Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China National Building Material / Event-Driven

<ul>
<li>On the 6th December 2024, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a> (CNBM), China's leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.</li>
<li>This elevated CNBM's parent's stake to 50.01% of total shares from 45.02% currently, necessitating  a whitewash waiver so the parent would not be obliged to make a full blown offer.  </li>
<li>Independent H-shareholder overwhelmingly approved the waiver yesterday, the 19th February. Tendering closes on the 5th March. Minimum pro-ration is 19.24%. I'm estimating at least 35%. The Offer is now unconditional.</li>
</ul>


On the 6th December 2024, China National Building Material (3323 HK) (CNBM), China's leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
This elevated CNBM's parent's stake to 50.01% of total shares from 45.02% currently, necessitating  a whitewash waiver so the parent would not be obliged to make a full blown offer.  
Independent H-shareholder overwhelmingly approved the waiver yesterday, the 19th February. Tendering closes on the 5th March. Minimum pro-ration is 19.24%. I'm estimating at least 35%. The Offer is now unconditional.


CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pec-ltd" target="_blank" data-smartkarma-citation="entities:19415:1" rel="noopener">PEC Ltd. (PEC SP)</a>, a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.</li>
<li>Liberty is offering S$0.84/share (not final) - including a AS$0.20/share special  dividend - a 12.8% premium to undisturbed; but really more like a &gt;35% premium. </li>
<li>Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread. </li>
</ul>



PEC Ltd. (PEC SP), a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty is offering S$0.84/share (not final) - including a AS$0.20/share special  dividend - a 12.8% premium to undisturbed; but really more like a &gt;35% premium. 
Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread. 


PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

<ul>
<li>After <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai  (2217 HK)</a> was suspended, in <a href="https://skr.ma/uHXiV" target="_blank" rel="noopener">Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer</a> I expected an Offer from <a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">TORIDOLL Holdings (3397 JP)</a>.</li>
<li>I also thought an Offer price ~HK$1.50/share would be welcome, but wasn't hopeful. We got both - a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0217/2025021701057.pdf" target="_blank" rel="noopener">Scheme</a> from Toridoll at HK$1.58/share (best &amp; final).</li>
<li>Clean deal. Just a question of timing. Docs may be delayed to incorporate FY25E (Mar Y/E) financials. </li>
</ul>


After Tam Jai  (2217 HK) was suspended, in Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer I expected an Offer from TORIDOLL Holdings (3397 JP).
I also thought an Offer price ~HK$1.50/share would be welcome, but wasn't hopeful. We got both - a Scheme from Toridoll at HK$1.58/share (best &amp; final).
Clean deal. Just a question of timing. Docs may be delayed to incorporate FY25E (Mar Y/E) financials. 


Tam Jai (2217 HK): Toridoll (3397 JP)'s Excellent Offer

<ul>
<li>Small-Cap property developer <a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0214/2025021400231.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Takeovers Code</li>
<li>Soundwill is controlled as to 74.97% by Grace Foo (ED), and her descendants, Wai Ling Chan (deputy chairman), and Hing Tat Chan (chairman). </li>
<li>Soundwill is trading at a staggering 0.08x P/B, with the majority of its book value tied up in investment properties.</li>
</ul>


Small-Cap property developer Soundwill Holdings (878 HK) is currently suspended pursuant to the Takeovers Code
Soundwill is controlled as to 74.97% by Grace Foo (ED), and her descendants, Wai Ling Chan (deputy chairman), and Hing Tat Chan (chairman). 
Soundwill is trading at a staggering 0.08x P/B, with the majority of its book value tied up in investment properties.


Soundwill Holdings (878 HK): Privatisation Expected From The Controlling Family

<ul>
<li>I tally 59 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>


I tally 59 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Two new deals discussed this week: Paragon REIT (PGNREIT SP) and Kaonavi Inc (4435 JP).
Key updates/news took place on: Arcadium Lithium (LTM AU), Sun Art Retail (6808 HK), HKBN Ltd (1310 HK), and Seven &amp; I Holdings (3382 JP).


(Mostly) Asia-Pac M&A: Paragon REIT, Kaonavi, Arcadium Lithium, Sun Art Retail, HKBN, and Seven & I

Australia

Auswide Bank Ltd provides banking and financial services. The Bank offers home loans and mortgages, investment opportunities, electronic banking, insurance, credit cards, financial advisory, term deposits, business support, and foreign exchange services. Auswide Bank serves customers in Australia.

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

Auswide Bank (ABA AU)

CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

I'm inclined to simply short outright here, if I had guaranteed take-no-action borrow. Especially as the price closes in on the tender price, and...

David Blennerhassett

PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

This is done. If small, illliquid arbs are your bent, and assuming late May payment, I'd pay up to S$0.79/share for a gross/annualised return of 6%...

David Blennerhassett

Tam Jai (2217 HK): Toridoll (3397 JP)'s Excellent Offer

This is done. No competing Offer will emerge. If payment on or around mid-July, and small-cap arbs are your thing, I'd pay up to HK$1.49/share for...

David Blennerhassett

Soundwill Holdings (878 HK): Privatisation Expected From The Controlling Family

Despite Soundwill's illiquidity, the controlling family probably still needs to offer a premium of 50%-75%. Not just to account for the low P/B...

David Blennerhassett

(Mostly) Asia-Pac M&A: Paragon REIT, Kaonavi, Arcadium Lithium, Sun Art Retail, HKBN, and Seven & I

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)