Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

<ul>
<li>The new article on <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.</li>
<li>
<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. </li>
<li>Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in <a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.</li>
</ul>


The new article on Seven &amp; I Holdings (3382 JP) from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.

CPMC Holdings (906 HK)'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. 
Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in UBTech Robotics (9880 HK) will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.


Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>During the lunch break, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK</a>)  <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1220/2024122000232.pdf" target="_blank" rel="noopener">announced</a> that <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a> (XJF) had satisfied all pre-conditions - the final approvals concerned outbound direct investments.</li>
<li>The Offer Document, including the IFA opinion, is expected to be dispatched  in seven days - or 27th December, at which time, the Offer will be open to acceptances.</li>
<li>Evidently the Jeff Bi/Gong Hong MGO isn't materialising any time soon. Provided the IFA is supportive - and that should now be known - management should unanimously back XJF's Offer.</li>
</ul>


During the lunch break, Greatview Aseptic Packaging (468 HK)  announced that Shandong Xinjufeng Technology Packaging (301296 CH) (XJF) had satisfied all pre-conditions - the final approvals concerned outbound direct investments.
The Offer Document, including the IFA opinion, is expected to be dispatched  in seven days - or 27th December, at which time, the Offer will be open to acceptances.
Evidently the Jeff Bi/Gong Hong MGO isn't materialising any time soon. Provided the IFA is supportive - and that should now be known - management should unanimously back XJF's Offer.


GAPack (468 HK): XJF Satisfies Pre-Cons. Management Should Back Terms

<ul>
<li>After Tanarra Capital categorically refuted an Australian article alleging Tanarra was supportive of Bain's Offer, <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>'s board's response was all-but rubber stamped. </li>
<li>Insignia reckons Bain's Offer does not represent fair value, and in the "context of a change of control transaction". </li>
<li>What now - does Bain bump? Tough call in a space where one, possible two deals, may lapse in short succession. </li>
</ul>


After Tanarra Capital categorically refuted an Australian article alleging Tanarra was supportive of Bain's Offer, Insignia Financial (IFL AU)'s board's response was all-but rubber stamped. 
Insignia reckons Bain's Offer does not represent fair value, and in the "context of a change of control transaction". 
What now - does Bain bump? Tough call in a space where one, possible two deals, may lapse in short succession. 


Insignia Financial (IFL AU): Bain Rejection Follows Tanarra's Lead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ioof-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, a wealth manager and previously known as IOOF, has announced a <a href="https://announcements.asx.com.au/asxpdf/20241213/pdf/06clql94x0mq9g.pdf" target="_blank" rel="noopener">A$4.00/share non-binding and indicative proposal</a> from PE outfit Bain Capital.</li>
<li>The Offer, should it proceed, will be by way of a Scheme.  Apart from IFL's shareholder approval, a firm bid requires FIRB signing off. </li>
<li>IFL's board is weighing up the Offer's pros and cons. This probably requires a small bump.</li>
</ul>



Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has announced a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.
The Offer, should it proceed, will be by way of a Scheme.  Apart from IFL's shareholder approval, a firm bid requires FIRB signing off. 
IFL's board is weighing up the Offer's pros and cons. This probably requires a small bump.


Insignia Financial (IFL AU): Bain's A$4.00/Share NBIO. Needs More Gruel

Australia

Insignia Financial Ltd operates as a financial services company. The Company provides clients with a range of products and services including financial advisory, investment management, real estate, and trustee services. Insignia Financial serves customers worldwide.

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Insignia Financial (IFL AU)

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

GAPack (468 HK): XJF Satisfies Pre-Cons. Management Should Back Terms

Bi/Hong will likely stick to their guns, and reject XJF's offer, and hope the deal fails. Minority shareholders should ignore that advice and tender.

David Blennerhassett