Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Sanjuro, the consortium behind <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong directors previously holding out, will now tender. </li>
<li>The Offer will still close on the 1 August - it will not be extended. </li>
<li>Should Sanjuro fail to acquire less than 90% of disinterested shares, Hwa Hong will continue to remain listed. </li>
</ul>


Sanjuro, the consortium behind Hwa Hong Corp (HWAH SP) proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong directors previously holding out, will now tender. 
The Offer will still close on the 1 August - it will not be extended. 
Should Sanjuro fail to acquire less than 90% of disinterested shares, Hwa Hong will continue to remain listed. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.</li>
<li>The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.</li>
<li>The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.</li>
</ul>



MACA Ltd (MLD AU) recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.
The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.
The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.


<ul>
<li>Renewable energy play <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a> has announced a non-binding indicative proposal from Atlassian's Scott Farquhar and Stonepeak, by way of a Scheme, at A$0.23/share. </li>
<li>That's around a 64% premium. Farquhar holds a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02544798-2A1386679?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">19.9% stake</a>. </li>
<li>Farquhar, along with Atlassian co-founder Mike Cannon-Brookes, backed Genex capital raising in March last year.</li>
</ul>


Renewable energy play Genex Power Ltd (GNX AU) has announced a non-binding indicative proposal from Atlassian's Scott Farquhar and Stonepeak, by way of a Scheme, at A$0.23/share. 
That's around a 64% premium. Farquhar holds a 19.9% stake. 
Farquhar, along with Atlassian co-founder Mike Cannon-Brookes, backed Genex capital raising in March last year.


Genex: Atlassian's Farquhar Makes An Offer

<ul>
<li>As a result of market acquisitions, the Offeror for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> now holds 30.0%, triggering a mandatory general offer (MGO). </li>
<li>Including shares tendered, the Offeror controls 38.24%. The Offer remains subject to a 50% acceptance condition. HWAH directors holding 29.26% of shares still do not intend to accept the Offer. </li>
<li>The S$0.40/share Offer price has been declared final. The final closing date is 1 August. This transaction will go down to the wire.</li>
</ul>


As a result of market acquisitions, the Offeror for Hwa Hong Corp (HWAH SP) now holds 30.0%, triggering a mandatory general offer (MGO). 
Including shares tendered, the Offeror controls 38.24%. The Offer remains subject to a 50% acceptance condition. HWAH directors holding 29.26% of shares still do not intend to accept the Offer. 
The S$0.40/share Offer price has been declared final. The final closing date is 1 August. This transaction will go down to the wire.


Hwa Hong (HWAH SP): MGO Triggered, Offeror Now Controls 38.2%

<ul>
<li>The Circular, containing the IFA opinion and the directors' recommendation, was despatched after close yesterday. The IFA says fair and the directors recommend shareholders accept the Offer.</li>
<li>However ... directors holding 29.26% of shares out do not intend to accept the Offer. The intention of an additional 10.9% held by Ong family members is not known.</li>
<li>No word on Hong Leong Investment as to their 5.1% stake. The IFA notes the revised Offer terms are a 20.8% discount to the revalued NAV of S$0.5052/share</li>
</ul>


The Circular, containing the IFA opinion and the directors' recommendation, was despatched after close yesterday. The IFA says fair and the directors recommend shareholders accept the Offer.
However ... directors holding 29.26% of shares out do not intend to accept the Offer. The intention of an additional 10.9% held by Ong family members is not known.
No word on Hong Leong Investment as to their 5.1% stake. The IFA notes the revised Offer terms are a 20.8% discount to the revalued NAV of S$0.5052/share


Hwa Hong (HWAH SP): Directors Recommend Offer. But Not Really ...

Australia

Japara Healthcare Limited, is a provider of aged care and retirement living services in Australia.

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Japara Healthcare (JHC AU)

Hwa Hong (HWAH SP): MGO Unconditional

Sanjuro, the consortium behind Hwa Hong Corp (HWAH SP) proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong...

David Blennerhassett

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

Genex: Atlassian's Farquhar Makes An Offer

Trading ~17% gross spread to the indicative Offer. This is not a firm Offer. I would expect board support and a firm offer to emerge. It's a buy...

David Blennerhassett

Hwa Hong (HWAH SP): MGO Triggered, Offeror Now Controls 38.2%

Currently trading at terms. This remains a hostile Offer. I still think this Offer will (just) fail to meet the 50% acceptance condition. This is...

David Blennerhassett

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Hwa Hong (HWAH SP): MGO Unconditional

Sanjuro, the consortium behind Hwa Hong Corp (HWAH SP) proposal, now controls 51.29%. The Offer has turned unconditional in all respects. Ong...

David Blennerhassett

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

Genex: Atlassian's Farquhar Makes An Offer

Trading ~17% gross spread to the indicative Offer. This is not a firm Offer. I would expect board support and a firm offer to emerge. It's a buy...

David Blennerhassett

Hwa Hong (HWAH SP): MGO Triggered, Offeror Now Controls 38.2%

Currently trading at terms. This remains a hostile Offer. I still think this Offer will (just) fail to meet the 50% acceptance condition. This is...

David Blennerhassett

Hwa Hong (HWAH SP): Directors Recommend Offer. But Not Really ...

This remains a hostile Offer. I can still see this Offer failing to meet the 50% acceptance condition. This is an avoid, unless the spread were to...

David Blennerhassett