Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai  (2217 HK)</a> was suspended, in <a href="https://skr.ma/uHXiV" target="_blank" rel="noopener">Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer</a> I expected an Offer from <a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">TORIDOLL Holdings (3397 JP)</a>.</li>
<li>I also thought an Offer price ~HK$1.50/share would be welcome, but wasn't hopeful. We got both - a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0217/2025021701057.pdf" target="_blank" rel="noopener">Scheme</a> from Toridoll at HK$1.58/share (best &amp; final).</li>
<li>Clean deal. Just a question of timing. Docs may be delayed to incorporate FY25E (Mar Y/E) financials. </li>
</ul>


After Tam Jai  (2217 HK) was suspended, in Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer I expected an Offer from TORIDOLL Holdings (3397 JP).
I also thought an Offer price ~HK$1.50/share would be welcome, but wasn't hopeful. We got both - a Scheme from Toridoll at HK$1.58/share (best &amp; final).
Clean deal. Just a question of timing. Docs may be delayed to incorporate FY25E (Mar Y/E) financials. 


Tam Jai (2217 HK): Toridoll (3397 JP)'s Excellent Offer

<ul>
<li>Small-Cap property developer <a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0214/2025021400231.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Takeovers Code</li>
<li>Soundwill is controlled as to 74.97% by Grace Foo (ED), and her descendants, Wai Ling Chan (deputy chairman), and Hing Tat Chan (chairman). </li>
<li>Soundwill is trading at a staggering 0.08x P/B, with the majority of its book value tied up in investment properties.</li>
</ul>


Small-Cap property developer Soundwill Holdings (878 HK) is currently suspended pursuant to the Takeovers Code
Soundwill is controlled as to 74.97% by Grace Foo (ED), and her descendants, Wai Ling Chan (deputy chairman), and Hing Tat Chan (chairman). 
Soundwill is trading at a staggering 0.08x P/B, with the majority of its book value tied up in investment properties.


Soundwill Holdings (878 HK): Privatisation Expected From The Controlling Family

<ul>
<li>I tally 59 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, and <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>.</li>
</ul>


I tally 59 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Two new deals discussed this week: Paragon REIT (PGNREIT SP) and Kaonavi Inc (4435 JP).
Key updates/news took place on: Arcadium Lithium (LTM AU), Sun Art Retail (6808 HK), HKBN Ltd (1310 HK), and Seven &amp; I Holdings (3382 JP).


(Mostly) Asia-Pac M&A: Paragon REIT, Kaonavi, Arcadium Lithium, Sun Art Retail, HKBN, and Seven & I

<ul>
<li>After <a href="https://www.smartkarma.com/entities/nzme-limited-ae7028be-d76c-4521-9668-48a03910e954" target="_blank" data-smartkarma-citation="entities:24021:1" rel="noopener">NZME Limited (NZM NZ/AU)</a>, publisher of the NZ Herald, recently announced sweeping job cuts, the country's largest private sector union called for the government to step in.</li>
<li>The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME's revamped strategy focuses on stories that engage audience. Or clickbait by detractors. </li>
<li>Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.</li>
</ul>


After NZME Limited (NZM NZ/AU), publisher of the NZ Herald, recently announced sweeping job cuts, the country's largest private sector union called for the government to step in.
The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME's revamped strategy focuses on stories that engage audience. Or clickbait by detractors. 
Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.


NZME Limited (NZM NZ/AU): In Need Of A Good Story

<ul>
<li>
<a href="https://archive.is/b5mG6" target="_blank" rel="noopener">Reportedly</a>, <a href="https://www.smartkarma.com/entities/australian-clinical-labs-limited" target="_blank" data-smartkarma-citation="entities:36020:1" rel="noopener">Australian Clinical Labs (ACL AU)</a> and <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a> may reload a merger. </li>
<li>The 2023 merger of the second and third-largest pathology plays was blocked by the ACCC. Any follow-up merger will similarly be blocked unless the combined entity jettisons certain ops.  </li>
<li>Since the collapse of the merger, Healius has sold its diagnostic business; Crescent Capital has exited ACL; and <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> and <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a> merged.</li>
</ul>



Reportedly, Australian Clinical Labs (ACL AU) and Healius (HLS AU) may reload a merger. 
The 2023 merger of the second and third-largest pathology plays was blocked by the ACCC. Any follow-up merger will similarly be blocked unless the combined entity jettisons certain ops.  
Since the collapse of the merger, Healius has sold its diagnostic business; Crescent Capital has exited ACL; and Capitol Health (CAJ AU) and Integral Diagnostics (IDX AU) merged.


Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?

Australia

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Pacific Smiles (PSQ AU)

Tam Jai (2217 HK): Toridoll (3397 JP)'s Excellent Offer

This is done. No competing Offer will emerge. If payment on or around mid-July, and small-cap arbs are your thing, I'd pay up to HK$1.49/share for...

David Blennerhassett

Soundwill Holdings (878 HK): Privatisation Expected From The Controlling Family

Despite Soundwill's illiquidity, the controlling family probably still needs to offer a premium of 50%-75%. Not just to account for the low P/B...

David Blennerhassett

(Mostly) Asia-Pac M&A: Paragon REIT, Kaonavi, Arcadium Lithium, Sun Art Retail, HKBN, and Seven & I

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

NZME Limited (NZM NZ/AU): In Need Of A Good Story

Print media is a tough gig. Especially daily print media. NZME is not exactly trading "cheap" to peers. Unless someone was to step up with an...

David Blennerhassett

Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?

After heady days during Covid, demand has tapered, but higher operating costs remain. Consolidation makes sense. Healius is trading below it pre...

David Blennerhassett

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