Henlius (2696 HK): LVC Sits On A Blocking Stake. And Me (Maybe) Eating Humble Pie

• I was wrong. Loyal Valley Capital (LVC) have stopped buying Shanghai Henlius (2696 HK) - or have not bought since reaching a blocking stake of 7.8295% on the 9th January.

• LVC could either use that stake as leverage to negotiate with the Offeror on the scrip terms. Or blow up the deal and pick up shares after the deal breaks

• OR perhaps, as per my initial impression, LVC tenders. And they may still do that. It should be this straightforward; but the fact that it is not raises questions.