IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>
<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>’s IFA opines that <a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a>’s HK$4.90 offer is fair and reasonable. The vote is on 12 May. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders' rejection). Shareholders with blocking stakes will be supportive.</li>
<li>This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%. </li>
</ul>



Canvest Environmental Protection Group (1381 HK)’s IFA opines that Grandblue Environment Co A (600323 CH)’s HK$4.90 offer is fair and reasonable. The vote is on 12 May. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders' rejection). Shareholders with blocking stakes will be supportive.
This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%. 


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 22 July 2024, waste-to-energy play <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 (1381 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0722/2024072201250.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer from <a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment (600323 CH)</a> at $4.90/share (best &amp; final), by way of a Scheme.</li>
<li>On the 17th March 2025, all pre-conditions were (finally) satisfied. </li>
<li>
The Scheme Doc is now out, with a Court Meeting on the 12th May, with payment on or before the 10th June. The IFA (Somerley) says "fair &amp; reasonable".</li>
</ul>


On the 22 July 2024, waste-to-energy play Canvest Environmental (1381 HK) announced a pre-conditional Offer from Grandblue Environment (600323 CH) at $4.90/share (best &amp; final), by way of a Scheme.
On the 17th March 2025, all pre-conditions were (finally) satisfied. 

The Scheme Doc is now out, with a Court Meeting on the 12th May, with payment on or before the 10th June. The IFA (Somerley) says "fair &amp; reasonable".


Canvest (1381 HK): 12th May Vote On Grandblue's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a> has satisfied the precondition related to its privatisation offer for <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>. </li>
<li>The offer remains attractive despite the re-rating of peers since announcing the deal. The vote risk is low as the two shareholders holding blocking stakes will be supportive. </li>
<li>This is a done deal. At the last close, the gross/annualised spread for a mid-June payment is 3.8%/13.0%. </li>
</ul>



Grandblue Environment Co A (600323 CH) has satisfied the precondition related to its privatisation offer for Canvest Environmental Protection Group (1381 HK). 
The offer remains attractive despite the re-rating of peers since announcing the deal. The vote risk is low as the two shareholders holding blocking stakes will be supportive. 
This is a done deal. At the last close, the gross/annualised spread for a mid-June payment is 3.8%/13.0%. 


Canvest (1381 HK): Precondition Satisfied

<ul>
<li>After SAFE<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0219/2025021900847.pdf" target="_blank" rel="noopener"> gave the green light</a> on the 19th Feb, I estimated only a week was required to secure the (strangely) outstanding internal guarantees. It took a frustrating three-and-a-half weeks.</li>
<li>Nevertheless, all pre-cons are now done. <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 (1381 HK)</a>'s Scheme Document is expected to be dispatched or before the 25th April. </li>
<li>Assuming the Scheme gets up - and it will - expect payment around the 20th June. This is done.</li>
</ul>


After SAFE gave the green light on the 19th Feb, I estimated only a week was required to secure the (strangely) outstanding internal guarantees. It took a frustrating three-and-a-half weeks.
Nevertheless, all pre-cons are now done. Canvest Environmental (1381 HK)'s Scheme Document is expected to be dispatched or before the 25th April. 
Assuming the Scheme gets up - and it will - expect payment around the 20th June. This is done.


<ul>
<li>After <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> announced on the 23rd Jan it had secured <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0123/2025012301266.pdf" target="_blank" rel="noopener">Mofcom approval</a>, after securing NDRC earlier that month, that left SAFE. Or so I thought. 
</li>
<li>SAFE has now been secured, yet two pre-cons concerning certain (internal) guarantees remain outstanding. It's rare to see SAFE sign off with other pre-cons still hanging. </li>
<li>The consolation here is that KM Lai (ED, DC) and Loretta Lee (ED, CL) are on the hook for a chunk of change if they cause the proposal to lapse.</li>
</ul>


After Canvest Environmental Protection Group (1381 HK) announced on the 23rd Jan it had secured Mofcom approval, after securing NDRC earlier that month, that left SAFE. Or so I thought. 

SAFE has now been secured, yet two pre-cons concerning certain (internal) guarantees remain outstanding. It's rare to see SAFE sign off with other pre-cons still hanging. 
The consolation here is that KM Lai (ED, DC) and Loretta Lee (ED, CL) are on the hook for a chunk of change if they cause the proposal to lapse.


Canvest (1381 HK): SAFE In The Bag, But Oddly, Still Not Free From Pre-Cons

Hong Kong

Canvest Environment Protection Group Company Limited focuses on the development, management, and operation of waste-to-energy plants. The Company's plants are located in China.

Canvest Environmental Protection Group (1381 HK)

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Canvest Environmental Protection Group (1381 HK)

Canvest (1381 HK): Scheme Vote on 12 May

This is a done deal as the vote is low-risk. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%.

Arun George

Canvest (1381 HK): 12th May Vote On Grandblue's Offer

This looks done. Trading at a 2.7%/19.9% gross/annualised spread. There is vote risk. But all Shanghai Industrial Holdings appears supportive. and...

David Blennerhassett

Canvest (1381 HK): Precondition Satisfied

Best Approach (concert party) and Shanghai Industrial/SIHL have agreed to amend the exchangeable bonds terms. This amendment allows Best Approach...

Arun George

Canvest (1381 HK): Get Involved

Trading at a 2.9%/11.9% gross/annualised spread, assuming payment around the 20th June. Get involved here and on weakness.

David Blennerhassett

Canvest (1381 HK): SAFE In The Bag, But Oddly, Still Not Free From Pre-Cons

Pre-cons should be wrapped up shortly, -expect payment late May. This is trading at a 4.5%/19% gross/annualised spread. Get involved - unless you...

David Blennerhassett

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