Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

China Renewable Energy (987 HK): Possible Privatisation Offer

Beijing Jingneng (579 HK): Doc Out. IFA Says Fair & Reasonable

Beijing Jingneng (579 HK): Privatisation Offer From Parent

Quiddity Advisors

Event-Driven

When both <a href="https://www.smartkarma.com/entities/china-renewable-energy-inves" target="_blank" data-smartkarma-citation="entities:14033:1" rel="noopener">China Renewable Energy Investment (987 HK)</a> and <a href="https://www.smartkarma.com/entities/hkc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14707:1" rel="noopener">Hkc Holdings (190 HK)</a> were <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0113/2021011300128.pdf" target="_blank" rel="noopener">suspended</a> last week pursuant to the Hong Kong Code on Takeovers and Mergers, my expectation in <a href="https://skr.ma/DRfv2" target="_blank" rel="noopener">China Renewable Energy (987 HK): Possible Privatisation Offer</a>, was that HKC would privatize 56%-held China Renewables.  Not to be.
Last night,(mainly) PRC property developer HKC <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0117/2021011700005.pdf" target="_blank" rel="noopener">announced</a> a privatisation offer by way of a Scheme from the controlling Oei family. The offer price of $8/share is a 120.39% premium to last close and around an eight-year high. The Offer price will not be increased.
An interim dividend of HK$0.13/share has been declared and will NOT be deducted from the cancellation price. 
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Key Scheme conditions include at least 75% of Disinterested Shares voting FOR &amp; not more than 10% of the votes attached to ALL the Disinterested Shares against.
Disinterested Scheme shares total 117.16mn or 22.93% of shares out, therefore the blocking stake at the court meeting will be 2.293%. No single shareholder has such a stake.
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The headcount test applies as HKC is Bermuda incorporated. 
This looks done.
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As always, more below the fold.

When both China Renewable Energy Investment (987 HK) and Hkc Holdings (190 HK) were suspended last week pursuant to the Hong Kong Code on Takeovers and Mergers, my expectation in China Renewable Energy (987 HK): Possible Privatisation Offer, was that HKC would privatize 56%-held China Renewables.  Not to be.
Last night,(mainly) PRC property developer HKC announced a privatisation offer by way of a Scheme from the controlling Oei family. The offer price of $8/share is a 120.39% premium to last close and around an eight-year high. The Offer price will not be increased.
An interim dividend of HK$0.13/share has been declared and will NOT be deducted from the cancellation price. 

Key Scheme conditions include at least 75% of Disinterested Shares voting FOR &amp; not more than 10% of the votes attached to ALL the Disinterested Shares against.
Disinterested Scheme shares total 117.16mn or 22.93% of shares out, therefore the blocking stake at the court meeting will be 2.293%. No single shareholder has such a stake.


The headcount test applies as HKC is Bermuda incorporated. 
This looks done.

As always, more below the fold. 

China Renewable Energy Investment (987 HK)

HKC (190 HK): Take-Private Offer By Way Of A Scheme

HKC Holdings

HKC (190 HK): Take-Private Offer By Way Of A Scheme