Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 5th December, Gordan Tang (&amp; his wife Celine) acquired 2.14% in <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>, lifting their stake to 31.45% from 29.31%, triggering a MGO.</li>
<li>This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>'s recent Offer.</li>
<li>The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.</li>
</ul>


On the 5th December, Gordan Tang (&amp; his wife Celine) acquired 2.14% in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after ESR Group (1821 HK)'s recent Offer.
The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.


Suntec REIT (SUN SP): Tang's Offer Now Open

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>On Friday, the 20th December, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a> announced that <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology (301296 CH)</a> (XJF) had satisfied all pre-conditions.</li>
<li>The Offer Document has now been dispatched, and the Offer is now open for tendering. The First Close is the 21st January.</li>
<li>This Doc is largely a nothing burger. The Response Document, which will include the IFA, is required to be dispatched on or before the 7 January 2025. </li>
</ul>


On Friday, the 20th December, GAPack (468 HK) announced that Shandong Xinjufeng Technology (301296 CH) (XJF) had satisfied all pre-conditions.
The Offer Document has now been dispatched, and the Offer is now open for tendering. The First Close is the 21st January.
This Doc is largely a nothing burger. The Response Document, which will include the IFA, is required to be dispatched on or before the 7 January 2025. 


<ul>
<li>After <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> secured NDRC approval on the 22nd Nov; fulfilled pre-cons on the 16th December, the Circular was dispatched last night, the 22nd December. </li>
<li>The EGM/H-share class meeting will take place on the 22nd January, one day past my estimate. Settlement should be on ore around the 18th Feb, a week beyond my estimate. </li>
<li>Trading at a gross/annualised spread off 2.9%/20.3%. Still attractive here.</li>
</ul>


After Shanghai Henlius Biotech (2696 HK) secured NDRC approval on the 22nd Nov; fulfilled pre-cons on the 16th December, the Circular was dispatched last night, the 22nd December. 
The EGM/H-share class meeting will take place on the 22nd January, one day past my estimate. Settlement should be on ore around the 18th Feb, a week beyond my estimate. 
Trading at a gross/annualised spread off 2.9%/20.3%. Still attractive here.


Henlius (2696 HK): Circ Out. 22nd Jan H-Class Meeting

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

<ul>
<li>During the lunch break, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK</a>)  <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1220/2024122000232.pdf" target="_blank" rel="noopener">announced</a> that <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a> (XJF) had satisfied all pre-conditions - the final approvals concerned outbound direct investments.</li>
<li>The Offer Document, including the IFA opinion, is expected to be dispatched  in seven days - or 27th December, at which time, the Offer will be open to acceptances.</li>
<li>Evidently the Jeff Bi/Gong Hong MGO isn't materialising any time soon. Provided the IFA is supportive - and that should now be known - management should unanimously back XJF's Offer.</li>
</ul>


During the lunch break, Greatview Aseptic Packaging (468 HK)  announced that Shandong Xinjufeng Technology Packaging (301296 CH) (XJF) had satisfied all pre-conditions - the final approvals concerned outbound direct investments.
The Offer Document, including the IFA opinion, is expected to be dispatched  in seven days - or 27th December, at which time, the Offer will be open to acceptances.
Evidently the Jeff Bi/Gong Hong MGO isn't materialising any time soon. Provided the IFA is supportive - and that should now be known - management should unanimously back XJF's Offer.


GAPack (468 HK): XJF Satisfies Pre-Cons. Management Should Back Terms

Australia

Sigma Healthcare Limited wholesales and distributes pharmaceutical products. The Company offers prescription, over-the-counter, and generic drugs. Sigma Healthcare serves customers in Australia.

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Sigma Healthcare (SIG AU)

Suntec REIT (SUN SP): Tang's Offer Now Open

This appears an obligatory MGO. I wouldn't expect the Tangs to extend beyond the First Close. Suntec is not expensive at 0.6x P/B. But I don't...

David Blennerhassett

GAPack (468 HK): XJF's Offer Now Open

Even if Bi (9.17%) and Hong (5.55%) don't tender, XJF should still get to 50%. It's still doable even if Mengniu doesn't tender. If illiquid arbs...

David Blennerhassett

Henlius (2696 HK): Circ Out. 22nd Jan H-Class Meeting

Currently at a 2.9% gross spread with expected payment around the third week of Feb. I'd pay up to HK$24.10/share for a 15% annualised spread.

David Blennerhassett

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

GAPack (468 HK): XJF Satisfies Pre-Cons. Management Should Back Terms

Bi/Hong will likely stick to their guns, and reject XJF's offer, and hope the deal fails. Minority shareholders should ignore that advice and tender.

David Blennerhassett

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