Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> is proposing to take 64.67%-held <a href="https://www.smartkarma.com/entities/sermsuk-pcl" target="_blank" data-smartkarma-citation="entities:15918:1" rel="noopener">Sermsuk PCL (SSC TB)</a>  private by way of a voluntary Delisting Offer.</li>
<li>T<a href="https://links.sgx.com/FileOpen/Tender_Offer_SSC_Shares.ashx?App=Announcement&amp;FileID=808724" target="_blank" rel="noopener">he Offer price is THB 63/share</a>, a 27.9% premium to last close.</li>
<li>This Delisting Offer requires a Scheme-like shareholder vote. Payment may occur late 4Q24. This is an illiquid arb.</li>
</ul>



Thai Beverage (THBEV SP) is proposing to take 64.67%-held Sermsuk PCL (SSC TB)  private by way of a voluntary Delisting Offer.
The Offer price is THB 63/share, a 27.9% premium to last close.
This Delisting Offer requires a Scheme-like shareholder vote. Payment may occur late 4Q24. This is an illiquid arb.


Sermsuk (SSC TB): THBEV's Delisting Offer

<ul>
<li>Back on the 10th March, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> launched a Delisting Offer for 79.66%-held <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group (OISHI TB)</a>, at THB 59/share, a 26.9% premium to last close. </li>
<li>This two-step Offer required a shareholder vote followed by a tendering process. Yesterday (the 3rd May), Oishi shareholders approved the Delisting Offer. </li>
<li>The tendering period may kick off around this time next month, with an expected payment late August. </li>
</ul>


Back on the 10th March, Thai Beverage (THBEV SP) launched a Delisting Offer for 79.66%-held Oishi Group (OISHI TB), at THB 59/share, a 26.9% premium to last close. 
This two-step Offer required a shareholder vote followed by a tendering process. Yesterday (the 3rd May), Oishi shareholders approved the Delisting Offer. 
The tendering period may kick off around this time next month, with an expected payment late August. 


Oishi Group: Shareholders Back ThaiBev’s Offer

<ul>
<li>On the <a href="https://weblink.set.or.th/dat/news/202303/23031517.pdf" target="_blank" rel="noopener">10th March</a>, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> proposed taking 79.66%-held <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a> private, at an Offer price of THB 59/share, a 26.9% premium to last close. </li>
<li>This Delisting Offer requires a shareholder vote which will take place on the 3&lt;May. Payment may occur mid-to-late August. </li>
<li>In its report yesterday, the IFA reckons "that the shareholders should approve of the voluntary delisting".</li>
</ul>


On the 10th March, Thai Beverage (THBEV SP) proposed taking 79.66%-held Oishi Group PCL (OISHI TB) private, at an Offer price of THB 59/share, a 26.9% premium to last close. 
This Delisting Offer requires a shareholder vote which will take place on the 3&lt;May. Payment may occur mid-to-late August. 
In its report yesterday, the IFA reckons "that the shareholders should approve of the voluntary delisting".


<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> is proposing to take 79.66%-held <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a> private by a voluntary Delisting Offer. </li>
<li>The Offer price is THB 59/share, a 26.9% premium to last close. </li>
<li>This Delisting Offer requires a shareholder vote. Payment may occur sometime in August. </li>
</ul>



Thai Beverage (THBEV SP) is proposing to take 79.66%-held Oishi Group PCL (OISHI TB) private by a voluntary Delisting Offer. 
The Offer price is THB 59/share, a 26.9% premium to last close. 
This Delisting Offer requires a shareholder vote. Payment may occur sometime in August. 


<ul>
<li>Back on the 11 January, refiner/retailer <a href="https://www.smartkarma.com/entities/bangchak-corporation-public-company-limited" target="_blank" data-smartkarma-citation="entities:15875:1" rel="noopener">Bangchak Corporation (BCP TB)</a>'s board approved the purchase of a 65.99% stake in <a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a> from Exxon Mobil.</li>
<li>The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso's financial accounts at the close of the stake purchase.</li>
<li>Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive. </li>
</ul>


Back on the 11 January, refiner/retailer Bangchak Corporation (BCP TB)'s board approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil.
The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso's financial accounts at the close of the stake purchase.
Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive. 


Esso Thailand: Ignore Bangchak Corp’s Takeunder

Thailand

Glow Energy Pcl consists of power producers and utility providers. The Group delivers electricity to the Electricity Generating Authority of Thailand or EGAT under the SPP and IPP programs, as well as directly supply's electricity, steam, and water to industries.

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Glow Energy PCL (GLOW TB)

Sermsuk (SSC TB): THBEV's Delisting Offer

This is done. The Offer Price is fair. Assuming completion early January 2025, I'd buy around THB 58.50, a 7% gross spread, or 15% annualised.

David Blennerhassett

Oishi Group: Shareholders Back ThaiBev’s Offer

The Offer for Oishi has closed with ThaiBev holding 98.5%. Despite the odd 5.9% gain yesterday, Oishi's IR has confirmed that i) shares are...

David Blennerhassett

Oishi Group: IFA Backs ThaiBev's Offer

Assuming completion on the 23 August, this is trading tight at 2.3%/6.9% gross annualised. If already in, stay in for completion. Otherwise, get...

David Blennerhassett

ThaiBev To Take Oishi Group Private

ThaiBev is proposing to take 79.66%-held Oishi Group private by a voluntary Delisting Offer. Assuming completion on the 23 August, I'd buy around...

David Blennerhassett

Esso Thailand: Ignore Bangchak Corp’s Takeunder

Without a quantum shift in Esso's fundamentals over the next 6-8 months, this is a takeunder. A 17% fall is excessive. Shareholders should ignore...

David Blennerhassett

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