Jilin Jiutai Bank (6122 HK): Another Hobson's Choice

• After Jilin Jiutai Bank (6122 HK) was suspended, again, I mused in Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted an expected Offer from Jilin Province Trust.

• Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition.

• And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.

(A Hobson's choice is a free choice in which only one thing is offered. In this instance, each outcome is undesirable. Sort of damned if you, damned if you don't)

The last "Hobson's Choice" I wrote about was the 2019 deal for Hanergy Thin Film Power (566 HK) as discussed in Hanergy's Hobson's Choice

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Jilin Jiutai is suspended, so there is nothing to be done right now.

If you hold shares, vote for the Offer, then tender in your shares.

This is as good as it gets.