In today’s briefing:
- Quarz Capital Again Objects to the MNACT/MCT Deal – This Time to MAS
- Index Rebalance & ETF Flow Recap: MSCI May, FTSE June, HFCAA/China ADRs, GoTo
- Last Week in Event SPACE: Singapore Press, Yashili, WH Group, Uniti Group, Toshiba, China Conch
- Tencent’s BIG In-Specie Dividend of JD.com Shares – The Likely Flows & Timing
- Asia-Pac Weekly Risk Arb Summary: Mapletree, Singapore Press, Uniti Group, Yashili, Z Energy, Virtus
Quarz Capital Again Objects to the MNACT/MCT Deal – This Time to MAS
- Quarz Capital objects to the proposed Mapletree Commercial Trust (MCT SP) / Mapletree North Asia Commercial Trust (MAGIC SP) as they claim it is damaging to MNACT unitholder interests.
- Now they have written a letter to the Monetary Authority of Singapore asking them to Do Something to force MNACT directors to Do Something Different.
- I doubt it comes to anything, but activist-ish letter commentary is my bag so…
Index Rebalance & ETF Flow Recap: MSCI May, FTSE June, HFCAA/China ADRs, GoTo
- It was a busy Friday with a whole lot of rebalance implementations – FTSE AW/AC, EPRA Nareit, China 50, China A50, Taiwan 50, S&P/ASX. This week is quieter.
- We take an early look at potential changes to the MSCI Standard Index in May, to the FTSE AW/AC in June, China ADRs that could list in Hong Kong.
- There were some big inflows to Tracker Fund of Hong Kong Ltd (2800 HK) and Hang Seng H Share Index ETF (2828 HK) during the week.
Last Week in Event SPACE: Singapore Press, Yashili, WH Group, Uniti Group, Toshiba, China Conch
- Singapore Press Holdings (SPH SP)‘s comments and answers about the SPH REIT Chain Offer may be misleading.
- China Mengniu (2319 HK) is in discussions regarding its holdings in Yashili (1230 HK) which may result in a number of “Potential Transactions”, and may include a pre-conditional privatisation offer.
- WH Group (288 HK) is two businesses – a US pork processor and a Chinese one – and both businesses are suffering lower margins than they’d like.
Tencent’s BIG In-Specie Dividend of JD.com Shares – The Likely Flows & Timing
- Tencent (700 HK) will deliver shares of JD.com Inc. (9618 HK) this week in its in-specie distribution of 14.7% of the shares out of JD.com.
- Some people will NEED to hold. Some will NEED to sell. On a net basis, it is a short-term sell and a longer-term overhang.
- The timing and execution are going to be quite interesting. There will be short-term opportunity.
Asia-Pac Weekly Risk Arb Summary: Mapletree, Singapore Press, Uniti Group, Yashili, Z Energy, Virtus
- There are currently 44 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal this week: Morrison & Co’s indicative Offer for Uniti Group (UWL AU); and China Mengniu Dairy (2319 HK)‘s pre-conditional privatisation offer for Yashili International Holdings (1230 HK).
- Key updates took place for: Singapore Press Holdings (SPH SP), Z Energy Ltd (ZEL NZ), Mapletree Commercial Trust (MCT SP), Virtus Health (VRT AU), and Western Areas (WSA AU).
Before it’s here, it’s on Smartkarma
