Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 1st November, Nikolai Levitskii, Russian iron-ore play <strong><a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">IRC (1029 HK)</a></strong>'s chairman and largest shareholder, acquired 4.72% of shares out, lifting his stake above 30%, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1108/2023110801177.pdf" target="_blank" rel="noopener">triggering an MGO</a>.</li>
<li>The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC's listing. At the first close, he held 35.77% (5.16% had tendered). </li>
<li>The current spread is 9.2%. MIC, with 16.67% of shares out, has yet to tender. Nor do I expect them to. Plus IRC is on the OFAC sanction list. Avoid.</li>
</ul>


Back on the 1st November, Nikolai Levitskii, Russian iron-ore play IRC (1029 HK)'s chairman and largest shareholder, acquired 4.72% of shares out, lifting his stake above 30%, triggering an MGO.
The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC's listing. At the first close, he held 35.77% (5.16% had tendered). 
The current spread is 9.2%. MIC, with 16.67% of shares out, has yet to tender. Nor do I expect them to. Plus IRC is on the OFAC sanction list. Avoid.


IRC (1029 HK)'s MBO's MGO: Still An Avoid

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>
<a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 HK)</a> notes that the offeror (Nikolai Levitskii) and acceptances reached 35.77% at the first closing date, materially short of the 50% minimum acceptance condition. </li>
<li>The offeror has extended the closing date by 39 days (30 business days) to 20 February, the last day the offer can become or be declared unconditional. </li>
<li>The rise in iron ore prices and a light offer pose challenges. The risk/reward profile is unfavourable as the upside (5.4% spread) outweighs the downside (20.5% to the undistributed price).</li>
</ul>



Irc Ltd (1029 HK) notes that the offeror (Nikolai Levitskii) and acceptances reached 35.77% at the first closing date, materially short of the 50% minimum acceptance condition. 
The offeror has extended the closing date by 39 days (30 business days) to 20 February, the last day the offer can become or be declared unconditional. 
The rise in iron ore prices and a light offer pose challenges. The risk/reward profile is unfavourable as the upside (5.4% spread) outweighs the downside (20.5% to the undistributed price).


IRC Limited (1029 HK): Closing Date Extended as the Risk/Reward Turns Unattractive

<ul>
<li>The <a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 HK)</a> IFA opines that a mandatory conditional offer from Nikolai Levitskii (Chairman and 30.61% shareholder) at HK$0.118 per share is fair and reasonable. </li>
<li>The offer is open, with the first closing date of 12 January 2024. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights. </li>
<li>While the offer is light, satisfying the minimum acceptance condition is possible. The risk/reward profile is favourable as the upside (25.5% spread) outweighs the downside (5.3% to the undistributed price). </li>
</ul>


The Irc Ltd (1029 HK) IFA opines that a mandatory conditional offer from Nikolai Levitskii (Chairman and 30.61% shareholder) at HK$0.118 per share is fair and reasonable. 
The offer is open, with the first closing date of 12 January 2024. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights. 
While the offer is light, satisfying the minimum acceptance condition is possible. The risk/reward profile is favourable as the upside (25.5% spread) outweighs the downside (5.3% to the undistributed price). 


IRC Limited (1029 HK): A Wide Spread as the Conditional Offer Opens

<ul>
<li>Nikolai Levitskii, Russian iron-ore play <strong><a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">IRC Ltd (1029 HK)</a></strong>'s chairman and largest shareholder, has acquired 4.72% of shares out, lifting his stake above 30%, triggering an MGO. </li>
<li>The Offer price of HK$0.118/share, a 32.58% to last close, is the same price paid for the stake increase. </li>
<li>The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC's listing. </li>
</ul>


Nikolai Levitskii, Russian iron-ore play IRC Ltd (1029 HK)'s chairman and largest shareholder, has acquired 4.72% of shares out, lifting his stake above 30%, triggering an MGO. 
The Offer price of HK$0.118/share, a 32.58% to last close, is the same price paid for the stake increase. 
The Offer is conditional on Levitskii holding more than 50% of shares out. His intention is to maintain IRC's listing. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 HK)</a> has announced a mandatory conditional offer from Nikolai Levitskii (Chairman) at HK$0.118 per share, a 32.6% premium to the undisturbed price (1 November). </li>
<li>The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.  The offeror currently represents 30.61% of outstanding shares.</li>
<li>The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC Invest does not tender), which is not onerous.</li>
</ul>



Irc Ltd (1029 HK) has announced a mandatory conditional offer from Nikolai Levitskii (Chairman) at HK$0.118 per share, a 32.6% premium to the undisturbed price (1 November). 
The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.  The offeror currently represents 30.61% of outstanding shares.
The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC Invest does not tender), which is not onerous.


IRC Limited (1029 HK): Mandatory Conditional Offer from the Chairman

Hong Kong

IRC Limited is a mineral exploration and production company. The Company is focused on exploring for, developing and operating industrial commodity projects in the Russian Far East and the north-eastern region of China.

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

Irc Ltd (1029 HK)

IRC (1029 HK)'s MBO's MGO: Still An Avoid

The current spread is 9.2%. MIC, with 16.67% of shares out, has still not tendered. Nor do I expect them to. Plus IRC is on the OFAC sanction list....

David Blennerhassett

IRC Limited (1029 HK): Closing Date Extended as the Risk/Reward Turns Unattractive

The rise in iron ore prices and a light offer pose challenges. The risk/reward profile is unfavourable as the upside (5.4% spread) outweighs the...

Arun George

IRC Limited (1029 HK): A Wide Spread as the Conditional Offer Opens

Satisfying the minimum acceptance condition carries risk. However, the risk/reward profile is favourable as the upside (25.5% spread) outweighs the...

Arun George

IRC (1029 HK): MBO's MGO. Look Away ...

Trading 13.5% to terms after gaining 16.9% today. But even if small illiquid arbs are your thing, I'd give this a wide berth.

David Blennerhassett

IRC Limited (1029 HK): Mandatory Conditional Offer from the Chairman

The offer looks light vs long-term trading ranges. The minimum acceptance threshold implies a minority acceptance rate of 27.9% (36.8% if MIC...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)