In today’s briefing:
- Yitai Coal (3948 HK): H-Share Offer (Likely) Imminent
- Yitai Coal (3948 HK): H Share Buyback Offer at HK$17.50 Per H Share
- Yitai Coal (3948 HK): H-Share Buyback Firmed At HK$17.50
- Potential Inclusions & Exclusions for KOSPI 200 and KOSDAQ 150 in May 2023 Highlighted by Locals
- Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers
- Pioneer Natural Resources Company: Making A Real Killing In The Permian Basin – Key Drivers
Yitai Coal (3948 HK): H-Share Offer (Likely) Imminent
- Back on the 29 March, Inner Mongolia Yitai Coal Company Ltd (3948 HK) announced a possible H-share buyback at HK$17/share, a 50.4% premium to the undisturbed price.
- Yitai Coal is PRC-incorporated, therefore it is not afforded compulsory acquisition rights. To buy back ALL H-shares, either a Merger by Acquisition or a Voluntary Conditional Offer is required.
- The Offer/buyback, should it proceed, is subject to various PRC regulatory approvals, including SAFE; together with approval from Yitai Coal’s A/H shareholders. To date, the SAFE Registration has been completed.
Yitai Coal (3948 HK): H Share Buyback Offer at HK$17.50 Per H Share
- Inner Mongolia Yitai Coal Company Ltd (3948 HK)‘s H Share buyback offer is at HK$17.50, a 54.9% premium to the undisturbed price and a 9.0% premium to the last close.
- The key conditions are approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.
- The three independent H shareholders holding a blocking stake will be supportive of the attractive offer (9-year H Share price high). The price is final. Timing is the key risk.
Yitai Coal (3948 HK): H-Share Buyback Firmed At HK$17.50
- Timing is everything. Yesterday afternoon I flagged Inner Mongolia Yitai Coal Company Ltd (3948 HK)‘s possible H-share buyback at HK$17/share.
- Roughly five hours later a firm HK$17.50/share Offer was announced. The Offer Price is final.
- Other terms and approvals were largely as expected. Payment under the Offer may occur mid-August.
Potential Inclusions & Exclusions for KOSPI 200 and KOSDAQ 150 in May 2023 Highlighted by Locals
- In this insight, we discuss the potential inclusions and exclusions that the locals are highlighting for the KOSPI 200 and KOSDAQ 150 rebalance in May 2023.
- The top five best performing stocks YTD that are expected to be included in either KOSPI200 and KOSDAQ150 include Rainbow Robotics, Kumyang, Cosmo Chemical, Yunsung F&C, and Posco M Tech.
- In the coming weeks, there is a higher probability these five stocks underperform the market on average as many investors sell the news on them getting included in these indices.
Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers
- Southern Copper Corporation had a great quarter despite several economic difficulties and managed an all-around beat.
- The company’s other open pit operations reported a decrease in annual copper production, with the exception of the Buenavista operation, where production levels were higher than those in 2021.
- We give Southern Copper Corporation a ‘Hold’ rating with a revised target price.
Pioneer Natural Resources Company: Making A Real Killing In The Permian Basin – Key Drivers
- Pioneer Natural Resources delivered a mixed set of results in the last quarter.
- Pioneer has formed the largest contiguous acreage position in the Midland Basin with its persistent focus on the Permian Basin.
- We give Pioneer Natural Resources Company a ‘Hold’ rating with a revised target price.
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