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."


Get Nice Financial Group Ltd / Event-Driven

<ul>
<li>On the 5th November, <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) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1105/2024110501858.pdf" target="_blank" rel="noopener">announced</a> a scrip Offer, by way of a Scheme, 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 Group Ltd (1469 HK)</a> (GNF).</li>
<li>With an implied scrip price &amp; divvy of HK$1.116/share, against a book value of HK1.736/share - and net cash of ~HK$1.00/share - this is probably being down too cheaply.</li>
<li>GNH's Circular is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0102/2025010203495.pdf" target="_blank" rel="noopener">out</a>, with an EGM to be held on the 22nd Jan. GNF's Scheme Doc is expected to be dispatched one or before the 10th Feb. </li>
</ul>


On the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
With an implied scrip price &amp; divvy of HK$1.116/share, against a book value of HK1.736/share - and net cash of ~HK$1.00/share - this is probably being down too cheaply.
GNH's Circular is now out, with an EGM to be held on the 22nd Jan. GNF's Scheme Doc is expected to be dispatched one or before the 10th Feb. 


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

<ul>
<li>
HK$1.38/Share. That's the takeaway as <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> enters an SPA to offload its 78.7% stake in <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art (6808 HK)</a> at <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0101/2025010100067.pdf" target="_blank" rel="noopener">HK$1.38/share</a>, a 44.4% discount to last close.</li>
<li>The buyer, Paragon Shine, an entity under Chinese PE outfit DCP Capital, is paying ~HK$12.3bn compared to BABA's HK$28.1bn purchase of a 51% stake in October 2020.</li>
<li>Should the SPA complete, an unconditional MGO is triggered. Minorities tendering can receive up to HK$1.58/share. But the question is: why would BABA be cashing out at this price?</li>
</ul>



HK$1.38/Share. That's the takeaway as Alibaba Group (9988 HK) enters an SPA to offload its 78.7% stake in Sun Art (6808 HK) at HK$1.38/share, a 44.4% discount to last close.
The buyer, Paragon Shine, an entity under Chinese PE outfit DCP Capital, is paying ~HK$12.3bn compared to BABA's HK$28.1bn purchase of a 51% stake in October 2020.
Should the SPA complete, an unconditional MGO is triggered. Minorities tendering can receive up to HK$1.58/share. But the question is: why would BABA be cashing out at this price?


Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

<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

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

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

The more interesting bet is GNH (64 HK) at a 74% discount to NAV and 0.21x P/B, which will (should) be taken out next. That may be worth a punt.

David Blennerhassett

Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

The (expected) MGO price is what it is. Evidently something has been orchestrated behind the scenes. You have a near-term floor at HK$1.58/share....

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

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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

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

The more interesting bet is GNH (64 HK) at a 74% discount to NAV and 0.21x P/B, which will (should) be taken out next. That may be worth a punt.

David Blennerhassett

Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

The (expected) MGO price is what it is. Evidently something has been orchestrated behind the scenes. You have a near-term floor at HK$1.58/share....

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