Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 5 January, <a href="https://www.smartkarma.com/entities/first-abu-dhabi-bank-pjsc-630e9462-f2e9-436d-8e18-d66080630fa0" target="_blank" data-smartkarma-citation="entities:28946:1" rel="noopener">First Abu Dhabi Bank (FAB DH)</a> said it had considered a bid for <a href="https://www.smartkarma.com/entities/standard-chartered-plc" target="_blank" data-smartkarma-citation="entities:193:1" rel="noopener">Standard Chartered (STAN LN/2888 HK)</a>,  but was no longer evaluating an Offer.</li>
<li>Such a statement kickstarts a six-month cooling-off period whereby FAB is restricted from reloading. This means all deal work must cease.  Unless another bidder emerges or STAN's board approves. </li>
<li>In a curious development, STAN's shares popped ~11% yesterday, on no apparent news.</li>
</ul>


Back on the 5 January, First Abu Dhabi Bank (FAB DH) said it had considered a bid for Standard Chartered (STAN LN/2888 HK),  but was no longer evaluating an Offer.
Such a statement kickstarts a six-month cooling-off period whereby FAB is restricted from reloading. This means all deal work must cease.  Unless another bidder emerges or STAN's board approves. 
In a curious development, STAN's shares popped ~11% yesterday, on no apparent news.


Standard Chartered: Has FAB Gone Cold Or Just Cooling Off?

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.</li><li>I will start doing that from now on. Something I did privately but not on the blog publicly.</li><li>Either because they have worked out and upside is no more attractive, or because the facts have changed.</li></ul>

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here.I will start doing that from now on. Something I did privately but not on the blog publicly.Either because they have worked out and upside is no more attractive, or because the facts have changed.

<ul>
<li>Flexible printed board player <a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a> has announced the pre-conditions attached to the Scheme have now been fulfilled.</li>
<li>The despatch of the Scheme Document has been delayed until the 10 June. </li>
<li>Trading at a gross/annualised spread of 2.5/9.6%, including the FY21 final dividend, and payment in early August.</li>
</ul>


Flexible printed board player AKM Industrial (1639 HK) has announced the pre-conditions attached to the Scheme have now been fulfilled.
The despatch of the Scheme Document has been delayed until the 10 June. 
Trading at a gross/annualised spread of 2.5/9.6%, including the FY21 final dividend, and payment in early August.


AKM (1639 HK): Pre-Cons Fulfilled; Possible Early August Payment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>'s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists. </li>
<li>Quarz and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.</li>
<li>Regulatory overhang sees <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>'s spread to terms trading wide. </li>
</ul>



Toshiba (6502 JP)'s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists. 
Quarz and Mapletree North Asia Commercial Trust (MAGIC SP) holders "win" to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.
Regulatory overhang sees Link Administration Holdings (LNK AU)'s spread to terms trading wide. 


Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

<ul>
<li>Flexible printed board player <a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a> has announced the approvals for the pre-conditions attached to the Scheme are in the final stages.</li>
<li>Separately, the Court date for sanctioning the Scheme has been listed for the 19 July.</li>
<li>Trading at a gross spread to terms of 3.6%, including the final dividend.</li>
</ul>


Flexible printed board player AKM Industrial (1639 HK) has announced the approvals for the pre-conditions attached to the Scheme are in the final stages.
Separately, the Court date for sanctioning the Scheme has been listed for the 19 July.
Trading at a gross spread to terms of 3.6%, including the final dividend.


AKM (1639 HK): Timeline Clarified As Pre-Conditions Nearly Fulfilled

Hong Kong

Chong Hing Bank Limited provides banking and related services.  It operates branches in Hong Kong, China, and the United States.

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Chong Hing Bank (1111 HK)

Standard Chartered: Has FAB Gone Cold Or Just Cooling Off?

STAN remains cheap after its recent price run-up. Any change of control development is five months away. If at all. I'd still look to get involved...

David Blennerhassett

Closing Some Idea's

In this post I tracked my performance on stock mentioned in my blog, and I would like to officially close some ideas here. I will start doing that...

Turtles all the way down

AKM (1639 HK): Pre-Cons Fulfilled; Possible Early August Payment

This transaction is all stitched up. Play the spread here. At HK$1.79/share as I type, AKM is currently trading at a gross/annualised spread of...

David Blennerhassett

Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman's Headcount, Razer, Crown Resorts

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

AKM (1639 HK): Timeline Clarified As Pre-Conditions Nearly Fulfilled

At HK$1.77/share as I type, AKM is currently trading at a gross/annualised spread of 2.8%/8.1% - excluding any dividends - and 3.6%/10.6% with the...

David Blennerhassett

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