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

BBI Life: Privatisation Offer For DNA Synthesizer

Quiddity Advisors

Event-Driven

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<p>Back on the 20 January, <a href="https://www.smartkarma.com/entities/bbi-life-sciences-corp" target="_blank" data-smartkarma-citation="entities:24591:1" rel="noopener">BBI Life Sciences (1035 HK)</a>, the largest supplier of DNA synthesis products in the PRC, announced a privatisation <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0120/2020012001273.pdf" target="_blank" rel="noopener">Offer</a> by way of a Scheme from its major shareholder, the Wang Family.</p>
<p>The Scheme Document, together with the notices of the Court Meeting and the EGM, have been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0417/2020041700672.pdf" target="_blank" rel="noopener">despatched</a>. The Court Meeting and EGM will be on Monday, 11 May 2020.</p>
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<p>The Independent Financial Adviser (Haitong) considers the terms of the Scheme to be fair and reasonable.</p>
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<p>Should the Scheme be successful, the effective date is expected to be on the 4 June with cash payment on or before the 15 June. </p>
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<div>The Offer Price of HK$3.50/share,  a 42.45% premium to the average 30-day close prior to the announcement, is final.</div>
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<p>The Family has received irrevocable undertakings totaling 17.74% of shares out in support of the Offer, up from 13.85% at the time of the initial announcement, after BGI Tech (4.07% of shares out) submitted its irrevocable on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0219/2020021900684.pdf" target="_blank" rel="noopener">18 Feb</a>.</p>
<p>Scheme Shares total 250.09mn or 44.62% of shares out. Therefore a blocking stake at the Court Meeting is 25.01mn shares or 4.462% of shares out. BBI is Cayman incorporated, therefore the headcount test applies.</p>
<p>This looked a done deal back in Jan. Additional irrevocables and the IFA sign-off lend further support. Currently trading at a wide gross/annualised spread of 4.8%/35.7%.</p>
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Back on the 20 January, BBI Life Sciences (1035 HK), the largest supplier of DNA synthesis products in the PRC, announced a privatisation Offer by way of a Scheme from its major shareholder, the Wang Family.
The Scheme Document, together with the notices of the Court Meeting and the EGM, have been despatched. The Court Meeting and EGM will be on Monday, 11 May 2020.

The Independent Financial Adviser (Haitong) considers the terms of the Scheme to be fair and reasonable.


Should the Scheme be successful, the effective date is expected to be on the 4 June with cash payment on or before the 15 June. 

The Offer Price of HK$3.50/share,  a 42.45% premium to the average 30-day close prior to the announcement, is final.



The Family has received irrevocable undertakings totaling 17.74% of shares out in support of the Offer, up from 13.85% at the time of the initial announcement, after BGI Tech (4.07% of shares out) submitted its irrevocable on the 18 Feb.
Scheme Shares total 250.09mn or 44.62% of shares out. Therefore a blocking stake at the Court Meeting is 25.01mn shares or 4.462% of shares out. BBI is Cayman incorporated, therefore the headcount test applies.
This looked a done deal back in Jan. Additional irrevocables and the IFA sign-off lend further support. Currently trading at a wide gross/annualised spread of 4.8%/35.7%.


BBI Life: Scheme Doc Out, IFA Ekes Out A Fair Opinion