TIH Limited (formerly: Transpac Industrial Holdings Limited)

[touzi]

ASM has sold 88,880,000 warrants to Sun Hung Kai.

On 28 May 2014, ASM Asia Recovery (Master) Fund (“ASMARMF”), ASM Hudson River Fund (“ASMHRF”) and ASM Ventures Limited ("ASMVL") entered into an agreement with SHK Hong Kong Industries Limited (“SHKI”) to sell an aggregate of 88,880,000 TIH warrants to SHKI, with completion on 30 May 2014 (or as otherwise agreed).

SHKI , together with Sun Hung Kai & Co. Limited, are fellow subsidiaries of a leading Hong Kong based conglomerate which has substantial investments in property and financial services across Hong Kong and China.

Ms Li hopes that this sale of warrants will strengthen TIH’s shareholder base and enhance TIH’s long term capital reserves.

Angie Li is a beneficial holder and director of Argyle Street Management Holdings Limited (“ASMHL”). ASMHL is the beneficial holder of more than 50% of the voting shares of Argyle Street Management Limited (“ASML”). ASML is the beneficial holder of more than 20% of the voting shares of ASMHRF and ASM Asia Recovery Fund (“ASMARF”). ASMARF is the beneficial holder of more than 50% of the issued share capital of ASMARMF. ASMARMF and ASMHRF are the beneficial holders of more than 20% of the issued share capital of ASMVL.

Following the completion of the sale of the warrants to SHKI detailed above, Angie Li shall have a deemed interest in 298,153,648 warrants in TIH.

[opmi]

SHK industries is NOT SHK properties. World of difference.

ASM has sold 88,880,000 warrants to Sun Hung Kai.

On 28 May 2014, ASM Asia Recovery (Master) Fund (“ASMARMF”), ASM Hudson River Fund (“ASMHRF”) and ASM Ventures Limited ("ASMVL") entered into an agreement with SHK Hong Kong Industries Limited (“SHKI”) to sell an aggregate of 88,880,000 TIH warrants to SHKI, with completion on 30 May 2014 (or as otherwise agreed).

SHKI , together with Sun Hung Kai & Co. Limited, are fellow subsidiaries of a leading Hong Kong based conglomerate which has substantial investments in property and financial services across Hong Kong and China.

Ms Li hopes that this sale of warrants will strengthen TIH’s shareholder base and enhance TIH’s long term capital reserves.

Angie Li is a beneficial holder and director of Argyle Street Management Holdings Limited (“ASMHL”). ASMHL is the beneficial holder of more than 50% of the voting shares of Argyle Street Management Limited (“ASML”). ASML is the beneficial holder of more than 20% of the voting shares of ASMHRF and ASM Asia Recovery Fund (“ASMARF”). ASMARF is the beneficial holder of more than 50% of the issued share capital of ASMARMF. ASMARMF and ASMHRF are the beneficial holders of more than 20% of the issued share capital of ASMVL.

Following the completion of the sale of the warrants to SHKI detailed above, Angie Li shall have a deemed interest in 298,153,648 warrants in TIH.

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[opmi]

I read that Vee is passive in ASM. just help them start out. Kin chan and angie is the one running the show.

Ya. is Kin Chan any good?


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Kin Chan is the CIO of ASM. He is the co-founder with V-Nee Yeh. Yeh is a well known value investor in HK.

The person I am more interested is Alan Wong, who is supposed to be the main person together with Stanley Cheong in charge of TIH.

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[EnSabahNur]

Does anyone have a link to the company website?

This company never has a website. Their AR never change the design of the cover page, only the colour. Their AR never contain pictures, only words and tables. The lunch provided during AGM is very simple stuff, I am not even sure if I should call it a lunch. In other words, a very frugal company. I am not sure if this is due to the ASM culture or the Transpac culture, or both. Perhaps things will change now that they are a Asset Management company, but I hope they will remain frugal. However I agree they should have a website.

thanks Touzi

[touzi]

SHK industries is NOT SHK properties. World of difference.

My apologies, no intention to mislead.

[LLI]

I read that Vee is passive in ASM. just help them start out. Kin chan and angie is the one running the show.

Ya. is Kin Chan any good?


Sent from my iPhone using Tapatalk

Kin Chan is the CIO of ASM. He is the co-founder with V-Nee Yeh. Yeh is a well known value investor in HK.

The person I am more interested is Alan Wong, who is supposed to be the main person together with Stanley Cheong in charge of TIH.

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So who will be running the investment?

[touzi]

The CEO of TIH is Allen Wang ( not Alan Wong which I have posted previously). He and Stanley should be main people running the show. Allen profile from LinkedIn:

Current
CEO at TIH Investment Management
Past
MD at Argyle Street Management
Vice President at Credit Asia Capital
Investment at DB Zwirn Asia Partners
Education
Columbia University in the City of New York

Specialties
Special situation investing in debt and equity

Allen Wang, CFA's Experience

CEO
TIH Investment Management
May 2014 – Present (2 months) Singapore

MD
Argyle Street Management
May 2011 – April 2014 (3 years)

Vice President
Credit Asia Capital
June 2007 – March 2011 (3 years 10 months)

Investment
DB Zwirn Asia Partners
June 2005 – May 2007 (2 years)

[LLI]

thanks. sound interesting


www.valueinvestasia.com

[touzi]

206,729 warrants have already been exercised. What's the hurry?

http://infopub.sgx.com/FileOpen/9Jun2014...eID=300627

[Vseeker]

At time of below posting (22-May2014), TIH was trading at $1.38 and its warrant at $0.091
As expected, the price for mother deteriorate towards $1.28, while its wrt price deteriorate below 1c.

While the wrt's lifespan may be for 3-years,
in reality, it is only good for 6 months, coz beyond its first 6-months life, wrt excercise price get revised to $2.28 and wrt become quite worthless
and could indeed ended up worthless - unless and until TIH levitate above the revised $2.28 exercise price.

... not vested

3-for-1 Bonus Wrts totalling 703m new wrts, Lifespan=3yrs
=} ExcerPrc @$1.28 in 1st 6mths period, can't excercise for following 18mths, and in the last 12mths of shelf life - again excercisable but @$2.28 each

means over the next 6 months (now till mid-Nov)
i) TIH share price likely to trend lower towards $1.28 as more and more wrts get excercised - as we rundown 1st-6mths-excercise-window.
ii) Wrts price likely to trend closer towards 0c ~ 1c levels as we progresses toward end of 1st 6mths excercise window (mid-Nov2014).

iii) By yearend, wrts likely to be around 0c ~ 1c and stay there for some times...till its fate get re-determine closer to 2017

... Not vested