IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

<ul>
<li>The IFA opines that <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>'s MGO at S$0.413 per share is fair and reasonable. The <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> Board recommends accepting the offer.</li>
<li>Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.</li>
<li>The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.</li>
</ul>


The IFA opines that China Hainan Rubber Industry (601118 CH)'s MGO at S$0.413 per share is fair and reasonable. The Halcyon Agri (HACL SP) Board recommends accepting the offer.
Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.
The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.


Halcyon Agri (HACL SP): Board Recommends Conditional MGO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has despatched the offer document relating to its <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> MGO at US$0.315 or S$0.413 per share. The offer closes on 24 March.</li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities' acceptance rate (47% excluding the Gondobintoro Family).</li>
<li>We think that this is achievable as the offer is attractive. At the last close and for an early-April payment, the gross and annualised spread is 0.7% and 7.3%, respectively.</li>
</ul>



China Hainan Rubber Industry (601118 CH) has despatched the offer document relating to its Halcyon Agri (HACL SP) MGO at US$0.315 or S$0.413 per share. The offer closes on 24 March.
The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities' acceptance rate (47% excluding the Gondobintoro Family).
We think that this is achievable as the offer is attractive. At the last close and for an early-April payment, the gross and annualised spread is 0.7% and 7.3%, respectively.


Halcyon Agri (HACL SP): Offer Document Out, Offer Closes 24 March

<ul>
<li>The conditions precedent for <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> to acquire 36.00% of <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s outstanding shares from <a href="https://www.smartkarma.com/entities/sinochem-international-corporation-a" target="_blank" data-smartkarma-citation="entities:13110:1" rel="noopener">Sinochem International Corporation A (600500 CH)</a> at US$0.315 is fulfilled. </li>
<li>This will trigger an MGO at US$0.315 or S$0.413. On the assumption that the offer document is despatched by 17 February, the earliest close of the offer is 17 March.</li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities' acceptance rate. We think that this is achievable as the offer is attractive. </li>
</ul>


The conditions precedent for China Hainan Rubber Industry (601118 CH) to acquire 36.00% of Halcyon Agri (HACL SP)’s outstanding shares from Sinochem International Corporation A (600500 CH) at US$0.315 is fulfilled. 
This will trigger an MGO at US$0.315 or S$0.413. On the assumption that the offer document is despatched by 17 February, the earliest close of the offer is 17 March.
The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities' acceptance rate. We think that this is achievable as the offer is attractive. 


Halcyon Agri (HACL SP): Conditions Precedent Fulfilled, MGO at S$0.413

<ul>
<li>The SPA for <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> to acquire 36.00% of <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s outstanding shares from <a href="https://www.smartkarma.com/entities/sinochem-international-corporation-a" target="_blank" data-smartkarma-citation="entities:13110:1" rel="noopener">Sinochem International Corporation A (600500 CH)</a> at US$0.315 is effective. </li>
<li>Conditions precedent which relate to Chinese regulatory approvals should be satisfied shortly. Completion will trigger an MGO at US$0.315 or S$0.423 (US$/S$ rate fixed on the closing date). </li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities acceptance rate. We think that this is achievable as the offer is attractive. </li>
</ul>


The SPA for China Hainan Rubber Industry (601118 CH) to acquire 36.00% of Halcyon Agri (HACL SP)’s outstanding shares from Sinochem International Corporation A (600500 CH) at US$0.315 is effective. 
Conditions precedent which relate to Chinese regulatory approvals should be satisfied shortly. Completion will trigger an MGO at US$0.315 or S$0.423 (US$/S$ rate fixed on the closing date). 
The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities acceptance rate. We think that this is achievable as the offer is attractive. 


Halcyon Agri (HACL SP) MGO: SPA Effective, Next Is Satisfaction of Conditions Precedent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has entered a conditional SPA with <a href="https://www.smartkarma.com/entities/sinochem-international-corporation-a" target="_blank" data-smartkarma-citation="entities:13110:1" rel="noopener">Sinochem International Corporation A (600500 CH)</a> to acquire a 36.00% stake in <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> at US$0.315/share.</li>
<li>The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.</li>
<li>The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.</li>
</ul>



China Hainan Rubber Industry (601118 CH) has entered a conditional SPA with Sinochem International Corporation A (600500 CH) to acquire a 36.00% stake in Halcyon Agri (HACL SP) at US$0.315/share.
The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.
The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.


Thailand

Sri Trang Agro-Industry Public Company Limited produces and markets smoked sheet rubber.  The Company sells its products to tire manufacturers as primary market, and exports to Japan, China, Korea, and Taiwan as secondary market.

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Sri Trang Agro Industry (STA TB)

Halcyon Agri (HACL SP): Board Recommends Conditional MGO

The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate. This remains achievable. At the last close, the gross...

Arun George

Halcyon Agri (HACL SP): Offer Document Out, Offer Closes 24 March

The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities' acceptance rate. We think that this is achievable as the...

Arun George

Halcyon Agri (HACL SP): Conditions Precedent Fulfilled, MGO at S$0.413

The 50%+ minimum acceptance condition can be hit as the offer is attractive. At the last close and for a mid-March payment, the annualised spread...

Arun George

Halcyon Agri (HACL SP) MGO: SPA Effective, Next Is Satisfaction of Conditions Precedent

Conditions precedent should be satisfied soon due to the SOE heritage of the buyer/seller and SASAC approval of the deal. At last close prices, the...

Arun George

Halcyon Agri (HACL SP)’s Potential MGO

The SPA completion will trigger an MGO at US$0.315 (S$0.436). The MGO has a 50%+ minimum acceptance condition, which is achievable as it is...

Arun George

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