Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

IntelliCentrics Global Holding / Event-Driven

<ul>
<li>Soon-To-Be ex-healthcare technology platform play <a href="https://www.smartkarma.com/entities/intellicentrics-global-holding" target="_blank" data-smartkarma-citation="entities:40901:1" rel="noopener">IntelliCentrics Global Holding (6819 HK)</a> is a pseudo risk arb. </li>
<li>IntelliCentrics is selling its key ops, declaring a special dividend from the sale proceeds, subsequently being wound up, then delisted. </li>
<li>Shareholders have the option of voting on a raft of resolutions on the 18th April. Irrevocables total 72.1%. This is done. Just the final dividend amount needs to be confirmed.</li>
</ul>


Soon-To-Be ex-healthcare technology platform play IntelliCentrics Global Holding (6819 HK) is a pseudo risk arb. 
IntelliCentrics is selling its key ops, declaring a special dividend from the sale proceeds, subsequently being wound up, then delisted. 
Shareholders have the option of voting on a raft of resolutions on the 18th April. Irrevocables total 72.1%. This is done. Just the final dividend amount needs to be confirmed.


IntelliCentrics (6819 HK): 18th April "Scheme" Vote

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/intellicentrics-global-holding" target="_blank" data-smartkarma-citation="entities:40901:1" rel="noopener">IntelliCentrics Global Holding (6819 HK)</a> IFA considers the terms for the disposal of assets to symplr software as fair and reasonable. The EGM vote is on 18 April.</li>
<li>The consideration will be distributed to shareholders as a special dividend with a minimum and maximum of US$0.52 (HK$4.07) and US$0.55 (HK$4.30), respectively. </li>
<li>Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend is 2.8%/33.6%.</li>
</ul>


The IntelliCentrics Global Holding (6819 HK) IFA considers the terms for the disposal of assets to symplr software as fair and reasonable. The EGM vote is on 18 April.
The consideration will be distributed to shareholders as a special dividend with a minimum and maximum of US$0.52 (HK$4.07) and US$0.55 (HK$4.30), respectively. 
Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend is 2.8%/33.6%.


IntelliCentrics (6819 HK): Special Dividend Vote on 18 April

<ul>
<li>Back on <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0209/2024020900947.pdf" target="_blank" rel="noopener">9th Feb 2024</a>, healthcare technology platform <a href="https://www.smartkarma.com/entities/intellicentrics-global-holding" target="_blank" data-smartkarma-citation="entities:40901:1" rel="noopener">IntelliCentrics Global Holding (6819 HK)</a> announced the proposed disposal of its key operations to Symplr Software Holdings for at least US$246.5mn.</li>
<li>Upon completion of the sale, IntelliCentrics will declare a special dividend, then seek a listing withdrawal. A key condition to the sale was FTC/DOJ approval. That is now satisfied. </li>
<li>The sale/dividend/delisting requires a Scheme-like vote, with 72.1% of shares out supportive. This is a super-clean pseudo arb. Pushback? Very illiquid.</li>
</ul>


Back on 9th Feb 2024, healthcare technology platform IntelliCentrics Global Holding (6819 HK) announced the proposed disposal of its key operations to Symplr Software Holdings for at least US$246.5mn.
Upon completion of the sale, IntelliCentrics will declare a special dividend, then seek a listing withdrawal. A key condition to the sale was FTC/DOJ approval. That is now satisfied. 
The sale/dividend/delisting requires a Scheme-like vote, with 72.1% of shares out supportive. This is a super-clean pseudo arb. Pushback? Very illiquid.


IntelliCentrics (6819 HK): Clean, Illiquid "Arb"

<ul>
<li>On 9 February, <a href="https://www.smartkarma.com/entities/intellicentrics-global-holding" target="_blank" data-smartkarma-citation="entities:40901:1" rel="noopener">IntelliCentrics Global Holding (6819 HK)</a> announced the disposal of most of its assets to symplr software. On 19 March, the antitrust condition was satisfied.</li>
<li>The consideration will be distributed to shareholders as a special dividend. The minimum and maximum special interim dividends are US$0.52 (HK$4.08) and US$0.55 (HK$4.30) per share.</li>
<li>The key condition is EGM shareholder approval. Due to the irrevocables from key shareholders, the EGM vote should comfortably pass. This is a done deal.</li>
</ul>


On 9 February, IntelliCentrics Global Holding (6819 HK) announced the disposal of most of its assets to symplr software. On 19 March, the antitrust condition was satisfied.
The consideration will be distributed to shareholders as a special dividend. The minimum and maximum special interim dividends are US$0.52 (HK$4.08) and US$0.55 (HK$4.30) per share.
The key condition is EGM shareholder approval. Due to the irrevocables from key shareholders, the EGM vote should comfortably pass. This is a done deal.


IntelliCentrics (6819 HK): Delisting and Special Dividend

<ul>
<li>For the month of April 2024, 7 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~55%. The average premium YTD is ~42%. </li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of April 2024, 7 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. 
The average premium for the new transactions announced (or first discussed) in April was ~55%. The average premium YTD is ~42%. 
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, April 2024: Austal, L'Occitane, Langham Hosp., Jastec, Mimasu, Best World, Isetan

Hong Kong

IntelliCentrics Global Holdings Ltd. operates an universal technology platform. The Company provides data verifying, information verifying, and other services. IntelliCentrics Global Holdings mainly offers its services to customers in medical industries.

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IntelliCentrics Global Holding (6819 HK)

IntelliCentrics (6819 HK): 18th April "Scheme" Vote

The Scheme-like vote is the 18th April. Irrevocables total 72.1%. This is done. Current/gross annualised spread of 2.8%/33.1% (min dividend). Get...

David Blennerhassett

IntelliCentrics (6819 HK): Special Dividend Vote on 18 April

Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend...

Arun George

IntelliCentrics (6819 HK): Clean, Illiquid "Arb"

I estimate the current/gross annualised spread of 4.1/19.5% (min dividend) or 9.9%/52.7% (max dividend), assuming mid-June payment. Get involved if...

David Blennerhassett

IntelliCentrics (6819 HK): Delisting and Special Dividend

This is a done deal. At the last close and for a mid-May payment, the gross/annualised spread of the minimum special dividend is 3.8%/27.26%.

Arun George

(Mostly) Asia M&A, April 2024: Austal, L'Occitane, Langham Hosp., Jastec, Mimasu, Best World, Isetan

For the month of April, 7 new deals were discussed on Smartkarma with an overall deal size of just ~US$4bn. The average premium for the new deals...

David Blennerhassett

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