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

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/acacia-mining-plc" target="_blank" data-smartkarma-citation="entities:21801:1" rel="noopener">Acacia Mining (ACA LN)</a> has finally backed an increased takeover by parent <a href="https://www.smartkarma.com/entities/barrick-gold-corp" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Gold (GOLD US)</a>. 
Barrick is <a href="https://barrick.q4cdn.com/788666289/files/doc_news/2019/07/Acacia-2.7-announcement.pdf" target="_blank" rel="noopener">offering</a> 0.168 GOLD share for every Acacia share - a ~10% increase to its initial 0.153 scrip offer back in May -  implying an Offer Price of 232p/share, a 54% premium to Acacia's closing price of 151p on May 20, the day before Barrick's <a href="https://www.acaciamining.com/media/press-releases/2019/2019-05-22.aspx" target="_blank" rel="noopener">first approach</a>.
The agreed Proposal, which occurred on the (twice) extended <a href="https://www.acaciamining.com/media/press-releases/2019/2019-07-09.aspx" target="_blank" rel="noopener">deadline</a>, values Acacia at £951mn or ~£343mn for the 36% stake Barrick does not own. The terms are final. Acacia had previously appointed SRK to carry out an independent review of its mines and returned with a value between 271p to 281p per share.
Barrick has been acting as the go-between with the Tanzanian government (GoT) to identify a proposed resolution to resolve Acacia's problems in the country, which have been ongoing for more than two years. 
With Acacia excluded from the discussions between Barrick and the GoT, it was a logical and foregone conclusion for Barrick to take over Acacia. 
The implied Offer is the highest level since disputes first surfaced in March 2017. Shareholders should take the deal. Currently trading at a 3.9% gross spread to terms.

Acacia Mining (ACA LN) has finally backed an increased takeover by parent Barrick Gold (GOLD US). 
Barrick is offering 0.168 GOLD share for every Acacia share - a ~10% increase to its initial 0.153 scrip offer back in May -  implying an Offer Price of 232p/share, a 54% premium to Acacia's closing price of 151p on May 20, the day before Barrick's first approach.
The agreed Proposal, which occurred on the (twice) extended deadline, values Acacia at £951mn or ~£343mn for the 36% stake Barrick does not own. The terms are final. Acacia had previously appointed SRK to carry out an independent review of its mines and returned with a value between 271p to 281p per share.
Barrick has been acting as the go-between with the Tanzanian government (GoT) to identify a proposed resolution to resolve Acacia's problems in the country, which have been ongoing for more than two years. 
With Acacia excluded from the discussions between Barrick and the GoT, it was a logical and foregone conclusion for Barrick to take over Acacia. 
The implied Offer is the highest level since disputes first surfaced in March 2017. Shareholders should take the deal. Currently trading at a 3.9% gross spread to terms. 

Barrick/Acacia: Now, Let The Grown-Ups Talk