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

This time last month, <a href="https://www.smartkarma.com/entities/11075" target="_blank" data-smartkarma-citation="entities:11075:1">Capilano Honey (CZZ AU)</a> announced a <a href="https://www.asx.com.au/asxpdf/20180813/pdf/43x8ccth159bym.pdf" target="_blank">Scheme Implementation Agreement</a> with Bravo - a consortium involving Wattle Hill RHC Fund and ROC Capital P/L - entitling CZZ's shareholders to $20.06/share (cash), a 28.2% premium to the last close at the time. A scrip alternative is also available on a 1:1 basis, with an option to subscribe for a further 0.5 Holdco shares for every 1 share held in CZZ, subject to scaleback.  The scheme is subject to at least 15% of shareholders electing to receive scrip and Wroxby P/L, a 20.6% shareholder, has given an irrevocable to vote in favour of the scheme and elect for the scrip alternative.
A counter offer could not be ruled out as negative media reports on the branding on some of its products, and a key customer announcing it will no longer stock certain honey blends, pulled down CZZ's shares price ahead of the announcement, suggesting Bravo's offer was opportunistic.
<a href="https://www.smartkarma.com/entities/7272" target="_blank" data-smartkarma-citation="entities:7272:1">Bega Cheese Ltd (BGA AU)</a> appears to agree and has recently built an 8.4% stake in CZZ - 7.2% since Bravo's announcement - with recent share purchases above Bravo's offer price, potentially leading to a competitive bidding situation unfolding.

This time last month, Capilano Honey (CZZ AU) announced a Scheme Implementation Agreement with Bravo - a consortium involving Wattle Hill RHC Fund and ROC Capital P/L - entitling CZZ's shareholders to $20.06/share (cash), a 28.2% premium to the last close at the time. A scrip alternative is also available on a 1:1 basis, with an option to subscribe for a further 0.5 Holdco shares for every 1 share held in CZZ, subject to scaleback.  The scheme is subject to at least 15% of shareholders electing to receive scrip and Wroxby P/L, a 20.6% shareholder, has given an irrevocable to vote in favour of the scheme and elect for the scrip alternative.
A counter offer could not be ruled out as negative media reports on the branding on some of its products, and a key customer announcing it will no longer stock certain honey blends, pulled down CZZ's shares price ahead of the announcement, suggesting Bravo's offer was opportunistic.
Bega Cheese Ltd (BGA AU) appears to agree and has recently built an 8.4% stake in CZZ - 7.2% since Bravo's announcement - with recent share purchases above Bravo's offer price, potentially leading to a competitive bidding situation unfolding.

Capilano Honey

Capilano: What's the Bega Deal?