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

Car (699 HK): Doc Out. IFA Says Fair. Done Deal

Car Inc (699 HK):  Are We Missing Anything?

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

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Back on the 13 November MBK <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1113/2020111301538.pdf" target="_blank" rel="noopener">tabled</a> a pre-conditional general cash Offer of $4.00/share for <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Car Inc (699 HK)</a>, a 17.99% premium to last close.  This was discussed in <a href="https://skr.ma/4TZfG" target="_blank" rel="noopener">Car Inc (699 HK): MBK's Firm Offer</a>.
On the 25 November, China's State Administration for Market Regulation (SAMR) <a href="http://www.samr.gov.cn/fldj/ajgs/jzjyajgs/202011/t20201125_323881.html" target="_blank" rel="noopener">announced</a> it was reviewing the MBK/CAR deal as a simple case. Under the simplified procedure, SAMR generally grants clearance in 30 days.  Two months elapsed. For some investors, 'it as preferable to buy this d rather buy this mid $3.80's after SAMR signing offer rather than second guess the regulatory process and a consistent seller (Warburg/Amber).
Last night, Car <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0125/2021012501159.pdf" target="_blank" rel="noopener">announced</a> the pre-conditions have been fulfilled and the Composite Document will be despatched on or before 29 January. 
The Offer is subject to a 50% tendering condition - with MBK holding 47.41% at the completion of its SPA with UCAR, together with irrevocables. This is done.
More thoughts below the fold.
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Back on the 13 November MBK tabled a pre-conditional general cash Offer of $4.00/share for Car Inc (699 HK), a 17.99% premium to last close.  This was discussed in Car Inc (699 HK): MBK's Firm Offer.
On the 25 November, China's State Administration for Market Regulation (SAMR) announced it was reviewing the MBK/CAR deal as a simple case. Under the simplified procedure, SAMR generally grants clearance in 30 days.  Two months elapsed. For some investors, 'it as preferable to buy this d rather buy this mid $3.80's after SAMR signing offer rather than second guess the regulatory process and a consistent seller (Warburg/Amber).
Last night, Car announced the pre-conditions have been fulfilled and the Composite Document will be despatched on or before 29 January. 
The Offer is subject to a 50% tendering condition - with MBK holding 47.41% at the completion of its SPA with UCAR, together with irrevocables. This is done.
More thoughts below the fold.


Car Inc (699 HK):  No, We Are Not Missing Anything