Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Medium-Term, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> is not in great shape fundamentally compared to others We still know nothing about TOPIX. And we may just not hear. </li>
<li>
<a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> to take control of <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> after <a href="https://www.smartkarma.com/entities/hybe-co-ltd" target="_blank" data-smartkarma-citation="entities:28959:1" rel="noopener">HYBE (352820 KS)</a> throws in the towel.</li>
<li>The world is quite volatile now, and funding is probably more precious today than yesterday. But a bid for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> is too. </li>
</ul>


Medium-Term, Japan Post Bank (7182 JP) is not in great shape fundamentally compared to others We still know nothing about TOPIX. And we may just not hear. 

Kakao Corp (035720 KS) to take control of S.M.Entertainment Co (041510 KS) after HYBE (352820 KS) throws in the towel.
The world is quite volatile now, and funding is probably more precious today than yesterday. But a bid for Toshiba Corp (6502 JP) is too. 


Last Week in Event SPACE: Japan Post Bank, S.M Entertainment, Toshiba, Link REIT

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>'s Offer for <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> is now unconditional in all respects. </li>
<li>The closing date has accordingly been extended to the 10 April. It can be further extended. </li>
<li>This transaction is done. And will trade tight to terms. </li>
</ul>



China Hainan Rubber Industry (601118 CH)'s Offer for Halcyon Agri (HACL SP) is now unconditional in all respects. 
The closing date has accordingly been extended to the 10 April. It can be further extended. 
This transaction is done. And will trade tight to terms. 


Halcyon Agri’s Offer Is Now Unconditional

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>
<a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s S$0.413 per share MGO from <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has met the 50%+ minimum acceptance condition.</li>
<li>The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.</li>
<li>The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. </li>
</ul>



Halcyon Agri (HACL SP)’s S$0.413 per share MGO from China Hainan Rubber Industry (601118 CH) has met the 50%+ minimum acceptance condition.
The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.
The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. 


Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

<ul>
<li>
<a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> has issued the circular in response to <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>'s conditional MGO.</li>
<li>The IFA reckons the Offer is fair and reasonable. The Independent Directors recommend that shareholders accept the Offer.</li>
<li>The first close is the 24 March. Hainan Rubber is under no obligation to extend the Offer beyond this date. </li>
</ul>



Halcyon Agri (HACL SP) has issued the circular in response to China Hainan Rubber Industry (601118 CH)'s conditional MGO.
The IFA reckons the Offer is fair and reasonable. The Independent Directors recommend that shareholders accept the Offer.
The first close is the 24 March. Hainan Rubber is under no obligation to extend the Offer beyond this date. 


Halcyon Agri's Offer: IFA Says Fair. Independent Directors Say Accept

<ul>
<li>The IFA opines that <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>'s MGO at S$0.413 per share is fair and reasonable. The <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> Board recommends accepting the offer.</li>
<li>Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.</li>
<li>The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.</li>
</ul>


The IFA opines that China Hainan Rubber Industry (601118 CH)'s MGO at S$0.413 per share is fair and reasonable. The Halcyon Agri (HACL SP) Board recommends accepting the offer.
Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.
The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.


Halcyon Agri (HACL SP): Board Recommends Conditional MGO

China

China Hainan Rubber Industry Group Co.,Ltd. Produces, cultivates, process and sales natural rubber.  The Company's sector also includes E-commerce services, software development, agricultural cultivation, fertilizer sales, land leases, land development, livestock, and aquaculture industries.

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China Hainan Rubber Industry (601118 CH)

Last Week in Event SPACE: Japan Post Bank, S.M Entertainment, Toshiba, Link REIT

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Halcyon Agri’s Offer Is Now Unconditional

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David Blennerhassett

Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

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Arun George

Halcyon Agri's Offer: IFA Says Fair. Independent Directors Say Accept

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David Blennerhassett

Halcyon Agri (HACL SP): Board Recommends Conditional MGO

The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate. This remains achievable. At the last close, the gross...

Arun George

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