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

Australian Unity Warm to Starwood's Fourth Attempt

AOF Should Support Abacus/Charter's Revised Offer

Quiddity Advisors

Event-Driven

Australian Unity Office Fund / Event-Driven

Back on the 4 June, <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> and <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> made a $2.95/unit all-cash non-binding <a href="https://www.asx.com.au/asxpdf/20190604/pdf/445lsn2cg45qt8.pdf" target="_blank" rel="noopener">proposa</a>l (a 6.1% premium to last close and a 10.5% premium to the NTA) for <a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener">Australian Unity Office Fund (AOF AU)</a>, by way of a Scheme. ABP and CHC also <a href="https://www.asx.com.au/asxpdf/20190604/pdf/445ldryjyks5d2.pdf" target="_blank" rel="noopener">announced</a> they held 19.9% in AOF. The June distribution of A$0.0395/unit announced on the <a href="https://www.asx.com.au/asxpdf/20190621/pdf/4460l0yvld9cp8.pdf" target="_blank" rel="noopener">21 June</a> with an ex-date of 27 June, was to be added.
My read at the time was that the Offer might still require a small kiss to get up.  And, sure enough, ABP/CHC <a href="https://www.asx.com.au/asxpdf/20190703/pdf/446bkcs6q8163k.pdf" target="_blank" rel="noopener">announced</a> on the 3 July an A$3.04/unit Offer. This Offer Price would be reduced by any further distribution. The proposal was also "best and final".
The Offer was indictive and non-binding, and primarily subject to the satisfactory completion of confirmatory due diligence.
On the 17 July, AOF <a href="https://www.asx.com.au/asxpdf/20190717/pdf/446p0ggq35qf6j.pdf" target="_blank" rel="noopener">gave</a> ABP/CHC a four-week, non-exclusive period to conduct due diligence, with a goal to agreeing and entering into a Scheme Implementation Agreement (SIA). In effect, AOF was ready to recommend ABP/CHC's Offer, in the absence of a superior Offer: <a href="https://www.asx.com.au/asxpdf/20190717/pdf/446p0ggq35qf6j.pdf" target="_blank" rel="noopener"></a>
The four-week due diligence ended on the 13 August. AOF, via Auirel, its responsible entity, <a href="https://www.asx.com.au/asxpdf/20190826/pdf/447txc5ybkj8qv.pdf" target="_blank" rel="noopener">announced</a> it was finalising the provisions of the outstanding due diligence information with ABP/CHC.
<a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener"></a>Yesterday, AOF <a href="https://www.asx.com.au/asxpdf/20190902/pdf/4484dmsqxdlf6n.pdf" target="_blank" rel="noopener">entered</a> into an SIA with ABP/CHC. The terms remain at $3.04.
The Scheme Meeting is expected to be held on the 1 November with an indicative completion date of 18 November.
This is a done deal and trading accordingly with a gross/annualised return of 1%/4.8%.

Back on the 4 June, Abacus Property (ABP AU) and Charter Hall (CHC AU) made a $2.95/unit all-cash non-binding proposal (a 6.1% premium to last close and a 10.5% premium to the NTA) for Australian Unity Office Fund (AOF AU), by way of a Scheme. ABP and CHC also announced they held 19.9% in AOF. The June distribution of A$0.0395/unit announced on the 21 June with an ex-date of 27 June, was to be added.
My read at the time was that the Offer might still require a small kiss to get up.  And, sure enough, ABP/CHC announced on the 3 July an A$3.04/unit Offer. This Offer Price would be reduced by any further distribution. The proposal was also "best and final".
The Offer was indictive and non-binding, and primarily subject to the satisfactory completion of confirmatory due diligence.
On the 17 July, AOF gave ABP/CHC a four-week, non-exclusive period to conduct due diligence, with a goal to agreeing and entering into a Scheme Implementation Agreement (SIA). In effect, AOF was ready to recommend ABP/CHC's Offer, in the absence of a superior Offer: 
The four-week due diligence ended on the 13 August. AOF, via Auirel, its responsible entity, announced it was finalising the provisions of the outstanding due diligence information with ABP/CHC.
Yesterday, AOF entered into an SIA with ABP/CHC. The terms remain at $3.04.
The Scheme Meeting is expected to be held on the 1 November with an indicative completion date of 18 November.
This is a done deal and trading accordingly with a gross/annualised return of 1%/4.8%. 

Australian Unity (Finally) Enters An SIA With Charter Hall and Abacus