Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Exactly two weeks after the scrip alternative was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0617/2024061700167.pdf" target="_blank" rel="noopener">announced</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s Composite Document has been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0701/2024070100127.pdf" target="_blank" rel="noopener">issued</a>. The Offer is now open for acceptances.</li>
<li>The IFA (Somerley) considers terms to be fair &amp; reasonable. A lifetime high coupled with a scrip option - yes, this is fair. </li>
<li>Keep an eye on CCASS moves prior to the first closing date, the 23rd July. I have a call with the FA tomorrow. Hit me up with any questions.</li>
</ul>


Exactly two weeks after the scrip alternative was announced, L'Occitane (973 HK)'s Composite Document has been issued. The Offer is now open for acceptances.
The IFA (Somerley) considers terms to be fair &amp; reasonable. A lifetime high coupled with a scrip option - yes, this is fair. 
Keep an eye on CCASS moves prior to the first closing date, the 23rd July. I have a call with the FA tomorrow. Hit me up with any questions.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>So far, about 49.8% of disinterested shares from Irrevocable Undertakings/Non-binding Letters of Support would accept the Share Offer. Success is within reach based on a “good enough” privatization price. </li>
<li>The Share Alternative is mainly aimed at investors who are hoping for the future re-listing of L'Occitane in the overseas markets - They can still get a vantage point.</li>
<li>However, re-listing seems still distant/uncertain. The value of Rollover Shares in the future remains uncertain. Investors would face risks if they choose the Share Alternative. The Cash Alternative is preferred.</li>
</ul>


So far, about 49.8% of disinterested shares from Irrevocable Undertakings/Non-binding Letters of Support would accept the Share Offer. Success is within reach based on a “good enough” privatization price. 
The Share Alternative is mainly aimed at investors who are hoping for the future re-listing of L'Occitane in the overseas markets - They can still get a vantage point.
However, re-listing seems still distant/uncertain. The value of Rollover Shares in the future remains uncertain. Investors would face risks if they choose the Share Alternative. The Cash Alternative is preferred.


L'Occitane (973.HK) - The Privatization Is About to Succeed

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/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> IFA opines that Reinold Geiger’s conditional voluntary cash (HK$34.00) or scrip offer (10 rollover shares for each share, subject to a cap) is fair and reasonable.</li>
<li>Irrevocable/Letters of support have nudged lower from 49.83% (17 June) to 47.66% of disinterested shares due to Southeastern Asset Management selling its shares. </li>
<li>Nevertheless, the scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the gross spread was 2.4%.</li>
</ul>


The L'Occitane (973 HK) IFA opines that Reinold Geiger’s conditional voluntary cash (HK$34.00) or scrip offer (10 rollover shares for each share, subject to a cap) is fair and reasonable.
Irrevocable/Letters of support have nudged lower from 49.83% (17 June) to 47.66% of disinterested shares due to Southeastern Asset Management selling its shares. 
Nevertheless, the scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the gross spread was 2.4%.


L’Occitane (973 HK): Conditional Offer Opens

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> US$1.2 billion rights issue. <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> and <a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: MMG (1208 HK) US$1.2 billion rights issue. Shift Up (462870 KS) and Webtoon Entertainment (WBTN US) IPOs.
Event-Driven developments: L'Occitane (973 HK), Exedy Corp (7278 JP), Infocom Corp (4348 JP), Mimasu Semiconductor Industry (8155 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), Mma Offshore (MRM AU). 


Weekly Deals Digest (23 Jun) - L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, MMA Offshore, Webtoon

<ul>
<li>A fortnight ago, I sought access to <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s lesser-known shareholder register, a byproduct of investigative disclosure reports under Chapter 571, s329 of the Securities and Futures Ordinance.</li>
<li>This is the same register I discussed in <a href="https://www.smartkarma.com/insights/giordano-709-hk-a-closer-look-at-the-shareholder-register-ahead-of-the-sgm" target="_blank" data-smartkarma-citation="insights:132358" rel="noopener">Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM</a>; and one also used by proxy solicitors. </li>
<li>The register confirms what has been long rumoured about a certain shareholder activist. It is also informative for what isn't present. </li>
</ul>


A fortnight ago, I sought access to L'Occitane (973 HK)'s lesser-known shareholder register, a byproduct of investigative disclosure reports under Chapter 571, s329 of the Securities and Futures Ordinance.
This is the same register I discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM; and one also used by proxy solicitors. 
The register confirms what has been long rumoured about a certain shareholder activist. It is also informative for what isn't present. 


L'Occitane (973 HK): Who Owns What, And When

Hong Kong

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

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L'Occitane (973 HK)

L'Occitane (973 HK): Tendering Now Open

This is done. The Offeror is over halfway to the 90% acceptance condition. Trading at a gross/annualised return of 2.4%/33.6% assuming payment on...

David Blennerhassett

L'Occitane (973.HK) - The Privatization Is About to Succeed

The Offers open for acceptance on July 2. The First Closing Date is July 23.We think the Offer Price is fair and reasonable to minority...

Xinyao (Criss) Wang

L’Occitane (973 HK): Conditional Offer Opens

The scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the...

Arun George

Weekly Deals Digest (23 Jun) - L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, MMA Offshore, Webtoon

Last week, notable developments occurred in Event-Driven (L'Occitane, Exedy, Infocom, Mimasu, Tatsuta, Capitol Health, MMA Offshore) and ECM (Shift...

Arun George

L'Occitane (973 HK): Who Owns What, And When

L'Occitane announces the share alternative - 10 Rollover Shares for each Offer Share. Maximum L'Occitane shares to be rolled over is 737.431mn (5%...

David Blennerhassett

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