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/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 Offer Document for <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 mandatory 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> has been dispatched. </li>
<li>Hainan Rubber holds 36% and needs 14% out of 34.8% available - or ~40% to tender.  The first close is the 24 March.</li>
<li>There is no IFA opinion in the Offer Doc. This will be present in the Circular which is expected to be sent out by the 10th March, at the latest.</li>
</ul>


The Offer Document for China Hainan Rubber Industry (601118 CH)'s mandatory Offer for Halcyon Agri (HACL SP) has been dispatched. 
Hainan Rubber holds 36% and needs 14% out of 34.8% available - or ~40% to tender.  The first close is the 24 March.
There is no IFA opinion in the Offer Doc. This will be present in the Circular which is expected to be sent out by the 10th March, at the latest.


Halcyon Agri: Offer Doc Out. No New News Otherwise

<ul>
<li>As expected, all conditions to the Sinochem/<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 (601118 CH)</a> SPA have now been satisfied, triggering a mandatory 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>, conditional on a 50% tendering.</li>
<li>Hainan Rubber holds 36%.  Sinochem has provided an undertaking notto tender its remaining 29.2% stake. Hainan needs 14% out of 34.8% available - or ~40% to tender. </li>
<li>The takeaway disappointment is the Offer Price of S$0.413/share, down from S$0.435 at the time of the initial announcement last November, due to SGD weakness. </li>
</ul>


As expected, all conditions to the Sinochem/China Hainan Rubber (601118 CH) SPA have now been satisfied, triggering a mandatory Offer for Halcyon Agri (HACL SP), conditional on a 50% tendering.
Hainan Rubber holds 36%.  Sinochem has provided an undertaking notto tender its remaining 29.2% stake. Hainan needs 14% out of 34.8% available - or ~40% to tender. 
The takeaway disappointment is the Offer Price of S$0.413/share, down from S$0.435 at the time of the initial announcement last November, due to SGD weakness. 


Halcyon Agri: MGO Triggered. Currency Translation Cuts Offer Price

<ul>
<li>Back on the 16 November, <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> announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% 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 (601118 CH)</a>.</li>
<li>Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. </li>
<li>Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.</li>
</ul>


Back on the 16 November, Halcyon Agri (HACL SP) announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to China Hainan Rubber (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. 
Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.


Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

<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 announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out 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>.</li>
<li>Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. </li>
<li>
The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.</li>
</ul>



Halcyon Agri (HACL SP) has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to China Hainan Rubber Industry (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. 

The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.


Halcyon Agri: Hainan Rubber's Conditional MGO

Singapore

GMG Global Limited is an investment holding company whose subsidiaries operate rubber plantations.  The Company plants, grows, taps, processes, markets and exports of natural rubber.

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GMG Global Ltd (GGL SP)

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

If both Sinochem and GMG do not tender, this requires 47.5% of the remaining shares for this Offer to get up. Imminently doable. But this will be...

David Blennerhassett

Halcyon Agri: Offer Doc Out. No New News Otherwise

If a short-term investor and already in, I'd sell here and into any strength. Unless investing for the back-end, for which I have no strong...

David Blennerhassett

Halcyon Agri: MGO Triggered. Currency Translation Cuts Offer Price

The Offer price is, on balance, attractive. There is clear disappointment given the move in the exchange rate. There is not a lot of juice in the...

David Blennerhassett

Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

SASAC approval was the key approval. The remaining regulatory bodies will follow suit. Currently trading at a gross/annualised spread of 7%/24% -...

David Blennerhassett

Halcyon Agri: Hainan Rubber's Conditional MGO

Both Sinochem and Hainan Rubber are SOE-backed. The key question is whether the MGO will turn unconditional. It's a pretty cozy shareholder...

David Blennerhassett

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