Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite (DSE AU)</a>, a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. </li>
<li>The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. </li>
</ul>



Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. 
The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. 


Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

<ul>
<li>On the 27th January, <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>, a Chinese on-demand retail and delivery platform, <a href="https://ir.imdada.cn/static-files/f51e79d8-c951-4c82-8317-6493f6110fef" target="_blank" rel="noopener">announced</a> a preliminary non-binding proposal from <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>.</li>
<li>JD.com, a 63.2% shareholder, is offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Should a definitive agreement be inked, this is done. </li>
<li>DADA has formed a committee to evaluate the proposal. The risk to the trade, as with many US-listed China plays, is one of timing. Trading at a 11.1% gross spread.</li>
</ul>


On the 27th January, Dada Nexus (DADA US), a Chinese on-demand retail and delivery platform, announced a preliminary non-binding proposal from JD.com (9618 HK).
JD.com, a 63.2% shareholder, is offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Should a definitive agreement be inked, this is done. 
DADA has formed a committee to evaluate the proposal. The risk to the trade, as with many US-listed China plays, is one of timing. Trading at a 11.1% gross spread.


Dada Nexus (DADA US): JD.Com's US$2/ADS Non-Binding Offer

<ul>
<li>Via an off-market offer, <a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a>is aiming to purchase all shares of iron-ore play <a href="https://www.smartkarma.com/entities/red-hawk-mining-ltd" target="_blank" data-smartkarma-citation="entities:15387:1" rel="noopener">Red Hawk Mining (RHK AU)</a> at A$1.05/share, a 28% premium to last close.</li>
<li>If Fortescue secures at least 75% of Red Hawk's shares within seven days, the Offer Price increases to A$1.20/share, a 46% premium to last close</li>
<li>Fortescue's focus is on Red Hawk's Blacksmith iron ore project, located ~30 kilometers west of Fortescue's own Solomon project.</li>
</ul>


Via an off-market offer, Fortescue Metals (FMG AU)is aiming to purchase all shares of iron-ore play Red Hawk Mining (RHK AU) at A$1.05/share, a 28% premium to last close.
If Fortescue secures at least 75% of Red Hawk's shares within seven days, the Offer Price increases to A$1.20/share, a 46% premium to last close
Fortescue's focus is on Red Hawk's Blacksmith iron ore project, located ~30 kilometers west of Fortescue's own Solomon project.


Red Hawk (RHK AU): Fortescue's Off-Market Offer

Shandong Hi-Speed New Energy G / Event-Driven

<ul>
<li>Back on the 27 December, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1227/2024122701100.pdf" target="_blank" rel="noopener">completed</a> two SPAs, elevating its stake in <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a> to 56.97% from 43.45%, triggering an unconditional MGO. </li>
<li>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0128/2025012800031.pdf" target="_blank" rel="noopener">Composite Doc</a> is now out, and the Offer is open for tendering. The close of the Offer is the 18th Feb, 21 days out. Don't expect an extension.</li>
<li>The IFA has declared the terms fair &amp; reasonable. Which is probably true.</li>
</ul>


Back on the 27 December, Shandong Hi-Speed Holdings (412 HK) completed two SPAs, elevating its stake in Shandong Hi-Speed New Energy (1250 HK) to 56.97% from 43.45%, triggering an unconditional MGO. 
The Composite Doc is now out, and the Offer is open for tendering. The close of the Offer is the 18th Feb, 21 days out. Don't expect an extension.
The IFA has declared the terms fair &amp; reasonable. Which is probably true.


Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO Now Open

<ul>
<li>Singaporean property play <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a> has <a href="https://links.sgx.com/FileOpen/Joint%20Announcement.ashx?App=Announcement&amp;FileID=831315" target="_blank" rel="noopener">announced</a> an Offer, by way of  a Scheme, from <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>'s Ong family, at S$0.23/share, a 36.1% premium to undisturbed.</li>
<li>Lian Beng, which was privatised by the Ong family in 2023 - see<a href="https://skr.ma/xUkjx" target="_blank" rel="noopener"> Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair</a> -  holds 77.6% in SLB. </li>
<li>This is done. No competing offer will emerge. I don't think this needs a bump.</li>
</ul>


Singaporean property play SLB Development (SLB SP) has announced an Offer, by way of  a Scheme, from Lian Beng (LBG SP)'s Ong family, at S$0.23/share, a 36.1% premium to undisturbed.
Lian Beng, which was privatised by the Ong family in 2023 - see Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair -  holds 77.6% in SLB. 
This is done. No competing offer will emerge. I don't think this needs a bump.


SLB Dev (SLB SP): Ong Family Offer By Way Of A Scheme.

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)

Dada Nexus (DADA US): JD.Com's US$2/ADS Non-Binding Offer

Given the indicative nature of JD.com's Offer, DADA is trading wide at a 11% gross spread to terms. I'd look to enter around here and on any pullback.

David Blennerhassett

Red Hawk (RHK AU): Fortescue's Off-Market Offer

This is done. Trading tight at A$1.19/share. Payment under the Offer is 10 business days once unconditional. If in, stay in. If small, illiquid...

David Blennerhassett

Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO Now Open

Assuming around mid-Feb payment, I'd pay up to HK$1.76/share. Don't expect a bump in terms. SDHG has taken advantage of Citic exiting.

David Blennerhassett

SLB Dev (SLB SP): Ong Family Offer By Way Of A Scheme.

This is done. Trading tight at a 2.2%/7.2% gross/annualised spread, if payment late May. If small-cap illiquid arbs are your bent, get involved.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

This is a clean deal. Trading tight at 3.1%/9.8% gross/annualised spread, assuming late May completion. If in, stay in. If small, illiquid arbs are...

David Blennerhassett

Dada Nexus (DADA US): JD.Com's US$2/ADS Non-Binding Offer

Given the indicative nature of JD.com's Offer, DADA is trading wide at a 11% gross spread to terms. I'd look to enter around here and on any pullback.

David Blennerhassett

Red Hawk (RHK AU): Fortescue's Off-Market Offer

This is done. Trading tight at A$1.19/share. Payment under the Offer is 10 business days once unconditional. If in, stay in. If small, illiquid...

David Blennerhassett

Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO Now Open

Assuming around mid-Feb payment, I'd pay up to HK$1.76/share. Don't expect a bump in terms. SDHG has taken advantage of Citic exiting.

David Blennerhassett

SLB Dev (SLB SP): Ong Family Offer By Way Of A Scheme.

This is done. Trading tight at a 2.2%/7.2% gross/annualised spread, if payment late May. If small-cap illiquid arbs are your bent, get involved.

David Blennerhassett