On the 5th June, Continental Aerospace Technologies (232 HK) (CAT) confirmed an SPA to sell its core business, potentially leading to a cash distribution (HK$0.419-HK$0.436/share), and subsequent winding up.
The SPA requires reg approvals and a Scheme-like vote. 46.4% of the register is supportive. Additional dividends expected from the sale of property. And any leftover funds.
The Circular is now out. The SGM is the 21st September. With payment of the special/property dividend (on or before) the 12th October. “Surplus cash” distribution is expected shortly thereafter.
The Trade:
Trading at a 7.2% discount to the full cash distribution; with a question mark on the quantum/timing on the final distribution.
If not in, I’d get some exposure here.