Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Huadian Fuxin Energy Corp / Equity Bottom-Up

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<p>On the 1 June, <a href="https://www.smartkarma.com/entities/huadian-fuxin-energy-corp-ltd" target="_blank" data-smartkarma-citation="entities:59:1" rel="noopener">Huadian Fuxin Energy Corp (816 HK)</a> joined an ever-growing list of clean-energy companies subject to restructurings/takeovers by <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0601/2020060103584.pdf" target="_blank" rel="noopener">announcing</a> its major shareholder, Huadian with 62.76% - via wholly-owned listed vehicle Fujian Huadian Furui (the Offeror) - had tabled a privatisation Offer by way of a Merger by Absorption.  The Offer price of $2.50/share, was a 65.56% premium to last close and 85.34% premium to the average closing for the 90 days prior to the Offer announcement. The Offer Price is Final.</p>
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<p>A final dividend of RMB0.054/share (~HK$0.0587/share) was also be added to the consideration price, for those shareholders whose names were on the register as at 9 July. </p>
<p>Following pre-conditional approvals from NDRC, MoC, &amp; SAFE <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0821/2020082101221.pdf" target="_blank" rel="noopener">announced</a> on the 21 August, the Composite Document has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0826/2020082600007.pdf" target="_blank" rel="noopener">issued</a>.</p>
<p>This is a streamlined merger by absorption, absent a tendering condition. The IFA opines the Offer is fair &amp; reasonable. </p>
<p>The H Share Class Meeting will be held on the 16 September, with an expected payment on (or before) the 12 October.</p>
<p>This is a clean transaction and will continue to trade tight to terms. Either play the narrow spread or look to position in one of Huadian's peers. </p>
<p>As always, more below the fold. </p>
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<p><em>This insight addresses the content within the Composite Doc. For a more detailed overview of Huadian, please refer to my prior insight: <a href="https://skr.ma/g466D" target="_blank" rel="noopener">Huadian Fuxin (816 HK) Becomes The Latest Clean Energy Takeover Play</a>.</em></p>
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On the 1 June, Huadian Fuxin Energy Corp (816 HK) joined an ever-growing list of clean-energy companies subject to restructurings/takeovers by announcing its major shareholder, Huadian with 62.76% - via wholly-owned listed vehicle Fujian Huadian Furui (the Offeror) - had tabled a privatisation Offer by way of a Merger by Absorption.  The Offer price of $2.50/share, was a 65.56% premium to last close and 85.34% premium to the average closing for the 90 days prior to the Offer announcement. The Offer Price is Final.


A final dividend of RMB0.054/share (~HK$0.0587/share) was also be added to the consideration price, for those shareholders whose names were on the register as at 9 July. 
Following pre-conditional approvals from NDRC, MoC, &amp; SAFE announced on the 21 August, the Composite Document has now been issued.
This is a streamlined merger by absorption, absent a tendering condition. The IFA opines the Offer is fair &amp; reasonable. 
The H Share Class Meeting will be held on the 16 September, with an expected payment on (or before) the 12 October.
This is a clean transaction and will continue to trade tight to terms. Either play the narrow spread or look to position in one of Huadian's peers. 
As always, more below the fold. 



This insight addresses the content within the Composite Doc. For a more detailed overview of Huadian, please refer to my prior insight: Huadian Fuxin (816 HK) Becomes The Latest Clean Energy Takeover Play.


Huadian Fuxin (816 HK): Doc Out. Done Deal

Taiwan

Cathay Chemical Works Co., Ltd manufactures chemicals. The Company produces zinc oxide, zinc dust, sodium hydrosulfate, and sodium formaldehyde sulfoxylate. The Company sells its products under the CATHAY brand name.

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Cathay Chemical Works (1713 TT)

Huadian Fuxin (816 HK): Doc Out. Done Deal

On the 1 June, Huadian Fuxin Energy Corp (816 HK) joined an ever-growing list of clean-energy companies subject to restructurings/takeovers by...

David Blennerhassett

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