Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Cybersecurity firm <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has announced it has entered into a Scheme with France's <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>.</li>
<li>Thales is offering A$0.13/share, a whopping 165% premium to last close. Although, TNT is down 87% from its January 2021 high. </li>
<li>The Offer is conditional on TNT shareholder approval and FIRB/OIO approvals. Those regulatory approvals will not be straightforward.</li>
</ul>


Cybersecurity firm Tesserent Ltd (TNT AU) has announced it has entered into a Scheme with France's Thales SA (HO FP).
Thales is offering A$0.13/share, a whopping 165% premium to last close. Although, TNT is down 87% from its January 2021 high. 
The Offer is conditional on TNT shareholder approval and FIRB/OIO approvals. Those regulatory approvals will not be straightforward.


<ul>
<li>After broker <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group (273 HK)</a> was suspended pursuant to Hong Kong's Takeovers Code on the 31 May, it has now announced a privatisation by way of Scheme at HK$0.0338/share.</li>
<li>The Offer price is only a 20.7% premium to last close, and a 12.7% premium to the three-month average closing price. It has not been declared final.</li>
<li>The Offeror is Red Emerald. Shareholders with 47.55% of shares out have given irrevocables in support of the Scheme. </li>
</ul>


After broker Mason Group (273 HK) was suspended pursuant to Hong Kong's Takeovers Code on the 31 May, it has now announced a privatisation by way of Scheme at HK$0.0338/share.
The Offer price is only a 20.7% premium to last close, and a 12.7% premium to the three-month average closing price. It has not been declared final.
The Offeror is Red Emerald. Shareholders with 47.55% of shares out have given irrevocables in support of the Scheme. 


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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  111 Inc (YI US), Mason Group Holdings (273 HK), United Malt Group Ltd (UMG AU), HKBN Ltd (1310 HK), Silk Laser Australia (SLA AU), Chindata Group (CD US). 
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Musgrave Minerals (MGV AU), Lian Beng (LBG SP), Toyo Construction (1890 JP), Mincor Resources NL (MCR AU). 


Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a> announced a privatisation offer from Red Emerald Capital at HK$0.0338 per share, a 20.7% premium to the undisturbed price of HK$0.0280 per share (30 May). </li>
<li>The key conditions are SFC approval and the scheme being approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The offer price has not been declared final.</li>
<li>Four shareholders hold a blocking stake - three have provided irrevocables while the other will accept due to the attractive ROI. Therefore, there is a clear pathway to completion.</li>
</ul>



Mason Group Holdings (273 HK) announced a privatisation offer from Red Emerald Capital at HK$0.0338 per share, a 20.7% premium to the undisturbed price of HK$0.0280 per share (30 May). 
The key conditions are SFC approval and the scheme being approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The offer price has not been declared final.
Four shareholders hold a blocking stake - three have provided irrevocables while the other will accept due to the attractive ROI. Therefore, there is a clear pathway to completion.


Mason Group (273 HK): Privatisation Bid at HK$0.0338 Per Share

<ul>
<li>Broker <a href="https://www.smartkarma.com/entities/mason-financial-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Financial Holdings (273 HK)</a> is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0531/2023053100293.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Hong Kong Code on Takeovers and Mergers. </li>
<li>Shares are down 95% from its June 2015 peak, and 54% since the onset of Covid. The company last turned a profit in 2018.</li>
<li>The largest shareholder is the chairman of <a href="https://www.smartkarma.com/entities/shimao-property-holdings-limited" target="_blank" data-smartkarma-citation="entities:8375:1" rel="noopener">Shimao Group (813 HK)</a>.</li>
</ul>


Broker Mason Financial Holdings (273 HK) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers. 
Shares are down 95% from its June 2015 peak, and 54% since the onset of Covid. The company last turned a profit in 2018.
The largest shareholder is the chairman of Shimao Group (813 HK).


Mason Group (273 HK): Halted Pursuant To Takeover's Code

Hong Kong

Mason Group Holdings Limited is a health and wealth solutions conglomerate. The Company provides financial services in Hong Kong, including financial brokerage, leveraged and acquisition financing, asset and wealth management and mortgages business. Mason Group Holdings provides health solutions through its healthcare business, mother-infant-child business and dairy products business.

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Mason Group Holdings (273 HK)

Tesserent (TNT AU)'s Offer From Thales

Trading at a 6.6% gross spread, but your downside is >60% if FIRB blocks. And this is not a super liquid arb situation. I'd pass on this given the...

David Blennerhassett

Mason (273 HK): Red Emerald's Scheme

Provided Hsu Yu Yu is supportive - and I assume she is - I can't see this Scheme being blocked. Assuming late September payment, buy up to...

David Blennerhassett

Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

This week, the highest gross spreads are 111 (31.2%), Mason Group (20.7%), United Malt (17.1%), HKBN (16.7%), Silk Laser (13.2%), Chindata (12.5%),...

Arun George

Mason Group (273 HK): Halted Pursuant To Takeover's Code

At a guess, I think the Offeror will be the Hui family. On pricing, I would simply defer to the average premium seen in HK deals or ~HK$0.04/share....

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tesserent (TNT AU)'s Offer From Thales

Trading at a 6.6% gross spread, but your downside is >60% if FIRB blocks. And this is not a super liquid arb situation. I'd pass on this given the...

David Blennerhassett

Mason (273 HK): Red Emerald's Scheme

Provided Hsu Yu Yu is supportive - and I assume she is - I can't see this Scheme being blocked. Assuming late September payment, buy up to...

David Blennerhassett

Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

This week, the highest gross spreads are 111 (31.2%), Mason Group (20.7%), United Malt (17.1%), HKBN (16.7%), Silk Laser (13.2%), Chindata (12.5%),...

Arun George

Mason Group (273 HK): Privatisation Bid at HK$0.0338 Per Share

Four shareholders hold a blocking stake - three have provided irrevocables while the other will accept due to the attractive ROI. Therefore, there...

Arun George

Mason Group (273 HK): Halted Pursuant To Takeover's Code

At a guess, I think the Offeror will be the Hui family. On pricing, I would simply defer to the average premium seen in HK deals or ~HK$0.04/share....

David Blennerhassett