In today’s briefing:
- China Conch Venture (586 HK): Last Day Of Entitlement
- HAL Holding/Royal Boskalis Westminster: Over the 50% Threshold
China Conch Venture (586 HK): Last Day Of Entitlement
- Today (18 March) is the last day of dealing in China Conch Venture Holdings (586 HK) shares on a cum-entitlement basis for the Conch Environment Protection (CEEP) spin-off.
- CEEP is expected to commence trading on the 30 March. The Listing Document is expected to be issued on or around the 22 March.
- Separately, I see CCV trading at a 14% premium to its NAV, around its most extreme-ever level.
HAL Holding/Royal Boskalis Westminster: Over the 50% Threshold
- After some purchases in the market (at offer price), HAL Holding and concert parties have a 50.5% stake. HAL will not use the additional 4.3% voting rights before offer clearance.
- If acceptances are below the squeeze-out threshold (95%), the target will usually co-operate so that the offeror will take full control and delist. Possible measures involve diluting the holdouts.
- There are grounds for a sweetening of the offer. The market thinks so and the shares are trading 0.3% above the offer price, but HAL has a strong hand.
Before it’s here, it’s on Smartkarma
