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

Travellers International Hot / Event-Driven

Technically, <a href="https://www.smartkarma.com/entities/melco-resorts-and-entertainm" target="_blank" data-smartkarma-citation="entities:5293:1" rel="noopener">Melco Resorts and Entertainment (Philippines) (MRP PM)</a>'s Delisting Offer was converted into a Tender Offer. But it still delisted.  More on that later.
Resorts World Manila, the casino and gaming integrated resort, is owned and operated by <a href="https://www.smartkarma.com/entities/travellers-international-hot" target="_blank" data-smartkarma-citation="entities:1592:1" rel="noopener">Travellers International Hotel (RWM PM)</a>, which in turn is owned by <a href="https://www.smartkarma.com/entities/alliance-global-group-inc" target="_blank" data-smartkarma-citation="entities:16224:1" rel="noopener">Alliance Global Group (AGI PM)</a> and <a href="https://www.smartkarma.com/entities/genting-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:22727:1" rel="noopener">Genting Hong Kong (678 HK)</a> as to ~45% each<a href="https://www.smartkarma.com/entities/genting-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:22727:1" rel="noopener">.</a>
Travellers has <a href="http://edge.pse.com.ph/openDiscViewer.do?edge_no=836a554b79474111efdfc15ec263a54d#sthash.mTrwhZj7.dpbs" target="_blank" rel="noopener">announced</a> a Voluntary Delisting Offer from a consortium comprising JV partners AGI and Genting, plus other shareholders, collectively holding 1.58bn shares or ~89.9%. The Tender Offer Price of PHP5.50 is a 1.3% premium to last close. The Tender Offer will be conditional on a minimum of 838.2mn shares tendering to give the consortium at least 95%. 
The Tender Offer Report ( SEC <a href="http://www.sec.gov.ph/wp-content/uploads/2015/08/SRC-Rule-19.pdf" target="_blank" rel="noopener">Form 19-1</a>) will be filed with the PSE's Securities and Exchange Commission on or before the commencement of the Tender Offer on 19 August 2019. The proposed delisting date is the 15 October. 
This is the second casino/gaming play in Manila subject to a delisting/tender Offer in the past 12 months. <a href="https://www.smartkarma.com/entities/melco-resorts-and-entertainm" target="_blank" data-smartkarma-citation="entities:5293:1" rel="noopener">Melco Resorts and Entertainment (Philippines) (MRP PM)</a>'s  Voluntary Tender Offer faced pushback on pricing but eventually prevailed. Presumably Travellers learnt from that experience; however, a 1.3% premium appears miserly, and the initial PSE announcement created confusion.

Technically, Melco Resorts and Entertainment (Philippines) (MRP PM)'s Delisting Offer was converted into a Tender Offer. But it still delisted.  More on that later.
Resorts World Manila, the casino and gaming integrated resort, is owned and operated by Travellers International Hotel (RWM PM), which in turn is owned by Alliance Global Group (AGI PM) and Genting Hong Kong (678 HK) as to ~45% each.
Travellers has announced a Voluntary Delisting Offer from a consortium comprising JV partners AGI and Genting, plus other shareholders, collectively holding 1.58bn shares or ~89.9%. The Tender Offer Price of PHP5.50 is a 1.3% premium to last close. The Tender Offer will be conditional on a minimum of 838.2mn shares tendering to give the consortium at least 95%. 
The Tender Offer Report ( SEC Form 19-1) will be filed with the PSE's Securities and Exchange Commission on or before the commencement of the Tender Offer on 19 August 2019. The proposed delisting date is the 15 October. 
This is the second casino/gaming play in Manila subject to a delisting/tender Offer in the past 12 months. Melco Resorts and Entertainment (Philippines) (MRP PM)'s  Voluntary Tender Offer faced pushback on pricing but eventually prevailed. Presumably Travellers learnt from that experience; however, a 1.3% premium appears miserly, and the initial PSE announcement created confusion.

Melco Resorts and Entertainment (Philippines) (MRP PM)

Melco Resorts and Entertainment (Philippines)

First Melco, Now Travellers With A Delisting Offer