Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Lifestyle International Holdings / Event-Driven

<ul>
<li>Back on the 5 August, Thomas Yau, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>'s controlling shareholder, tabled a Scheme at HK$5/share, a 62.3% premium to last close.  </li>
<li>The Scheme Doc is now out with the Court Meeting on the 21st of November. The outcome of this transaction will pivot off the reassessed net asset value of HK$10.60/share.</li>
<li>Trading at a gross spread of 9.6% using yesterday's close, reflecting the perceived opportunistic nature of the Offer. Yet Hong Kong's 2018 visitor glory days remain a long way off. </li>
</ul>


Back on the 5 August, Thomas Yau, Lifestyle International Holdings (1212 HK)'s controlling shareholder, tabled a Scheme at HK$5/share, a 62.3% premium to last close.  
The Scheme Doc is now out with the Court Meeting on the 21st of November. The outcome of this transaction will pivot off the reassessed net asset value of HK$10.60/share.
Trading at a gross spread of 9.6% using yesterday's close, reflecting the perceived opportunistic nature of the Offer. Yet Hong Kong's 2018 visitor glory days remain a long way off. 


Lifestyle (1212 HK): Timing Is Everything As Shareholders Go To Vote on 21 Nov

<ul>
<li>Thomas Yau, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>'s controlling shareholder, is offering to take the company private by way of a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0807/2022080700233.pdf" target="_blank" rel="noopener">Scheme</a> at HK$5/share, a 62.3% premium to last close.  </li>
<li>Independent shareholders comprise 23.51% of shares out, therefore the blocking stake at the forthcoming Court Meeting is 2.351% of shares out. </li>
<li>The Offer price is final. No dividends will be paid during the Offer period.</li>
</ul>


Thomas Yau, Lifestyle International Holdings (1212 HK)'s controlling shareholder, is offering to take the company private by way of a Scheme at HK$5/share, a 62.3% premium to last close.  
Independent shareholders comprise 23.51% of shares out, therefore the blocking stake at the forthcoming Court Meeting is 2.351% of shares out. 
The Offer price is final. No dividends will be paid during the Offer period.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a> was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0805/2022080500226.pdf" target="_blank" rel="noopener">suspended</a> this morning pursuant to Hong Kong's Takeovers Code. </li>
<li>Thomas Lau is the largest shareholder with 74.97%, as he has been since April 2019.</li>
<li>A possible Offer ahead of a (potentially) improving retail outlook and the imminent opening of its Kai Tak project? </li>
</ul>



Lifestyle International Holdings (1212 HK) was suspended this morning pursuant to Hong Kong's Takeovers Code. 
Thomas Lau is the largest shareholder with 74.97%, as he has been since April 2019.
A possible Offer ahead of a (potentially) improving retail outlook and the imminent opening of its Kai Tak project? 


Lifestyle Int'l (1212 HK): Thomas Yau Offer?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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

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Equity Capital Markets

Lifestyle International Holdings / Equity Capital Markets

Qatar Holdings plans to raise US$665m by selling its stake in <a href="https://www.smartkarma.com/entities/112" target="_blank" data-smartkarma-citation="entities:112:1">Lifestyle Intl Hldgs Ltd (1212 HK)</a> and <a href="https://www.smartkarma.com/entities/26090" target="_blank" data-smartkarma-citation="entities:26090:1">Lifestyle China Group Ltd (2136 HK)</a> . The founder Mr. Lau Luen Hung Thomas, has undertaken to buy the bulk of these shares leaving only US$140m worth of Lifestyle International and US$48m worth of Lifestyle China to be placed. We will not be looking at Lifestyle China deal given its small size.In this insight, we will run the Lifestyle China Group deal through our framework and comment on recent…

Qatar Holdings plans to raise US$665m by selling its stake in Lifestyle Intl Hldgs Ltd (1212 HK) and Lifestyle China Group Ltd (2136 HK) . The founder Mr. Lau Luen Hung Thomas, has undertaken to buy the bulk of these shares leaving only US$140m worth of Lifestyle International and US$48m worth of Lifestyle China to be placed. We will not be looking at Lifestyle China deal given its small size.In this insight, we will run the Lifestyle China Group deal through our framework and comment on recent…

Lifestyle International Holdings Placement - Worth a Punt as Operations Seem to Be Improving

Hong Kong

Lifestyle China Group Limited operates department store chains. The Company sells a wide range of merchandise including apparels, cosmetics, household products, toys, foods, candy, and other related products.

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Lifestyle China (2136 HK)

Lifestyle (1212 HK): Timing Is Everything As Shareholders Go To Vote on 21 Nov

Expect Lifestyle to trade wide-ish to terms given the vote risk. But on balance, I think Yau has got the timing just right.

David Blennerhassett

Lifestyle (1212 HK): Thomas Yau's Scheme

I'd be buying Lifestyle International (1212 HK) up to around $4.75 or a gross/annualised spread of 5%/15%, assuming mid-December completion.

David Blennerhassett

Lifestyle Int'l (1212 HK): Thomas Yau Offer?

Shares are currently suspended, so there is nothing to be done. IF a firm Offer unfolds from Yau, expect a punchy premium. Optically, HK$6/share is...

David Blennerhassett

Lifestyle International Holdings Placement - Worth a Punt as Operations Seem to Be Improving

Qatar Holdings plans to raise US$665m by selling its stake in Lifestyle Intl Hldgs Ltd (1212 HK) and Lifestyle China Group Ltd (2136 HK) . The...

Sumeet Singh

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