Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  </li>
<li>CC Capital has now lifted is indicative Offer to <a href="https://announcements.asx.com.au/asxpdf/20250117/pdf/06dm4ygnv88lmw.pdf" target="_blank" rel="noopener">A$4.60/share</a>, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. </li>
<li>And Bain? I expect them to match CC Capital's terms, again; if not a small premium. </li>
</ul>


After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager Insignia Financial (IFL AU), trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  
CC Capital has now lifted is indicative Offer to A$4.60/share, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. 
And Bain? I expect them to match CC Capital's terms, again; if not a small premium. 


Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

<ul>
<li>Back on the 6th December 2024, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, a PRC department store operator, announced a Scheme from Thomas Lau, its chairman/CEO and major shareholder (74.91%, including concert parties).</li>
<li>The HK$0.913 Offer price was miserly 21.7% premium to last close. But not declared final. </li>
<li>The Offer deserved a bump, and Lau has obliged. However, the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0116/2025011600886.pdf" target="_blank" rel="noopener">revised HK$0.98/share bid</a>, a 30.6% premium to undisturbed, remains underwhelming. Lau has declared terms final.</li>
</ul>


Back on the 6th December 2024, Lifestyle China (2136 HK), a PRC department store operator, announced a Scheme from Thomas Lau, its chairman/CEO and major shareholder (74.91%, including concert parties).
The HK$0.913 Offer price was miserly 21.7% premium to last close. But not declared final. 
The Offer deserved a bump, and Lau has obliged. However, the revised HK$0.98/share bid, a 30.6% premium to undisturbed, remains underwhelming. Lau has declared terms final.


Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

<ul>
<li>Back on the 28th November, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>, a reputable home builder in Australia/New Zealand, <a href="https://announcements.asx.com.au/asxpdf/20241128/pdf/06bywtrktl1j89.pdf" target="_blank" rel="noopener">entered into a deed</a> granting the AVID consortium exclusive confirmatory due diligence.</li>
<li>The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.</li>
<li>In what appeared to be clean deal, <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> then acquired a <a href="https://announcements.asx.com.au/asxpdf/20241227/pdf/06d2p7fykvslm6.pdf" target="_blank" rel="noopener">5.39% stake</a> on the 23rd December. Now they've made their own <a href="https://announcements.asx.com.au/asxpdf/20250115/pdf/06dk238wkx2778.pdf" target="_blank" rel="noopener">NBIO at A$0.70/share</a>. </li>
</ul>


Back on the 28th November, AVJennings Ltd (AVJ AU), a reputable home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.
The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.
In what appeared to be clean deal, Ho Bee Land Ltd (HOBEE SP) then acquired a 5.39% stake on the 23rd December. Now they've made their own NBIO at A$0.70/share. 


AVJennings (AVJ AU): Ho Bee's Superior Proposal

<ul>
<li>After wealth manager <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> announced - and subsequently rejected  Bain's A$4.00/share Offer, CC Capital waded in on the 6th January with its own A$4.30/share NBIO.</li>
<li>IFL have yet to reach an opinion on CC Capital bid. And to make things interesting, Bain has  sweetened its Offer to $4.30/share, matching CC Capital's terms.</li>
<li>What now? Either, IFL opens the data room to both parties. Or rejects both. I think they should engage.</li>
</ul>


After wealth manager Insignia Financial (IFL AU) announced - and subsequently rejected  Bain's A$4.00/share Offer, CC Capital waded in on the 6th January with its own A$4.30/share NBIO.
IFL have yet to reach an opinion on CC Capital bid. And to make things interesting, Bain has  sweetened its Offer to $4.30/share, matching CC Capital's terms.
What now? Either, IFL opens the data room to both parties. Or rejects both. I think they should engage.


Insignia Financial (IFL AU): Bain Calls CC Capital's $4.30/Share NBIO

<ul>
<li>Ahead of <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>'s EGM and Court Meeting on the 22 January, the focus has shifted to Loyal Valley Capital (LVC)'s continued buying in the market.</li>
<li>After the close of market last Friday, LVC held <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0110/2025011000368.pdf" target="_blank" rel="noopener">7.8295%</a>, above the 7.826% blocking stake. That % was as at 9th January. I assume LVC are still buying.</li>
<li>Yet if you analyse how LVC has traded in and out of Henlius, they are not in it to block. They're in for the back-end scrip option.  </li>
</ul>


Ahead of Shanghai Henlius Biotech (2696 HK)'s EGM and Court Meeting on the 22 January, the focus has shifted to Loyal Valley Capital (LVC)'s continued buying in the market.
After the close of market last Friday, LVC held 7.8295%, above the 7.826% blocking stake. That % was as at 9th January. I assume LVC are still buying.
Yet if you analyse how LVC has traded in and out of Henlius, they are not in it to block. They're in for the back-end scrip option.  


Henlius (2696 HK): LVC Won't Block. Buy Here & On Weakness

Australia

Hotel Property Investments owns a portfolio of properties.  The Company's properties consist of pubs, detached bottle shops and other on-site specialty stores, which are used to generate capital returns for its security holders. Hotel Property Investment's properties are located throughout Queensland and South Australia.

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Hotel Property Investments (HPI AU)

Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

Both Offers remain non-binding. IFL should engage. Which means Bain needs to step up to at least match CC Capital. I'd be surprised if Tanarra...

David Blennerhassett

Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

IF illiquid arbs are your thing and you think this get up, pay up to HK$0.95/share for a 3.4%/15% gross/annualised return (where possible), if mid...

David Blennerhassett

AVJennings (AVJ AU): Ho Bee's Superior Proposal

Although terms are indicative, buy a tick or three below Ho Bee's terms. You could also consider buying the Singaporean leg (quoted in AUD), and...

David Blennerhassett

Henlius (2696 HK): LVC Won't Block. Buy Here & On Weakness

Trading wide at a 11.8% gross spread (using today's opening print) with expected payment around the third week of Feb. That's a buy here. I'd pay...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

Both Offers remain non-binding. IFL should engage. Which means Bain needs to step up to at least match CC Capital. I'd be surprised if Tanarra...

David Blennerhassett

Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

IF illiquid arbs are your thing and you think this get up, pay up to HK$0.95/share for a 3.4%/15% gross/annualised return (where possible), if mid...

David Blennerhassett

AVJennings (AVJ AU): Ho Bee's Superior Proposal

Although terms are indicative, buy a tick or three below Ho Bee's terms. You could also consider buying the Singaporean leg (quoted in AUD), and...

David Blennerhassett

Insignia Financial (IFL AU): Bain Calls CC Capital's $4.30/Share NBIO

Both Offers are non-binding. IFL may hold out for more, but they should engage here. However, I'm still not confident Tanarra is willing to kick...

David Blennerhassett

Henlius (2696 HK): LVC Won't Block. Buy Here & On Weakness

Trading wide at a 11.8% gross spread (using today's opening print) with expected payment around the third week of Feb. That's a buy here. I'd pay...

David Blennerhassett