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

Ramelius (RMS AU) Adds Apollo To Its Portfolio

Quiddity Advisors

Event-Driven

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<p>Back on the 18th October, gold miner <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> made a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02436827-6A1056350?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">recommended takeover offer</a> for <a href="https://www.smartkarma.com/entities/apollo-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:10021:1" rel="noopener">Apollo Consolidated (AOP AU)</a>, by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP. Apollo shareholders would receive 0.1375 Ramelius shares plus cash of $0.34 for every Apollo share held, in a roughly 39%/61% scrip/cash split. The Offer had the unanimous backing of Apollo's board, and Apollo directors holding 13.7% of shares out would tender their shares into the Offer. The Offer was conditional on 90% minimum acceptance by Apollo shareholders.</p>
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<p>This looked like a done deal.</p>
<p>Then on the 21 October <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> made an unconditional off-market all-cash Offer  - <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02438747-6A1057185?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">at A$0.56/share</a>. Gold Road, holding 19.9% at the time of the announcement, also stood in the market at $0.56/share. </p>
<p>Yesterday, Ramelius bumped its Offer to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02445673-2A1335292?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$0.62/share</a> comprising $0.34/share in cash plus 0.1778 Ramelius shares for Apollo shares. Ramelius also secured binding agreements to acquire a 19.9% shareholding in Apollo from Apollo’s board and Apollo’s second-largest shareholder.</p>
<p>The Bidder's Statement has been <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02446051-6A1060474?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">dispatched</a>, with a first closing date is on the 3 December. </p>
<p>The Offer is unconditional.</p>
<p>More below the fold.</p>
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Back on the 18th October, gold miner Ramelius Resources (RMS AU) made a recommended takeover offer for Apollo Consolidated (AOP AU), by way of cash and scrip, at A$0.56/share, a 27% premium to Apollo's 3-day VWAP. Apollo shareholders would receive 0.1375 Ramelius shares plus cash of $0.34 for every Apollo share held, in a roughly 39%/61% scrip/cash split. The Offer had the unanimous backing of Apollo's board, and Apollo directors holding 13.7% of shares out would tender their shares into the Offer. The Offer was conditional on 90% minimum acceptance by Apollo shareholders.


This looked like a done deal.
Then on the 21 October Gold Road Resources (GOR AU) made an unconditional off-market all-cash Offer  - at A$0.56/share. Gold Road, holding 19.9% at the time of the announcement, also stood in the market at $0.56/share. 
Yesterday, Ramelius bumped its Offer to A$0.62/share comprising $0.34/share in cash plus 0.1778 Ramelius shares for Apollo shares. Ramelius also secured binding agreements to acquire a 19.9% shareholding in Apollo from Apollo’s board and Apollo’s second-largest shareholder.
The Bidder's Statement has been dispatched, with a first closing date is on the 3 December. 
The Offer is unconditional.
More below the fold.


Apollo (AOP AU)'s Shares Trading Through Ramelius' Revised Offer