IDT (167 HK): Expect Long-Dated MGO As Major Shareholder Placed In Receivership

• Consumer electronics play IDT International (167 HK) is currently suspended pursuant to the Takeovers Code. But don’t expect your usual Offer to unfold.

• On the 2nd October, IDT announced that Tiger Energy Technology, which holds 72.1% of share out, has been placed into receivership. Tiger Energy is 50% owned by Tiger Chen (ED).

• IDT was recently suspended for 581 days after failing to publish its annual results. Upon resumption of trading, predicated on a re-organisation, the major shareholder promptly exited. Without telling anyone.