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

Bestway Global (3358 HK): Scheme Proposal From Founder

Quiddity Advisors

Event-Driven

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<p>Back on the 25 June, outdoor leisure products manufacturer <a href="https://www.smartkarma.com/entities/bestway-global-holding-inc" target="_blank" data-smartkarma-citation="entities:26012:1" rel="noopener">Bestway Global Holding (3358 HK)</a> received a privatization <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0625/2021062502329.pdf" target="_blank" rel="noopener">Offer</a> by way of a Scheme from founder/chairman/CEO Zhu Qiang. Zhu controls 54.3% of Bestway via Great Success Enterprises Holdings Limited (the Offeror), and offered HK$4.38/share (in cash), a 27% premium to last close. The Offer Price would not be increased. Any dividend declared and paid from hereon would be netted from the Offer price.</p>
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<p>Together with concert parties, Zhu controls 77.81% of shares out, therefore disinterested shareholders hold 22.19%. The headcount test applies as Bestway is Cayman-incorporated.</p>
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<p>This looked done.</p>
<p>The Scheme Doc was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0822/2021082200115.pdf" target="_blank" rel="noopener">dispatched</a> last night - one day ahead of my earlier estimate. Court Meeting will be held on the 15 September with expected payment on or before the 19 October. </p>
<p>Expect the spread to narrow in this morning - say $4.25-4.30 - although this is not a particularly liquid arb situation. The IFA also says the Offer is fair. </p>
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Back on the 25 June, outdoor leisure products manufacturer Bestway Global Holding (3358 HK) received a privatization Offer by way of a Scheme from founder/chairman/CEO Zhu Qiang. Zhu controls 54.3% of Bestway via Great Success Enterprises Holdings Limited (the Offeror), and offered HK$4.38/share (in cash), a 27% premium to last close. The Offer Price would not be increased. Any dividend declared and paid from hereon would be netted from the Offer price.


Together with concert parties, Zhu controls 77.81% of shares out, therefore disinterested shareholders hold 22.19%. The headcount test applies as Bestway is Cayman-incorporated.


This looked done.
The Scheme Doc was dispatched last night - one day ahead of my earlier estimate. Court Meeting will be held on the 15 September with expected payment on or before the 19 October. 
Expect the spread to narrow in this morning - say $4.25-4.30 - although this is not a particularly liquid arb situation. The IFA also says the Offer is fair. 


Bestway Global (3358 HK): Scheme Doc Out. Court Meeting On Sept 15th