Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In late morning 22 June 2020, after asking for a trading halt earlier in the day, natural rubber producer <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri Corp (HACL SP)</a> made a <a href="https://links.sgx.com/FileOpen/HAC_Rights_Issue.ashx?App=Announcement&amp;FileID=619881" target="_blank" rel="noopener">release</a> to the SGX announcing a 1-for-2 non-underwritten renounceable rights issue. The Company will seek to use the general mandate for share issuance to be decided at the 2020 AGM to be held on 26 June to allow the Directors "to allot and issue Shares, whether by way of rights, bonus or otherwise, of up to 50% of the total number of issued Shares" outstanding as of the AGM.This is an illiquid stock despite a float not too far off US$100mm as of yesterday. More details and strategy below.

In late morning 22 June 2020, after asking for a trading halt earlier in the day, natural rubber producer Halcyon Agri Corp (HACL SP) made a release to the SGX announcing a 1-for-2 non-underwritten renounceable rights issue. The Company will seek to use the general mandate for share issuance to be decided at the 2020 AGM to be held on 26 June to allow the Directors "to allot and issue Shares, whether by way of rights, bonus or otherwise, of up to 50% of the total number of issued Shares" outstanding as of the AGM.This is an illiquid stock despite a float not too far off US$100mm as of yesterday. More details and strategy below.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Rubber - the stretchy, durable material made from milky-white latex and found in everything from condoms to car tyres - holds a particular magic for Robert Meyer.
The Chief Executive Officer of SGX-listed Halcyon Agri Corporation Ltd grew up with rubber factories as his playground.
"My father was a rubber trader, and introduced me to the business when I was very young. For most of my childhood, rubber was always at the dinner table," recalled German-born Meyer, whose family moved to Singapore just before he turned one.
"I remember sitting in the back of Dad's car every second Saturday of the month, driving up and down the highways in Malaysia to visit rubber factories."

Rubber - the stretchy, durable material made from milky-white latex and found in everything from condoms to car tyres - holds a particular magic for Robert Meyer.
The Chief Executive Officer of SGX-listed Halcyon Agri Corporation Ltd grew up with rubber factories as his playground.
"My father was a rubber trader, and introduced me to the business when I was very young. For most of my childhood, rubber was always at the dinner table," recalled German-born Meyer, whose family moved to Singapore just before he turned one.
"I remember sitting in the back of Dad's car every second Saturday of the month, driving up and down the highways in Malaysia to visit rubber factories."

Halcyon Agri Seeks Rubber Reboot as Prices Seesaw

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

A Flood of Biblical Proportions. Southern Thailand is the region that's most prone to floods, and this year is probably worse than most. Big provinces down in the south like Nakorn Sri Thammarat and the key rubber province of Surat Thani, where Sri Trang is based, have been hard hit. There are places where the floods are so high they will flood half of the second storey. Now, after Noah took his little boat ride a few thousand years ago, God may have promised that next time he'll destroy the…

A Flood of Biblical Proportions. Southern Thailand is the region that's most prone to floods, and this year is probably worse than most. Big provinces down in the south like Nakorn Sri Thammarat and the key rubber province of Surat Thani, where Sri Trang is based, have been hard hit. There are places where the floods are so high they will flood half of the second storey. Now, after Noah took his little boat ride a few thousand years ago, God may have promised that next time he'll destroy the…

South Series (Part 2): Here Comes The Flood

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Earlier this afternoon, 28 September 2016, Haclyon hosted a <a href="http://infopub.sgx.com/FileOpen/GMG_VGO_Shareholder_Briefing_Invitation.ashx?App=Announcement&amp;FileID=420771" target="_blank">briefing</a> for GMG shareholders pursuant to the Voluntary General Offer for GMG shares.We were present at the briefing. Robert Meyer, executive chairman and CEO of Halcyon, gave the briefing as well as answered questions asked during the Q&amp;A session. These are the takeaways. <h2>The run-up to the meeting</h2>RHB's report (the Independent Financial Adviser) they stated that the offer is not fair but reasonable. SIAS had put out a <a href="https://www.smartkarma.com/insights/sias-comments-on-offer-by-halycon-agri-for-gmg-global-and-the-ifa-report-ff533cc3-b592-4c1b-92f5-47f28d3a6e9b" target="_blank">report</a> yesterday…

Earlier this afternoon, 28 September 2016, Haclyon hosted a briefing for GMG shareholders pursuant to the Voluntary General Offer for GMG shares.We were present at the briefing. Robert Meyer, executive chairman and CEO of Halcyon, gave the briefing as well as answered questions asked during the Q&amp;A session. These are the takeaways. The run-up to the meetingRHB's report (the Independent Financial Adviser) they stated that the offer is not fair but reasonable. SIAS had put out a report yesterday…

Takeaways from GMG's Shareholders Briefing

Securities Investors Association Singapore (SIAS)

General Manager, Securities Investors Association Singapore (SIAS)

Richard Christopher Dyason

General Manager

Investor Education, Corp Governance & Transparency

Securities Investors Association (Singapore) or SIAS, was founded unexpectedly in June 1999 to champion the CLOB issue. 172,000 retail investors were suddenly stranded when the Malaysian Government froze their investments on Malaysian stocks in September 1998, amounting to US$5 billion. A group of civic-minded citizens lead by Mr David Gerald got together and took on the challenge to help free the frozen shares with an initial backing by 49,880 retail investors as members of the non-profit organisation. Their resoluteness and unity helped to resolve the issue on our terms.

Today, SIAS is a Charity and an Institution of Public Character (IPC), and the largest organized investor group in Asia, with almost 71,000 retail investors as members. It is run by an elected Management Committee comprising of professionals who are volunteers. It actively promotes Investor Education, Corporate Governance and Transparency and is the advocate for Investor rights in Singapore. To-date, SIAS has successfully organized over 1000 investor education programmes ranging from basic investment seminars for novices to certificate courses for investment savvy investors. Thus far, more than 140,000 retail investors have benefited from these programmes that are offered largely free. Members are educated on the features of investment products, and the attendant risks involved in each product. Investors are taught to make informed decisions on investing. SIAS is able to provide a variety of investor education programmes to its members and the investing community at large through collaborative arrangements with financial institutions and listed companies interested in investor education as part of its corporate social responsibility agenda.
SIAS is "the voice" for minority shareholders and has already engaged with corporations falling short of good Corporate Governance practices. However, its preferred approach to resolve investors’ right issues is to do so in the boardroom and not in the courtroom. Many SIAS investors have sought protection also from errant traders. SIAS conducts dispute resolution sessions regularly to assist investors to resolve issues. Annually, SIAS tracks and grades listed companies for their Corporate Governance practices and rewards those who have excelled with the Singapore Corporate Governance Award. 

SIAS also works with Public Listed Companies to reach out to retail investors through its corporate communication programme to enable investors to determine the fundamentals of a company and take a long-term view of the company for investment.

On 15 Jan 2016, <a href="https://www.smartkarma.com/entities/18191" target="_blank" data-smartkarma-citation="entities:18191:1">Halcyon Agri Corp Ltd (HACL SP)</a> announced that it was in discussions with Sinochem International Corporation (“Sinochem”) with the potential transaction involving the combination of HAC, Sinochem’s interest in <a href="https://www.smartkarma.com/entities/17847" target="_blank" data-smartkarma-citation="entities:17847:1">GMG Global Ltd (GGL SP)</a>, and certain natural rubber processing facilities and trading businesses of Sinochem International (Overseas) Pte Ltd (“SIO’s NR Assets”).On 27 April 2016, SIAS released press statement on SIAS meeting with GMG in respect of the potential transaction. On 23 Aug 2016, Deutsche Bank announced on behalf of HAC that HAC intend to make the GMG voluntary general offer (VGO). The Offer Consideration shall be satisfied by the issue of new HAC shares on the following basis: GMG Share : 0.9333 new ordinary share of HAC, with an implied offer price of S$0.695 On 23 Sep 2016, GMG issued a circular containing, inter alia, the recommendations of the Independent Financial Adviser (“IFA”) and independent directors on the offer from HAC (“Circular”).

On 15 Jan 2016, Halcyon Agri Corp Ltd (HACL SP) announced that it was in discussions with Sinochem International Corporation (“Sinochem”) with the potential transaction involving the combination of HAC, Sinochem’s interest in GMG Global Ltd (GGL SP), and certain natural rubber processing facilities and trading businesses of Sinochem International (Overseas) Pte Ltd (“SIO’s NR Assets”).On 27 April 2016, SIAS released press statement on SIAS meeting with GMG in respect of the potential transaction.  On 23 Aug 2016, Deutsche Bank announced on behalf of HAC that HAC intend to make the GMG voluntary general offer (VGO). The Offer Consideration shall be satisfied by the issue of new HAC shares on the following basis: GMG Share : 0.9333 new ordinary share of HAC, with an implied offer price of S$0.695  On 23 Sep 2016, GMG issued a circular containing, inter alia, the recommendations of the Independent Financial Adviser (“IFA”) and independent directors on the offer from HAC (“Circular”).

SIAS Comments on Offer by Halycon Agri for GMG Global and the IFA Report

Singapore

Halcyon Agri Corporation Limited is supply chain manager, specializing in the origination, production and distribution of natural rubber. The Company owns natural rubber plantations and sources rubber of a range of origins and grades for distribution to customers through its international sales network. Halcyon Agri owns and operates natural rubber processing factories.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Halcyon Agri (HACL SP)

Halcyon Agri Rights Issue

In late morning 22 June 2020, after asking for a trading halt earlier in the day, natural rubber producer Halcyon Agri Corp (HACL SP) made a...

Travis Lundy

Halcyon Agri Seeks Rubber Reboot as Prices Seesaw

Rubber - the stretchy, durable material made from milky-white latex and found in everything from condoms to car tyres - holds a particular magic...

Singapore Exchange Ltd (SGX)

South Series (Part 2): Here Comes The Flood

A Flood of Biblical Proportions. Southern Thailand is the region that's most prone to floods, and this year is probably worse than most. Big...

Athaporn Arayasantiparb, CFA

Takeaways from GMG's Shareholders Briefing

Earlier this afternoon, 28 September 2016, Haclyon hosted a briefing for GMG shareholders pursuant to the Voluntary General Offer for GMG shares.We...

Crispin Francis

SIAS Comments on Offer by Halycon Agri for GMG Global and the IFA Report

On 15 Jan 2016, Halcyon Agri Corp Ltd (HACL SP) announced that it was in discussions with Sinochem International Corporation (“Sinochem”) with the...

Securities Investors Association Singapore (SIAS)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)