Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Tonly Electronics Holdings / Event-Driven

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<p>On the 30 October 2020, <a href="https://www.smartkarma.com/entities/tonly-electronics-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1320:1" rel="noopener">Tonly Electronics Holdings (1249 HK)</a> (TEH) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1030/2020103002084.pdf" target="_blank" rel="noopener">announced</a> a proposed privatisation from T.C.L. Industries Holdings (H.K.) Limited. (TCLH), a wholly-owned subsidiary of TCL Industries (TCLI), by way of a Scheme.</p>
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<p>The Scheme consideration is HK$12.00/share, a 19% premium to last close and 28% above the 30-day average close. The price will NOT be increased. No dividends have been declared, nor are any expected to be declared.</p>
<p>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0128/2021012801516.pdf" target="_blank" rel="noopener">Scheme Document</a> is now out. The Court Meeting/EGM is scheduled for the 23 February, and assuming the Scheme is approved by shareholders, payment under the Offer will be made on or before the 15 March.</p>
<p>The IFA (Somerley) considers the Offer to be fair and reasonable.</p>
<p>Although the headline premium to last close appears okay, TEH spiked 55% on the 13 August, on decent volume, to close coincidentally at $12/share.</p>
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<p>This looks done.</p>
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<p>As always, more below the fold.</p>
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On the 30 October 2020, Tonly Electronics Holdings (1249 HK) (TEH) announced a proposed privatisation from T.C.L. Industries Holdings (H.K.) Limited. (TCLH), a wholly-owned subsidiary of TCL Industries (TCLI), by way of a Scheme.


The Scheme consideration is HK$12.00/share, a 19% premium to last close and 28% above the 30-day average close. The price will NOT be increased. No dividends have been declared, nor are any expected to be declared.
The Scheme Document is now out. The Court Meeting/EGM is scheduled for the 23 February, and assuming the Scheme is approved by shareholders, payment under the Offer will be made on or before the 15 March.
The IFA (Somerley) considers the Offer to be fair and reasonable.
Although the headline premium to last close appears okay, TEH spiked 55% on the 13 August, on decent volume, to close coincidentally at $12/share.

This looks done.


As always, more below the fold.



Tonly Electronics (1249 HK): Scheme Doc Out. IFA Says Fair

Hong Kong

Suga International Holdings Limited researches and develops, manufactures, and sells electronics appliances on OEM (Original Equipment Manufacturing) and ODM (Original Design Manufacturing) basis.  The Company also sells non-customized products.

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Suga International Holdings (912 HK)

Tonly Electronics (1249 HK): Scheme Doc Out. IFA Says Fair

The blocking stake is low - just 2.529% of shares out. No single shareholder has declared a holding >5%. I see the gross/annualised spread at 4.9%...

David Blennerhassett

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