In today’s briefing:
- Link Admin (LNK AU): 24th April Shareholder Vote
- HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won
- Antin/Opdenergy: Squeeze-Out. Who’ll Be Next?
- Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International)
Link Admin (LNK AU): 24th April Shareholder Vote
- Back on the 18 December 2023, superannuation service provider Link Administration (LNK AU) entered into a Scheme with Mitsubishi UFJ Financial Group.
- MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in.
- The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done – and trading accordingly.
HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won
- On 21 March, HLB Life Science announced a rights offering capital raise worth 150 billion won.
- The expected rights offering price is 13,630 won (32% lower than current price of 19,930 won) and there are 11 million shares in this rights offering (10% of outstanding shares).
- HLB Inc (028300 KS) is the largest controlling shareholder of HLB Life Science (067630 KS) with an 18.7% stake in the company.
Antin/Opdenergy: Squeeze-Out. Who’ll Be Next?
- With acceptances from 99.6%, settlement of the offer for Opdenergy Holdings (OPDE SM) will happen on 26 March and squeeze-out on 15 April.
- A done deal since outset, at a fair price. The agreement of Anti with the top shareholders left minorities with virtually no capacity to ask for a sweetening.
- Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts), with Grenergy preferred. See comparables table in the insight.
Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International)
- On 22 March, the Korea Exchange announced special changes to KOSDAQ 150. CanariaBio will be excluded from KOSDAQ 150 and it will be replaced by C&C International.
- Canaria Bio was designated as “administrative issue” and “investment attention issue” on 22 March 2024, which resulted in KRX deciding to remove this stock from KOSDAQ 150 on 26 March.
- We believe that this inclusion of C&C International in KOSDAQ 150 is likely to further positively impact its share price.
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