Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>On the 17th January, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>'s Offer was <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=239237&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener">extended</a> to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.</li>
<li>The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=239254&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener"> lower the acceptance threshold</a> to 85% from 90%. </li>
<li>Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly. </li>
</ul>


On the 17th January, Malaysia Airports Holdings (MAHB MK)'s Offer was extended to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.
The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to lower the acceptance threshold to 85% from 90%. 
Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly. 


Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion

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/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>'s voluntary conditional RM11.00 offer from the consortium has a first closing date of 8 January.</li>
<li>Unusually, the independent directors and adviser have differing opinions - the directors and adviser agree that the offer is NOT fair. However, the directors opine that it is NOT reasonable. </li>
<li>The consortium has three options – keep terms unchanged (hope for the best), bump or lower the acceptance threshold. The most likely option is to lower the acceptance threshold.  </li>
</ul>



Malaysia Airports Holdings (MAHB MK)'s voluntary conditional RM11.00 offer from the consortium has a first closing date of 8 January.
Unusually, the independent directors and adviser have differing opinions - the directors and adviser agree that the offer is NOT fair. However, the directors opine that it is NOT reasonable. 
The consortium has three options – keep terms unchanged (hope for the best), bump or lower the acceptance threshold. The most likely option is to lower the acceptance threshold.  


Malaysia Airports (MAHB MK): Awaiting the Consortium’s Next Move

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

<ul>
<li>Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=152738&amp;name=EA_GA_ATTACHMENTS" target="_blank" rel="noopener"> firm Offer</a> for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a> at RM11/share. </li>
<li>The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. </li>
<li>This is a Tender Offer with a 90% acceptance threshold. "The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level".</li>
</ul>


Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a firm Offer for Malaysia Airports Holdings (MAHB MK) at RM11/share. 
The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. 
This is a Tender Offer with a 90% acceptance threshold. "The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level".


Malaysia Airports (MAHB MK): A Firm Offer (Finally)

<ul>
<li>On the 30th October, Malaysian Aviation Commission (Mavcom) said Gateway Development Alliance (GDA)'s proposed privatisation of <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports  (MAHB MK)</a> did not infringe on the Malaysian Aviation Commission Act 2015.</li>
<li>Mavcom followed that statement with it “welcomes any party to submit written feedback on the proposed decision by email .. by ..  Nov 6”. So, it's been approved or not?</li>
<li>In addition, there was conjecture earlier this year whether Mavcom, which will shortly be subsumed by the Civil Aviation Authority of Malaysia, had the clout to prevent the MAHB deal.  </li>
</ul>


On the 30th October, Malaysian Aviation Commission (Mavcom) said Gateway Development Alliance (GDA)'s proposed privatisation of Malaysia Airports  (MAHB MK) did not infringe on the Malaysian Aviation Commission Act 2015.
Mavcom followed that statement with it “welcomes any party to submit written feedback on the proposed decision by email .. by ..  Nov 6”. So, it's been approved or not?
In addition, there was conjecture earlier this year whether Mavcom, which will shortly be subsumed by the Civil Aviation Authority of Malaysia, had the clout to prevent the MAHB deal.  


Malaysia Airports (MAHB MK): Mavcom Approval. Sort Of

Malaysia

Malaysia Airports Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, provides management, maintenance, and operation of designated airports.  Malaysia Airports also operates duty-free and non-duty free stores as well as provides food and beverage outlets at the airports.

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Malaysia Airports Holdings (MAHB MK)

Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion

This is done. Assuming the offer turns unconditional on (or around) the 28th January, payment is expected within 10 days or around the 7th...

David Blennerhassett

Malaysia Airports (MAHB MK): Awaiting the Consortium’s Next Move

The consortium has extended the closing date to 17 January. As of 6 January, including acceptances, the offeror represented 75.73% of outstanding...

Arun George

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

Malaysia Airports (MAHB MK): A Firm Offer (Finally)

This is a tender Offer with a 90% acceptance threshold, but can be reduced. This is now done. Assuming a late Jan payment, this is trading at an...

David Blennerhassett

Malaysia Airports (MAHB MK): Mavcom Approval. Sort Of

The gross spread, is the tightest since the deal was first announced. Malaysian politics aare tricky. Tough situation to recommend. Even tougher...

David Blennerhassett

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