Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Just one new deal was discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/sermsuk-pcl" target="_blank" data-smartkarma-citation="entities:15918:1" rel="noopener">Sermsuk PCL (SSC TB)</a>'s Delisting Offer. There are also rumours of an Offer for <a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a>.</li>
<li>Key updates took place on: <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/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 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>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Just one new deal was discussed this week on Smartkarma: Sermsuk PCL (SSC TB)'s Delisting Offer. There are also rumours of an Offer for Raffles Medical Group (RFMD SP).
Key updates took place on: L'Occitane (973 HK), Shinko Electric Industries (6967 JP), MMA Offshore (MRM AU), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: Sermsuk, L'Occitane, Shinko Electric, MMA Offshore, Hollysys

<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 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

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

Luk Fook Holdings (International) Limited retails jewellery. The Company engages in the sourcing, designing, wholesaling and retailing of a variety of platinum and gold jewellery, gold ornaments, gem-set jewellery, natural jadeites, gemstones, and other related products. Luk Fook offers its products in Hong Kong, Mainland China, Macau, Singapore, the United States and Canada.

Chow Sang Sang Holdings International Limited manufactures and retails gold and gem-set jewelry products.  The Company also retails watches, wholesales precious metals, invests in real estate, provides securities and commodity brokerage services, and trades in gold bullion.

Pou Sheng International (Holdings) Limited retails and wholesales sportswear, including sports footwear, apparel and accessories.

Dickson Concepts (International) Limited, through its subsidiaries, sells watches and fashion products.  The Company also trades luxury goods, and provides management and technical services.

Symphony Holdings Limited, through its subsidiaries, manufactures and trades footwear products.  The Company also invests in properties.

Giordano International Limited, through its subsidiaries, retails and distributes casual apparel and accessories under theGiordano, Giordano Ladies, Giordano Junior, BSX and Concepts One brands.

Sa Sa International Holdings Limited, through its subsidiaries, retails and wholesales cosmetics. The Company also provides beauty and health club services to members.

Glorious Sun Enterprises Limited, through its subsidiaries, retails and exports casual wear apparel.  The Company also manufactures casual wear products and trades fabric.

Oriental Watch Holdings Limited, through its subsidiaries, trades watches and invests in properties.

JB Hi-Fi Limited is a music and electronic goods retailer in Australia.  The Company operates stores at sites located in most Australian States.  Products include consumer electronics, car sound systems, music and DVDs.

ABC-MART, INC. plans, develops, wholesales, and retails shoes.  The Company also plans and develops brand name shoes such as VANS and G.T. HAWKINS.  ABC-Mart imports and wholesales shoes, apparel, bags, and sundries as well.

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

HIKARI TSUSHIN, INC. is a mobile telecommunication service subscription agency. The Company also operates telecommunication services stores, HIT SHOP, which sell cellular telephones, and related goods.  Hikari Tsushin also sells office automation equipment and insurance.

Five Below, Inc. operates as a specialty value retailer. The Company offers products such as crafts, party, candy, sports, media, and seasonal products. Five Below serves its customers throughout the United States.

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites.  The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

American Eagle Outfitters, Inc. retails men's and women's casual apparel, footwear, outerwear, and accessories.  The Company's products include jeans, khakis, T-shirts, and other similar apparel.  American Eagle operates in the United States.

Zhongsheng Group Holdings Ltd. retails automobiles.  The Company imports and retails primarily luxury and mid- to high-end automobile brands.

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)

(Mostly) Asia-Pac M&A: Sermsuk, L'Occitane, Shinko Electric, MMA Offshore, Hollysys

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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

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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