Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last week, Macquarie Infrastructure and GIC <a href="http://philippinesrenewables.com/" target="_blank">announced</a> a partial offer at Php7.25/share for <a href="https://www.smartkarma.com/entities/4456" target="_blank" data-smartkarma-citation="entities:4456:1">Energy Development Corp (EDC PM)</a>, for up to 47.5% of EDC's common shares.<a href="https://www.smartkarma.com/entities/162" target="_blank" data-smartkarma-citation="entities:162:1">First Gen Corporation (FGEN PM)</a> holds 50.6% of EDC's common shares and 67.1% of the voting rights. First Gen has agreed to tender in 10.6% of its common shares. At the completion of the partial, shares in public hands (ex-First Gen + Bidders [Macq &amp; GIC]) declines to 12.5% of common shares, from 49.4% currently; and squeezed to 8.3% of voting shares.The announcement clearly states it is the intention of the Bidders &amp; First Gen to undertake a buyback program and where available, seek a delisting tender offer.  There is no definite timing of either. It's an interesting arb situation. Shares have steadily pulled back subsequent to the initial announcement, wherein shares briefly touched Php7.08, to close yesterday at Php6.84/share,  a 5.16% gross spread to the partial offer price, net of selling charges. Settlement is expected at the end of September.EDC trades around US$1.6mn/day. More details below the fold.

Last week, Macquarie Infrastructure and GIC announced a partial offer at Php7.25/share for Energy Development Corp (EDC PM), for up to 47.5% of EDC's common shares.First Gen Corporation (FGEN PM) holds 50.6% of EDC's common shares and 67.1% of the voting rights. First Gen has agreed to tender in 10.6% of its common shares. At the completion of the partial, shares in public hands (ex-First Gen + Bidders [Macq &amp; GIC]) declines to 12.5% of common shares, from 49.4% currently; and squeezed to 8.3% of voting shares.The announcement clearly states it is the intention of the Bidders &amp; First Gen to undertake a buyback program and where available, seek a delisting tender offer.  There is no definite timing of either. It's an interesting arb situation. Shares have steadily pulled back subsequent to the initial announcement, wherein shares briefly touched Php7.08, to close yesterday at Php6.84/share,  a 5.16% gross spread to the partial offer price, net of selling charges. Settlement is expected at the end of September.EDC trades around US$1.6mn/day. More details below the fold.

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer will stretch between February to around May. We are not saying every stock in this article is a buy. What we're saying is that for them, summer usually acts as an important sales catalyst or at least a time when they gain attention from investors yo. The rainy season, which starts in late May and goes all the way to October, is by far the country's…

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer will stretch between February to around May. We are not saying every stock in this article is a buy. What we're saying is that for them, summer usually acts as an important sales catalyst or at least a time when they gain attention from investors yo. The rainy season, which starts in late May and goes all the way to October, is by far the country's…

Equity Bottom-Up

The Trivasavavet family of CK Group (or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the country's second largest construction company. Since then, they have also diversified big time into utilities, and they now own tollways &amp; subway trains (BEM), hydro power plants in Laos (CK Power), and residential water providers like Thai Tap Water. While we prefer companies in the BSR consortium, the market has richly rewarded CK Group yo. For those who enjoyed reading Sally Denton's story on Bechtel in The Profiteers (US$15 on Amazon.com), here's a little something on their kindred spirit in Bangkok yo.

The Trivasavavet family of CK Group (or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the country's second largest construction company. Since then, they have also diversified big time into utilities, and they now own tollways &amp; subway trains (BEM), hydro power plants in Laos (CK Power), and residential water providers like Thai Tap Water. While we prefer companies in the BSR consortium, the market has richly rewarded CK Group yo. For those who enjoyed reading Sally Denton's story on Bechtel in The Profiteers (US$15 on Amazon.com), here's a little something on their kindred spirit in Bangkok yo.

The Little League (Ep.3): Bangkok's Bechtel

Thailand

CK Power PCL develops and generates power. The Company operates in Thailand.

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CK Power PCL (CKP TB)

EDC - The Squeeze Is On

Last week, Macquarie Infrastructure and GIC announced a partial offer at Php7.25/share for Energy Development Corp (EDC PM), for up to 47.5% of...

David Blennerhassett

This Ain't Winterfell, Summer Is Coming!

Only Gets Hotter from Here On. Summer typically starts in February in Thailand. In the South, there are only two seasons, but elsewhere, summer...

Athaporn Arayasantiparb, CFA

The Little League (Ep.3): Bangkok's Bechtel

The Trivasavavet family of CK Group (or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the...

Athaporn Arayasantiparb, CFA

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