Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>PRC department store play <a href="https://www.smartkarma.com/entities/golden-eagle-retail-group" target="_blank" data-smartkarma-citation="entities:470:1" rel="noopener">Golden Eagle (3308 HK)</a> has announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close. The price is final.</li>
<li>The Offeror is the Wang family, Together with concert parties, they control 80.29%. 7.18% of the remaining 19.71% of the disinterested stakeholders have given an irrevocable. </li>
<li>Apart from shareholder approval, there are no key regulatory approvals to be obtained. </li>
</ul>


PRC department store play Golden Eagle (3308 HK) has announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close. The price is final.
The Offeror is the Wang family, Together with concert parties, they control 80.29%. 7.18% of the remaining 19.71% of the disinterested stakeholders have given an irrevocable. 
Apart from shareholder approval, there are no key regulatory approvals to be obtained. 


Golden Eagle (3308 HK): Wang Family Delisting Offer

<ul>
<li>After shares gained 63% in the morning session of the 16 Feb, then subsequently suspended, Chu Hui, the chairman and major shareholder, has made his move on <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a>.</li>
<li>Chu is offering HK$0.40/share by of a Scheme, a 12.68% premium to last close, but a whopping 83.49% over the last full trading day's closing price. This price is final.
</li>
<li>This is done. Expect payment around late July based on precedent Cayman-incorporated privatisations. </li>
</ul>


After shares gained 63% in the morning session of the 16 Feb, then subsequently suspended, Chu Hui, the chairman and major shareholder, has made his move on Jiangnan (1366 HK).
Chu is offering HK$0.40/share by of a Scheme, a 12.68% premium to last close, but a whopping 83.49% over the last full trading day's closing price. This price is final.

This is done. Expect payment around late July based on precedent Cayman-incorporated privatisations. 


This Is Done. Chu's Offer For Jiangnan (1366 HK)

<ul>
<li>On the 14 May 2018, coalbed methane producer <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">AAG Energy Holdings (2686 HK)</a> announced a partial offer (50.5%) from <a href="https://www.smartkarma.com/entities/xinjiang-xintai-natural-gas-a" target="_blank" data-smartkarma-citation="entities:27036:1" rel="noopener">Xinjiang Xintai Natural Gas (603393 CH)</a> at HK$1.75/share. </li>
<li>Xinjiang Xintai has returned to the pit with a $1.85/share Offer by way of a Scheme. The Cancellation Price will NOT be increased.</li>
<li>This is hardly a knockout price, at a 10.1% premium to undisturbed; and just a 2.2% premium over the highest closing price of HK$1.81/share in the past year.</li>
</ul>


On the 14 May 2018, coalbed methane producer AAG Energy Holdings (2686 HK) announced a partial offer (50.5%) from Xinjiang Xintai Natural Gas (603393 CH) at HK$1.75/share. 
Xinjiang Xintai has returned to the pit with a $1.85/share Offer by way of a Scheme. The Cancellation Price will NOT be increased.
This is hardly a knockout price, at a 10.1% premium to undisturbed; and just a 2.2% premium over the highest closing price of HK$1.81/share in the past year.


AAG Energy (2686 HK): Xinjiang Xintai 's Underwhelming Scheme Offer

Lifestyle International Holdings / Event-Driven

<ul>
<li>Thomas Yau, <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 controlling shareholder, is offering to take the company private by way of a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0807/2022080700233.pdf" target="_blank" rel="noopener">Scheme</a> at HK$5/share, a 62.3% premium to last close.  </li>
<li>Independent shareholders comprise 23.51% of shares out, therefore the blocking stake at the forthcoming Court Meeting is 2.351% of shares out. </li>
<li>The Offer price is final. No dividends will be paid during the Offer period.</li>
</ul>


Thomas Yau, Lifestyle International Holdings (1212 HK)'s controlling shareholder, is offering to take the company private by way of a Scheme at HK$5/share, a 62.3% premium to last close.  
Independent shareholders comprise 23.51% of shares out, therefore the blocking stake at the forthcoming Court Meeting is 2.351% of shares out. 
The Offer price is final. No dividends will be paid during the Offer period.


<ul>
<li>The Cheng family has made a voluntary conditional Offer of $1.88/share for <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>. </li>
<li>The Cheng's (and concert parties) control 24.57%. The Offer is conditional on the family getting to more than 50% via tendering. </li>
<li>The intention is to maintain Giordano's listing. The Offer Price has not been declared final. </li>
</ul>


The Cheng family has made a voluntary conditional Offer of $1.88/share for Giordano International (709 HK). 
The Cheng's (and concert parties) control 24.57%. The Offer is conditional on the family getting to more than 50% via tendering. 
The intention is to maintain Giordano's listing. The Offer Price has not been declared final. 


Giordano (709 HK): Cheng Family's Underwhelming Offer

Hong Kong

Yorkey Optical International Cayman Ltd. manufactures plastic and metal parts and components of optical and optoelectronic products.  The Company produces parts for copiers, computer peripherals, handsets, film cameras, and other products.

Yorkey Optical International Cayman (2788 HK)

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Yorkey Optical International Cayman (2788 HK)

Golden Eagle (3308 HK): Wang Family Delisting Offer

Assuming there is enough here for the deal to get up, and assuming payment around the middle of September, I'd pay up to HK$6.61/share, or ~15%...

David Blennerhassett

This Is Done. Chu's Offer For Jiangnan (1366 HK)

This is done. This is a full price. No competing Offer will emerge. Buy around HK$0.38-HK$0.385 or a gross/annualised of 5.3%/13.1%-3.9%/9.6%,...

David Blennerhassett

AAG Energy (2686 HK): Xinjiang Xintai 's Underwhelming Scheme Offer

A 10.1% premium compares to the Offer price premiums for Sino Gas and Senex of 19% and 25%. I 'd still buy here given the low Offer premium and...

David Blennerhassett

Lifestyle (1212 HK): Thomas Yau's Scheme

I'd be buying Lifestyle International (1212 HK) up to around $4.75 or a gross/annualised spread of 5%/15%, assuming mid-December completion.

David Blennerhassett

Giordano (709 HK): Cheng Family's Underwhelming Offer

This Offer price won't be sufficient to get to 50%. It has not been declared final for that reason. I'd be buying around the Offer Price. This...

David Blennerhassett

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