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

Boral's 45% Capital Return - Resetting Forward Expectations

Quiddity Advisors

Event-Driven

<ul>
<li>In its 19th March <a href="https://announcements.asx.com.au/asxpdf/20240319/pdf/061mx1h6k67t9n.pdf" target="_blank" rel="noopener">Target Statement</a>, <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a> rejected <a href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">Seven Group Holdings (SVW AU)</a> cash/scrip Offer after the independent expert (IE) concluded the Offer was neither fair nor reasonable.</li>
<li>In its updated <a href="https://announcements.asx.com.au/asxpdf/20240326/pdf/061vsvffvl5csw.pdf" target="_blank" rel="noopener">Bidder's Statement</a>, Seven slammed the IE report and its conclusions, calling the Target Statement "unbalanced, selective and risks fundamentally misleading Boral minority shareholders".</li>
<li>Of interest: the IE's maximum value for Seven's Offer is just 1.7% below its fair valuation range. Including a control premium. Yet Seven obtained control of Boral in July 2021. </li>
</ul>


In its 19th March Target Statement, Boral (BLD AU) rejected Seven Group Holdings (SVW AU) cash/scrip Offer after the independent expert (IE) concluded the Offer was neither fair nor reasonable.
In its updated Bidder's Statement, Seven slammed the IE report and its conclusions, calling the Target Statement "unbalanced, selective and risks fundamentally misleading Boral minority shareholders".
Of interest: the IE's maximum value for Seven's Offer is just 1.7% below its fair valuation range. Including a control premium. Yet Seven obtained control of Boral in July 2021. 


Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report

Boral Ltd

Boral (BLD AU): Seven Slams “Fundamentally Misleading” IE Report