IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chinese-estates-holdings-limited" target="_blank" data-smartkarma-citation="entities:20954:1" rel="noopener">Chinese Estates Holdings (127 HK)</a> has despatched the scheme document. The offeror will offer HK$4.00 per scheme share. The scheme meeting is scheduled for 9:30 am on 17 December.</li>
<li>Unsurprisingly, the IFA considers the offer to be fair and reasonable. We think that the IFA analysis of historical share prices and privatisation precedents is flawed. </li>
<li>As no shareholder holds a blocking stake, the bid will likely succeed. At last close, the shares trade at a gross spread of 6.4% to the offer price. </li>
</ul>



Chinese Estates Holdings (127 HK) has despatched the scheme document. The offeror will offer HK$4.00 per scheme share. The scheme meeting is scheduled for 9:30 am on 17 December.
Unsurprisingly, the IFA considers the offer to be fair and reasonable. We think that the IFA analysis of historical share prices and privatisation precedents is flawed. 
As no shareholder holds a blocking stake, the bid will likely succeed. At last close, the shares trade at a gross spread of 6.4% to the offer price. 


Chinese Estates’ Scheme Document, IFA Opinion

Hong Kong

Tern Properties Company Limited, through its subsidiaries, invests in properties in Hong Kong.  The properties consist of commercial, industrial, and residential dwellings.  The Company also invests in securities.

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Tern Properties (277 HK)

Chinese Estates’ Scheme Document, IFA Opinion

The scheme meeting is on 17 December. IFA considers the HK$4 per share offer to be fair and reasonable. At last close, the shares trade at a gross...

Arun George

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