IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<p>On Thursday after market close, <a href="https://www.smartkarma.com/entities/polytec-asset-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13322:1" rel="noopener">Polytec Asset Holdings (208 HK)</a> announced a management-led privatisation offer. The cash offer price of HK$1.50 per share is a massive 61.29% premium to the last trading price of HK$ 0.93 per share (15 January prior to the trading halt). </p><div class="content-highlight"><p>The key conditions precedent are the headcount test and the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The offeror and concert parties represent 2,419.8 million shares or 54.51% of shares outstanding. Disinterested scheme shareholders represent 2,019.1 million shares or 45.49% of shares outstanding which implies the 10% blocking stake is 201.9 million shares or 4.55% of shares outstanding. We believe that the privatisation bid will succeed due to the attractive price and lack of shareholders holding a blocking stake.  </p></div>

On Thursday after market close, Polytec Asset Holdings (208 HK) announced a management-led privatisation offer. The cash offer price of HK$1.50 per share is a massive 61.29% premium to the last trading price of HK$ 0.93 per share (15 January prior to the trading halt). The key conditions precedent are the headcount test and the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The offeror and concert parties represent 2,419.8 million shares or 54.51% of shares outstanding. Disinterested scheme shareholders represent 2,019.1 million shares or 45.49% of shares outstanding which implies the 10% blocking stake is 201.9 million shares or 4.55% of shares outstanding. We believe that the privatisation bid will succeed due to the attractive price and lack of shareholders holding a blocking stake.  

Polytec Asset Holdings Privatisation Offer