Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
<p>On the 6 December, fashion wear and accessory player <a href="https://www.smartkarma.com/entities/i-t-ltd" target="_blank" data-smartkarma-citation="entities:2795:1" rel="noopener">I.T Ltd (999 HK)</a> received a pre-conditional <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1206/2020120600017.pdf" target="_blank" rel="noopener">Offer</a>, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.</p>
</div>
<div>
<p>The Offeror was Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder of I.T.), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.</p>
</div>
<div>
<p>The pre-condition, which referred to approval from the State Administration for Market Regulation of the PRC, the anti-monopoly watchdog, was satisfied on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0120/2021012001069.pdf" target="_blank" rel="noopener">19 January</a>.</p>
</div>
<div>
<p>Conditions to the Scheme are stock standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated. </p>
</div>
<div>
<p>After <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1222/2020122200797.pdf" target="_blank" rel="noopener">delaying</a> the despatch of the Scheme Document,  I.T has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0321/2021032100039.pdf" target="_blank" rel="noopener">despatched</a> the Doc.</p>
<p>The Court Meeting will be held on 16 April. The joint IFAs (Challenge Capital &amp; China Tonghai) considered the Offer price to be fair and reasonable.</p>
</div>
<div>
<p>More below the fold.</p>
</div>


On the 6 December, fashion wear and accessory player I.T Ltd (999 HK) received a pre-conditional Offer, by way of a Scheme, at HK$3.00/share, a 54.6% premium to last close. The Offer price is final.


The Offeror was Brooklyn Investment Limited, which is 50.65% owned by the Founder Holdco and 49.35% by CVC Holdco. Founder Holdco is held by Sham Kar Wai (Chairman and founder of I.T.), Sham Kin Wai (ED and CCO), and family members. Founder also controls 63.61% of shares out. CVC Holdco is wholly-owned by CVC Funds.


The pre-condition, which referred to approval from the State Administration for Market Regulation of the PRC, the anti-monopoly watchdog, was satisfied on the 19 January.


Conditions to the Scheme are stock standard: at least 75% of Independent/Disinterested Shares FOR &amp; not more than 10% of ALL Independent Shares against. The headcount test applies as IT is Bermuda incorporated. 


After delaying the despatch of the Scheme Document,  I.T has now despatched the Doc.
The Court Meeting will be held on 16 April. The joint IFAs (Challenge Capital &amp; China Tonghai) considered the Offer price to be fair and reasonable.


More below the fold.


I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair

Hong Kong

Moiselle International Holdings Limited, through its subsidiaries, develops, manufactures, retails, and wholesales various lines of fashion apparel and accessories.  The Company markets its products under MOISELLE, moi, imaroon, and M.kids brand names.  In addition, Moiselle International invests in properties.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Moiselle International (130 HK)

I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair

Currently trading at a wide gross/annualised spread of 5.6%/53.9% given the significant downside if the deal breaks. But I think there's enough in...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)