In today’s briefing:
- Halcyon Agri Suspended Ahead Of Possible Offer
- Halcyon Agri (HACL SP)’s Potential MGO
- FTSE UK Quiddity Leaderboard Dec 22: Euromoney DEL and More High-Impact Intra-Review Changes
- Beijing SinoHytec A/H Listing – Initial Thoughts on Valuation
Halcyon Agri Suspended Ahead Of Possible Offer
- Natural rubber play Halcyon Agri (HACL SP) was suspended ahead of trading on the 14 November.
- Word on the street is that a privatisation will be announced shortly.
- The benefit of hindsight … Halcyon’s largest shareholder, SOE-backed Sinochem, recently increased its stake, paying ~S$0.45/share.
Halcyon Agri (HACL SP)’s Potential MGO
- China Hainan Rubber Industry (601118 CH) has entered a conditional SPA with Sinochem International Corporation A (600500 CH) to acquire a 36.00% stake in Halcyon Agri (HACL SP) at US$0.315/share.
- The SPA completion will trigger an MGO at US$0.315 (S$0.436) per share. The pre-conditions mainly relate to Chinese regulatory approvals which should be a formality due to SOE links.
- The MGO has a 50%+ minimum acceptance condition which requires around a 40% minorities acceptance rate. We think that this is achievable as the offer is attractive.
FTSE UK Quiddity Leaderboard Dec 22: Euromoney DEL and More High-Impact Intra-Review Changes
- In this insight, we take a look at the potential index changes for FTSE 100 and FTSE 250 in the run up to the December 2022 Rebalance.
- FTSE 250 candidate Euromoney Institutional Investor (ERM LN) could get deleted before the end of November and there could be more intra-review changes in December 2022.
- The highest-ranked candidates that are leading the race to become FTSE250 replacements have 15+ days of volume to buy.
Beijing SinoHytec A/H Listing – Initial Thoughts on Valuation
- Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
- BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
- We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.
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