Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, were considering taking Japfa private.</li>
<li>This was discussed in<a href="https://www.smartkarma.com/compose/insight/174028/%20https:/skr.ma/iKVsA" target="_blank" rel="noopener"> Japfa (JAP SP): Impressive Gain. But No Firm Offer</a>. Then crickets. </li>
<li>The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. </li>
</ul>


Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play Japfa Ltd (JAP SP), were considering taking Japfa private.
This was discussed in Japfa (JAP SP): Impressive Gain. But No Firm Offer. Then crickets. 
The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. 


Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

<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

Singapore

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Best World International (BEST SP)

Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Scheme Doc dispatched. 15th April Scheme Meeting. Payment on or around the 30th May. With a fair value range of S$0.53 to S$0.56/share, the IFA...

David Blennerhassett

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)