In today’s briefing:
- Jiangnan Group (1366 HK): Chairman/CEO’s Privatisation Offer at HK$0.40
- Quiddity TWSE 50 & 100 Mar 23 Final Expectations: There Could Be a Surprise Index Change!
- TVS Supply Chain Solutions Pre-IPO – Profitability Might Have Been COVID-Driven
- Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs
- This Is Done. Chu’s Offer For Jiangnan (1366 HK)
Jiangnan Group (1366 HK): Chairman/CEO’s Privatisation Offer at HK$0.40
- Jiangnan (1366 HK) disclosed a scheme privatisation offer from Mr Chu Hui (Chairman and CEO) at HK$0.40 per share, a 107.3% premium to the undisturbed price (HK$0.193 on 13 February).
- The key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). The shareholder with a blocking stake will be supportive.
- The price is final and attractive in the context of historical prices and multiples. The scheme meeting is likely in mid-May. At last close, the gross spread is 12.7%.
Quiddity TWSE 50 & 100 Mar 23 Final Expectations: There Could Be a Surprise Index Change!
- The reference period for the March 2023 index review for TWSE 50 and 100 indices just came to an end on 20 February.
- Previously, it looked like there would not be any index changes during the March 2023 review for these two indices.
- However, now it looks like there could be a change.
TVS Supply Chain Solutions Pre-IPO – Profitability Might Have Been COVID-Driven
- TVS Supply Chain Solutions (1915741D IN) is looking to raise about US$500m in its upcoming India IPO.
- TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer.
- TVS SCS has seen its revenue grow as both its operating segments registered decent growth during the track record period. However, its profitability might have been a result of COVID-19.
Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.
- As it stands, I see 6 ADDs/DELs for the STOXX Europe 600 index and 3 ADDs and 2 DELs for the Euro STOXX Index in March 2023.
- There are several names requiring a small price change to trigger more constituent changes and with few more days left to the reference date, a lot can change.
This Is Done. Chu’s Offer For Jiangnan (1366 HK)
- After shares gained 63% in the morning session of the 16 Feb, then subsequently suspended, Chu Hui, the chairman and major shareholder, has made his move on Jiangnan (1366 HK).
- Chu is offering HK$0.40/share by of a Scheme, a 12.68% premium to last close, but a whopping 83.49% over the last full trading day’s closing price. This price is final.
- This is done. Expect payment around late July based on precedent Cayman-incorporated privatisations.
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