Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>'s scrip Offer, and <a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a>'s tender Offer. Plus <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>'s reverse takeover.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a>, <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>, and <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week: Get Nice Financial Group Ltd (1469 HK)'s scrip Offer, and Net One Systems (7518 JP)'s tender Offer. Plus Sigma Healthcare (SIG AU)'s reverse takeover.
Key updates took place on: Latin Resources (LRS AU), I'Rom Group (2372 JP), Malaysia Airports Holdings (MAHB MK), Korea Zinc (010130 KS), and PropertyGuru (PGRU US).


(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

Get Nice Financial Group Ltd / Event-Driven

<ul>
<li>Back on the 16 Sept 2020, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a> (GNH) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0916/2020091601148.pdf" target="_blank" rel="noopener">announced</a> Hung Hon Man (CEO), with 29.99%, had made a voluntary cash offer of HK$0.17/share. This was discussed <a href="https://skr.ma/pwGjX" target="_blank" rel="noopener">here</a>.  </li>
<li>Hung <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0924/2020092401389.pdf" target="_blank" rel="noopener">bought 0.04%</a> a week later, triggering an MGO. The Offer closed with Hung holding <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/2020112000683.pdf" target="_blank" rel="noopener">61.32%</a>. A discounted downstream Offer for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial (1469 HK)</a> was also triggered.</li>
<li>Taking a leaf out of the <a href="https://www.smartkarma.com/entities/viva-goods-company-ltd" target="_blank" data-smartkarma-citation="entities:15864:1" rel="noopener">Viva Goods (933 HK)</a>/<a href="https://www.smartkarma.com/entities/bossini-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:4085:1" rel="noopener">Bossini International Holdings (592 HK)</a> playbook, GNH has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1105/2024110501848.pdf" target="_blank" rel="noopener">announced</a> a scrip Offer, by way of a Scheme, for Get Nice Financial.</li>
</ul>


Back on the 16 Sept 2020, Get Nice (64 HK) (GNH) announced Hung Hon Man (CEO), with 29.99%, had made a voluntary cash offer of HK$0.17/share. This was discussed here.  
Hung bought 0.04% a week later, triggering an MGO. The Offer closed with Hung holding 61.32%. A discounted downstream Offer for 72.99%-held Get Nice Financial (1469 HK) was also triggered.
Taking a leaf out of the Viva Goods (933 HK)/Bossini International Holdings (592 HK) playbook, GNH has now announced a scrip Offer, by way of a Scheme, for Get Nice Financial.


Get Nice Financial (1469 HK): Get Nice (64 HK)'s Scrip Offer

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/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF’s scheme offer from <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.</li>
<li>The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk</li>
<li>The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)/GNF’s scheme offer from Get Nice Holdings (64 HK)/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.
The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk
The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

Haitong International Securities Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s scheme meeting is on 15 December. The IFA considers <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>’s HK$1.52 per share offer fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.</li>
<li>The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.</li>
</ul>



Haitong International Securities Group (665 HK)’s scheme meeting is on 15 December. The IFA considers Haitong Securities Co Ltd (H) (6837 HK)’s HK$1.52 per share offer fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.
The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.


Haitong International (665 HK): Vote on 15 December

<ul>
<li>The pre-condition relating to <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s privatisation offer from <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co Ltd (A) (600837 CH)</a> is satisfied. The offer is at HK$1.52 per share. </li>
<li>The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. The high takeover premium facilitates approval. </li>
<li>This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%, respectively.</li>
</ul>


The pre-condition relating to Haitong International Securities Group (665 HK)’s privatisation offer from Haitong Securities Co Ltd (A) (600837 CH) is satisfied. The offer is at HK$1.52 per share. 
The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. The high takeover premium facilitates approval. 
This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%, respectively.


Haitong International (665 HK): Pre-Condition Satisfied

Hong Kong

Get Nice Holdings Ltd. offers entertainment and financial services.  The Company operates a hotel, spa and and lifesquare mall in Macau; and offers brokerage services for securities, futures, options, mutual funds, unit trusts, and insurance linked investment plans in Hong Kong.

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Get Nice Holdings (64 HK)

(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Get Nice Financial (1469 HK): Get Nice (64 HK)'s Scrip Offer

This is not a particularly liquid arb situation. I would avoid. If anything, GNH, at a 66% discount to NAV and 0.3x P/B, will probably be taken out...

David Blennerhassett

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George

Haitong International (665 HK): Pre-Condition Satisfied

This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Get Nice Financial (1469 HK): Get Nice (64 HK)'s Scrip Offer

This is not a particularly liquid arb situation. I would avoid. If anything, GNH, at a 66% discount to NAV and 0.3x P/B, will probably be taken out...

David Blennerhassett

Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is...

Arun George

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George

Haitong International (665 HK): Pre-Condition Satisfied

This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%,...

Arun George