In today’s briefing:
- Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
- Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
- Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand
- 10 in 10 with China Everbright Water – Embracing Internationalisation for stable growth
Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
- After OCBC bumped terms for Great Eastern Holdings (GE SP) to $30.15/share via an Exit Offer, I wasn’t confident a 17.8% bump would dislodge Palliser. That appears the case.
- At today’s EGM, 63.49% of minority shareholders – OCBC abstained – were in favour on the Offer, falling short of the 75% condition. There was no blocking % condition.
- Shareholders voted for the resumption of shares via the issuance of shares (one-for-one bonus), satisfying the SGX free float requirement. The SGX, and dissenters, will be happy with the outcome.
Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
- The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
- The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met.
- Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.
Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand
- Overall bearish market conditions in China
- Mixed trade data underscore tepid demand conditions
- Arbitrage window might open as spread between Chinese and international prices narrows
10 in 10 with China Everbright Water – Embracing Internationalisation for stable growth
- CEWL plans a CAPEX of HKD1.7 billion to HKD2.0 billion in 2025 for project construction and growth.
- CEWL maintained cash and cash equivalents of HK$1.85 billion as of 31 December 2024, ensuring strong liquidity.
- CEWL’s EBITDA fell by 11% to HK$2.20 billion in FY2024 due to one-time events and exchange rate fluctuations.
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