Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Two years of suspension, an "okay" Offer (following the bump), family members selling prior to and after the Offer - <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a> is anything but dull. </li>
<li>The <a href="https://links.sgx.com/FileOpen/1%20Best%20World%20EGM%20Circular.ashx?App=Announcement&amp;FileID=807418" target="_blank" rel="noopener">Circular</a> is now out for the $2.56/share Exit Offer from Best World's founders Dora Hoan and Doreen Tan. The Offer Price will not be increased. </li>
<li>Independent shareholders go to the vote on the 19th July. The IFA says fair &amp; reasonable. Payment is possible late-July. But the vote is by no means a sure thing.</li>
</ul>


Two years of suspension, an "okay" Offer (following the bump), family members selling prior to and after the Offer - Best World International (BEST SP) is anything but dull. 
The Circular is now out for the $2.56/share Exit Offer from Best World's founders Dora Hoan and Doreen Tan. The Offer Price will not be increased. 
Independent shareholders go to the vote on the 19th July. The IFA says fair &amp; reasonable. Payment is possible late-July. But the vote is by no means a sure thing.


Best World (BEST SP): The 19th July Vote Will Be Close

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a> IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. </li>
<li>The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).</li>
<li>The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.</li>
</ul>


The Best World International (BEST SP) IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. 
The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).
The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.


Best World (BEST SP): EGM Vote on 19 July

<ul>
<li>The $2.50/share Exit Offer announced last month seemed fair. Not great, but okay. <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a>'s founders Dora Hoan and Doreen Tan have now blinked, and bumped. </li>
<li>Terms are<a href="https://links.sgx.com/FileOpen/2024%2005%2024%20BWIL%20Exit%20Price%20Revision%20Announcement.ashx?App=Announcement&amp;FileID=804614" target="_blank" rel="noopener"> S$2.56/share</a> - best &amp; final.  The increase in the Exit Offer price followed "a review of its most recent financial and cash position". More likely, shareholder pushback.</li>
<li>Elsewhere, nephews and siblings of Hoan, bought shares just prior to the initial Offer announcement; and have been selling since. Not a great look. </li>
</ul>


The $2.50/share Exit Offer announced last month seemed fair. Not great, but okay. Best World International (BEST SP)'s founders Dora Hoan and Doreen Tan have now blinked, and bumped. 
Terms are S$2.56/share - best &amp; final.  The increase in the Exit Offer price followed "a review of its most recent financial and cash position". More likely, shareholder pushback.
Elsewhere, nephews and siblings of Hoan, bought shares just prior to the initial Offer announcement; and have been selling since. Not a great look. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a> has disclosed a revised exit offer which has been declared final. The S$2.56 offer is a modest 2.4% premium to the previous S$2.50 offer. </li>
<li>The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).</li>
<li>The revised offer remains underwhelming. However, the headcount test risk is lowering as retail seems resigned to accepting it. At the last close, the gross spread was 2.4%. </li>
</ul>



Best World International (BEST SP) has disclosed a revised exit offer which has been declared final. The S$2.56 offer is a modest 2.4% premium to the previous S$2.50 offer. 
The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).
The revised offer remains underwhelming. However, the headcount test risk is lowering as retail seems resigned to accepting it. At the last close, the gross spread was 2.4%. 


Best World (BEST SP): Best and Final S$2.56 Offer

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>, Hollysys.
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Asia Cement China (743 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK).

Lowest spreads: Tatsuta Electric Wire &amp; Cable (5809 JP), Alumina Ltd (AWC AU), Fancl Corp (4921 JP), Mimasu Semiconductor Industry (8155 JP), Infocom Corp (4348 JP), Hollysys.



Merger Arb Mondays (22 Jul) - China TCM, GA Pack, Huafa, Samson, CPMC, Fancl, Tatsuta, Capitol

Singapore

Bumitama Agri is a leading producer of crude palm oil and palm kernel in Indonesia. The Group is principally engaged in the cultivation of oil palm trees, as well as the harvesting and processing of fresh palm fruit bunches into CPO and PK. It was founded in 1996 and listed on the Singapore Exchange in 2012. 

Past extensification efforts, combined with continuous improvement in production processes, have bolstered Bumitama’s FFB (internally sourced) and CPO production volumes to climb significantly over the last ten years, with a CAGR of 11.8%. The Group has consistently stayed on the path towards achieving higher yields and extraction rates by investing in research and development, technology, and best practices in cultivation of oil palm. These efforts have made the Group one of the most efficient producers in the industry today, boasting a CPO yield of 4.2 tonnes per ha in 2021.

In recognition of its operations’ superiority, the Group has received numerous accolades which include having listed as Forbes Asia’s 200 Best Under a Billion 2013, earned Frost & Sullivan Indonesia’s Excellence Award in 2014, and obtained the Best Managed Small Cap Company in 2016 and the Most Outstanding Company in Singapore for the Decade (2010-2019) in 2019 from Asiamoney.

Del Monte Pacific Limited produces and markets packaged vegetable and fruit, beverage and culinary products. The Group has the exclusive right to use the Del Monte brand for packaged products in the USA, South America, Philippines, the Indian subcontinent and Myanmar, and the S&W brand for both packaged and fresh products globally except Australia and New Zealand.

Japfa Ltd. operates in the agricultural industry. The Company breeds and processes chicken, pork and beef. Japfa also operates dairy farms.

Food Empire Holdings Limited manufactures and markets instant beverage products, frozen convenience food, confectionery and snack food. The Company exports its products to markets such as Russia, Eastern Europe, Central Asia, the Middle East and Indochina.

Petra Foods Limited manufactures and distributes branded consumer products, primarily chocolate confectionery, across Southeast Asia.

Indofood Agri Resources Limited is an integrated agribusiness company. The Company and its subsidiaries are involved in research and development, oil palm seed breeding, oil palm cultivation and milling. Indofood Agri Resources also refines, brands and markets cooking oil, margarine, shortening and other palm oil products.

Mewah International, Inc. produces vegetable oils.  The Company produces palm, lauric, coconut, soybean, canola, sunflower, and corn oil.  Mewah markets its oils to refiners, processors, wholesalers and retailers; and packs and sells edible oils and fats and specialized bakery and confectionery oils and fats to consumers.

QAF Limited manufactures and distributes bread, bakery, and confectionery products.  The Company also operates supermarkets and cold storage warehousing. QAF trades and distributes food, beverages, food related ingredients and commodities.  QAF produces, processes, and markets pork and feed mill production.

Yeo Hiap Seng Limited manufactures, distributes, and exports canned food, sauces, and non-alcoholic beverages.  Through its subsidiaries, the Company also rents beverage vending machines.  Yeo Hiap Seng develops and invests in properties.

Fraser and Neave Limited is principally engaged in the food and beverage, and printing and publishing business. The Company's principal activities include the production and sale of beverages, which includes soft drinks, beer, stout, and dairy products; and printing and publishing.

Microbio Co., Ltd. applies symbiotic fermentation technology to develop botanical drug. The Company's products include clinically proven botanical drugs, pharmaceutically active ingredients, and nutrient supplements.

Milbon Co., Ltd. manufactures hair care products for beauty salons.  The Company produces chemicals for permanents, hair coloring, shampoos, rinses, and hair growth stimulant products.

Grape King BIO Ltd manufactures and markets beverages, nutrition, pharmaceuticals, syrups, and hair care products.

USANA Health Sciences, Inc. develops, manufactures, and markets nutritionals, personal care, and weight management products.  The Company's products are sold directly to preferred customers and distributors throughout the United States, Canada, Australia, New Zealand, the United Kingdom, and Hong Kong.

Ontex Group NV. produces disposable personal hygiene solutions. The Company's products cater to babies, women and senior adults.

Kolmar Korea Co., Ltd. manufactures and distributes personal care products. The Company produces cosmetics. Kolmar Korea also produces medicine and healthcare products.

Marico Bangladesh Limited manufactures and markets fast moving consumer goods in Bangladesh. The company offers coconut oil, hair nourishment products, edible oils, and male grooming products. It provides coconut oil and value added hair oil products, such as Parachute Advansed Beliphool, Nihar Naturals Shanti Badam Amla, Parachute Advansed Extra Care Enriched Coconut Hair Oil, Parachute Advansed Enriched Hair Oil, and Parachute Advansed Cooling Hair Oil. The company�s hair dye products comprise HairCode, HairCode Active, and HairCode Keshkala; hair serum products include Livon Silky Potion; edible oils include Saffola Active; and male grooming products consist of Set Wet and Set Wet Infinity. It also offers skin care products, such as Parachute Advansed Body Lotion. The company sells its products through its own distribution channels comprising of sales depots located in Gazipur, Chittagong, Bogra, Jessore, and Comilla. Marico Bangladesh Limited was incorporated in 1999 and is based in Dhaka, Bangladesh. Marico Bangladesh Limited operates as a subsidiary of Marico Limited.

Cosmecca Korea Co., Ltd. develops and manufactures cosmetics. The Company specializes in research and development of cosmetics. Cosmecca Korea serves customers in Korea.

Jamieson Wellness Inc., doing business as Jamieson Vitamins, develops, manufactures, and markets natural health products. The Company offers vitamins, minerals, and supplement products, as well as over-the-counter remedies and sports nutrition products. Jamieson Vitamins serves customers worldwide.

Herbalife Ltd. is a global nutrition company that sells weight management, healthy meals and snacks, sports and fitness, energy and targeted nutritional products as well as personal care products. The Company distributes and sells its products through a network of independent distributors, using the direct selling channel.

Best World International Limited sources, formulates, brands, and distributes a range of health and lifestyle products under the BWL, Avance, DORS, DR's Secret, and DRs Seager brand names.  The Company also distributes a range of third-party cosmetics and skin care products under the brand C'bon.

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Best World International (BEST SP)

Best World (BEST SP): The 19th July Vote Will Be Close

Trading wide-ish at a 2.8%/32.5% gross/annualised spread if late-July payment. Not bad if relatively illiquid arbs are your thing. But I'm not...

David Blennerhassett

Best World (BEST SP): EGM Vote on 19 July

The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.

Arun George

Best World (BEST SP): Best & Final Offer

This looks done. Trading at a 2.0%/15.8% gross/annualised spread assuming mid- July payment. That's okay. This is still not a super liquid arb...

David Blennerhassett

Best World (BEST SP): Best and Final S$2.56 Offer

The revised offer remains underwhelming. However, the headcount test risk is lowering as retail seems resigned to accepting it. At the last close,...

Arun George

Merger Arb Mondays (22 Jul) - China TCM, GA Pack, Huafa, Samson, CPMC, Fancl, Tatsuta, Capitol

This week, the highest gross spreads are HEC Pharma (122.5%), China TCM (31.8%), Asia Cement (12.6%), Canvest (11.1%), GA Pack (10.9%), Malaysia...

Arun George

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