Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Early yesterday, <a href="https://www.smartkarma.com/entities/5175" target="_blank" data-smartkarma-citation="entities:5175:1">Lai Sun Development (488 HK)</a> ("LSD") <a href="http://www.hkexnews.hk/listedco/listconews/sehk/2018/0528/LTN20180528053.pdf" target="_blank">announced</a> a voluntary general offer of $1.30/share (in cash) for <a href="https://www.smartkarma.com/entities/17768" target="_blank" data-smartkarma-citation="entities:17768:1">eSun Holdings Ltd (571 HK)</a> for all shares not currently owned. Should the offer turn unconditional, LSD would be required under the Takeovers Code to make a downstream offer for <a href="https://www.smartkarma.com/entities/17239" target="_blank" data-smartkarma-citation="entities:17239:1">Lai Fung Holdings Ltd (1125 HK)</a>, with an offer price of $5.22/share.Both offers are at a discount to last close: eSun's at a 3.7% discount and Lai Fung's 58.2%. The Group's intention is to maintain the listing of Lai Fung, but no such wording is assigned to eSun. If a compulsory acquisition is afforded to either offer, LSD will exercise such option. Both companies traded flat on the announcement.<div class="content-caption"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/053/681/original/org.PNG?1527535506" class="editor-image img-responsive" data-smartkarma-image-id="53681"></figure>Source: Announcement, Bloomberg (all figures in US$mn), The offer is being made via Transtrend</div>As viewed in the chart above, all companies in the Lai Sun Group are illiquid. If that's a turn-off, read no further.

Early yesterday, Lai Sun Development (488 HK) ("LSD") announced a voluntary general offer of $1.30/share (in cash) for eSun Holdings Ltd (571 HK) for all shares not currently owned. Should the offer turn unconditional, LSD would be required under the Takeovers Code to make a downstream offer for Lai Fung Holdings Ltd (1125 HK), with an offer price of $5.22/share.Both offers are at a discount to last close: eSun's at a 3.7% discount and Lai Fung's 58.2%. The Group's intention is to maintain the listing of Lai Fung, but no such wording is assigned to eSun. If a compulsory acquisition is afforded to either offer, LSD will exercise such option. Both companies traded flat on the announcement.Source: Announcement, Bloomberg (all figures in US$mn), The offer is being made via TranstrendAs viewed in the chart above, all companies in the Lai Sun Group are illiquid. If that's a turn-off, read no further.

Hong Kong

eSun Holdings Limited, through its subsidiaries, invests in and produces entertainment events, provides artiste management services, operates websites, and licenses motion pictures and films.  The Company also produces television programs and operates satellite television channel.  In addition, eSun Holdings provides advertising agency services.

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eSun Holdings (571 HK)

Lai Sun Group's Double Takeunders

Early yesterday, Lai Sun Development (488 HK) ("LSD") announced a voluntary general offer of $1.30/share (in cash) for eSun Holdings Ltd (571 HK)...

David Blennerhassett

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