Poon's Underpriced Takeover. Minorities Deserve Better

• Dickson Concepts (113 HK) (DC)'s Chairman, Dickson Poon (& relatives), holding 61.98%, have tabled an Offer by way of a Scheme for shares not held, at HK$7.20/share (best & final).

• That compares to DC's net cash (as at 30 Sept 2024) of HK$7.44/share. Plus financial assets comprise an additional ~HK$2.16/share.

• The IFA will cite liquidity and DC's historical discount to NAV, and opine "reasonable", and perhaps even "fair". It is neither. Minorities should vote this down. But probably won't ...