In today’s briefing:
- Bossini (592 HK): 10th Feb Scheme Vote
- Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)’s Scrip Offer
- The Hongkong & Shanghai Hotels (45 HK)
Bossini (592 HK): 10th Feb Scheme Vote
- On the 16th October, Li Ning-backed Viva Goods (933 HK) announced a scrip Offer, by way of a Scheme, for 62.91%-held Bossini International Holdings (592 HK), a casual apparel play.
- One new Viva share for five Bossini shares backed an implied scrip price of HK$0.108/share, a 12.2% discount to undisturbed.
- Bossini’s Scheme Doc is now out, with a Court Meeting on the 10th February, and expected settlement on the 24th March. The IFA says “fair and reasonable”.
Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)’s Scrip Offer
- On the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
- With an implied scrip price & divvy of HK$1.116/share, against a book value of HK1.736/share – and net cash of ~HK$1.00/share – this is probably being down too cheaply.
- GNH’s Circular is now out, with an EGM to be held on the 22nd Jan. GNF’s Scheme Doc is expected to be dispatched one or before the 10th Feb.
The Hongkong & Shanghai Hotels (45 HK)
- Great portfolio of assets, most notably 10 hotels under the Peninsula brand name
- Capex has been excessive over the past 10 years, especially in London, but the company is now focused on execution and paying back debt. Both London and Istanbul ramping up.
- NAV per share of HK$24 per share, putting at the HK$6.2 price at a 74% discount to NAV. Key is whether Philip Kadoorie will unlock value once he takes over.
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