendered. Based on CCASS data, China Mobile’s...

Arun George

HKBN (1310 HK): Response Doc Out. IFA Says Fair

This is done. Trading super tight at a gross/annualised spread of 0.5%/5.4% assuming 12th September payment. If in, stay in. Otherwise, look...

David Blennerhassett

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