Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 5th November 2024, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a> (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial (1469 HK)</a> (GNF).</li>
<li>It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.</li>
<li>On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH's delisting via a Scheme.</li>
</ul>


Back on the 5th November 2024, Get Nice (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial (1469 HK) (GNF).
It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.
On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH's delisting via a Scheme.


Get Nice (64 HK): Expect A Founder's Scheme

<ul>
<li>I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a><a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener"></a>'s Offer from parent, <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Ajinomoto Malaysia (AJI MK)'s Offer from parent, Ajinomoto Co (2802 JP).
Key updates/news also took place on: Atlas Arteria (ALX AU), Australian Strategic Materials (ASM AU), Clearview Wealth (CVW AU), Tourism Holdings (THL NZ), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: Atlas Arteria, ASM Clearview Wealth, Tourism Holdings, Ajinomoto Malaysia

<ul>
<li>On the 29th May 2026, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ/AU)</a> announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded. </li>
<li>The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.</li>
<li>This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a "credible strategic buyer". Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.</li>
</ul>


On the 29th May 2026, Tourism Holdings (THL NZ/AU) announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded. 
The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.
This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a "credible strategic buyer". Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.


Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maxicity-holdings-limited" target="_blank" data-smartkarma-citation="entities:40645:1" rel="noopener">Maxicity (2295 HK)</a>, a slope engineering specialist, is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0622/2026062200279.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Takeovers Code. Maxicity is 75% held by founders Shing Kee Sieh and Ka Ki Ho.</li>
<li>Maxicity was inauspiciously listed on GEM board on the 19th December 2019 at HK$0.60/share; before being transferred to the Main Board on the 31st December 2021.  </li>
<li>At a guess, I can see Sieh/Ho taking the company private by way of a Scheme. </li>
</ul>



Maxicity (2295 HK), a slope engineering specialist, is currently suspended pursuant to the Takeovers Code. Maxicity is 75% held by founders Shing Kee Sieh and Ka Ki Ho.
Maxicity was inauspiciously listed on GEM board on the 19th December 2019 at HK$0.60/share; before being transferred to the Main Board on the 31st December 2021.  
At a guess, I can see Sieh/Ho taking the company private by way of a Scheme. 


<ul>
<li>I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/frasers-group-plc" target="_blank" data-smartkarma-citation="entities:22158:1" rel="noopener">Frasers Group (FRAS LN)</a>'s on-market Offer for <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Frasers Group (FRAS LN)'s on-market Offer for Accent Group (AX1 AU).
Key updates/news also took place on: Australian Strategic Materials (ASM AU), oOh!Media Ltd (OML AU), Qube Holdings (QUB AU), and China Shengmu Organic Milk (1432 HK).


Asia-Pac Weekly Wrap: Accent Group, ASM, OOh!Media, Qube Holdings, China Shengmu

Australia

Webjet Group Limited is a global travel organization. The Company offers an online marketplace for the travel trade, that connects hotels and other travel service suppliers to a distribution network of travel buyers to find rooms for their travelling customers. Webjet Group operates worldwide.

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Webjet Group (WJL AU)

Get Nice (64 HK): Expect A Founder's Scheme

My best guess (blue sky) is a 40% discount to book - or ~HK6/share Offer. Optically this could be done at HK$4.50 or 32% premium to undisturbed;...

David Blennerhassett

Asia-Pac Weekly Wrap: Atlas Arteria, ASM Clearview Wealth, Tourism Holdings, Ajinomoto Malaysia

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

Two "credible" parties in the mix. If small, illiquid - and non-binding arbs - are your bag, buy here. But not aggressively. The BGH/Trouchet...

David Blennerhassett

Maxicity (2295 HK): Founders' Scheme?

My guess is IF this is a Scheme from founders Sieh and Ho, then a reasonable premium to last close, say ~40% or HK$2.60, may be one outcome....

David Blennerhassett

Asia-Pac Weekly Wrap: Accent Group, ASM, OOh!Media, Qube Holdings, China Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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