Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hotel Property Investments / Event-Driven

<ul>
<li>Declaring its Offer unconditional was always a possibility as <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a> board continues to reject terms. The alternative was a likely deal fail.</li>
<li>Charter Halls currently has 31.37%, including 6.66% via the acceptance facility.  That facility has now closed following this unconditional statement. </li>
<li>It will be challenging for Charter Hall to clear 50% without board support. But IF they get 50%+, expect the board to change their mind and recommend shareholders accept terms.</li>
</ul>


Declaring its Offer unconditional was always a possibility as Hotel Property Investments (HPI AU) board continues to reject terms. The alternative was a likely deal fail.
Charter Halls currently has 31.37%, including 6.66% via the acceptance facility.  That facility has now closed following this unconditional statement. 
It will be challenging for Charter Hall to clear 50% without board support. But IF they get 50%+, expect the board to change their mind and recommend shareholders accept terms.


Hotel Properties (HPI AU): Charter Hall Declares Offer Unconditional

<ul>
<li>Back on the 9th September, pub play <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a> announced - and summarily <a href="https://announcements.asx.com.au/asxpdf/20240909/pdf/067ntttrhq85j9.pdf" target="_blank" rel="noopener">rejected</a> - a A$3.65/share cash Offer from <a href="https://www.smartkarma.com/entities/charter-hall-retail-reit" target="_blank" data-smartkarma-citation="entities:11375:1" rel="noopener">Charter Hall Retail Reit (CQR AU)</a>.</li>
<li>Charter Hall has now <a href="https://announcements.asx.com.au/asxpdf/20241018/pdf/0698jwgh9vfx9k.pdf" target="_blank" rel="noopener">increased terms to A$3.85/share</a> (best &amp; final), a 17.7% premium to undisturbed. The Offer remains conditional on an 50.1% minimum acceptance condition. Charter Hall holds 14.7%. </li>
<li>
HPI's <a href="https://www.sharecafe.com.au/2024/10/18/charter-hall-ups-the-ante-with-final-hpi-bid/" target="_blank" rel="noopener">reported</a> response? "While Charter Hall’s improved offer provides an attractive exit for shareholders, we remain committed to evaluating all options that deliver the best long-term value."</li>
</ul>


Back on the 9th September, pub play Hotel Property Investments (HPI AU) announced - and summarily rejected - a A$3.65/share cash Offer from Charter Hall Retail Reit (CQR AU).
Charter Hall has now increased terms to A$3.85/share (best &amp; final), a 17.7% premium to undisturbed. The Offer remains conditional on an 50.1% minimum acceptance condition. Charter Hall holds 14.7%. 

HPI's reported response? "While Charter Hall’s improved offer provides an attractive exit for shareholders, we remain committed to evaluating all options that deliver the best long-term value."


Greatview Aseptic Packaging / Event-Driven

<ul>
<li>In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. </li>
<li>This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.</li>
<li>It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.</li>
</ul>


In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. 
This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.
It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.


GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

<ul>
<li>Pub play <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a> has announced - and summarily <a href="https://announcements.asx.com.au/asxpdf/20240909/pdf/067ntttrhq85j9.pdf" target="_blank" rel="noopener">rejected</a> - a A$3.65/share cash Offer from <a href="https://www.smartkarma.com/entities/charter-hall-retail-reit" target="_blank" data-smartkarma-citation="entities:11375:1" rel="noopener">Charter Hall Retail Reit (CQR AU)</a>.</li>
<li>Terms are a 14.8% premium to the undisturbed share price on March 28; following which a 14.8% "strategic interest" (@ A$3.35/share) was <a href="https://announcements.asx.com.au/asxpdf/20240328/pdf/061yzcklzj5ndh.pdf" target="_blank" rel="noopener">acquired</a> by CQR and <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a>.  </li>
<li>
The Offer is subject to a 50.1% acceptance hurdle. The Offer should be open for acceptances around the 23 September.</li>
</ul>


Pub play Hotel Property Investments (HPI AU) has announced - and summarily rejected - a A$3.65/share cash Offer from Charter Hall Retail Reit (CQR AU).
Terms are a 14.8% premium to the undisturbed share price on March 28; following which a 14.8% "strategic interest" (@ A$3.35/share) was acquired by CQR and Charter Hall (CHC AU).  

The Offer is subject to a 50.1% acceptance hurdle. The Offer should be open for acceptances around the 23 September.


Hotel Property (HPI AU) Rejects Charter Hall's A$3.65/Share Offer

Nec Networks & System Integr / Event-Driven

<ul>
<li>I tally 51 - 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>Four new deals this week: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>'s hostile Offer; <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings Ltd (2003 HK)</a>'s takeunder; <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>'s Scheme.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, and <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals this week: Makino Milling Machine Co (6135 JP)'s hostile Offer; VCredit Holdings Ltd (2003 HK)'s takeunder; Vesync (2148 HK)'s Scheme, and Pentamaster International (1665 HK)'s Scheme.
Key updates/news took place on: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Nec Networks &amp; System Integr (1973 JP), and Suntec REIT (SUN SP).


(Mostly) Asia-Pac M&A: Makino, Henlius, GAPack, Nec Networks, Suntec REIT, VCredit, Pentamaster

Australia

Hotel Property Investments owns a portfolio of properties.  The Company's properties consist of pubs, detached bottle shops and other on-site specialty stores, which are used to generate capital returns for its security holders. Hotel Property Investment's properties are located throughout Queensland and South Australia.

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Hotel Property Investments (HPI AU)

Hotel Properties (HPI AU): Charter Hall Declares Offer Unconditional

It will be challenging for Charter Hall to clear 50% without board support. But IF they get 50%+, expect the board to change their mind and...

David Blennerhassett

Charter Hall Bumps With Final HPI Bid

I expected Charter Hall to nudge the terms higher to secure board support. But I don't believe a 5% bump will cut it. If an arbitrageur, I'd be...

David Blennerhassett

GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they...

David Blennerhassett

(Mostly) Asia-Pac M&A: Makino, Henlius, GAPack, Nec Networks, Suntec REIT, VCredit, Pentamaster

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hotel Properties (HPI AU): Charter Hall Declares Offer Unconditional

It will be challenging for Charter Hall to clear 50% without board support. But IF they get 50%+, expect the board to change their mind and...

David Blennerhassett

Charter Hall Bumps With Final HPI Bid

I expected Charter Hall to nudge the terms higher to secure board support. But I don't believe a 5% bump will cut it. If an arbitrageur, I'd be...

David Blennerhassett

GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they...

David Blennerhassett

Hotel Property (HPI AU) Rejects Charter Hall's A$3.65/Share Offer

Currently trading marginally through terms. If in, stay in. I'd be happy buying around, or below terms. Expect Charet Hall to bump.

David Blennerhassett

(Mostly) Asia-Pac M&A: Makino, Henlius, GAPack, Nec Networks, Suntec REIT, VCredit, Pentamaster

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