Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Inside The Box: First TPV (903 HK), Now Skyworth (751 HK)?

Quiddity Advisors

Event-Driven

Back on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2010/0129/ltn20100129642.pdf" target="_blank" rel="noopener">29 January 2010</a>, CEIEC, a wholly-owned subsidiary of SOE China Electronics Corporation (CEC) entered into a SPA with Philips to acquire 200mn shares of <a href="https://www.smartkarma.com/entities/tpv-technology-ltd" target="_blank" data-smartkarma-citation="entities:17232:1" rel="noopener">Tpv Technology (903 HK)</a>, 9.47% of shares out, at $5.20/share. The completion of the SPA would give CEIEC ~27.19% of shares out. 
Separately, Mitsui entered into a subscription agreement for 234.58mn new shares (11% of the then shares out, 10% of the enlarged) at $5.20/share.
Furthermore, CEC, CEIEC and Mitsui - the Joint Offerors - entered into a shareholder agreement in relation to their shareholding in TPV. 
The Joint Offerors would hold 36.66% after the completion of the SPA and 43% following the subscription agreement. This triggered an MGO, which was also done at $5.20/share, a 6.56% premium to last close. The Offer was considered fair &amp; reasonable by the IFA.
At the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2010/0422/ltn20100422645.pdf" target="_blank" rel="noopener">completion of the MGO</a>, the Joint Offerors held 1.175mn shares or 50.12%. This increased to 1.295bn shares or 55.2% shortly after, and this joint holding has remained static since. 
The New News
TPV's shares are <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0809/ltn201908099997.pdf" target="_blank" rel="noopener">suspended</a> this morning pending the release of an announcement pursuant to The Hong Kong Code on Takeovers and Mergers.
There have been some interesting movements in CCASS recently, which I flagged in my weekly last month  -<a href="https://skr.ma/1mu7v" target="_blank" rel="noopener"> Last Week in Event SPACE: Chiyoda, Bandai, Unizo, Ascendas, Villa World, Avon, SIA Engineering </a>- with 18.2% of shares out moving out of Citibank into Zhongrong Securities. This is Mitsui's stake.
At a guess, CEC/CEIEC is gearing up to make another Offer - this time to potentially delist the company.

Back on the 29 January 2010, CEIEC, a wholly-owned subsidiary of SOE China Electronics Corporation (CEC) entered into a SPA with Philips to acquire 200mn shares of Tpv Technology (903 HK), 9.47% of shares out, at $5.20/share. The completion of the SPA would give CEIEC ~27.19% of shares out. 
Separately, Mitsui entered into a subscription agreement for 234.58mn new shares (11% of the then shares out, 10% of the enlarged) at $5.20/share.
Furthermore, CEC, CEIEC and Mitsui - the Joint Offerors - entered into a shareholder agreement in relation to their shareholding in TPV. 
The Joint Offerors would hold 36.66% after the completion of the SPA and 43% following the subscription agreement. This triggered an MGO, which was also done at $5.20/share, a 6.56% premium to last close. The Offer was considered fair &amp; reasonable by the IFA.
At the completion of the MGO, the Joint Offerors held 1.175mn shares or 50.12%. This increased to 1.295bn shares or 55.2% shortly after, and this joint holding has remained static since. 
The New News
TPV's shares are suspended this morning pending the release of an announcement pursuant to The Hong Kong Code on Takeovers and Mergers.
There have been some interesting movements in CCASS recently, which I flagged in my weekly last month  - Last Week in Event SPACE: Chiyoda, Bandai, Unizo, Ascendas, Villa World, Avon, SIA Engineering - with 18.2% of shares out moving out of Citibank into Zhongrong Securities. This is Mitsui's stake.
At a guess, CEC/CEIEC is gearing up to make another Offer - this time to potentially delist the company. 

TPV Halted - A New Offer From CEC/Mitsui?

TPV Technology

TPV Halted - A New Offer From CEC/Mitsui?