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

Asaleo (ASX: AHY): Essity’s Offer Gets Up

Quiddity Advisors

Event-Driven

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<p>On the 10 December, Swedish outfit <a href="https://www.smartkarma.com/entities/essity-ab" target="_blank" data-smartkarma-citation="entities:28203:1" rel="noopener">Essity AB (ESSITYB SS)</a> made a conditional, non-binding <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02320914-3A557776?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$1.26/share Offer</a> for the remaining 63.8% of <a href="https://www.smartkarma.com/entities/asaleo-care-ltd" target="_blank" data-smartkarma-citation="entities:19923:1" rel="noopener">Asaleo Care Ltd (AHY AU)</a> it did not already own, either by way of a Scheme or an off-market takeover.</p>
<p>Concurrent with a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02333643-3A559971?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">trading update on the 27 January</a>, AHY's independent board committee concluded the proposal fundamentally undervalued Asaelo and was materially inadequate.</p>
<p>Essity has now returned with an improved <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02342161-3A561375?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$1.45/share proposal</a>, comprising $1.40/share in cash plus A$0.05/share of permitted dividends, which are expected to be fully franked. A$1.45 represents a premium of 43.6% to the undisturbed price. The Scheme is not subject to financing or due diligence. </p>
<p>Independent non-Essity directors and AHY's CEO recommend the Offer.</p>
<p>The parties have entered into a Scheme implementation agreement. Provided the Scheme is approved, implementation is expected late-June of this year.</p>
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<p>More below the fold.</p>
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On the 10 December, Swedish outfit Essity AB (ESSITYB SS) made a conditional, non-binding A$1.26/share Offer for the remaining 63.8% of Asaleo Care Ltd (AHY AU) it did not already own, either by way of a Scheme or an off-market takeover.
Concurrent with a trading update on the 27 January, AHY's independent board committee concluded the proposal fundamentally undervalued Asaelo and was materially inadequate.
Essity has now returned with an improved A$1.45/share proposal, comprising $1.40/share in cash plus A$0.05/share of permitted dividends, which are expected to be fully franked. A$1.45 represents a premium of 43.6% to the undisturbed price. The Scheme is not subject to financing or due diligence. 
Independent non-Essity directors and AHY's CEO recommend the Offer.
The parties have entered into a Scheme implementation agreement. Provided the Scheme is approved, implementation is expected late-June of this year.


More below the fold.


Asaleo (ASX: AHY): Essity's Revised Offer