Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 7th March, 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 (878 HK)</a> announced an Offer from Grace Foo (ED) and her family, controlling 74.97% of shares out, by way of a Scheme.</li>
<li>The Offer Price of  $8.50/share, including a $1.00/share dividend, was a 62.84% premium to undisturbed. But a 87.66% discount to the (then) most recent NAV. Terms were final.</li>
<li>
The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0430/2025043000131.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 23rd May, and payment on or before the 11th June. The IFA (Altus Capital) says "fair &amp; reasonable".
</li>
</ul>


On the 7th March, small-cap property developer Soundwill (878 HK) announced an Offer from Grace Foo (ED) and her family, controlling 74.97% of shares out, by way of a Scheme.
The Offer Price of  $8.50/share, including a $1.00/share dividend, was a 62.84% premium to undisturbed. But a 87.66% discount to the (then) most recent NAV. Terms were final.

The Scheme Doc is now out, with a Court Meeting on the 23rd May, and payment on or before the 11th June. The IFA (Altus Capital) says "fair &amp; reasonable".



Soundwill Holdings (878 HK): 23rd May Vote On Founder's Offer

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>
<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>’s IFA opines that the Foo family’s HK$8.50 offer is fair and reasonable. The vote is on 23 May. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders' rejection) and a headcount test. No shareholder holds a blocking stake. </li>
<li>The offer is attractive compared to historical trading ranges. The vote risk is low. At the current price and for a June 11 payment, the gross/annualised spread is 4.3%/44.0%. </li>
</ul>



Soundwill Holdings (878 HK)’s IFA opines that the Foo family’s HK$8.50 offer is fair and reasonable. The vote is on 23 May. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders' rejection) and a headcount test. No shareholder holds a blocking stake. 
The offer is attractive compared to historical trading ranges. The vote risk is low. At the current price and for a June 11 payment, the gross/annualised spread is 4.3%/44.0%. 


Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chinese-estates-holdings-limited" target="_blank" data-smartkarma-citation="entities:20954:1" rel="noopener">Chinese Estates Holdings (127 HK)</a> has despatched the scheme document. The offeror will offer HK$4.00 per scheme share. The scheme meeting is scheduled for 9:30 am on 17 December.</li>
<li>Unsurprisingly, the IFA considers the offer to be fair and reasonable. We think that the IFA analysis of historical share prices and privatisation precedents is flawed. </li>
<li>As no shareholder holds a blocking stake, the bid will likely succeed. At last close, the shares trade at a gross spread of 6.4% to the offer price. </li>
</ul>



Chinese Estates Holdings (127 HK) has despatched the scheme document. The offeror will offer HK$4.00 per scheme share. The scheme meeting is scheduled for 9:30 am on 17 December.
Unsurprisingly, the IFA considers the offer to be fair and reasonable. We think that the IFA analysis of historical share prices and privatisation precedents is flawed. 
As no shareholder holds a blocking stake, the bid will likely succeed. At last close, the shares trade at a gross spread of 6.4% to the offer price. 


Chinese Estates’ Scheme Document, IFA Opinion

Hong Kong

Pioneer Global Group Limited, through its subsidiaries, provides telecom infrastructure, Information Technology (IT) outsourcing, IT consultancy, system integration, and geographical information system (GIS) application development services.  The Company also invests in real estate and securities.

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Pioneer Global (224 HK)

Soundwill Holdings (878 HK): 23rd May Vote On Founder's Offer

Scheme vote is today. And shares are down >10% this week; or since the record date, as one reader points out. Just like Goldlion Holdings (533 HK),...

David Blennerhassett

Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote

The offer is attractive compared to historical trading ranges. The vote risk is low. At the current price and for a June 11 payment, the gross...

Arun George

Chinese Estates’ Scheme Document, IFA Opinion

The scheme meeting is on 17 December. IFA considers the HK$4 per share offer to be fair and reasonable. At last close, the shares trade at a gross...

Arun George

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