Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 16th July, furniture trader <a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a> announced an Offer, by way of a Scheme, from Shan Huei Kuo, Samson's Chairman.</li>
<li>The Cancellation Price is $0.48/share (final), a 50% premium to last close; but more notable if going back a month. This looks done. However, Samson is an illiquid micro-cap.</li>
<li>
The Scheme Doc is now out, with a Court Meeting to be held on the 21st October. Expected payment on the 14 November. The IFA says fair &amp; reasonable.</li>
</ul>


Back on the 16th July, furniture trader Samson Holding (531 HK) announced an Offer, by way of a Scheme, from Shan Huei Kuo, Samson's Chairman.
The Cancellation Price is $0.48/share (final), a 50% premium to last close; but more notable if going back a month. This looks done. However, Samson is an illiquid micro-cap.

The Scheme Doc is now out, with a Court Meeting to be held on the 21st October. Expected payment on the 14 November. The IFA says fair &amp; reasonable.


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/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a>’s IFA opines that Mr Samuel Kuo (Chairman)’s HK$0.48 privatisation offer to be fair and reasonable. The vote is on 21 October. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). Despite the market rally, most peers’ shares have declined since the offer announcement. </li>
<li>The attractive premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. At the last close, the gross/annualised spread is 3.2%/29.8%.</li>
</ul>



Samson Holding (531 HK)’s IFA opines that Mr Samuel Kuo (Chairman)’s HK$0.48 privatisation offer to be fair and reasonable. The vote is on 21 October. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). Despite the market rally, most peers’ shares have declined since the offer announcement. 
The attractive premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. At the last close, the gross/annualised spread is 3.2%/29.8%.


Samson Holding (531 HK): Scheme Vote on 21 October

<ul>
<li>Furniture trader <a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0716/2024071601122.pdf" target="_blank" rel="noopener">announced</a> a Scheme from Shan Huei Kuo, Samson's Chairman. </li>
<li>The Cancellation price is $0.48, a 50% to last close. The premium is more pronounced if going back a month. The price is final.</li>
<li>This looks done. But Samson is an illiquid micro cap.</li>
</ul>


Furniture trader Samson Holding (531 HK) has announced a Scheme from Shan Huei Kuo, Samson's Chairman. 
The Cancellation price is $0.48, a 50% to last close. The premium is more pronounced if going back a month. The price is final.
This looks done. But Samson is an illiquid micro cap.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a> disclosed a Cayman scheme privatisation offer from Mr Samuel Kuo (Chairman) at HK$0.48 per share, a 77.8% and 50.0% premium to undisturbed and last close price, respectively. </li>
<li>The key condition will be approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The offer price is final.</li>
<li>The attractive takeover premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. However, this is a small cap illiquid stock.</li>
</ul>



Samson Holding (531 HK) disclosed a Cayman scheme privatisation offer from Mr Samuel Kuo (Chairman) at HK$0.48 per share, a 77.8% and 50.0% premium to undisturbed and last close price, respectively. 
The key condition will be approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The offer price is final.
The attractive takeover premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. However, this is a small cap illiquid stock.


Samson Holding (531 HK): Chairman’s Scheme Privatisation at HK$0.48

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>'s delisting Offer via a selective capital reduction (SCR) from controlling shareholder and chairman Tan Sri Surin Upatkoon appears to be in the home straight.</li>
<li>The completion of the Offer has been delayed as ISM Sdn Bhd, MPHB's minority partner in six JVs, invokes various legal options in an ongoing dispute.</li>
<li>The High Court has now fixed 6 January 2025 as the hearing date for the SCR petition. Assuming that is granted, payment is likely mid-Feb.  </li>
</ul>



MPHB Capital (MPHB MK)'s delisting Offer via a selective capital reduction (SCR) from controlling shareholder and chairman Tan Sri Surin Upatkoon appears to be in the home straight.
The completion of the Offer has been delayed as ISM Sdn Bhd, MPHB's minority partner in six JVs, invokes various legal options in an ongoing dispute.
The High Court has now fixed 6 January 2025 as the hearing date for the SCR petition. Assuming that is granted, payment is likely mid-Feb.  


MPHB Capital (MPHB MK)'s Offer: Almost There As ISM Exhausts Options

Hong Kong

Samson Holding Ltd. manufactures residential furniture in the Peoples Republic of China.  The Company wholesales the furniture to department stores, retail chains, and independent retail stores in the United States, Canada, and elsewhere in the world.

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Samson Holding (531 HK)

Samson (531 HK): 21 Oct Shareholder Vote

This looks like a pretty clean deal. Albeit an illiquid one. I'd be paying up to ~$0.47/share for a 2%/15% gross/annualised return.

David Blennerhassett