In today’s briefing:
- Midea Real Estate (3990 HK): Ex-In-Specie, The Rump Is Rich
Midea Real Estate (3990 HK): Ex-In-Specie, The Rump Is Rich
- In an unusual move, property developer Midea Real Estate Holding (3990 HK) announced the In-Specie distribution of its core ops, either in unlisted scrip, or HK$5.90/share in cash.
- As this is considered a “very substantial disposal“, a Scheme-like vote from independent shareholders is required at an EGM. And controlling shareholders – with 81.13% – are required to abstain.
- The EGM will be held on the 2 September, with the cash payment expected on (or before) the 18 October. The question is: what is the Rump worth?
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