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

Cardinal Resources (CDV AU). Exit Nord Gold, Enter Dongshan.

Cardinal Resources (CDV AU): Shandong Trumps Nordgold’s Knockout Offer

Cardinal Resources: Nordgold's "Competing Offer"

Quiddity Advisors

Event-Driven

<p>The pointy end of this deal gets pointier.</p>
<p>On the 25 November,  Ghanaian firm Engineers &amp; Planners Company formally <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02312766-6A1008633?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">launched</a> a A$1.05/share all-cash offer. <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-61153493-5437-47ee-a8d3-aec41fb7f1da" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining Co., Ltd. (1787 HK)</a> immediately <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02312766-6A1008633?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">bumped</a> its Offer to A$1.05/share. On the 11 December, Nordgold raised its Offer to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02321283-6A1012105?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$1.05/share</a>.</p>
<h3>The Newest News</h3>
<p>Shandong has now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02325410-6A1013747?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it will increase its Offer to A$1.075/share <em>provided</em> it holds at least 30% of Cardinal shares by the 31 December AND Nordgold's on-market Offer is not extended beyond the 23 December.</p>
<p>This transaction continues to drill down into the nuances and minutiae of the takeover rules under the Corporations Act.</p>
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<p>More below the fold.</p>
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<h3>Past insights on Cardinal:</h3>
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<h3>Date</h3>
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<td style="width: 484.782px;">
<h3>Insight</h3>
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<td style="width: 218.75px;">22-Jun-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/sVxVB" target="_blank" rel="noopener">Shandong's Competing Offer For Cardinal</a></em></td>
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<td style="width: 218.75px;">15-Jul-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/E1Wgv" target="_blank" rel="noopener">Cardinal Resource (CDV AU): Nordgold Reloads</a></em></td>
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<td style="width: 218.75px;">23-Jul-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/tVkqj" target="_blank" rel="noopener">Cardinal Resource (CDV AU): Shandong Reloads, But Not A Knockout Offer</a></em></td>
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<td style="width: 218.75px;">2-Sep-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/eGXfx" target="_blank" rel="noopener">Cardinal Resources (CDV AU): Nordgold's Knockout Offer. Read more:</a></em></td>
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<td style="width: 218.75px;">7-Sep-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/4gYtj" target="_blank" rel="noopener">Cardinal Resources (CDV AU): Shandong Trumps Nordgold’s Knockout Offer</a></em></td>
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<td style="width: 218.75px;">22-Oct-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/3cYHs" target="_blank" rel="noopener">Cardinal Resources: Nordgold's "Competing Offer"</a></em></td>
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<td style="width: 218.75px;">25-Nov-20</td>
<td style="width: 484.782px;"><em><a href="https://skr.ma/o176q" target="_blank" rel="noopener">Cardinal Resources: Three's A Crowd</a></em></td>
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</section>

The pointy end of this deal gets pointier.
On the 25 November,  Ghanaian firm Engineers &amp; Planners Company formally launched a A$1.05/share all-cash offer. Shandong Gold Mining Co., Ltd. (1787 HK) immediately bumped its Offer to A$1.05/share. On the 11 December, Nordgold raised its Offer to A$1.05/share.
The Newest News
Shandong has now announced it will increase its Offer to A$1.075/share provided it holds at least 30% of Cardinal shares by the 31 December AND Nordgold's on-market Offer is not extended beyond the 23 December.
This transaction continues to drill down into the nuances and minutiae of the takeover rules under the Corporations Act.

More below the fold.






Past insights on Cardinal:










Date


Insight



22-Jun-20
Shandong's Competing Offer For Cardinal


15-Jul-20
Cardinal Resource (CDV AU): Nordgold Reloads


23-Jul-20
Cardinal Resource (CDV AU): Shandong Reloads, But Not A Knockout Offer


2-Sep-20
Cardinal Resources (CDV AU): Nordgold's Knockout Offer. Read more:


7-Sep-20
Cardinal Resources (CDV AU): Shandong Trumps Nordgold’s Knockout Offer


22-Oct-20
Cardinal Resources: Nordgold's "Competing Offer"


25-Nov-20
Cardinal Resources: Three's A Crowd









Cardinal Resources: Shandong's Indicative Bump