Today Prosus announced that it will begin an open-ended share repurchase programme of Prosus and Naspers shares which will be funded by on-market sale of Tencent shares. Prosus also announced that it has sold its entire shareholding in JD.com, to raise US$3.67bn, on-market in Jun 2022. In this note, we talk about the implication and timing of today’s announcements.
On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com, making Prosus the third largest shareholder in JD.com with a 4.2% stake. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution only happened on 25th Mar 2022. On that day, the bulk of the stock that Tencent had distributed moved into CCASS with the exception of shares held by Prosus. There was another large moveme...
On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com on the basis of 1 Class A ordinary share of JD.com for every 21 shares held by the qualifying shareholders. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution only happened on 25th Mar 2022. We have looked at the background of the possible deal in our earlier note JD.com Tencent distribution - The US$10bn overh...
On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com on the basis of 1 Class A ordinary share of JD.com for every 21 shares held by the qualifying shareholders. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is expected to happen on or about 25th Mar 2022. We have looked at the background of the possible deal in our earlier note JD.com Tencent distribution - Th...
On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com on the basis of 1 Class A ordinary share of JD.com for every 21 shares held by the qualifying shareholders. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is expected to happen on or about 25th Mar 2022. When the distribution is settled it will end up putting pressure on JD.com shares as it will be worth aroun...
Prosus has announced its biggest transaction to date with a US$4.7bn buyout of BillDesk in India. BillDesk is the largest digital bill payments provider in India, which combined with PayU (focussed on e-commerce PSP) will make it the 7th largest online payments company globally.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
On 22nd March 2018, after market close in Hong Kong one of the largest overnight placements was launched. On that day, Naspers reluctantly sold US$10bn worth of Tencent shares. I say reluctantly because Naspers provided a three year lock-up at the time of the deal. That lock-up will expire in a week’s time. We have covered the previous placement in our earlier note, Tencent Placement - Huge Deal in Size, Small in Relative Terms - Succumbing to the HoldCo Discount and spoken about the implicati...
Zomato, the online food delivery competitor to Swiggy in India has recently announced a funding round, valuing the company at US$5.1bn – a 50% premium to the previous funding round in September, and a 70% premium to valuations a year ago.
On 22nd March 2018, after market close in Hong Kong one of the largest overnight placements was launched. On that day, Naspers reluctantly sold US$10bn worth of Tencent shares. I say reluctantly because Naspers provided a three year lock-up at the time of the deal. That lock-up will expire next month. We have covered the previous placement in our earlier note, Tencent Placement - Huge Deal in Size, Small in Relative Terms - Succumbing to the HoldCo Discount. In this note, I’ll talk about t...
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