Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://skr.ma/83DEG" target="_blank" rel="noopener">Chip Eng Seng: Low-Balled MBO At $0.72/Share</a>, I thought there was scope for a bump. But then the Tang family bought a 9.02% stake on market.</li>
<li>The Tangs have now bumped the Offer Price for <a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> to S$0.75/share, up from S$0.72/share, and declared the terms final.</li>
<li>The Offer remains conditional on a 50% acceptance hurdle. With 47.27% in the bag, this is done.</li>
</ul>


In Chip Eng Seng: Low-Balled MBO At $0.72/Share, I thought there was scope for a bump. But then the Tang family bought a 9.02% stake on market.
The Tangs have now bumped the Offer Price for Chip Eng Seng Corp (CHIP SP) to S$0.75/share, up from S$0.72/share, and declared the terms final.
The Offer remains conditional on a 50% acceptance hurdle. With 47.27% in the bag, this is done.


Offer Price for Chip Eng Seng Bumped And Declared Final

<ul>
<li>Conglomerate<a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener"> Chip Eng Seng Corp (CHIP SP)</a> (CES) has announced a voluntary Offer of S$0.72/share from a Tang family-owned entity. The price is a 1.4% premium to last close.</li>
<li>The Tang's hold 38.23% and the Offer is conditional on a 50% acceptance condition. </li>
<li>The Offer price is a 27.3% discount to CES' NAV as of 30 June 2022 - no such mention in the announcement. The Offer price has not been declared final.</li>
</ul>


Conglomerate Chip Eng Seng Corp (CHIP SP) (CES) has announced a voluntary Offer of S$0.72/share from a Tang family-owned entity. The price is a 1.4% premium to last close.
The Tang's hold 38.23% and the Offer is conditional on a 50% acceptance condition. 
The Offer price is a 27.3% discount to CES' NAV as of 30 June 2022 - no such mention in the announcement. The Offer price has not been declared final.


Chip Eng Seng: Low-Balled MBO At $0.72/Share

<ul>
<li>After the Supreme Court of NSW ruled that <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> cannot stall the Scheme for <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, the Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02601374-2A1415198?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>.  </li>
<li>Under the revised terms, Pendal shareholders will receive 1 Perpetual (share for every 7 Pendal shares plus $1.65/share cash. The IE concluded the terms are fair and reasonable. </li>
<li>The Scheme Meeting will be held on the 23 December, with an expected implementation date on the 23 January.</li>
</ul>


After the Supreme Court of NSW ruled that Perpetual Ltd (PPT AU) cannot stall the Scheme for Pendal Group (PDL AU), the Scheme Booklet is now out.  
Under the revised terms, Pendal shareholders will receive 1 Perpetual (share for every 7 Pendal shares plus $1.65/share cash. The IE concluded the terms are fair and reasonable. 
The Scheme Meeting will be held on the 23 December, with an expected implementation date on the 23 January.


Pendal/​Perpetual: 23 Dec Scheme Meeting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a> shareholders comprehensively approved the PAG Scheme on the 16 November. Shares will be suspended from trading at the close on the 30 November.</li>
<li>However, before the trading halt, PTB's board is expected to declare a final (and fully franked) dividend to Scheme shareholders up to the amount of A$0.03/share. </li>
<li>Expect that declaration to occur on or around Monday, 28 November. </li>
</ul>



PTB Group Ltd (PTB AU) shareholders comprehensively approved the PAG Scheme on the 16 November. Shares will be suspended from trading at the close on the 30 November.
However, before the trading halt, PTB's board is expected to declare a final (and fully franked) dividend to Scheme shareholders up to the amount of A$0.03/share. 
Expect that declaration to occur on or around Monday, 28 November. 


PTB Group: Scheme Approved. Now For The Dividend

<ul>
<li>Under the revised terms, <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal (PDL AU)</a> shareholders will receive 1 <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a> share for every 7 Pendal shares plus $1.65/share cash versus 7.50 Pendal shares and $1.976 cash.</li>
<li>Separately, the Supreme Court of NSW ruled that Perpetual cannot delay the Scheme on the expectation of a more favourable Offer for the company. </li>
<li>The first court hearing for the Scheme has been deferred until next week to seek orders convening the Scheme Meeting and for the despatch of the Scheme Booklet to shareholders.</li>
</ul>


Under the revised terms, Pendal (PDL AU) shareholders will receive 1 Perpetual (PPT AU) share for every 7 Pendal shares plus $1.65/share cash versus 7.50 Pendal shares and $1.976 cash.
Separately, the Supreme Court of NSW ruled that Perpetual cannot delay the Scheme on the expectation of a more favourable Offer for the company. 
The first court hearing for the Scheme has been deferred until next week to seek orders convening the Scheme Meeting and for the despatch of the Scheme Booklet to shareholders.


Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed

Australia

Japara Healthcare Limited, is a provider of aged care and retirement living services in Australia.

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Japara Healthcare (JHC AU)

Offer Price for Chip Eng Seng Bumped And Declared Final

With just 2.73% of shares out required to tender to get this over the line, this appears done. Trading at a gross/annualised spread of 1.4%/10.7%...

David Blennerhassett

Pendal/Perpetual: 23 Dec Scheme Meeting

I'd still short Perpetual, Long Pendal. But I hear borrow is tight for PPT. I expect the Pendal deal to get up. Currently trading at a 9.3% gross...

David Blennerhassett

PTB Group: Scheme Approved. Now For The Dividend

PTB shareholders have approved the Scheme. Shares will be suspended from trading at the close on the 30 Nov. PTB's board is expected to declare a...

David Blennerhassett

Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed

Perpetual "clarifying" its commitment to the Scheme is not a great look. Yet the revised terms provide Pendal with more skin in the game, I'm still...

David Blennerhassett

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52-week Range

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Offer Price for Chip Eng Seng Bumped And Declared Final

With just 2.73% of shares out required to tender to get this over the line, this appears done. Trading at a gross/annualised spread of 1.4%/10.7%...

David Blennerhassett

Chip Eng Seng: Low-Balled MBO At $0.72/Share

There is scope for a bump here. This Offer is less of a certainty that the Singhaiyi transaction. Get involved here or a spread (or two) below terms.

David Blennerhassett

Pendal/​Perpetual: 23 Dec Scheme Meeting

I'd still short Perpetual, Long Pendal. But I hear borrow is tight for PPT. I expect the Pendal deal to get up. Currently trading at a 9.3% gross...

David Blennerhassett

PTB Group: Scheme Approved. Now For The Dividend

PTB shareholders have approved the Scheme. Shares will be suspended from trading at the close on the 30 Nov. PTB's board is expected to declare a...

David Blennerhassett

Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed

Perpetual "clarifying" its commitment to the Scheme is not a great look. Yet the revised terms provide Pendal with more skin in the game, I'm still...

David Blennerhassett

Pendal/Perpetual: 23 Dec Scheme Meeting