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/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>'s Scheme overwhelmingly <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0228/2025022801099.pdf" target="_blank" rel="noopener">gets up</a> after a wild week of trading.</li>
<li>After touching an intra-day low of HK$0.78/share on the 25th Feb - 28% adrift of the HK$1.00/share terms - shares closed at HK$0.97/share prior the results of the Scheme Meeting. </li>
<li>58.2% of disinterested shareholders opted to vote. Just 0.5% of those shareholders present voted against the Scheme; or just 0.29% of total disinterested shareholders. Not even close.</li>
</ul>



Pentamaster International (1665 HK)'s Scheme overwhelmingly gets up after a wild week of trading.
After touching an intra-day low of HK$0.78/share on the 25th Feb - 28% adrift of the HK$1.00/share terms - shares closed at HK$0.97/share prior the results of the Scheme Meeting. 
58.2% of disinterested shareholders opted to vote. Just 0.5% of those shareholders present voted against the Scheme; or just 0.29% of total disinterested shareholders. Not even close.


Pentamaster (1665 HK): Pricing WAS Fair As Offer Comfortably Gets Up

<ul>
<li>Back on the 19th December 2024, <a href="https://www.smartkarma.com/entities/pentamaster-corp-bhd" target="_blank" data-smartkarma-citation="entities:15302:1" rel="noopener">Pentamaster Corp (PENT MK)</a> announced an Offer, by way of a Scheme, to take out its pseudo dual-listed twin, <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>.</li>
<li>The Offer Price was HK$1.00/share - including a HK$0.07/share dividend - a 45.3% premium to last close, but arguably more like a 61% premium to undisturbed. </li>
<li>The Court Meeting is the 28th February. Shares are down 15%+ in recent days. On no news.  Not a great look. </li>
</ul>


Back on the 19th December 2024, Pentamaster Corp (PENT MK) announced an Offer, by way of a Scheme, to take out its pseudo dual-listed twin, Pentamaster International (1665 HK).
The Offer Price was HK$1.00/share - including a HK$0.07/share dividend - a 45.3% premium to last close, but arguably more like a 61% premium to undisturbed. 
The Court Meeting is the 28th February. Shares are down 15%+ in recent days. On no news.  Not a great look. 


Pentamaster (1665 HK) Breaks Ahead Of Vote. Yet Pricing IS Fair

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The vote on <a href="https://www.smartkarma.com/entities/pentamaster-corp-bhd" target="_blank" data-smartkarma-citation="entities:15302:1" rel="noopener">Pentamaster Corp (PENT MK)</a> and AchiCapital’s HK$1.00 for <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a> is on 28 February. Over the last two days, the gross spread has increased to 8.7%.</li>
<li>There are valid arguments for the vote to pass or fail. Despite the IFA’s assertions that the offer is fair and reasonable, it is not and will leave minorities short-changed. </li>
<li>While there is no visible opposition, the share price indicates that an activist could have secured a blocking stake (3.34% of shares, which does not require HKEx disclosure). </li>
</ul>


The vote on Pentamaster Corp (PENT MK) and AchiCapital’s HK$1.00 for Pentamaster International (1665 HK) is on 28 February. Over the last two days, the gross spread has increased to 8.7%.
There are valid arguments for the vote to pass or fail. Despite the IFA’s assertions that the offer is fair and reasonable, it is not and will leave minorities short-changed. 
While there is no visible opposition, the share price indicates that an activist could have secured a blocking stake (3.34% of shares, which does not require HKEx disclosure). 


Pentamaster International (1665 HK): A Deal Break Will Be the Right Result for a Light Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/pentamaster-corp-bhd" target="_blank" data-smartkarma-citation="entities:15302:1" rel="noopener">Pentamaster Corp (PENT MK)</a> and AchiCapital’s HK$1.00 privatisation offer is fair and reasonable. The vote is on 28 February. </li>
<li>The IFA analysis is biased because it conveniently ignores a relative valuation analysis, which would show that the final offer is unattractive compared to its global peers.</li>
<li>Disappointingly, there is little minority opposition to an arguably light offer in which the Holdco is privatising its OpCo by arbitraging valuation multiple discrepancies across two exchanges. </li>
</ul>



Pentamaster International (1665 HK)’s IFA opines that Pentamaster Corp (PENT MK) and AchiCapital’s HK$1.00 privatisation offer is fair and reasonable. The vote is on 28 February. 
The IFA analysis is biased because it conveniently ignores a relative valuation analysis, which would show that the final offer is unattractive compared to its global peers.
Disappointingly, there is little minority opposition to an arguably light offer in which the Holdco is privatising its OpCo by arbitraging valuation multiple discrepancies across two exchanges. 


Pentamaster International (1665 HK): Light Offer but Lack of Opposition Ahead of the Vote

<ul>
<li>On the 19th December 2024, <a href="https://www.smartkarma.com/entities/pentamaster-corp-bhd" target="_blank" data-smartkarma-citation="entities:15302:1" rel="noopener">Pentamaster Corp (PENT MK)</a> announced an Offer, by way of a Scheme, to take out its pseudo dual-listed twin, <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>.</li>
<li>The Offer Price is HK$1.00/share - including a HK$0.07/share dividend - a 45.3% premium to last close. </li>
<li>The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0205/2025020500367.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 28th February, and expected settlement on the 26th March. The IFA says "fair and reasonable".</li>
</ul>


On the 19th December 2024, Pentamaster Corp (PENT MK) announced an Offer, by way of a Scheme, to take out its pseudo dual-listed twin, Pentamaster International (1665 HK).
The Offer Price is HK$1.00/share - including a HK$0.07/share dividend - a 45.3% premium to last close. 
The Scheme Doc is now out, with a Court Meeting on the 28th February, and expected settlement on the 26th March. The IFA says "fair and reasonable".


Pentamaster (1665 HK): 28th Feb Vote On Parent's Offer

Malaysia

Pentamaster International Limited designs, manufactures, and installs automated equipment. The Company serves semiconductor, pharmaceutical, medical devices, automotive, food and beverages, and consumer goods industries. Pentamaster International serves customers worldwide.

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Pentamaster International (1665 HK)

Pentamaster (1665 HK): Pricing WAS Fair As Offer Comfortably Gets Up

58.2% of disinterested shareholders opted to vote. Just 0.5% of those shareholders present voted against the Scheme; or just 0.29% of total...

David Blennerhassett

Pentamaster (1665 HK) Breaks Ahead Of Vote. Yet Pricing IS Fair

I was wrong on Henlius when the market started to turn. Here there's an absence of news; that's not a great situation. I'd trim, to exit my...

David Blennerhassett