Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

AAG Energy (2686 HK): Pre-Cons Done. Still A Rubbish Offer

AAG Energy (2686 HK): Scheme Doc Out. IFA Says Fair. It Is Not

AAG (2686 HK): Pros & Cons Ahead Of Scheme Vote

AAG Energy (2686 HK) Suspended: Xinjiang Xintai Offer?

AAG Energy (2686 HK): Xinjiang Xintai 's Underwhelming Scheme Offer

AAG Energy Holdings - Partial Offer Arb Grids

Quiddity Advisors

Event-Driven

<ul>
<li>On the 17 February, <strong><a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">AAG Energy Holdings (2686 HK)</a></strong> announced an Offer of HK$1.85/share (declared final) by way of a Scheme from major shareholder <strong><a href="https://www.smartkarma.com/entities/xinjiang-xintai-natural-gas-a" target="_blank" data-smartkarma-citation="entities:27036:1" rel="noopener">Xinjiang Xintai Natural Gas (603393 CH).</a></strong>
</li>
<li>At a 10.1% premium to undisturbed and just a 2.2% premium over the highest closing price of HK$1.81/share in the past year, the Consideration price was unreasonable. </li>
<li>FY22 numbers are now out, which further illustrates the Offer price's inadequacy. AAG's trailing PER and EV/EBITDA are  3.6x and 1.4x. Net cash accounts for 41% of AAG's market cap.</li>
</ul>


On the 17 February, AAG Energy Holdings (2686 HK) announced an Offer of HK$1.85/share (declared final) by way of a Scheme from major shareholder Xinjiang Xintai Natural Gas (603393 CH).

At a 10.1% premium to undisturbed and just a 2.2% premium over the highest closing price of HK$1.81/share in the past year, the Consideration price was unreasonable. 
FY22 numbers are now out, which further illustrates the Offer price's inadequacy. AAG's trailing PER and EV/EBITDA are  3.6x and 1.4x. Net cash accounts for 41% of AAG's market cap.


Taiyuan Coal Gasification Company, (000968 CH)

AAG Energy (2686 HK): Full-Year Results Lay Bare Xinjiang Xintai's Low-Balled Offer

Aag Energy Holdings

AAG Energy (2686 HK): Full-Year Results Lay Bare Xinjiang Xintai's Low-Balled Offer