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

New Zealand online marketplace business <a href="https://www.smartkarma.com/entities/2738" target="_blank" data-smartkarma-citation="entities:2738:1">Trade Me (TME NZ)</a> has received a non-binding, indicative proposal from Apax Partners to acquire 100% of the shares in TME at a cash price of NZ$6.40/share (a 25% premium to last close) in a ~US$1.5bn deal.
Apax has been granted due diligence on an exclusive basis until the 12 December (three weeks). However, TME is free to liaise with other third parties as to unsolicited proposals. 
Trade Me dominates the online auction market in New Zealand via classifieds from personal goods to cars, houses &amp; jobs, with all segments generating high-profit margins and cash flows. A special dividend of $0.22/share was declared in FY18 (June Y/E), as it was deemed "the best use of NZ$100mn of capital". For a leveraged buyout outfit such as Apax, TME's attraction is self-evident. 
The indicative Offer is at a premium to the analyst target prices, a more-than-respectable premium to the undisturbed price and a lifetime high. Provided this Offer becomes binding and conditions are met, this deal should get up.

New Zealand online marketplace business Trade Me (TME NZ) has received a non-binding, indicative proposal from Apax Partners to acquire 100% of the shares in TME at a cash price of NZ$6.40/share (a 25% premium to last close) in a ~US$1.5bn deal.
Apax has been granted due diligence on an exclusive basis until the 12 December (three weeks). However, TME is free to liaise with other third parties as to unsolicited proposals. 
Trade Me dominates the online auction market in New Zealand via classifieds from personal goods to cars, houses &amp; jobs, with all segments generating high-profit margins and cash flows. A special dividend of $0.22/share was declared in FY18 (June Y/E), as it was deemed "the best use of NZ$100mn of capital". For a leveraged buyout outfit such as Apax, TME's attraction is self-evident. 
The indicative Offer is at a premium to the analyst target prices, a more-than-respectable premium to the undisturbed price and a lifetime high. Provided this Offer becomes binding and conditions are met, this deal should get up. 

Few Obstacles In Apax's Tilt For Trade Me