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

<a href="https://www.smartkarma.com/entities/11891" target="_blank" data-smartkarma-citation="entities:11891:1">Restaurant Brands Nz (RBD NZ)</a> <a href="http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/RBD/325456/288806.pdf" target="_blank">announced</a> the receipt of a non-binding indicative approach from Finaccess Capital, S.A. de C.V. (“Finaccess”) to acquire up to 75% of RBD’s shares by way of a partial takeover Offer at NZ$9.45/share, in cash.   
The proposal is pitched at a 24% premium to the undisturbed price and values RBD at NZ$1.18bn.
RBD is the franchise manager of KFC stores in New Zealand and Australia, Pizza Hut in New Zealand and Hawaii, Taco Bell in Hawaii, and 22 Starbucks stores. Via its controlling interest in AmRest, Finaccess operates 1,100 fast food and casual dining restaurants in 13 countries with the KFC, Pizza Hut, Burger King and Starbucks brands under its model. 
As the price offered in the proposal is subject to adjustment for any dividend paid by RBD, no interim dividend in respect of the FY19 financial year will be declared at this time.
Although the Offer is indicative, this is a space in which Finaccess is familiar and it has undoubtedly run a ruler over RBD's numbers. It's now a question of RBD's Board agreeing on terms before moving to the next stage. 
If Finaccess does proceed to make a takeover, the Offer would be subject to various conditions, including OIO consent and receiving approval from certain subsidiaries of <a href="https://www.smartkarma.com/entities/984" target="_blank" data-smartkarma-citation="entities:984:1">Yum! Brands Inc (YUM US)</a>.

Restaurant Brands Nz (RBD NZ) announced the receipt of a non-binding indicative approach from Finaccess Capital, S.A. de C.V. (“Finaccess”) to acquire up to 75% of RBD’s shares by way of a partial takeover Offer at NZ$9.45/share, in cash.   
The proposal is pitched at a 24% premium to the undisturbed price and values RBD at NZ$1.18bn.
RBD is the franchise manager of KFC stores in New Zealand and Australia, Pizza Hut in New Zealand and Hawaii, Taco Bell in Hawaii, and 22 Starbucks stores. Via its controlling interest in AmRest, Finaccess operates 1,100 fast food and casual dining restaurants in 13 countries with the KFC, Pizza Hut, Burger King and Starbucks brands under its model. 
As the price offered in the proposal is subject to adjustment for any dividend paid by RBD, no interim dividend in respect of the FY19 financial year will be declared at this time.
Although the Offer is indicative, this is a space in which Finaccess is familiar and it has undoubtedly run a ruler over RBD's numbers. It's now a question of RBD's Board agreeing on terms before moving to the next stage. 
If Finaccess does proceed to make a takeover, the Offer would be subject to various conditions, including OIO consent and receiving approval from certain subsidiaries of Yum! Brands Inc (YUM US). 

Finaccess Serves A Partial Offer for Restaurant Brands

Restaurant Brands NZ

Finaccess Serves A Partial Offer for Restaurant Brands