Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Delta Electronics Thailand  / Event-Driven

<p>With <a href="https://www.set.or.th/set/newsdetails.do?newsId=15504462656620&amp;language=en&amp;country=US" target="_blank">Form 247-3</a> (Intention to Make a Tender Offer) and the <a href="https://www.set.or.th/set/newsdetails.do?newsId=15504462676780&amp;language=en&amp;country=US" target="_blank">FY18 dividend</a>  (Bt2.30/share) for <strong><a href="https://www.smartkarma.com/entities/20912" target="_blank" data-smartkarma-citation="entities:20912:1">Delta Electronics Thai (DELTA TB)</a> </strong>having been announced, this insight briefly provides an updated indicative timetable for investors.</p>
<p>The next key date is the submission of Form 247-4, the Tender Offer for Securities, which will provide full details of the Offer.</p>
<table class="table table-striped">
<tbody>
<tr>
<td>
<h2>Date</h2>
</td>
<td>
<h2>Data in the Date</h2>
</td>
<td style="text-align: right;">
<h2>Comment</h2>
</td>
</tr>
<tr>
<td>1-Aug-18</td>
<td>Announcement</td>
<td style="text-align: right;"><em><a href="http://www.deltathailand.com/imgadmins/press_file/DELTA_press_file_en_2018-08-01_10-59-08.pdf" target="_blank">Link</a></em></td>
</tr>
<tr>
<td>13-Jan-19</td>
<td>Pre-approvals fulfilled</td>
<td style="text-align: right;"><em><a href="https://www.deltaww.com/news/pressDetail.aspx?secID=3&amp;pID=1&amp;typeID=1;3&amp;itemID=9104&amp;tid=0&amp;hl=en-US" target="_blank">Link</a></em></td>
</tr>
<tr>
<td>18-Feb-19</td>
<td>Form 247-3 submitted</td>
<td style="text-align: right;"><em><a href="https://www.set.or.th/set/newsdetails.do?newsId=15504462656620&amp;language=en&amp;country=US" target="_blank">Link</a></em></td>
</tr>
<tr>
<td>18-Feb-19</td>
<td>FY18 dividend announced</td>
<td style="text-align: right;"><em><a href="https://www.set.or.th/set/newsdetails.do?newsId=15504462676780&amp;language=en&amp;country=US" target="_blank">Link</a></em></td>
</tr>
<tr>
<td>22-Feb-19</td>
<td>Form 247-4 to be submitted</td>
<td style="text-align: right;">As per announcement</td>
</tr>
<tr>
<td>25-Feb-19</td>
<td>Tender Offer open</td>
<td style="text-align: right;">Assume 1 business day after 247-4 is submitted</td>
</tr>
<tr>
<td>28-Feb-19</td>
<td>Last day to buy to be on the 4 Mar register</td>
<td style="text-align: right;">T+2 settlement</td>
</tr>
<tr>
<td>1-Mar-19</td>
<td>Ex-date for dividend</td>
<td style="text-align: right;">As announced</td>
</tr>
<tr>
<td>4-Mar-19</td>
<td>Date to be on the registry to receive full-year dividend</td>
<td style="text-align: right;">As announced</td>
</tr>
<tr>
<td>22-Mar-19</td>
<td>Last day for revocation of shares</td>
<td style="text-align: right;">20th day of Tender Offer<sup>1</sup>
</td>
</tr>
<tr>
<td>29-Mar-19</td>
<td>Close of Offer</td>
<td style="text-align: right;">Assuming 25 business days tender period</td>
</tr>
<tr>
<td>2-Apr-19</td>
<td>AGM</td>
<td style="text-align: right;">As announced</td>
</tr>
<tr>
<td>3-Apr-19</td>
<td>Consideration paid under the Offer</td>
<td style="text-align: right;">Assume 3 business days after close of Offer</td>
</tr>
<tr>
<td>11-Apr-19</td>
<td>Payment of FY18 dividend</td>
<td style="text-align: right;">As announced<sup>2</sup>
</td>
</tr>
</tbody>
</table>
<div style="text-align: left;" class="content-caption">Source: Delta, my estimates <br><sup>1</sup> assuming the shareholder has not forfeited the right to revoke<br><sup>2</sup> the dividend is subject to a 10% WHT for non-residents.</div>
<p>This above indicative timetable assumes a conditional offer based on a minimum acceptance level of at least 50%. Payment under the offer may indeed be earlier, as explained below, which also ties in with a shareholders' right to revoke shares tendered. </p>
<p>In addition, investors should not tender once the offer opens - assuming the tender period commences on the 25 February - but wait until their shares are on the registry as at 4 March to receive the FY18 dividend.</p>
<p>Currently trading at a 2.2%/22% gross/annualised spread. Bear in mind the dividend is subject to 10% tax.</p>

With Form 247-3 (Intention to Make a Tender Offer) and the FY18 dividend  (Bt2.30/share) for Delta Electronics Thai (DELTA TB) having been announced, this insight briefly provides an updated indicative timetable for investors.
The next key date is the submission of Form 247-4, the Tender Offer for Securities, which will provide full details of the Offer.




Date


Data in the Date


Comment



1-Aug-18
Announcement
Link


13-Jan-19
Pre-approvals fulfilled
Link


18-Feb-19
Form 247-3 submitted
Link


18-Feb-19
FY18 dividend announced
Link


22-Feb-19
Form 247-4 to be submitted
As per announcement


25-Feb-19
Tender Offer open
Assume 1 business day after 247-4 is submitted


28-Feb-19
Last day to buy to be on the 4 Mar register
T+2 settlement


1-Mar-19
Ex-date for dividend
As announced


4-Mar-19
Date to be on the registry to receive full-year dividend
As announced


22-Mar-19
Last day for revocation of shares
20th day of Tender Offer1



29-Mar-19
Close of Offer
Assuming 25 business days tender period


2-Apr-19
AGM
As announced


3-Apr-19
Consideration paid under the Offer
Assume 3 business days after close of Offer


11-Apr-19
Payment of FY18 dividend
As announced2




Source: Delta, my estimates  1 assuming the shareholder has not forfeited the right to revoke 2 the dividend is subject to a 10% WHT for non-residents.
This above indicative timetable assumes a conditional offer based on a minimum acceptance level of at least 50%. Payment under the offer may indeed be earlier, as explained below, which also ties in with a shareholders' right to revoke shares tendered. 
In addition, investors should not tender once the offer opens - assuming the tender period commences on the 25 February - but wait until their shares are on the registry as at 4 March to receive the FY18 dividend.
Currently trading at a 2.2%/22% gross/annualised spread. Bear in mind the dividend is subject to 10% tax.

Delta Thailand's Tender Offer: Updated Timetable

Thailand

White Group Public Company Limited imports and distributes industrial chemicals to several industries including petroleum, paper, food, paint and laboratory industries.  The Company also owns two office buildings for rent.

White Group Public (WG TB)

Delta Thailand's Tender Offer: Updated Timetable

With Form 247-3 (Intention to Make a Tender Offer) and the FY18 dividend (Bt2.30/share) for Delta Electronics Thai (DELTA TB) having been...

David Blennerhassett