Meilan Airport (357 HK)'s Special Deal And Tardy MGO
Back on the 30th April 2025, Hainan Meilan International Airport (357 HK) (”Meilan Airport”) announced a potential change of control, via its domestic shares.
In principle, this situation involves the re-arrangement of Meilan Airport shares under the same ultimate beneficiary. Nevertheless, the share transfer will trigger an unconditional MGO at HK$10.62/share.
Yesterday, H-class shareholders approved a “Special Deal” at an EGM. And the share price closed above terms. That vote has nothing to do with the share transfer. Perhaps ...
The Trade:
The SPA/MGO is a clean deal for Meilan Airport.
I previously mused this may trade through terms given the change of control.
I have no strong conviction on the back-end.
This insight is labelled bullish as I’m not bearish here.
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