Tian An Medicare (383 HK)'s Partial Offer Doc Now Out
On the 23rd March, hospital/nursing home operator Tian An Medicare (383 HK) announced a small buyback, potentially lifting Tian An China Investment (28 HK)‘s stake to 55% from 51.47%.
The buyback is for 70mn shares or 6.48% of shares out, at HK$1.10/share, a 15.79% premium to last close. IF key shareholders do not tender, pro-ration could be >95%.
The Offer Doc is now out. The SGM (effectively a formality) will be held on the 18th May. The IFA says “fair and reasonable“.
Tian An Medicare is illiquid. Look away now if this is not your bag.
The Trade:
I’d buy Tian An Medicare, either for the back-end (if you have a strong opinion); or for what could potentially be a very high pro-ration.
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