In today’s briefing:
- ENM Holdings (128 HK): A Wide Spread with the Scheme Vote on 26 September
ENM Holdings (128 HK): A Wide Spread with the Scheme Vote on 26 September
- ENM Holdings (128 HK)‘s scheme document is out, with the vote scheduled for 26 September. The IFA considers Chime Corporation’s HK$0.58 per share offer fair and reasonable.
- The spread of 7.4% reflects vote risk – cash required for the proposal is lower than the net cash, and the offer price is below the IFA’s SoTP valuation (HK$0.658).
- Shareholder approval of the scheme is aided by no shareholder holding a blocking stake, a low AGM minority participation rate and no visible retail opposition to the offer.
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