Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

<p>The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. &nbsp;The business process outsourcing industry has&nbsp;been a strong catalyst for the development of the real estate industry in The Philippines. &nbsp;MegaWorld Corporation provides investors with diverse exposure to the real estate industry, has low valuation, and also has a strong track record of success in The Philippines.</p>

The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. &nbsp;The business process outsourcing industry has&nbsp;been a strong catalyst for the development of the real estate industry in The Philippines. &nbsp;MegaWorld Corporation provides investors with diverse exposure to the real estate industry, has low valuation, and also has a strong track record of success in The Philippines.

MegaWorld Corporation: Access the Growth of Real Estate in The Philippines

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>On December 1, the Board of <a href="https://www.smartkarma.com/entities/lopez-holdings-corp" target="_blank" data-smartkarma-citation="entities:23066:1" rel="noopener">Lopez Holdings (LPZ PM)</a> announced 51.04%-held <a href="https://www.smartkarma.com/entities/first-philippine-holdings-corp" target="_blank" data-smartkarma-citation="entities:23027:1" rel="noopener">First Philippine Holdings (FPH PM)</a>'s tender offer to acquire a minimum of 20% and a maximum of 45.56% of shares out in LPZ, at a price of P3.85/share, a 25% premium to last close. The Lopez family, currently owning 54.44% of shares out in LPZ, will not participate in the Offer.</p>
<p>In addition, LPZ's board authorised the filing of a petition for voluntary delisting of the company.</p>
<p>The Tender Offer is expected to commence on the 22 January 2021 and remain open until 19 February, with an expected payment on the 8 Mar 2021.</p>
<p>The IFA has given a fairness opinion with a convenient range of P2.34 to P3.92/share.</p>
<p>Yet the Offer price looks light and opportunistic, having traded through terms in late February. </p>
<p>More below the fold.</p>
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On December 1, the Board of Lopez Holdings (LPZ PM) announced 51.04%-held First Philippine Holdings (FPH PM)'s tender offer to acquire a minimum of 20% and a maximum of 45.56% of shares out in LPZ, at a price of P3.85/share, a 25% premium to last close. The Lopez family, currently owning 54.44% of shares out in LPZ, will not participate in the Offer.
In addition, LPZ's board authorised the filing of a petition for voluntary delisting of the company.
The Tender Offer is expected to commence on the 22 January 2021 and remain open until 19 February, with an expected payment on the 8 Mar 2021.
The IFA has given a fairness opinion with a convenient range of P2.34 to P3.92/share.
Yet the Offer price looks light and opportunistic, having traded through terms in late February. 
More below the fold.







Lopez Holdings (LPZ PM): Reverse Voluntary Delisting

Philippines

Rockwell Land Corporation is a Philippine property developer specializing in high-end residential and commercial projects, including condominiums, retail spaces, and office developments. The company is known for creating master-planned communities that offer integrated living, retail, and work environments. Its headquarters are in Makati City, Philippines, and it was founded in 1995.

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Rockwell Land (ROCK PM)

MegaWorld Corporation: Access the Growth of Real Estate in The Philippines

The Philippines has been experiencing high levels of economic growth, which has been driven by the business process outsourcing industry. The...

Nomadic Equity

Lopez Holdings (LPZ PM): Reverse Voluntary Delisting

There is a possibility the minimum tender offer threshold is not met. This Offer appears to be being done far too cheaply. Plus this is not a very...

David Blennerhassett

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