ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

• Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.

• The Scheme Doc is now out, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says “fair & reasonable“.

• Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out. Given precedents with similar fact patterns, this is probably one deal to avoid.

Detail

The Trade:

• Surprising absence of CDH in this latest Doc.

• This should not be up for debate.

• Given the ongoing ambiguity as to who owns/controls what, I’d sit this one out - for now.

• Current spread of 5% doesn’t justify the risk here.

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The NEW News

• The Scheme Doc is now out.

  • The Scheme Meeting/EGM will be held on the 9th Jan 2026, and payment by the 16th Feb 2026.

  • Or 110 days all-in.