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.

Event-Driven

Lifestyle International Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>’s scheme resolution was approved at today’s court meeting - 94.93% of independent share votes cast FOR (2.31% of all independent shareholders AGAINST).</li>
<li>This is in line with our expectations - in <em><strong><a href="https://www.smartkarma.com/insights/lifestyle-international-1212-hk-s-wide-spread-heading-into-the-21-november-vote" target="_blank" data-smartkarma-citation="insights:84580" rel="noopener">Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote</a></strong></em> that despite the wide spread, the offer would succeed.</li>
<li>At the last close and for the 30 December payment date, the gross and annualised spread to the offer is 2.0% and 20.6%, respectively.</li>
</ul>



Lifestyle International Holdings (1212 HK)’s scheme resolution was approved at today’s court meeting - 94.93% of independent share votes cast FOR (2.31% of all independent shareholders AGAINST).
This is in line with our expectations - in Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote that despite the wide spread, the offer would succeed.
At the last close and for the 30 December payment date, the gross and annualised spread to the offer is 2.0% and 20.6%, respectively.


Lifestyle International (1212 HK)’s Court Meeting – And that Is a Pass

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>’s vote on Mr Lau’s offer of HK$5.00 per share is at 10 am on Monday, 21 November. The wide spread of 6.6% reflects vote risk.</li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). No shareholder holds a blocking stake. </li>
<li>Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we continue to expect the offer to succeed.</li>
</ul>



Lifestyle International Holdings (1212 HK)’s vote on Mr Lau’s offer of HK$5.00 per share is at 10 am on Monday, 21 November. The wide spread of 6.6% reflects vote risk.
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). No shareholder holds a blocking stake. 
Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we continue to expect the offer to succeed.


Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote

<ul>
<li>The <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a> scheme document is out with the court meeting scheduled for 21 November. The IFA considers the HK$5.00 offer to be fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% rejection). Headcount test not applicable. No shareholder holds a blocking stake.</li>
<li>The offer is light but likely to succeed. At last close and for a 30 December payment, the gross and annualised spread to the offer is 9.6% and 65.7%, respectively.</li>
</ul>


The Lifestyle International Holdings (1212 HK) scheme document is out with the court meeting scheduled for 21 November. The IFA considers the HK$5.00 offer to be fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% rejection). Headcount test not applicable. No shareholder holds a blocking stake.
The offer is light but likely to succeed. At last close and for a 30 December payment, the gross and annualised spread to the offer is 9.6% and 65.7%, respectively.


Lifestyle International’s Court Meeting on 21 November

Hong Kong

Sincere Company Limited, through its subsidiaries, operates department stores and convenience chain stores.  The Company also develops and invests in properties, trades securities, and operates restaurants.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sincere Co (244 HK)

Lifestyle International (1212 HK)’s Court Meeting – And that Is a Pass

The scheme vote was overwhelmingly approved. At the last close and for the 30 December payment date, the annualised spread to the offer is 20.6%.

Arun George

Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote

Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we...

Arun George

Lifestyle International’s Court Meeting on 21 November

The offer is light but there is no headcount test. No shareholder holds a blocking stake. At the last close, the gross spread to the offer is 9.6%.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)