Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Langham Hospitality Inv Ss / Event-Driven

<ul>
<li>Hong Kong hotel-play <a href="https://www.smartkarma.com/entities/langham-hospitality-inv-ss" target="_blank" data-smartkarma-citation="entities:760:1" rel="noopener">Langham Hospitality (1270 HK)</a> was spun-off from <a href="https://www.smartkarma.com/entities/great-eagle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:758:1" rel="noopener">Great Eagle (41 HK)</a> on the 30 May 2013. Now GE intends to take the company back into the fold. </li>
<li>Covid was devastating to the hospitality sector. As were the 2019 demonstrations. Langham's share price never recovered, and is currently trading at a lifetime low and a P/B of 0.21x.</li>
<li>No price was mentioned in the announcement. Expect a healthy premium to undisturbed, should a firm Offer unfold. But I wouldn't expect a knockout price.</li>
</ul>


Hong Kong hotel-play Langham Hospitality (1270 HK) was spun-off from Great Eagle (41 HK) on the 30 May 2013. Now GE intends to take the company back into the fold. 
Covid was devastating to the hospitality sector. As were the 2019 demonstrations. Langham's share price never recovered, and is currently trading at a lifetime low and a P/B of 0.21x.
No price was mentioned in the announcement. Expect a healthy premium to undisturbed, should a firm Offer unfold. But I wouldn't expect a knockout price.


Great Eagle Seeks To Delist Langham Hospitality (1270 HK)

<ul>
<li>Back on the 28th May, PRC department store play <a href="https://www.smartkarma.com/entities/golden-eagle-retail-group" target="_blank" data-smartkarma-citation="entities:470:1" rel="noopener">Golden Eagle (3308 HK)</a> announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close.</li>
<li>The Offeror is the Wang family, who together with concert parties, held 80.29%. 7.18% of the 19.71% held by the disinterested stakeholders have given irrevocables in favour of the Scheme.</li>
<li>Ahead of the Scheme Meeting on September 15th, a significant amount of shares have moved out of CCASS. This is not something to concern investors. </li>
</ul>


Back on the 28th May, PRC department store play Golden Eagle (3308 HK) announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close.
The Offeror is the Wang family, who together with concert parties, held 80.29%. 7.18% of the 19.71% held by the disinterested stakeholders have given irrevocables in favour of the Scheme.
Ahead of the Scheme Meeting on September 15th, a significant amount of shares have moved out of CCASS. This is not something to concern investors. 


Golden Eagle (3308 HK): CCASS Movements Are Standard Fare

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

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Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li></ol>and more...

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<ul>
<li>On the 28th May, PRC department store play <a href="https://www.smartkarma.com/entities/golden-eagle-retail-group" target="_blank" data-smartkarma-citation="entities:470:1" rel="noopener">Golden Eagle Retail (3308 HK)</a> announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close.</li>
<li>The Offeror is the Wang family, Together with concert parties, they control 80.29%. 7.18% of the remaining 19.71% of the disinterested stakeholders have given an irrevocable. </li>
<li>The Scheme Doc was despatched this morning (23 August). The Scheme Meeting is September 15th with expected payment on (or before) the 17th of October. The Offer price is final.</li>
</ul>


On the 28th May, PRC department store play Golden Eagle Retail (3308 HK) announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close.
The Offeror is the Wang family, Together with concert parties, they control 80.29%. 7.18% of the remaining 19.71% of the disinterested stakeholders have given an irrevocable. 
The Scheme Doc was despatched this morning (23 August). The Scheme Meeting is September 15th with expected payment on (or before) the 17th of October. The Offer price is final.


Golden Eagle (3308 HK): 15th September Scheme Meeting

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/sino-ocean-group-holding-limited' target='_blank' rel='noopener'>Sino-Ocean Group</a></li><li><a href='/entities/adani-ports-special-economic-zone-ltd' target='_blank' rel='noopener'>Adani Ports & Special Economic Zone</a></li><li><a href='/entities/road-king-infrastructure-limited' target='_blank' rel='noopener'>Road King Infrastructure</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

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Hong Kong

Lifestyle International Holdings Limited, through its subsidiaries, operates lifestyle department store and other retail outlets.  The Company also owns most of the properties at which its department store is situated.  At present, Lifestyle International operates the Sogo store, Nufront, and Daiso Land Ten-dollar Shop in Hong Kong.

Lifestyle International Holdings (1212 HK)

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Lifestyle International Holdings (1212 HK)

Great Eagle Seeks To Delist Langham Hospitality (1270 HK)

Langham will pop tomorrow upon resumption of trading. I'd be happy chasing this up 20-25%. However, this is not a firm Offer. And one may still...

David Blennerhassett

Golden Eagle (3308 HK): CCASS Movements Are Standard Fare

There's probably enough here for the deal to get up. But with a <2% gross spread and mindful of the recent AGAINST vote in the Dali Foods Group...

David Blennerhassett

Weekly Wrap - 25 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Golden Eagle (3308 HK): 15th September Scheme Meeting

There's enough here for the deal to get up, and assuming payment on the 17 October, this is trading at 51.9% annualised. I'd be picking up shares...

David Blennerhassett

Weekly Wrap - 18 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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