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.

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

Philippines

Energy Development Corporation produces geothermal energy.  The Company produces steam for delivery to electricity generating plants.

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Energy Development (EDC PM)

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

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had...

Rajan Govil

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