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

Bingo Industries (ASX: BIN): Talking Trash

Bingo Industries (BIN AU): Macquarie Cleans Up

Bingo Industries (BIN AU): CPE/MIRA's Scavenger Hunt

Quiddity Advisors

Event-Driven

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<p>On the 19 January, recycling and waste management play  <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02331570-2A1275617?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unsolicited, non-binding, indicative proposal, from funds advised by CPE Capital (CPEC), which includes Macquarie Group’s infrastructure arm Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme, with an indicative cash price of $3.50/share. On the 23rd of April, Bingo <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02366368-2A1294059?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">said</a> CPEC and MIRA had completed its due diligence, but said there could be no assurance that any transaction will result from these discussions.</p>
<p>On the 27 April, Bingo <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02367278-2A1294514?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it had entered into Scheme with MIRA. Shareholders have the option to receive either A$3.45/share in cash for each share held, or a mix of cash and unlisted stock worth ~A$3.30/share.</p>
<p>Daniel Tartak, Bingo's CEO, and Ian Malouf, Bingo's NED, have stated they intend to elect the mixed condition in respect of their shares - ~31.53% of shares out. </p>
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<p>Bingo also intends to declare a fully franked special dividend of up to A$0.117/share, to be paid on or before the implementation of the Scheme. The consideration under the Scheme will be net of this dividend.</p>
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<p>This looked done. And still does.</p>
<p>The Scheme Booklet is now <a href="file:///D:/Quiddity/Bingo/Scheme%20doc.pdf" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 11 July, with an expected implementation date of the 5 August.</p>
<p>The Independent Expert has concluded the Scheme is fair and reasonable - in the absence of a superior proposal. </p>
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<p>More below the fold.</p>
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On the 19 January, recycling and waste management play  Bingo Industries (BIN AU)announced an unsolicited, non-binding, indicative proposal, from funds advised by CPE Capital (CPEC), which includes Macquarie Group’s infrastructure arm Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme, with an indicative cash price of $3.50/share. On the 23rd of April, Bingo said CPEC and MIRA had completed its due diligence, but said there could be no assurance that any transaction will result from these discussions.
On the 27 April, Bingo announced it had entered into Scheme with MIRA. Shareholders have the option to receive either A$3.45/share in cash for each share held, or a mix of cash and unlisted stock worth ~A$3.30/share.
Daniel Tartak, Bingo's CEO, and Ian Malouf, Bingo's NED, have stated they intend to elect the mixed condition in respect of their shares - ~31.53% of shares out. 


Bingo also intends to declare a fully franked special dividend of up to A$0.117/share, to be paid on or before the implementation of the Scheme. The consideration under the Scheme will be net of this dividend.


This looked done. And still does.
The Scheme Booklet is now out. The Scheme Meeting will be held on the 11 July, with an expected implementation date of the 5 August.
The Independent Expert has concluded the Scheme is fair and reasonable - in the absence of a superior proposal. 


More below the fold.


Bingo Industries (BIN AU): Scheme Booklet Out. EGM Tabled