In today’s briefing:
- Halcyon Agri (HACL SP): Conditions Precedent Fulfilled, MGO at S$0.413
- Jeju Air: A Big Beneficiary of Travel Resurgence in Asia + A Likely Inclusion in KOSPI 200 in 2023
- Despature Family/Somfy: Squeeze-Out, Delisting
Halcyon Agri (HACL SP): Conditions Precedent Fulfilled, MGO at S$0.413
- 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.
Jeju Air: A Big Beneficiary of Travel Resurgence in Asia + A Likely Inclusion in KOSPI 200 in 2023
- We believe that Jeju Air is in a sweet spot right now. Jeju Air is one of the major beneficiaries of the travel resurgence in Asia.
- Jeju Air is a potential inclusion candidate in the KOSPI 200 index in 2023. There are 42 companies in KOSPI 200 which have lower market cap than Jeju Air.
- Outbound travel from Korea recovered strongly with 6.6 million outbound tourists from South Korea in 2022, up 436% YoY. However, this is still 77% lower than the figure in 2019.
Despature Family/Somfy: Squeeze-Out, Delisting
- Shareholders caved in, the Despatures now hold 94.38% of SOMFY’s share capital and 96.31% of voting rights. They asked the AMF for the launch of a squeeze‐out procedure (9 February).
- SOMFY will be delisted from Euronext Paris on 9 February. Following the squeeze-out, SOMFY intends to distribute an extraordinary dividend up to €620 million
- The total cost for the family is c. €1,285 million (plus investment banking and legal fees). Nearly half of that will be covered by a €620 million extraordinary dividend. Cool.
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