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

Golden Land: Tender Offer Into The Home Straight

Golden Land: Less An Offer, More A Consolidation Of Interests

Quiddity Advisors

Event-Driven

Golden Land Property Development / Event-Driven

Golden Land Property Development (GOLD TB)

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<p>Almost a year ago to the day, shareholders of <a href="https://www.smartkarma.com/entities/16117" target="_blank" data-smartkarma-citation="entities:16117:1" rel="noopener">Frasers Property (Thailand) Pcl (FPT TB)</a> approved at its <a href="https://www.set.or.th/set/newsdetails.do?newsId=15571856117470&amp;language=en&amp;country=US" target="_blank" rel="noopener">EGM</a> the acquisition of <a href="https://www.smartkarma.com/entities/12764" target="_blank" data-smartkarma-citation="entities:12764:1" rel="noopener">Golden Land Prop Dvlp (GOLD TB)</a> by means of a voluntary tender offer (VTO) at Bt8.50/share.</p>
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<p>The VTO was initiated to consolidate the Sirivadhanabhakdi family's 80.2% holding into GOLD  - via <a href="https://www.smartkarma.com/entities/1670" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a> and <a href="https://www.smartkarma.com/entities/18006" target="_blank" data-smartkarma-citation="entities:18006:1" rel="noopener">Univentures Public (UV TB)</a> - under one roof. The VTO was unconditional - FPT would take as many shares as it can get.</p>
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<p>There was an intention to delist GOLD although it required FPT securing 90%+ in the VTO process, in the first step towards that delisting. At the close of the Offer, FPT held <a href="https://www.set.or.th/dat/news/201908/19081341.pdf" target="_blank" rel="noopener">94.5%</a>.  </p>
<p>An EGM was convened on the <a href="https://www.set.or.th/dat/news/201909/19092126.pdf" target="_blank" rel="noopener">20 Nov 2019</a> for GOLD shareholders to pass a resolution approving the delisting of GOLD shares by FPT at THB 8.55 (subject to downward adjustment due to dividends). The <a href="https://www.set.or.th/dat/news/201910/19100456.pdf" target="_blank" rel="noopener">IFA</a> considered the fair value of GOLD was within the range of HB 7.61-THB 9.57. All resolutions were <a href="https://www.set.or.th/dat/news/201911/19113768.pdf" target="_blank" rel="noopener">approved</a>. </p>
<p>GOLD has now <a href="https://www.set.or.th/dat/news/202005/20054230.pdf" target="_blank" rel="noopener">announced</a> that FPT intends to make a tender offer to delist GOLD's shares at THB 8.50. The purchase of shares may commence this month, suggesting payment by July-end.</p>
<p>As always, more below the fold. </p>
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Almost a year ago to the day, shareholders of Frasers Property (Thailand) Pcl (FPT TB) approved at its EGM the acquisition of Golden Land Prop Dvlp (GOLD TB) by means of a voluntary tender offer (VTO) at Bt8.50/share.


The VTO was initiated to consolidate the Sirivadhanabhakdi family's 80.2% holding into GOLD  - via Frasers Property Ltd (FPL SP) and Univentures Public (UV TB) - under one roof. The VTO was unconditional - FPT would take as many shares as it can get.


There was an intention to delist GOLD although it required FPT securing 90%+ in the VTO process, in the first step towards that delisting. At the close of the Offer, FPT held 94.5%.  
An EGM was convened on the 20 Nov 2019 for GOLD shareholders to pass a resolution approving the delisting of GOLD shares by FPT at THB 8.55 (subject to downward adjustment due to dividends). The IFA considered the fair value of GOLD was within the range of HB 7.61-THB 9.57. All resolutions were approved. 
GOLD has now announced that FPT intends to make a tender offer to delist GOLD's shares at THB 8.50. The purchase of shares may commence this month, suggesting payment by July-end.
As always, more below the fold. 





Global Power Synergy Company Ltd (GPSC TB)

Golden Land Property Development

Golden Land (GOLD TB): Delisting Offer