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

AusNet (AST AU): APA Elevates Tussle With Brookfield And Taps Takeover Panel

AusNet (AST AU): ACCC Commences Informal Review

AusNet (AST AU) Enters Scheme With Brookfield

AusNet Services (AST AU) Opens Its Books to Brookfield

Quiddity Advisors

Event-Driven

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<p>Yesterday Victorian electricity operator <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">AusNet Services (AST AU)</a>  <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423286-3A576179?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it would open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share. It is understood Brookfield made a A$2.35/share Offer on the 30 August, followed by $2.45/share, before all parties settled on $2.50/share.</p>
<p>As it turns out, according to <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a>, APA had approached AusNet with a non-binding proposal of A$2.32 on the 1 September, and that APA had made AusNet aware last Thursday (16 September) it intended to make a revised proposal.</p>
<p>APA sounded out AusNet’s major shareholders prior to its initial approach, and that APA understood Singapore Power was supportive of APA and AusNet engaging in discussions. APA had also discussed the initial proposal directly with State Grid. </p>
<p>Seems someone didn't get the memo.</p>
<blockquote>
<p>APA is disappointed that AusNet has purported to enter into a period of exclusivity with Brookfield for effectively eight weeks, notwithstanding AusNet’s knowledge of the pending revised, and potentially superior proposal, from APA.</p>
</blockquote>
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<p>The "superior proposal", <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02423895-2A1324638?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> this morning, is a non-binding indicative Offer by way of a Scheme for A$2.60/share in cash and scrip.</p>
<p>Apart from the higher price, APA's Offer enables AusNet shareholders to participate in the back-end via APA scrip, plus there is no FIRB conditionality.</p>
<p>In addition, APA would only require 4 weeks of due diligence, compared to seven to eight weeks for Brookfield.</p>
<p>For now, APA will have to sit tight until the completion of Brookfield's exclusive due diligence. APA's proposal is conditional on AusNet granting due diligence access by the 28 September. </p>
</div>
<div>
<p>More below the fold.</p>
</div>


Yesterday Victorian electricity operator AusNet Services (AST AU)  announced it would open its books to Brookfield after receiving a revised non-binding Offer of A$2.50/share. It is understood Brookfield made a A$2.35/share Offer on the 30 August, followed by $2.45/share, before all parties settled on $2.50/share.
As it turns out, according to APA Group (APA AU), APA had approached AusNet with a non-binding proposal of A$2.32 on the 1 September, and that APA had made AusNet aware last Thursday (16 September) it intended to make a revised proposal.
APA sounded out AusNet’s major shareholders prior to its initial approach, and that APA understood Singapore Power was supportive of APA and AusNet engaging in discussions. APA had also discussed the initial proposal directly with State Grid. 
Seems someone didn't get the memo.

APA is disappointed that AusNet has purported to enter into a period of exclusivity with Brookfield for effectively eight weeks, notwithstanding AusNet’s knowledge of the pending revised, and potentially superior proposal, from APA.



The "superior proposal", announced this morning, is a non-binding indicative Offer by way of a Scheme for A$2.60/share in cash and scrip.
Apart from the higher price, APA's Offer enables AusNet shareholders to participate in the back-end via APA scrip, plus there is no FIRB conditionality.
In addition, APA would only require 4 weeks of due diligence, compared to seven to eight weeks for Brookfield.
For now, APA will have to sit tight until the completion of Brookfield's exclusive due diligence. APA's proposal is conditional on AusNet granting due diligence access by the 28 September. 


More below the fold.


AusNet Services (AST AU): Spurned APA Trumps Brookfield's Proposal

Ausnet Services

AusNet Services (AST AU): Spurned APA Trumps Brookfield's Proposal